Securitized Asset Backed Receivables LLC Trust 2006-WM4 – ‘8-K’ for 12/28/06 – EX-4

On:  Monday, 1/22/07, at 4:34pm ET   ·   For:  12/28/06   ·   Accession #:  914121-7-166   ·   File #:  333-138183-03

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         5     16K 
 2: EX-1        Underwriting Agreement                                20±    88K 
 3: EX-4        Pooling and Servicing Agreement                      295±  1.14M 

EX-4   —   Pooling and Servicing Agreement
Exhibit Table of Contents

EX-4
1st “Page” of 76
TOC
↑Top
Previous
Next
↓Bottom
Just 1st
 
                                                                       Exhibit 4

================================================================================

 SECURITIZED ASSET BACKED RECEIVABLES LLC,
Depositor,

HOMEQ SERVICING,
 Servicer,

 WMC MORTGAGE CORP.,
Responsible Party,

 DEUTSCHE BANK NATIONAL TRUST COMPANY,
 Trustee

 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 Custodian

 -----------------------------------
 POOLING AND SERVICING AGREEMENT

Dated as of December 1, 2006
 -----------------------------------

 SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST 2006-WM4

 MORTGAGE PASS-THROUGH CERTIFICATES,
 SERIES 2006-WM4

================================================================================

EX-4
2nd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 2nd
TABLE OF CONTENTS   

ARTICLE I   

DEFINITIONS   

ARTICLE II  

CONVEYANCE OF MORTGAGE LOANS;   
REPRESENTATIONS AND WARRANTIES  

Section 2.01  Conveyance of Mortgage Loans.................................     
Section 2.02  Acceptance by the Trustee of the Mortgage Loans..............     
Section 2.03  Representations, Warranties and Covenants of the                  
Responsible Party and the Servicer; Remedies for  
     Breaches of Representations and Warranties with Respect
          to the Mortgage Loans.......................................
Section 2.04  [Reserved]...................................................     
Section 2.05  Execution and Delivery of Certificates.......................     
Section 2.06  REMIC Matters................................................     
Section 2.07  Representations and Warranties of the Depositor..............     

ARTICLE III   

ADMINISTRATION AND SERVICING  
OF MORTGAGE LOANS   

Section 3.01  Servicer to Service Mortgage Loans...........................     
Section 3.02  Subservicing Agreements between the Servicer and                  
          Subservicers................................................
Section 3.03  Successor Subservicers.......................................     
Section 3.04  Liability of the Servicer....................................     
Section 3.05  No Contractual Relationship between Subservicers and the          
          Trustee.....................................................
Section 3.06  Assumption or Termination of Subservicing Agreements by           
          Trustee.....................................................
Section 3.07  Collection of Certain Mortgage Loan Payments.................     
Section 3.08  Subservicing Accounts........................................     
Section 3.09  Collection of Taxes, Assessments and Similar Items;               
          Escrow Accounts.............................................
Section 3.10  Collection Account...........................................     
Section 3.11  Withdrawals from the Collection Account......................     
Section 3.12  Investment of Funds in the Collection Account, Escrow             
          Accounts and the Distribution Account.......................
Section 3.13  Maintenance of Hazard Insurance and Errors and Omissions          
          and Fidelity Coverage.......................................
Section 3.14  Enforcement of Due-On-Sale Clauses; Assumption Agreements....     
Section 3.15  Realization upon Defaulted Mortgage Loans....................     
Section 3.16  Release of Mortgage Files....................................     
Section 3.17  Title, Conservation and Disposition of REO Property..........     
Section 3.18  Notification of Adjustments..................................     
Section 3.19  Access to Certain Documentation and Information Regarding         
          the Mortgage Loans..........................................
Section 3.20  Documents, Records and Funds in Possession of the                 
          Servicer to Be Held for the Trustee.........................
Section 3.21  Servicing Compensation.......................................     
Section 3.22  Annual Statement as to Compliance............................     
Section 3.23  Annual Reports on Assessment of Compliance with Servicing         
Criteria; Annual Independent Public Accountants'  
          Attestation Report..........................................
Section 3.24  Trustee to Act as Servicer...................................     
Section 3.25  Compensating Interest........................................     
Section 3.26  Credit Reporting; Gramm-Leach-Bliley Act.....................     

ARTICLE IV  

DISTRIBUTIONS AND   
ADVANCES BY THE SERVICER  

Section 4.01  Advances.....................................................     
Section 4.02  Priorities of Distribution...................................     
Section 4.03  Monthly Statements to Certificateholders.....................     
Section 4.04  Certain Matters Relating to the Determination of LIBOR.......     
Section 4.05  Allocation of Applied Realized Loss Amounts..................     
Section 4.06  Supplemental Interest Account................................     
Section 4.07  Supplemental Float Account...................................     

ARTICLE V   

THE CERTIFICATES  

Section 5.01  The Certificates.............................................     
Section 5.02  Certificate Register; Registration of Transfer and                
          Exchange of Certificates....................................
Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates............     
Section 5.04  Persons Deemed Owners........................................     
Section 5.05  Access to List of Certificateholders' Names and Addresses....     
Section 5.06  Maintenance of Office or Agency..............................     

ARTICLE VI  

THE DEPOSITOR AND THE SERVICER  

Section 6.01 Respective Liabilities of the Depositor and the Servicer......     
Section 6.02 Merger or Consolidation of the Depositor or the Servicer......     
Section 6.03 Limitation on Liability of the Depositor, the Servicer             
          and Others..................................................
Section 6.04  Limitation on Resignation of the Servicer....................     
Section 6.05  Additional Indemnification by the Servicer; Third Party           
          Claims......................................................

ARTICLE VII   

DEFAULT   

Section 7.01  Events of Default............................................     
Section 7.02  Trustee to Act; Appointment of Successor.....................     
Section 7.03  Notification to Certificateholders...........................     

ARTICLE VIII  

CONCERNING THE TRUSTEE  

Section 8.01  Duties of the Trustee........................................     
Section 8.02  Certain Matters Affecting the Custodian and the Trustee......     
Section 8.03  Trustee and Custodian Not Liable for Certificates or              
          Mortgage Loans..............................................
Section 8.04  Trustee May Own Certificates.................................     
Section 8.05  Trustee's and Custodian's Fees and Expenses..................     
Section 8.06  Eligibility Requirements for the Trustee.....................     
Section 8.07  Resignation and Removal of the Trustee.......................     
Section 8.08  Successor Trustee............................................     
Section 8.09  Merger or Consolidation of the Trustee.......................     
Section 8.10  Appointment of Co-Trustee or Separate Trustee................     
Section 8.11  Tax Matters..................................................     
Section 8.12  Periodic Filings.............................................     
Section 8.13  Tax Classification of the Excess Reserve Fund Account,            
  the Supplemental Interest Account, the Interest Rate
          Swap Agreement..............................................
Section 8.14  Custodial Responsibilities...................................     
Section 8.15  Limitations on Custodial Responsibilities....................     

ARTICLE IX  

TERMINATION   

Section 9.01  Termination upon Liquidation or Purchase of the Mortgage          
          Loans.......................................................
Section 9.02  Final Distribution on the Certificates.......................     
Section 9.03  Additional Termination Requirements..........................     

ARTICLE X   

MISCELLANEOUS PROVISIONS  

Section 10.01 Amendment....................................................     
Section 10.02 Recordation of Agreement; Counterparts.......................     
Section 10.03 Governing Law................................................     
Section 10.04 Intention of Parties.........................................     
Section 10.05 Notices......................................................     
Section 10.06 Severability of Provisions...................................     
Section 10.07 Limitation on Rights of Certificateholders...................     
Section 10.08 Inspection and Audit Rights..................................     
Section 10.09 Certificates Nonassessable and Fully Paid....................     
Section 10.10 Assignment; Sales; Advance Facilities........................     
Section 10.11 Rule of Construction.........................................     
Section 10.12 Waiver of Jury Trial.........................................     
Section 10.13 Third Party Rights...........................................     
Section 10.14 Regulation AB Compliance; Intent of the Parties;                  
          Reasonableness..............................................

EX-4
3rd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 3rd
SCHEDULES   

Schedule I    Mortgage Loan Schedule                                            
Schedule II   Representations and Warranties of the Servicer                    
Schedule III  Representations and Warranties of the Responsible Party as to     
the Mortgage Loans                                  
Schedule IV   Representations and Warranties as to the Responsible Party        
Schedule V    Representations and Warranties of the Depositor as to the         
Mortgage Loans                                      
Schedule VI   Representations and Warranties of the Custodian                   

EXHIBITS  

Exhibit A     Form of Class A, Class M and Class B Certificates                 
Exhibit B     Form of Class P Certificate                                       
Exhibit C-1   Form of Class R-I Certificate                                     
Exhibit C-2   Form of Class R-II Certificate                                    
Exhibit D     Form of Class X Certificate                                       
Exhibit E     Form of Initial Certification of Custodian                        
Exhibit F     Form of Document Certification and Exception Report of Custodian  
Exhibit G     Form of Residual Transfer Affidavit                               
Exhibit H     Form of Transferor Certificate                                    
Exhibit I     Form of Rule 144A Letter                                          
Exhibit J     Form of Request for Release                                       
Exhibit K     Form of Contents for Each Mortgage File                           
Exhibit L     Form of Certification to be provided with Form 10-K               
Exhibit M     Form of Trustee's Certification to be provided to Depositor       
Exhibit N     Form of Servicer's Certification to be provided to Depositor      
Exhibit O     Sponsor Representation Letter                                     
Exhibit P     Servicing Criteria                                                
Exhibit Q     Additional Form 10-D Disclosure                                   
Exhibit R     Additional Form 10-K Disclosure                                   
Exhibit S     Form 8-K Disclosure Information                                   
Exhibit T     Interest Rate Swap Agreement                                      
Exhibit U     Additional Disclosure Notification                                
Exhibit V     Form of Trustee's Limited Power of Attorney                       

EX-4
4th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 4th
           THIS POOLING AND SERVICING AGREEMENT, dated as of December 1, 2006,
among SECURITIZED ASSET BACKED RECEIVABLES LLC, a Delaware limited liability    
company, as depositor (the "Depositor"), BARCLAYS CAPITAL REAL ESTATE INC. D/B/A
HOMEQ SERVICING, a Delaware corporation, as servicer (the "Servicer"), WMC      
MORTGAGE CORP., a California corporation, as responsible party (the "Responsible
Party"), DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association,  
as trustee (the "Trustee") and WELLS FARGO BANK, NATIONAL ASSOCIATION, a        
national banking association, as trustee (the "Custodian").                     

W I T N E S S E T H:

       In consideration of the mutual agreements herein contained, the
parties hereto agree as follows:                                                

 PRELIMINARY STATEMENT

           The Trustee shall elect that four segregated asset pools within the
Trust Fund (exclusive of (i) the Prepayment Charges, (ii) the Interest Rate Swap
Agreement, (iii) the Supplemental Interest Account, (iv) the Excess Reserve Fund
Account, and (v) the right of the LIBOR Certificates to receive Basis Risk Carry
Forward Amounts and, without duplication, Upper Tier Carry Forward Amounts,     
subject to the obligation to pay Class IO Shortfalls) be treated for federal    
income tax purposes as comprising four REMICs (each, a "Trust REMIC" or, in the 
alternative, Pooling Tier REMIC-1, Pooling Tier REMIC-2, the Lower Tier REMIC   
and the Upper Tier REMIC, respectively). Each Class of Certificates (other than 
the Class P Certificates and the Residual Certificates), other than the right of
each Class of LIBOR Certificates to receive Basis Risk Carry Forward Amounts    
and, without duplication, Upper Tier Carry Forward Amounts and the obligation to
pay Class IO Shortfalls and the right of the Class X Certificates to receive    
payments from the Interest Rate Swap Agreement and the right to receive Class IO
Shortfalls, represents ownership of a regular interest in the Upper Tier REMIC  
for purposes of the REMIC Provisions. The Class R-I Certificates represent      
ownership of the sole class of residual interest in Pooling Tier REMIC-1 for    
purposes of the REMIC Provisions. The Class R-II Certificates represent         
ownership of the sole class of residual interest in each of Pooling Tier        
REMIC-2, the Lower Tier REMIC and the Upper Tier REMIC for purposes of the REMIC
Provisions. The Startup Day for each Trust REMIC is the Closing Date. The latest
possible maturity date for each regular interest is the latest date referenced  
in Section 2.06.                                                                

        The Upper Tier REMIC shall hold as assets the several classes of
uncertificated Lower Tier REMIC Regular Interests, set out below. The Lower Tier
REMIC shall hold as assets the several classes of uncertificated Pooling Tier   
REMIC-2 Regular Interests. Pooling Tier REMIC-2 shall hold as assets the several
classes of uncertificated Pooling Tier REMIC-1 Regular Interests. Pooling Tier  
REMIC-1 shall hold as assets the assets of the Trust Fund (exclusive of (i) the 
Prepayment Premiums, (ii) the Interest Rate Swap Agreement, (iii) the           
Supplemental Interest Account, (iv) the Excess Reserve Fund Account and (v) the 
right of the LIBOR Certificates to receive Basis Risk Carry Forward Amounts and,
without duplication, Upper Tier Carry Forward Amounts, subject to the obligation
to pay Class IO Shortfalls).                                                    

           For federal income tax purposes, the Class P Certificates represent
beneficial ownership of the Prepayment Charges, each Class of LIBOR Certificates
represents beneficial ownership of a regular interest in the Upper Tier REMIC   
and the right to receive Basis Risk Carry Forward Amounts and, without          
duplication, Upper Tier Carry Forward Amounts, subject to the obligation to pay 
Class IO Shortfalls, and the Class X Certificates represent beneficial ownership
of two regular interests in the Upper Tier REMIC, the Excess Reserve Fund       
Account, the Supplemental Interest Account, the Interest Rate Swap Agreement and
the right to receive Class IO Shortfalls, which portions of the Trust Fund shall
be treated as a grantor trust.                                                  

Pooling Tier REMIC-1

           Pooling Tier REMIC-1 shall issue the following interests in Pooling
Tier REMIC-1, and each such interest, other than the Class PT1-R Interest, is   
hereby designated as a regular interest in the Pooling Tier REMIC-1. Pooling    
Tier REMIC-1 Interests with an "I" in their designation shall relate to Group I 
Mortgage Loans and Pooling Tier REMIC-1 Interests with a "II" in their          
designation shall relate to the Group II Mortgage Loans. Pooling Tier REMIC-1   
shall also issue the Class R-I Certificates. The Class PT1-R Interest is hereby 
designated as the sole class of residual interest in Pooling Tier REMIC-1.      

                           Initial Pooling
   Pooling Tier             Tier
Pooling Tier REMIC-1    REMIC-1 Interest         REMIC-1                      
Interest                Rate           Principal Amount           
---------------------- -------------------- --------------------                
Class PT1-I-1                  (1)               $15,506,865.48                 
Class PT1-I-2A                 (2)               $ 4,127,723.74                 
Class PT1-I-2B                 (3)               $ 4,127,723.74                 
Class PT1-I-3A                 (2)               $ 5,853,865.19                 
Class PT1-I-3B                 (3)               $ 5,853,865.19                 
Class PT1-I-4A                 (2)               $ 6,010,859.10                 
Class PT1-I-4B                 (3)               $ 6,010,859.10                 
Class PT1-I-5A                 (2)               $ 6,148,528.43                 
Class PT1-I-5B                 (3)               $ 6,148,528.43                 
Class PT1-I-6A                 (2)               $ 6,266,346.99                 
Class PT1-I-6B                 (3)               $ 6,266,346.99                 
Class PT1-I-7A                 (2)               $ 6,363,889.45                 
Class PT1-I-7B                 (3)               $ 6,363,889.45                 
Class PT1-I-8A                 (2)               $ 6,507,679.30                 
Class PT1-I-8B                 (3)               $ 6,507,679.30                 
Class PT1-I-9A                 (2)               $ 6,561,108.91                 
Class PT1-I-9B                 (3)               $ 6,561,108.91                 
Class PT1-I-10A                (2)               $ 6,593,542.74                 
Class PT1-I-10B                (3)               $ 6,593,542.74                 
Class PT1-I-11A                (2)               $ 6,605,034.53                 
Class PT1-I-11B                (3)               $ 6,605,034.53                 
Class PT1-I-12A                (2)               $ 6,595,591.02                 
Class PT1-I-12B                (3)               $ 6,595,591.02                 
Class PT1-I-13A                (2)               $ 6,492,608.18                 
Class PT1-I-13B                (3)               $ 6,492,608.18                 
Class PT1-I-14A                (2)               $ 6,167,844.40                 
Class PT1-I-14B                (3)               $ 6,167,844.40                 
Class PT1-I-15A                (2)               $ 5,859,690.71                 
Class PT1-I-15B                (3)               $ 5,859,690.71                 
Class PT1-I-16A                (2)               $ 5,567,284.39                 
Class PT1-I-16B                (3)               $ 5,567,284.39                 
Class PT1-I-17A                (2)               $ 5,289,791.95                 
Class PT1-I-17B                (3)               $ 5,289,791.95                 
Class PT1-I-18A                (2)               $ 5,026,443.29                 
Class PT1-I-18B                (3)               $ 5,026,443.29                 
Class PT1-I-19A                (2)               $ 4,776,493.00                 
Class PT1-I-19B                (3)               $ 4,776,493.00                 
Class PT1-I-20A                (2)               $ 4,637,043.26                 
Class PT1-I-20B                (3)               $ 4,637,043.26                 
Class PT1-I-21A                (2)               $ 5,817,624.16                 
Class PT1-I-21B                (3)               $ 5,817,624.16                 
Class PT1-I-22A                (2)               $ 9,072,289.56                 
Class PT1-I-22B                (3)               $ 9,072,289.56                 
Class PT1-I-23A                (2)               $ 7,940,578.57                 
Class PT1-I-23B                (3)               $ 7,940,578.57                 
Class PT1-I-24A                (2)               $ 6,962,267.93                 
Class PT1-I-24B                (3)               $ 6,962,267.93                 
Class PT1-I-25A                (2)               $ 6,111,440.36                 
Class PT1-I-25B                (3)               $ 6,111,440.36                 
Class PT1-I-26A                (2)               $ 5,296,344.72                 
Class PT1-I-26B                (3)               $ 5,296,344.72                 
Class PT1-I-27A                (2)               $ 4,415,055.57                 
Class PT1-I-27B                (3)               $ 4,415,055.57                 
Class PT1-I-28A                (2)               $ 3,736,821.77                 
Class PT1-I-28B                (3)               $ 3,736,821.77                 
Class PT1-I-29A                (2)               $ 3,204,065.27                 
Class PT1-I-29B                (3)               $ 3,204,065.27                 
Class PT1-I-30A                (2)               $ 2,778,403.16                 
Class PT1-I-30B                (3)               $ 2,778,403.16                 
Class PT1-I-31A                (2)               $ 2,433,027.42                 
Class PT1-I-31B                (3)               $ 2,433,027.42                 
Class PT1-I-32A                (2)               $ 2,149,006.83                 
Class PT1-I-32B                (3)               $ 2,149,006.83                 
Class PT1-I-33A                (2)               $ 1,912,631.88                 
Class PT1-I-33B                (3)               $ 1,912,631.88                 
Class PT1-I-34A                (2)               $ 1,714,300.46                 
Class PT1-I-34B                (3)               $ 1,714,300.46                 
Class PT1-I-35A                (2)               $ 1,547,774.36                 
Class PT1-I-35B                (3)               $ 1,547,774.36                 
Class PT1-I-36A                (2)               $ 1,405,109.77                 
Class PT1-I-36B                (3)               $ 1,405,109.77                 
Class PT1-I-37A                (2)               $ 1,281,842.61                 
Class PT1-I-37B                (3)               $ 1,281,842.61                 
Class PT1-I-38A                (2)               $ 1,183,640.04                 
Class PT1-I-38B                (3)               $ 1,183,640.04                 
Class PT1-I-39A                (2)               $ 1,120,651.77                 
Class PT1-I-39B                (3)               $ 1,120,651.77                 
Class PT1-I-40A                (2)               $ 1,061,084.70                 
Class PT1-I-40B                (3)               $ 1,061,084.70                 
Class PT1-I-41A                (2)               $ 1,004,722.15                 
Class PT1-I-41B                (3)               $ 1,004,722.15                 
Class PT1-I-42A                (2)               $   951,438.63                 
Class PT1-I-42B                (3)               $   951,438.63                 
Class PT1-I-43A                (2)               $   901,038.25                 
Class PT1-I-43B                (3)               $   901,038.25                 
Class PT1-I-44A                (2)               $   799,894.56                 
Class PT1-I-44B                (3)               $   799,894.56                 
Class PT1-I-45A                (2)               $   757,777.14                 
Class PT1-I-45B                (3)               $   757,777.14                 
Class PT1-I-46A                (2)               $   717,913.44                 
Class PT1-I-46B                (3)               $   717,913.44                 
Class PT1-I-47A                (2)               $   680,202.58                 
Class PT1-I-47B                (3)               $   680,202.58                 
Class PT1-I-48A                (2)               $   644,511.00                 
Class PT1-I-48B                (3)               $   644,511.00                 
Class PT1-I-49A                (2)               $   610,730.97                 
Class PT1-I-49B                (3)               $   610,730.97                 
Class PT1-I-50A                (2)               $   578,758.08                 
Class PT1-I-50B                (3)               $   578,758.08                 
Class PT1-I-51A                (2)               $   548,493.69                 
Class PT1-I-51B                (3)               $   548,493.69                 
Class PT1-I-52A                (2)               $   519,846.11                 
Class PT1-I-52B                (3)               $   519,846.11                 
Class PT1-I-53A                (2)               $   492,716.56                 
Class PT1-I-53B                (3)               $   492,716.56                 
Class PT1-I-54A                (2)               $   467,040.20                 
Class PT1-I-54B                (3)               $   467,040.20                 
Class PT1-I-55A                (2)               $   442,729.58                 
Class PT1-I-55B                (3)               $   442,729.58                 
Class PT1-I-56A                (2)               $   379,611.24                 
Class PT1-I-56B                (3)               $   379,611.24                 
Class PT1-I-57A                (2)               $   360,054.09                 
Class PT1-I-57B                (3)               $   360,054.09                 
Class PT1-I-58A                (2)               $   341,535.23                 
Class PT1-I-58B                (3)               $   341,535.23                 
Class PT1-I-59A                (2)               $ 5,217,579.23                 
Class PT1-I-59B                (3)               $ 5,217,579.23                 
Class PT1-II-1                 (4)               $35,320,503.52                 
Class PT1-II-2A                (5)               $ 9,401,853.71                 
Class PT1-II-2B                (6)               $ 9,401,853.71                 
Class PT1-II-3A                (5)               $13,333,543.54                 
Class PT1-II-3B                (6)               $13,333,543.54                 
Class PT1-II-4A                (5)               $13,691,133.79                 
Class PT1-II-4B                (6)               $13,691,133.79                 
Class PT1-II-5A                (5)               $14,004,707.80                 
Class PT1-II-5B                (6)               $14,004,707.80                 
Class PT1-II-6A                (5)               $14,273,067.07                 
Class PT1-II-6B                (6)               $14,273,067.07                 
Class PT1-II-7A                (5)               $14,495,242.78                 
Class PT1-II-7B                (6)               $14,495,242.78                 
Class PT1-II-8A                (5)               $14,822,757.69                 
Class PT1-II-8B                (6)               $14,822,757.69                 
Class PT1-II-9A                (5)               $14,944,456.10                 
Class PT1-II-9B                (6)               $14,944,456.10                 
Class PT1-II-10A               (5)               $15,018,331.71                 
Class PT1-II-10B               (6)               $15,018,331.71                 
Class PT1-II-11A               (5)               $15,044,506.94                 
Class PT1-II-11B               (6)               $15,044,506.94                 
Class PT1-II-12A               (5)               $15,022,997.15                 
Class PT1-II-12B               (6)               $15,022,997.15                 
Class PT1-II-13A               (5)               $14,788,429.69                 
Class PT1-II-13B               (6)               $14,788,429.69                 
Class PT1-II-14A               (5)               $14,048,704.42                 
Class PT1-II-14B               (6)               $14,048,704.42                 
Class PT1-II-15A               (5)               $13,346,812.51                 
Class PT1-II-15B               (6)               $13,346,812.51                 
Class PT1-II-16A               (5)               $12,680,788.93                 
Class PT1-II-16B               (6)               $12,680,788.93                 
Class PT1-II-17A               (5)               $12,048,735.15                 
Class PT1-II-17B               (6)               $12,048,735.15                 
Class PT1-II-18A               (5)               $11,448,897.14                 
Class PT1-II-18B               (6)               $11,448,897.14                 
Class PT1-II-19A               (5)               $10,879,577.05                 
Class PT1-II-19B               (6)               $10,879,577.05                 
Class PT1-II-20A               (5)               $10,561,947.73                 
Class PT1-II-20B               (6)               $10,561,947.73                 
Class PT1-II-21A               (5)               $13,250,996.14                 
Class PT1-II-21B               (6)               $13,250,996.14                 
Class PT1-II-22A               (5)               $20,664,255.83                 
Class PT1-II-22B               (6)               $20,664,255.83                 
Class PT1-II-23A               (5)               $18,086,520.04                 
Class PT1-II-23B               (6)               $18,086,520.04                 
Class PT1-II-24A               (5)               $15,858,189.34                 
Class PT1-II-24B               (6)               $15,858,189.34                 
Class PT1-II-25A               (5)               $13,920,231.08                 
Class PT1-II-25B               (6)               $13,920,231.08                 
Class PT1-II-26A               (5)               $12,063,660.62                 
Class PT1-II-26B               (6)               $12,063,660.62                 
Class PT1-II-27A               (5)               $10,056,318.98                 
Class PT1-II-27B               (6)               $10,056,318.98                 
Class PT1-II-28A               (5)               $ 8,511,483.29                 
Class PT1-II-28B               (6)               $ 8,511,483.29                 
Class PT1-II-29A               (5)               $ 7,298,006.09                 
Class PT1-II-29B               (6)               $ 7,298,006.09                 
Class PT1-II-30A               (5)               $ 6,328,461.33                 
Class PT1-II-30B               (6)               $ 6,328,461.33                 
Class PT1-II-31A               (5)               $ 5,541,787.51                 
Class PT1-II-31B               (6)               $ 5,541,787.51                 
Class PT1-II-32A               (5)               $ 4,894,864.37                 
Class PT1-II-32B               (6)               $ 4,894,864.37                 
Class PT1-II-33A               (5)               $ 4,356,465.29                 
Class PT1-II-33B               (6)               $ 4,356,465.29                 
Class PT1-II-34A               (5)               $ 3,904,719.20                 
Class PT1-II-34B               (6)               $ 3,904,719.20                 
Class PT1-II-35A               (5)               $ 3,525,417.18                 
Class PT1-II-35B               (6)               $ 3,525,417.18                 
Class PT1-II-36A               (5)               $ 3,200,465.29                 
Class PT1-II-36B               (6)               $ 3,200,465.29                 
Class PT1-II-37A               (5)               $ 2,919,695.56                 
Class PT1-II-37B               (6)               $ 2,919,695.56                 
Class PT1-II-38A               (5)               $ 2,696,016.30                 
Class PT1-II-38B               (6)               $ 2,696,016.30                 
Class PT1-II-39A               (5)               $ 2,552,545.83                 
Class PT1-II-39B               (6)               $ 2,552,545.83                 
Class PT1-II-40A               (5)               $ 2,416,867.93                 
Class PT1-II-40B               (6)               $ 2,416,867.93                 
Class PT1-II-41A               (5)               $ 2,288,489.07                 
Class PT1-II-41B               (6)               $ 2,288,489.07                 
Class PT1-II-42A               (5)               $ 2,167,123.43                 
Class PT1-II-42B               (6)               $ 2,167,123.43                 
Class PT1-II-43A               (5)               $ 2,052,324.79                 
Class PT1-II-43B               (6)               $ 2,052,324.79                 
Class PT1-II-44A               (5)               $ 1,821,946.46                 
Class PT1-II-44B               (6)               $ 1,821,946.46                 
Class PT1-II-45A               (5)               $ 1,726,014.21                 
Class PT1-II-45B               (6)               $ 1,726,014.21                 
Class PT1-II-46A               (5)               $ 1,635,215.34                 
Class PT1-II-46B               (6)               $ 1,635,215.34                 
Class PT1-II-47A               (5)               $ 1,549,320.06                 
Class PT1-II-47B               (6)               $ 1,549,320.06                 
Class PT1-II-48A               (5)               $ 1,468,024.15                 
Class PT1-II-48B               (6)               $ 1,468,024.15                 
Class PT1-II-49A               (5)               $ 1,391,082.26                 
Class PT1-II-49B               (6)               $ 1,391,082.26                 
Class PT1-II-50A               (5)               $ 1,318,256.54                 
Class PT1-II-50B               (6)               $ 1,318,256.54                 
Class PT1-II-51A               (5)               $ 1,249,322.34                 
Class PT1-II-51B               (6)               $ 1,249,322.34                 
Class PT1-II-52A               (5)               $ 1,184,070.78                 
Class PT1-II-52B               (6)               $ 1,184,070.78                 
Class PT1-II-53A               (5)               $ 1,122,276.92                 
Class PT1-II-53B               (6)               $ 1,122,276.92                 
Class PT1-II-54A               (5)               $ 1,063,793.01                 
Class PT1-II-54B               (6)               $ 1,063,793.01                 
Class PT1-II-55A               (5)               $ 1,008,419.91                 
Class PT1-II-55B               (6)               $ 1,008,419.91                 
Class PT1-II-56A               (5)               $   864,653.16                 
Class PT1-II-56B               (6)               $   864,653.16                 
Class PT1-II-57A               (5)               $   820,107.18                 
Class PT1-II-57B               (6)               $   820,107.18                 
Class PT1-II-58A               (5)               $   777,926.16                 
Class PT1-II-58B               (6)               $   777,926.16                 
Class PT1-II-59A               (5)               $11,884,253.84                 
Class PT1-II-59B               (6)               $11,884,253.84                 
Class PT1-I-R                  (7)                   (7)                        

-----------                                                                     

(1)   For any Distribution Date (and the related Interest Accrual Period), this 
    Pooling Tier REMIC-1 Regular Interest shall bear interest at a per annum
     rate (its "Pooling Tier REMIC-1 Interest Rate") equal to the Pooling Tier
REMIC-1 Loan Group I WAC Rate.                                      

(2)   For any Distribution Date (and the related Interest Accrual Period), this 
    Pooling Tier REMIC-1 Regular Interest shall bear interest at a per annum
   rate (its "Pooling Tier REMIC-1 Interest Rate") equal to the product of
     (i) 2 and (ii) the Pooling Tier REMIC-1 Loan Group I WAC Rate, subject to
a maximum rate of 10.4%.                                            

(3)   For any Distribution Date (and the related Interest Accrual Period), this 
    Pooling Tier REMIC-1 Regular Interest shall bear interest at a per annum
   rate (its "Pooling Tier REMIC-1 Interest Rate") equal to the excess, if
   any, of (A) the product of (i) 2 and (ii) the Pooling Tier REMIC-1 Loan
Group I WAC Rate over (B) 10.4%                                     

(4)   For any Distribution Date (and the related Interest Accrual Period), this 
   Pooling Tier REMIC- Regular Interest shall bear interest at a per annum
     rate (its "Pooling Tier REMIC-1 Interest Rate") equal to the Pooling Tier
REMIC-1 Loan Group II WAC Rate.                                     

(5)   For any Distribution Date (and the related Interest Accrual Period), this 
    Pooling Tier REMIC-1 Regular Interest shall bear interest at a per annum
   rate (its "Pooling Tier REMIC-1 Interest Rate") equal to the product of
      (i) 2 and (ii) the Pooling Tier REMIC-1 Loan Group II WAC Rate, subject to
a maximum rate of 10.4%.                                            

(6)   For any Distribution Date (and the related Interest Accrual Period), this 
    Pooling Tier REMIC-1 Regular Interest shall bear interest at a per annum
   rate (its "Pooling Tier REMIC-1 Interest Rate") equal to the excess, if
   any, of (A) the product of (i) 2 and (ii) the Pooling Tier REMIC-1 Loan
Group II WAC Rate over (B) 10.4%.                                   

(7)   The Class PT1-R Interest shall not have a principal balance and shall not 
bear interest.                                                      

       On each Distribution Date, the Trustee shall first pay from the
Trust Fund and charge as an expense of Pooling Tier REMIC-1 all expenses of the 
Trust for such Distribution Date. Such expense, other than Servicing Fees and   
Custodian Fees, shall be allocated in the same manner as Realized Losses.       

           On each Distribution Date, the interest distributable in respect of
the Mortgage Loans from the related Loan Group for such Distribution Date shall 
be deemed to be distributed to the Pooling Tier REMIC-1 Regular Interests at the
rates shown above.                                                              

         On each Distribution Date, Realized Losses, Subsequent Recoveries
and payments of principal in respect of the Group I Mortgage Loans (including,  
for the first Distribution Date only, the portion of the Closing Date Deposit   
Amount allocable to the Group I Mortgage Loans) shall be allocated to the       
outstanding Pooling Tier REMIC-1 Regular Interest with the lowest numerical     
denomination until the Pooling Tier REMIC-1 Principal Amount of such interest or
interests, as the case may be, is reduced to zero, provided that, with respect  
to Pooling Tier REMIC-1 Regular Interests relating to the Group I Mortgage Loans
with the same numerical denomination, such Realized Losses and payments of      
principal shall be allocated pro rata between such Pooling Tier REMIC-1 Regular 
Interests until the Pooling Tier REMIC-1 Principal Amount of such interest is   
reduced to zero.                                                                

         On each Distribution Date, Realized Losses, Subsequent Recoveries
and payments of principal in respect of the Group II Mortgage Loans (including, 
for the first Distribution Date only, the portion of the Closing Date Deposit   
Amount allocable to the Group II Mortgage Loans) shall be allocated to the      
outstanding Pooling Tier REMIC-1 Regular Interest relating to the Group II      
Mortgage Loans with the lowest numerical denomination until the Pooling Tier    
REMIC-1 Principal Amount of such interest is reduced to zero, provided that,    
with respect to Pooling Tier REMIC-1 Regular Interests relating to the Group II 
Mortgage Loans with the same numerical denomination, such Realized Losses and   
payments of principal shall be allocated pro rata between such Pooling Tier     
REMIC-1 Regular Interests until the Pooling Tier REMIC-1 Principal Amount of    
such interests is reduced to zero.                                              

Pooling Tier REMIC-2

           Pooling Tier REMIC-2 shall issue the following interests in Pooling
Tier REMIC-2, and each such interest, other than the Class PT2-R Interest, is   
hereby designated as a regular interest in Pooling Tier REMIC-2. Pooling Tier   
REMIC-2 Interests with an "I" in their designation shall relate to The Group I  
Mortgage Loans and Pooling Tier REMIC-2 Interests with a "II" in their          
designation shall relate to The Group II Mortgage Loans. The Class PT2-R        
Interest is hereby designated as the sole class of residual interest in Pooling 
Tier REMIC-2 and shall be represented by the Class R-II Certificates.           

                                                        [Enlarge/Download Table]

`                   Pooling Tier      Pooling Tier        Corresponding         Corresponding         Corresponding   
Pooling Tier           REMIC-2      REMIC-2 Initial    Pooling Tier REMIC-2  Pooling Tier REMIC-1  Scheduled Crossover
REMIC-2 Interest    Interest Rate   Principal Amount       IO Interest         Regular Interest     Distribution Date 
------------------  -------------   ----------------   --------------------  --------------------  -------------------
                                                                                                                      
Class PT2-I-1                  (1)    $15,506,865.48           N/A                   N/A                   N/A        
Class PT2-I-2A                 (2)     $4,127,723.74     Class PT2-I-IO-2            N/A                   N/A        
Class PT2-I-2B                 (3)     $4,127,723.74           N/A                   N/A                   N/A        
Class PT2-I-3A                 (2)     $5,853,865.19     Class PT2-I-IO-3            N/A                   N/A        
Class PT2-I-3B                 (3)     $5,853,865.19           N/A                   N/A                   N/A        
Class PT2-I-4A                 (2)     $6,010,859.10     Class PT2-I-IO-4            N/A                   N/A        
Class PT2-I-4B                 (3)     $6,010,859.10           N/A                   N/A                   N/A        
Class PT2-I-5A                 (2)     $6,148,528.43     Class PT2-I-IO-5            N/A                   N/A        
Class PT2-I-5B                 (3)     $6,148,528.43           N/A                   N/A                   N/A        
Class PT2-I-6A                 (2)     $6,266,346.99     Class PT2-I-IO-6            N/A                   N/A        
Class PT2-I-6B                 (3)     $6,266,346.99           N/A                   N/A                   N/A        
Class PT2-I-7A                 (2)     $6,363,889.45     Class PT2-I-IO-7            N/A                   N/A        
Class PT2-I-7B                 (3)     $6,363,889.45           N/A                   N/A                   N/A        
Class PT2-I-8A                 (2)     $6,507,679.30     Class PT2-I-IO-8            N/A                   N/A        
Class PT2-I-8B                 (3)     $6,507,679.30           N/A                   N/A                   N/A        
Class PT2-I-9A                 (2)     $6,561,108.91     Class PT2-I-IO-9            N/A                   N/A        
Class PT2-I-9B                 (3)     $6,561,108.91           N/A                   N/A                   N/A        
Class PT2-I-10A                (2)     $6,593,542.74    Class PT2-I-IO-10            N/A                   N/A        
Class PT2-I-10B                (3)     $6,593,542.74           N/A                   N/A                   N/A        
Class PT2-I-11A                (2)     $6,605,034.53    Class PT2-I-IO-11            N/A                   N/A        
Class PT2-I-11B                (3)     $6,605,034.53           N/A                   N/A                   N/A        
Class PT2-I-12A                (2)     $6,595,591.02    Class PT2-I-IO-12            N/A                   N/A        
Class PT2-I-12B                (3)     $6,595,591.02           N/A                   N/A                   N/A        
Class PT2-I-13A                (2)     $6,492,608.18    Class PT2-I-IO-13            N/A                   N/A        
Class PT2-I-13B                (3)     $6,492,608.18           N/A                   N/A                   N/A        
Class PT2-I-14A                (2)     $6,167,844.40    Class PT2-I-IO-14            N/A                   N/A        
Class PT2-I-14B                (3)     $6,167,844.40           N/A                   N/A                   N/A        
Class PT2-I-15A                (2)     $5,859,690.71    Class PT2-I-IO-15            N/A                   N/A        
Class PT2-I-15B                (3)     $5,859,690.71           N/A                   N/A                   N/A        
Class PT2-I-16A                (2)     $5,567,284.39    Class PT2-I-IO-16            N/A                   N/A        
Class PT2-I-16B                (3)     $5,567,284.39           N/A                   N/A                   N/A        
Class PT2-I-17A                (2)     $5,289,791.95    Class PT2-I-IO-17            N/A                   N/A        
Class PT2-I-17B                (3)     $5,289,791.95           N/A                   N/A                   N/A        
Class PT2-I-18A                (2)     $5,026,443.29    Class PT2-I-IO-18            N/A                   N/A        
Class PT2-I-18B                (3)     $5,026,443.29           N/A                   N/A                   N/A        
Class PT2-I-19A                (2)     $4,776,493.00    Class PT2-I-IO-19            N/A                   N/A        
Class PT2-I-19B                (3)     $4,776,493.00           N/A                   N/A                   N/A        
Class PT2-I-20A                (2)     $4,637,043.26    Class PT2-I-IO-20            N/A                   N/A        
Class PT2-I-20B                (3)     $4,637,043.26           N/A                   N/A                   N/A        
Class PT2-I-21A                (2)     $5,817,624.16    Class PT2-I-IO-21            N/A                   N/A        
Class PT2-I-21B                (3)     $5,817,624.16           N/A                   N/A                   N/A        
Class PT2-I-22A                (2)     $9,072,289.56    Class PT2-I-IO-22            N/A                   N/A        
Class PT2-I-22B                (3)     $9,072,289.56           N/A                   N/A                   N/A        
Class PT2-I-23A                (2)     $7,940,578.57    Class PT2-I-IO-23            N/A                   N/A        
Class PT2-I-23B                (3)     $7,940,578.57           N/A                   N/A                   N/A        
Class PT2-I-24A                (2)     $6,962,267.93    Class PT2-I-IO-24            N/A                   N/A        
Class PT2-I-24B                (3)     $6,962,267.93           N/A                   N/A                   N/A        
Class PT2-I-25A                (2)     $6,111,440.36    Class PT2-I-IO-25            N/A                   N/A        
Class PT2-I-25B                (3)     $6,111,440.36           N/A                   N/A                   N/A        
Class PT2-I-26A                (2)     $5,296,344.72    Class PT2-I-IO-26            N/A                   N/A        
Class PT2-I-26B                (3)     $5,296,344.72           N/A                   N/A                   N/A        
Class PT2-I-27A                (2)     $4,415,055.57    Class PT2-I-IO-27            N/A                   N/A        
Class PT2-I-27B                (3)     $4,415,055.57           N/A                   N/A                   N/A        
Class PT2-I-28A                (2)     $3,736,821.77    Class PT2-I-IO-28            N/A                   N/A        
Class PT2-I-28B                (3)     $3,736,821.77           N/A                   N/A                   N/A        
Class PT2-I-29A                (2)     $3,204,065.27    Class PT2-I-IO-29            N/A                   N/A        
Class PT2-I-29B                (3)     $3,204,065.27           N/A                   N/A                   N/A        
Class PT2-I-30A                (2)     $2,778,403.16    Class PT2-I-IO-30            N/A                   N/A        
Class PT2-I-30B                (3)     $2,778,403.16           N/A                   N/A                   N/A        
Class PT2-I-31A                (2)     $2,433,027.42    Class PT2-I-IO-31            N/A                   N/A        
Class PT2-I-31B                (3)     $2,433,027.42           N/A                   N/A                   N/A        
Class PT2-I-32A                (2)     $2,149,006.83    Class PT2-I-IO-32            N/A                   N/A        
Class PT2-I-32B                (3)     $2,149,006.83           N/A                   N/A                   N/A        
Class PT2-I-33A                (2)     $1,912,631.88    Class PT2-I-IO-33            N/A                   N/A        
Class PT2-I-33B                (3)     $1,912,631.88           N/A                   N/A                   N/A        
Class PT2-I-34A                (2)     $1,714,300.46    Class PT2-I-IO-34            N/A                   N/A        
Class PT2-I-34B                (3)     $1,714,300.46           N/A                   N/A                   N/A        
Class PT2-I-35A                (2)     $1,547,774.36    Class PT2-I-IO-35            N/A                   N/A        
Class PT2-I-35B                (3)     $1,547,774.36           N/A                   N/A                   N/A        
Class PT2-I-36A                (2)     $1,405,109.77    Class PT2-I-IO-36            N/A                   N/A        
Class PT2-I-36B                (3)     $1,405,109.77           N/A                   N/A                   N/A        
Class PT2-I-37A                (2)     $1,281,842.61    Class PT2-I-IO-37            N/A                   N/A        
Class PT2-I-37B                (3)     $1,281,842.61           N/A                   N/A                   N/A        
Class PT2-I-38A                (2)     $1,183,640.04    Class PT2-I-IO-38            N/A                   N/A        
Class PT2-I-38B                (3)     $1,183,640.04           N/A                   N/A                   N/A        
Class PT2-I-39A                (2)     $1,120,651.77    Class PT2-I-IO-39            N/A                   N/A        
Class PT2-I-39B                (3)     $1,120,651.77           N/A                   N/A                   N/A        
Class PT2-I-40A                (2)     $1,061,084.70    Class PT2-I-IO-40            N/A                   N/A        
Class PT2-I-40B                (3)     $1,061,084.70           N/A                   N/A                   N/A        
Class PT2-I-41A                (2)     $1,004,722.15    Class PT2-I-IO-41            N/A                   N/A        
Class PT2-I-41B                (3)     $1,004,722.15           N/A                   N/A                   N/A        
Class PT2-I-42A                (2)       $951,438.63    Class PT2-I-IO-42            N/A                   N/A        
Class PT2-I-42B                (3)       $951,438.63           N/A                   N/A                   N/A        
Class PT2-I-43A                (2)       $901,038.25    Class PT2-I-IO-43            N/A                   N/A        
Class PT2-I-43B                (3)       $901,038.25           N/A                   N/A                   N/A        
Class PT2-I-44A                (2)       $799,894.56    Class PT2-I-IO-44            N/A                   N/A        
Class PT2-I-44B                (3)       $799,894.56           N/A                   N/A                   N/A        
Class PT2-I-45A                (2)       $757,777.14    Class PT2-I-IO-45            N/A                   N/A        
Class PT2-I-45B                (3)       $757,777.14           N/A                   N/A                   N/A        
Class PT2-I-46A                (2)       $717,913.44    Class PT2-I-IO-46            N/A                   N/A        
Class PT2-I-46B                (3)       $717,913.44           N/A                   N/A                   N/A        
Class PT2-I-47A                (2)       $680,202.58    Class PT2-I-IO-47            N/A                   N/A        
Class PT2-I-47B                (3)       $680,202.58           N/A                   N/A                   N/A        
Class PT2-I-48A                (2)       $644,511.00    Class PT2-I-IO-48            N/A                   N/A        
Class PT2-I-48B                (3)       $644,511.00           N/A                   N/A                   N/A        
Class PT2-I-49A                (2)       $610,730.97    Class PT2-I-IO-49            N/A                   N/A        
Class PT2-I-49B                (3)       $610,730.97           N/A                   N/A                   N/A        
Class PT2-I-50A                (2)       $578,758.08    Class PT2-I-IO-50            N/A                   N/A        
Class PT2-I-50B                (3)       $578,758.08           N/A                   N/A                   N/A        
Class PT2-I-51A                (2)       $548,493.69    Class PT2-I-IO-51            N/A                   N/A        
Class PT2-I-51B                (3)       $548,493.69           N/A                   N/A                   N/A        
Class PT2-I-52A                (2)       $519,846.11    Class PT2-I-IO-52            N/A                   N/A        
Class PT2-I-52B                (3)       $519,846.11           N/A                   N/A                   N/A        
Class PT2-I-53A                (2)       $492,716.56    Class PT2-I-IO-53            N/A                   N/A        
Class PT2-I-53B                (3)       $492,716.56           N/A                   N/A                   N/A        
Class PT2-I-54A                (2)       $467,040.20    Class PT2-I-IO-54            N/A                   N/A        
Class PT2-I-54B                (3)       $467,040.20           N/A                   N/A                   N/A        
Class PT2-I-55A                (2)       $442,729.58    Class PT2-I-IO-55            N/A                   N/A        
Class PT2-I-55B                (3)       $442,729.58           N/A                   N/A                   N/A        
Class PT2-I-56A                (2)       $379,611.24    Class PT2-I-IO-56            N/A                   N/A        
Class PT2-I-56B                (3)       $379,611.24           N/A                   N/A                   N/A        
Class PT2-I-57A                (2)       $360,054.09    Class PT2-I-IO-57            N/A                   N/A        
Class PT2-I-57B                (3)       $360,054.09           N/A                   N/A                   N/A        
Class PT2-I-58A                (2)       $341,535.23    Class PT2-I-IO-58            N/A                   N/A        
Class PT2-I-58B                (3)       $341,535.23           N/A                   N/A                   N/A        
Class PT2-I-59A                (2)     $5,217,579.23    Class PT1-I-IO-59            N/A                   N/A        
Class PT2-I-59B                (3)     $5,217,579.23           N/A                   N/A                   N/A        
Class PT2-I-IO-2               (4)                (4)          N/A              Class PT1-I-2A        January 2007    
Class PT2-I-IO-3               (4)                (4)          N/A              Class PT1-I-3A        February 2007   
Class PT2-I-IO-4               (4)                (4)          N/A              Class PT1-I-4A         March 2007     
Class PT2-I-IO-5               (4)                (4)          N/A              Class PT1-I-5A         April 2007     
Class PT2-I-IO-6               (4)                (4)          N/A              Class PT1-I-6A          May 2007      
Class PT2-I-IO-7               (4)                (4)          N/A              Class PT1-I-7A          June 2007     
Class PT2-I-IO-8               (4)                (4)          N/A              Class PT1-I-8A          July 2007     
Class PT2-I-IO-9               (4)                (4)          N/A              Class PT1-I-9A         August 2007    
Class PT2-I-IO-10              (4)                (4)          N/A             Class PT1-I-10A       September 2007   
Class PT2-I-IO-11              (4)                (4)          N/A             Class PT1-I-11A        October 2007    
Class PT2-I-IO-12              (4)                (4)          N/A             Class PT1-I-12A        November 2007   
Class PT2-I-IO-13              (4)                (4)          N/A             Class PT1-I-13A        December 2007   
Class PT2-I-IO-14              (4)                (4)          N/A             Class PT1-I-14A        January 2008    
Class PT2-I-IO-15              (4)                (4)          N/A             Class PT1-I-15A        February 2008   
Class PT2-I-IO-16              (4)                (4)          N/A             Class PT1-I-16A         March 2008     
Class PT2-I-IO-17              (4)                (4)          N/A             Class PT1-I-17A         April 2008     
Class PT2-I-IO-18              (4)                (4)          N/A             Class PT1-I-18A          May 2008      
Class PT2-I-IO-19              (4)                (4)          N/A             Class PT1-I-19A          June 2008     
Class PT2-I-IO-20              (4)                (4)          N/A             Class PT1-I-20A          July 2008     
Class PT2-I-IO-21              (4)                (4)          N/A             Class PT1-I-21A         August 2008    
Class PT2-I-IO-22              (4)                (4)          N/A             Class PT1-I-22A       September 2008   
Class PT2-I-IO-23              (4)                (4)          N/A             Class PT1-I-23A        October 2008    
Class PT2-I-IO-24              (4)                (4)          N/A             Class PT1-I-24A        November 2008   
Class PT2-I-IO-25              (4)                (4)          N/A             Class PT1-I-25A        December 2008   
Class PT2-I-IO-26              (4)                (4)          N/A             Class PT1-I-26A        January 2009    
Class PT2-I-IO-27              (4)                (4)          N/A             Class PT1-I-27A        February 2009   
Class PT2-I-IO-28              (4)                (4)          N/A             Class PT1-I-28A         March 2009     
Class PT2-I-IO-29              (4)                (4)          N/A             Class PT1-I-29A         April 2009     
Class PT2-I-IO-30              (4)                (4)          N/A             Class PT1-I-30A          May 2009      
Class PT2-I-IO-31              (4)                (4)          N/A             Class PT1-I-31A          June 2009     
Class PT2-I-IO-32              (4)                (4)          N/A             Class PT1-I-32A          July 2009     
Class PT2-I-IO-33              (4)                (4)          N/A             Class PT1-I-33A         August 2009    
Class PT2-I-IO-34              (4)                (4)          N/A             Class PT1-I-34A       September 2009   
Class PT2-I-IO-35              (4)                (4)          N/A             Class PT1-I-35A        October 2009    
Class PT2-I-IO-36              (4)                (4)          N/A             Class PT1-I-36A        November 2009   
Class PT2-I-IO-37              (4)                (4)          N/A             Class PT1-I-37A        December 2009   
Class PT2-I-IO-38              (4)                (4)          N/A             Class PT1-I-38A       January _, 2010  
Class PT2-I-IO-39              (4)                (4)          N/A             Class PT1-I-39A      February _, 2010  
Class PT2-I-IO-40              (4)                (4)          N/A             Class PT1-I-40A        March _, 2010   
Class PT2-I-IO-41              (4)                (4)          N/A             Class PT1-I-41A        April _, 2010   
Class PT2-I-IO-42              (4)                (4)          N/A             Class PT1-I-42A         May _, 2010    
Class PT2-I-IO-43              (4)                (4)          N/A             Class PT1-I-43A        June _, 2010    
Class PT2-I-IO-44              (4)                (4)          N/A             Class PT1-I-44A        July _, 2010    
Class PT2-I-IO-45              (4)                (4)          N/A             Class PT1-I-45A       August _, 2010   
Class PT2-I-IO-46              (4)                (4)          N/A             Class PT1-I-46A      September _, 2010 
Class PT2-I-IO-47              (4)                (4)          N/A             Class PT1-I-47A       October _, 2010  
Class PT2-I-IO-48              (4)                (4)          N/A             Class PT1-I-48A      November _, 2010  
Class PT2-I-IO-49              (4)                (4)          N/A             Class PT1-I-49A      December _, 2010  
Class PT2-I-IO-50              (4)                (4)          N/A             Class PT1-I-50A       January _, 2011  
Class PT2-I-IO-51              (4)                (4)          N/A             Class PT1-I-51A      February _, 2011  
Class PT2-I-IO-52              (4)                (4)          N/A             Class PT1-I-52A        March _, 2011   
Class PT2-I-IO-53              (4)                (4)          N/A             Class PT1-I-53A        April _, 2011   
Class PT2-I-IO-54              (4)                (4)          N/A             Class PT1-I-54A         May _, 2011    
Class PT2-I-IO-55              (4)                (4)          N/A             Class PT1-I-55A        June _, 2011    
Class PT2-I-IO-56              (4)                (4)          N/A             Class PT1-I-56A        July _, 2011    
Class PT2-I-IO-57              (4)                (4)          N/A             Class PT1-I-57A       August _, 2011   
Class PT2-I-IO-58              (4)                (4)          N/A             Class PT1-I-58A      September _, 2001 
Class PT2-I-IO-59              (4)                (4)          N/A             Class PT1-I-59A       October _, 2001  
Class PT2-II-1                 (5)    $35,320,503.52           N/A                   N/A                   N/A        
Class PT2-II-2A                (6)     $9,401,853.71    Class PT2-II-IO-2            N/A                   N/A        
Class PT2-II-2B                (7)     $9,401,853.71           N/A                   N/A                   N/A        
Class PT2-II-3A                (6)    $13,333,543.54    Class PT2-II-IO-3            N/A                   N/A        
Class PT2-II-3B                (7)    $13,333,543.54           N/A                   N/A                   N/A        
Class PT2-II-4A                (6)    $13,691,133.79    Class PT2-II-IO-4            N/A                   N/A        
Class PT2-II-4B                (7)    $13,691,133.79           N/A                   N/A                   N/A        
Class PT2-II-5A                (6)    $14,004,707.80    Class PT2-II-IO-5            N/A                   N/A        
Class PT2-II-5B                (7)    $14,004,707.80           N/A                   N/A                   N/A        
Class PT2-II-6A                (6)    $14,273,067.07    Class PT2-II-IO-6            N/A                   N/A        
Class PT2-II-6B                (7)    $14,273,067.07           N/A                   N/A                   N/A        
Class PT2-II-7A                (6)    $14,495,242.78    Class PT2-II-IO-7            N/A                   N/A        
Class PT2-II-7B                (7)    $14,495,242.78           N/A                   N/A                   N/A        
Class PT2-II-8A                (6)    $14,822,757.69    Class PT2-II-IO-8            N/A                   N/A        
Class PT2-II-8B                (7)    $14,822,757.69           N/A                   N/A                   N/A        
Class PT2-II-9A                (6)    $14,944,456.10    Class PT2-II-IO-9            N/A                   N/A        
Class PT2-II-9B                (7)    $14,944,456.10           N/A                   N/A                   N/A        
Class PT2-II-10A               (6)    $15,018,331.71    Class PT2-II-IO-10           N/A                   N/A        
Class PT2-II-10B               (7)    $15,018,331.71           N/A                   N/A                   N/A        
Class PT2-II-11A               (6)    $15,044,506.94    Class PT2-II-IO-11           N/A                   N/A        
Class PT2-II-11B               (7)    $15,044,506.94           N/A                   N/A                   N/A        
Class PT2-II-12A               (6)    $15,022,997.15    Class PT2-II-IO-12           N/A                   N/A        
Class PT2-II-12B               (7)    $15,022,997.15           N/A                   N/A                   N/A        
Class PT2-II-13A               (6)    $14,788,429.69    Class PT2-II-IO-13           N/A                   N/A        
Class PT2-II-13B               (7)    $14,788,429.69           N/A                   N/A                   N/A        
Class PT2-II-14A               (6)    $14,048,704.42    Class PT2-II-IO-14           N/A                   N/A        
Class PT2-II-14B               (7)    $14,048,704.42           N/A                   N/A                   N/A        
Class PT2-II-15A               (6)    $13,346,812.51    Class PT2-II-IO-15           N/A                   N/A        
Class PT2-II-15B               (7)    $13,346,812.51           N/A                   N/A                   N/A        
Class PT2-II-16A               (6)    $12,680,788.93    Class PT2-II-IO-16           N/A                   N/A        
Class PT2-II-16B               (7)    $12,680,788.93           N/A                   N/A                   N/A        
Class PT2-II-17A               (6)    $12,048,735.15    Class PT2-II-IO-17           N/A                   N/A        
Class PT2-II-17B               (7)    $12,048,735.15           N/A                   N/A                   N/A        
Class PT2-II-18A               (6)    $11,448,897.14    Class PT2-II-IO-18           N/A                   N/A        
Class PT2-II-18B               (7)    $11,448,897.14           N/A                   N/A                   N/A        
Class PT2-II-19A               (6)    $10,879,577.05    Class PT2-II-IO-19           N/A                   N/A        
Class PT2-II-19B               (7)    $10,879,577.05           N/A                   N/A                   N/A        
Class PT2-II-20A               (6)    $10,561,947.73    Class PT2-II-IO-20           N/A                   N/A        
Class PT2-II-20B               (7)    $10,561,947.73           N/A                   N/A                   N/A        
Class PT2-II-21A               (6)    $13,250,996.14    Class PT2-II-IO-21           N/A                   N/A        
Class PT2-II-21B               (7)    $13,250,996.14           N/A                   N/A                   N/A        
Class PT2-II-22A               (6)    $20,664,255.83    Class PT2-II-IO-22           N/A                   N/A        
Class PT2-II-22B               (7)    $20,664,255.83           N/A                   N/A                   N/A        
Class PT2-II-23A               (6)    $18,086,520.04    Class PT2-II-IO-23           N/A                   N/A        
Class PT2-II-23B               (7)    $18,086,520.04           N/A                   N/A                   N/A        
Class PT2-II-24A               (6)    $15,858,189.34    Class PT2-II-IO-24           N/A                   N/A        
Class PT2-II-24B               (7)    $15,858,189.34           N/A                   N/A                   N/A        
Class PT2-II-25A               (6)    $13,920,231.08    Class PT2-II-IO-25           N/A                   N/A        
Class PT2-II-25B               (7)    $13,920,231.08           N/A                   N/A                   N/A        
Class PT2-II-26A               (6)    $12,063,660.62    Class PT2-II-IO-26           N/A                   N/A        
Class PT2-II-26B               (7)    $12,063,660.62           N/A                   N/A                   N/A        
Class PT2-II-27A               (6)    $10,056,318.98    Class PT2-II-IO-27           N/A                   N/A        
Class PT2-II-27B               (7)    $10,056,318.98           N/A                   N/A                   N/A        
Class PT2-II-28A               (6)     $8,511,483.29    Class PT2-II-IO-28           N/A                   N/A        
Class PT2-II-28B               (7)     $8,511,483.29           N/A                   N/A                   N/A        
Class PT2-II-29A               (6)     $7,298,006.09    Class PT2-II-IO-29           N/A                   N/A        
Class PT2-II-29B               (7)     $7,298,006.09           N/A                   N/A                   N/A        
Class PT2-II-30A               (6)     $6,328,461.33    Class PT2-II-IO-30           N/A                   N/A        
Class PT2-II-30B               (7)     $6,328,461.33           N/A                   N/A                   N/A        
Class PT2-II-31A               (6)     $5,541,787.51    Class PT2-II-IO-31           N/A                   N/A        
Class PT2-II-31B               (7)     $5,541,787.51           N/A                   N/A                   N/A        
Class PT2-II-32A               (6)     $4,894,864.37    Class PT2-II-IO-32           N/A                   N/A        
Class PT2-II-32B               (7)     $4,894,864.37           N/A                   N/A                   N/A        
Class PT2-II-33A               (6)     $4,356,465.29    Class PT2-II-IO-33           N/A                   N/A        
Class PT2-II-33B               (7)     $4,356,465.29           N/A                   N/A                   N/A        
Class PT2-II-34A               (6)     $3,904,719.20    Class PT2-II-IO-34           N/A                   N/A        
Class PT2-II-34B               (7)     $3,904,719.20           N/A                   N/A                   N/A        
Class PT2-II-35A               (6)     $3,525,417.18    Class PT2-II-IO-35           N/A                   N/A        
Class PT2-II-35B               (7)     $3,525,417.18           N/A                   N/A                   N/A        
Class PT2-II-36A               (6)     $3,200,465.29    Class PT2-II-IO-36           N/A                   N/A        
Class PT2-II-36B               (7)     $3,200,465.29           N/A                   N/A                   N/A        
Class PT2-II-37A               (6)     $2,919,695.56    Class PT2-II-IO-37           N/A                   N/A        
Class PT2-II-37B               (7)     $2,919,695.56           N/A                   N/A                   N/A        
Class PT2-II-38A               (6)     $2,696,016.30    Class PT2-II-IO-38           N/A                   N/A        
Class PT2-II-38B               (7)     $2,696,016.30           N/A                   N/A                   N/A        
Class PT2-II-39A               (6)     $2,552,545.83    Class PT2-II-IO-39           N/A                   N/A        
Class PT2-II-39B               (7)     $2,552,545.83           N/A                   N/A                   N/A        
Class PT2-II-40A               (6)     $2,416,867.93    Class PT2-II-IO-40           N/A                   N/A        
Class PT2-II-40B               (7)     $2,416,867.93           N/A                   N/A                   N/A        
Class PT2-II-41A               (6)     $2,288,489.07    Class PT2-II-IO-41           N/A                   N/A        
Class PT2-II-41B               (7)     $2,288,489.07           N/A                   N/A                   N/A        
Class PT2-II-42A               (6)     $2,167,123.43    Class PT2-II-IO-42           N/A                   N/A        
Class PT2-II-42B               (7)     $2,167,123.43           N/A                   N/A                   N/A        
Class PT2-II-43A               (6)     $2,052,324.79    Class PT2-II-IO-43           N/A                   N/A        
Class PT2-II-43B               (7)     $2,052,324.79           N/A                   N/A                   N/A        
Class PT2-II-44A               (6)     $1,821,946.46    Class PT2-II-IO-44           N/A                   N/A        
Class PT2-II-44B               (7)     $1,821,946.46           N/A                   N/A                   N/A        
Class PT2-II-45A               (6)     $1,726,014.21    Class PT2-II-IO-45           N/A                   N/A        
Class PT2-II-45B               (7)     $1,726,014.21           N/A                   N/A                   N/A        
Class PT2-II-46A               (6)     $1,635,215.34    Class PT2-II-IO-46           N/A                   N/A        
Class PT2-II-46B               (7)     $1,635,215.34           N/A                   N/A                   N/A        
Class PT2-II-47A               (6)     $1,549,320.06    Class PT2-II-IO-47           N/A                   N/A        
Class PT2-II-47B               (7)     $1,549,320.06           N/A                   N/A                   N/A        
Class PT2-II-48A               (6)     $1,468,024.15    Class PT2-II-IO-48           N/A                   N/A        
Class PT2-II-48B               (7)     $1,468,024.15           N/A                   N/A                   N/A        
Class PT2-II-49A               (6)     $1,391,082.26    Class PT2-II-IO-49           N/A                   N/A        
Class PT2-II-49B               (7)     $1,391,082.26           N/A                   N/A                   N/A        
Class PT2-II-50A               (6)     $1,318,256.54    Class PT2-II-IO-50           N/A                   N/A        
Class PT2-II-50B               (7)     $1,318,256.54           N/A                   N/A                   N/A        
Class PT2-II-51A               (6)     $1,249,322.34    Class PT2-II-IO-51           N/A                   N/A        
Class PT2-II-51B               (7)     $1,249,322.34           N/A                   N/A                   N/A        
Class PT2-II-52A               (6)     $1,184,070.78    Class PT2-II-IO-52           N/A                   N/A        
Class PT2-II-52B               (7)     $1,184,070.78           N/A                   N/A                   N/A        
Class PT2-II-53A               (6)     $1,122,276.92    Class PT2-II-IO-53           N/A                   N/A        
Class PT2-II-53B               (7)     $1,122,276.92           N/A                   N/A                   N/A        
Class PT2-II-54A               (6)     $1,063,793.01    Class PT2-II-IO-54           N/A                   N/A        
Class PT2-II-54B               (7)     $1,063,793.01           N/A                   N/A                   N/A        
Class PT2-II-55A               (6)     $1,008,419.91    Class PT2-II-IO-55           N/A                   N/A        
Class PT2-II-55B               (7)     $1,008,419.91           N/A                   N/A                   N/A        
Class PT2-II-56A               (6)       $864,653.16    Class PT2-II-IO-56           N/A                   N/A        
Class PT2-II-56B               (7)       $864,653.16           N/A                   N/A                   N/A        
Class PT2-II-57A               (6)       $820,107.18    Class PT2-II-IO-57           N/A                   N/A        
Class PT2-II-57B               (7)       $820,107.18           N/A                   N/A                   N/A        
Class PT2-II-58A               (6)       $777,926.16    Class PT2-II-IO-58           N/A                   N/A        
Class PT2-II-58B               (7)       $777,926.16           N/A                   N/A                   N/A        
Class PT2-II-59A               (6)    $11,884,253.84    Class PT2-II-IO-59           N/A                   N/A        
Class PT2-II-59B               (7)    $11,884,253.84           N/A                   N/A                   N/A        
Class PT2-II-IO-2              (4)                (4)          N/A             Class PT1-II-2A        January 2007    
Class PT2-II-IO-3              (4)                (4)          N/A             Class PT1-II-3A        February 2007   
Class PT2-II-IO-4              (4)                (4)          N/A             Class PT1-II-4A         March 2007     
Class PT2-II-IO-5              (4)                (4)          N/A             Class PT1-II-5A         April 2007     
Class PT2-II-IO-6              (4)                (4)          N/A             Class PT1-II-6A          May 2007      
Class PT2-II-IO-7              (4)                (4)          N/A             Class PT1-II-7A          June 2007     
Class PT2-II-IO-8              (4)                (4)          N/A             Class PT1-II-8A          July 2007     
Class PT2-II-IO-9              (4)                (4)          N/A             Class PT1-II-9A         August 2007    
Class PT2-II-IO-10             (4)                (4)          N/A             Class PT1-II-10A      September 2007   
Class PT2-II-IO-11             (4)                (4)          N/A             Class PT1-II-11A       October 2007    
Class PT2-II-IO-12             (4)                (4)          N/A             Class PT1-II-12A       November 2007   
Class PT2-II-IO-13             (4)                (4)          N/A             Class PT1-II-13A       December 2007   
Class PT2-II-IO-14             (4)                (4)          N/A             Class PT1-II-14A       January 2008    
Class PT2-II-IO-15             (4)                (4)          N/A             Class PT1-II-15A       February 2008   
Class PT2-II-IO-16             (4)                (4)          N/A             Class PT1-II-16A        March 2008     
Class PT2-II-IO-17             (4)                (4)          N/A             Class PT1-II-17A        April 2008     
Class PT2-II-IO-18             (4)                (4)          N/A             Class PT1-II-18A         May 2008      
Class PT2-II-IO-19             (4)                (4)          N/A             Class PT1-II-19A         June 2008     
Class PT2-II-IO-20             (4)                (4)          N/A             Class PT1-II-20A         July 2008     
Class PT2-II-IO-21             (4)                (4)          N/A             Class PT1-II-21A        August 2008    
Class PT2-II-IO-22             (4)                (4)          N/A             Class PT1-II-22A      September 2008   
Class PT2-II-IO-23             (4)                (4)          N/A             Class PT1-II-23A       October 2008    
Class PT2-II-IO-24             (4)                (4)          N/A             Class PT1-II-24A       November 2008   
Class PT2-II-IO-25             (4)                (4)          N/A             Class PT1-II-25A       December 2008   
Class PT2-II-IO-26             (4)                (4)          N/A             Class PT1-II-26A       January 2009    
Class PT2-II-IO-27             (4)                (4)          N/A             Class PT1-II-27A       February 2009   
Class PT2-II-IO-28             (4)                (4)          N/A             Class PT1-II-28A        March 2009     
Class PT2-II-IO-29             (4)                (4)          N/A             Class PT1-II-29A        April 2009     
Class PT2-II-IO-30             (4)                (4)          N/A             Class PT1-II-30A         May 2009      
Class PT2-II-IO-31             (4)                (4)          N/A             Class PT1-II-31A         June 2009     
Class PT2-II-IO-32             (4)                (4)          N/A             Class PT1-II-32A         July 2009     
Class PT2-II-IO-33             (4)                (4)          N/A             Class PT1-II-33A        August 2009    
Class PT2-II-IO-34             (4)                (4)          N/A             Class PT1-II-34A      September 2009   
Class PT2-II-IO-35             (4)                (4)          N/A             Class PT1-II-35A       October 2009    
Class PT2-II-IO-36             (4)                (4)          N/A             Class PT1-II-36A       November 2009   
Class PT2-II-IO-37             (4)                (4)          N/A             Class PT1-II-37A       December 2009   
Class PT2-II-IO-38             (4)                (4)          N/A             Class PT1-II-38A      January _, 2010  
Class PT2-II-IO-39             (4)                (4)          N/A             Class PT1-II-39A     February _, 2010  
Class PT2-II-IO-40             (4)                (4)          N/A             Class PT1-II-40A       March _, 2010   
Class PT2-II-IO-41             (4)                (4)          N/A             Class PT1-II-41A       April _, 2010   
Class PT2-II-IO-42             (4)                (4)          N/A             Class PT1-II-42A        May _, 2010    
Class PT2-II-IO-43             (4)                (4)          N/A             Class PT1-II-43A       June _, 2010    
Class PT2-II-IO-44             (4)                (4)          N/A             Class PT1-II-44A       July _, 2010    
Class PT2-II-IO-45             (4)                (4)          N/A             Class PT1-II-45A      August _, 2010   
Class PT2-II-IO-46             (4)                (4)          N/A             Class PT1-II-46A     September _, 2010 
Class PT2-II-IO-47             (4)                (4)          N/A             Class PT1-II-47A      October _, 2010  
Class PT2-II-IO-48             (4)                (4)          N/A             Class PT1-II-48A     November _, 2010  
Class PT2-II-IO-49             (4)                (4)          N/A             Class PT1-II-49A     December _, 2010  
Class PT2-II-IO-50             (4)                (4)          N/A             Class PT1-II-50A      January _, 2011  
Class PT2-II-IO-51             (4)                (4)          N/A             Class PT1-II-51A     February _, 2011  
Class PT2-II-IO-52             (4)                (4)          N/A             Class PT1-II-52A       March _, 2011   
Class PT2-II-IO-53             (4)                (4)          N/A             Class PT1-II-53A       April _, 2011   
Class PT2-II-IO-54             (4)                (4)          N/A             Class PT1-II-54A        May _, 2011    
Class PT2-II-IO-55             (4)                (4)          N/A             Class PT1-II-55A       June _, 2011    
Class PT2-II-IO-56             (4)                (4)          N/A             Class PT1-II-56A       July _, 2011    
Class PT2-II-IO-57             (4)                (4)          N/A             Class PT1-II-57A      August _, 2011   
Class PT2-II-IO-58             (4)                (4)          N/A             Class PT1-II-58A     September _, 2011 
Class PT2-II-IO-59             (4)                (4)          N/A             Class PT1-II-59A      October _, 2011  
Class PT2-R                    (8)                (8)          N/A                   N/A                   N/A        

--------------                                                                  
(1)   For any Distribution Date (and the related Interest Accrual Period), this 
    Pooling Tier REMIC-2 Regular Interest shall bear interest at a per annum
     rate (its "Pooling Tier REMIC-2 Interest Rate") equal to the Pooling Tier
REMIC-1 Loan Group I WAC Rate.                                      

(2)   For any Distribution Date (and the related Interest Accrual Period), this 
    Pooling Tier REMIC-2 Regular Interest shall bear interest at a per annum
 rate (its "Pooling Tier REMIC-2 Interest Rate") equal to the weighted
  average of the Pooling Tier REMIC-1 Interest Rates on the Pooling Tier
REMIC-1 Regular Interests relating to the Group I Mortgage Loans and
having an "A" in their class designation, provided that, on each    
     Distribution Date on which interest is distributable on the Corresponding
Pooling Tier REMIC-2 IO Interest, this Pooling Tier REMIC-2 Regular 
Interest shall bear interest at a per annum rate equal to Swap LIBOR
  subject to a maximum rate equal to the weighted average of the Pooling
     Tier REMIC-1 Interest Rates on the Pooling Tier REMIC-1 Regular Interests
   relating to the Group I Mortgage Loans and having an "A" in their class
designation.                                                        

(3)   For any Distribution Date (and the related Interest Accrual Period), this 
    Pooling Tier REMIC-2 Regular Interest shall bear interest at a per annum
 rate (its "Pooling Tier REMIC-2 Interest Rate") equal to the weighted
  average of the Pooling Tier REMIC-1 Interest Rates on the Pooling Tier
REMIC-1 Regular Interests relating to the Group I Mortgage Loans and
having a "B" in their class designation.                            

(4)   Each Pooling Tier REMIC-2 IO Interest is an interest-only interest and    
  does not have a principal balance but has a notional balance ("Pooling
Tier REMIC-2 IO Notional Balance") equal to the Pooling Tier REMIC-1
Principal Amount of the Corresponding Pooling Tier REMIC-1 Regular  
   Interest. From the Closing Date through and including the Corresponding
     Actual Crossover Distribution Date, each Pooling Tier REMIC-2 IO Interest
   shall be entitled to receive interest that accrues on the Corresponding
   Pooling Tier REMIC-1 Regular Interest at a rate equal to the excess, if
    any, of (i) the Pooling Tier REMIC-1 Interest Rate for the Corresponding
 Pooling Tier REMIC-1 Regular Interest over (ii) Swap LIBOR. After the
      related Corresponding Actual Crossover Distribution Date, the Pooling Tier
REMIC-2 IO Interest shall not accrue interest.                      

(5)   For any Distribution Date (and the related Interest Accrual Period), this 
    Pooling Tier REMIC-2 Regular Interest shall bear interest at a per annum
     rate (its "Pooling Tier REMIC-2 Interest Rate") equal to the Pooling Tier
REMIC-1 Loan Group II WAC Rate.                                     

(6)   For any Distribution Date (and the related Interest Accrual Period), this 
    Pooling Tier REMIC-2 Regular Interest shall bear interest at a per annum
 rate (its "Pooling Tier REMIC-2 Interest Rate") equal to the weighted
  average of the Pooling Tier REMIC-1 Interest Rates on the Pooling Tier
 REMIC-1 Regular Interests relating to the Group II Mortgage Loans and
having an "A" in their class designation, provided that, on each    
     Distribution Date on which interest is distributable on the Corresponding
Pooling Tier REMIC-2 IO Interest, this Pooling Tier REMIC-2 Regular 
Interest shall bear interest at a per annum rate equal to Swap LIBOR
  subject to a maximum rate equal to the weighted average of the Pooling
     Tier REMIC-1 Interest Rates on the Pooling Tier REMIC-1 Regular Interests
    relating to the Group II Mortgage Loans and having an "A" in their class
designation.                                                        

(7)   For any Distribution Date (and the related Interest Accrual Period), this 
    Pooling Tier REMIC-2 Regular Interest shall bear interest at a per annum
 rate (its "Pooling Tier REMIC-2 Interest Rate") equal to the weighted
  average of the Pooling Tier REMIC-1 Interest Rates on the Pooling Tier
 REMIC-1 Regular Interests relating to the Group II Mortgage Loans and
having a "B" in their class designation.                            

(8)   The Class PT2-R Interest shall not have a principal balance and shall not 
bear interest.                                                      

           On each Distribution Date, the interest distributable in respect of
the Mortgage Loans for such Distribution Date shall be distributed to the       
Pooling Tier REMIC-2 Regular Interests at the Pooling Tier REMIC-2 Interest     
Rates shown above.                                                              

         On each Distribution Date, Realized Losses, Subsequent Recoveries
and payments of principal in respect of the Group I Mortgage Loans (including,  
for the first Distribution Date only, the portion of the Closing Date Deposit   
Amount allocable to the Group I Mortgage Loans) shall be allocated to the then  
outstanding Pooling Tier REMIC-2 Regular Interests (other than the Pooling Tier 
REMIC-2 IO Interests) relating to the Group I Mortgage Loans with the lowest    
numerical denomination until the Pooling Tier REMIC-2 Principal Amount of such  
interest or interests, as the case may be, is reduced to zero, provided that,   
for Pooling Tier REMIC-2 Regular Interests Mortgage Loans with the same         
numerical denomination, such Realized Losses, Subsequent Recoveries and payments
of principal shall be allocated pro rata between such Pooling Tier REMIC-2      
Regular Interests until the Pooling Tier REMIC-2 Principal Amount of such       
interests is reduced to zero.                                                   

         On each Distribution Date, Realized Losses, Subsequent Recoveries
and payments of principal in respect of the Group II Mortgage Loans (including, 
for the first Distribution Date only, the portion of the Closing Date Deposit   
Amount allocable to the Group II Mortgage Loans) shall be allocated to the      
outstanding Pooling Tier REMIC-2 Regular Interests (other than the Pooling Tier 
REMIC-2 IO Interests) relating to the Group II Mortgage Loans with the lowest   
numerical denomination until the Pooling Tier REMIC-2 Principal Amount of such  
interest is reduced to zero, provided that, for Pooling Tier REMIC-2 Regular    
Interests relating to the Group II Mortgage Loans with the same numerical       
denomination, such Realized Losses, Subsequent Recoveries and payments of       
principal shall be allocated pro rata between such Pooling Tier REMIC-2 Regular 
Interests until the Pooling Tier REMIC-2 Principal Amount of such interests is  
reduced to zero.                                                                

Lower Tier REMIC

          The Lower Tier REMIC shall issue the following interests, and each
such interest, other than the Class LT-R Interest, is hereby designated as a    
regular interest in the Lower Tier REMIC. The Class LT-R Interest is hereby     
designated as the sole class of residual interest in the Lower Tier REMIC and   
shall be represented by the Class R-II Certificates.                            

EX-4
5th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 5th
                                                                   Corresponding
                   Lower Tier                                   Upper Tier
Lower Tier REMIC       REMIC           Initial Lower Tier        REMIC Regular
Class Designation  Interest Rate     REMIC Principal Amount        Interest   
------------------- -------------- ------------------------------ --------------
Class LT-A-1             (1)       1/4 Corresponding Upper Tier        A-1      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-A-2A            (1)       1/4 Corresponding Upper Tier       A-2A      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-A-2B            (1)       1/4 Corresponding Upper Tier       A-2B      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-A-2C            (1)       1/4 Corresponding Upper Tier       A-2C      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-A-2D            (1)       1/4 Corresponding Upper Tier       A-2D      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-M-1             (1)       1/4 Corresponding Upper Tier        M-1      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-M-2             (1)       1/4 Corresponding Upper Tier        M-2      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-M-3             (1)       1/4 Corresponding Upper Tier        M-3      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-M-4             (1)       1/4 Corresponding Upper Tier        M-4      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-M-5             (1)       1/4 Corresponding Upper Tier        M-5      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-B-1             (1)       1/4 Corresponding Upper Tier        B-1      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-B-2             (1)       1/4 Corresponding Upper Tier        B-2      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-B-3             (1)       1/4 Corresponding Upper Tier        B-3      
            REMIC Regular Interest
             initial Class Principal
Balance   
Class LT-Accrual         (1)       1/4 Pool Stated Principal           N/A      
                   Balance plus 1/2 Subordinated
Amount    
Class LT-                (1)       0.01% initial Group                 N/A      
Group I(SUB)                       Subordinate Amount of the                    
                Group I Mortgage Loans (6)
Class LT-                (2)       0.01% initial aggregate             N/A      
Group I                            Stated Principal Balance of                  
          the Group I Mortgage
Loans (6) 
Class LT-                (1)       0.01% initial Group                 N/A      
Group II(SUB)                      Subordinate Amount of the                    
                 Group II Mortgage Loans (6)
Class LT-                (3)       0.01% initial aggregate             N/A      
Group II                           Stated Principal Balance of                  
           the Group II Mortgage
Loans (6) 
Class LT-XX              (1)       1/2 initial aggregate Stated        N/A      
              Principal Balance of the
          Mortgage Loans, less
                  aggregate Initial Lower Tier
                REMIC Principal Amounts of
            Class LT-Group I(SUB),
       Class LT-Group I,
                Class LT-Group II(SUB) and
                 Class LT-Group II Interests
Class LT-IO              (4)                    (4)                    N/A      
Class LT-R               (5)                    (5)                    N/A      

------------                                                                    
(1)   The interest rate with respect to any Distribution Date for these         
    interests is a per annum variable rate equal to the Lower Tier REMIC WAC
Rate.                                                               

(2)   The interest rate with respect to any Distribution Date for the Class     
LT-Group I Interest is a per annum variable rate (expressed as a    
     percentage rounded to eight decimal places) equal to the weighted average
  of the Pooling Tier REMIC-2 Interest Rates of the Pooling Tier REMIC-2
Regular Interests (other than the Pooling Tier REMIC-2 IO Interests)
relating to the Group I Mortgage Loans.                             

(3)   The interest rate with respect to any Distribution Date for the Class     
LT-Group II Interest is a per annum variable rate (expressed as a   
     percentage rounded to eight decimal places) equal to the weighted average
  of the Pooling Tier REMIC-2 Interest Rates of the Pooling Tier REMIC-2
Regular Interests (other than the Pooling Tier REMIC-2 IO Interests)
relating to the Group II Mortgage Loans.                            

(4)   This Lower Tier Regular Interest is an interest-only interest and does not
     have a Lower Tier REMIC Principal Amount. On each Distribution Date, this
 Lower Tier Regular Interest shall be entitled to receive all interest
distributable on the Pooling Tier REMIC-2 IO Interests.             

(5)   The Class LT-R Interest is the sole class of residual interest in the     
   Lower Tier REMIC and it does not have a principal amount or an interest
rate.                                                               

(6)   For all Distribution Dates, the Lower Tier Principal Amount of these Lower
  Tier REMIC Regular Interests shall be rounded to eight decimal places.

        Each Lower Tier REMIC Regular Interest is hereby designated as a
regular interest in the Lower Tier REMIC. The Class LT-A-1, Class LT-A-2A, Class
LT-A-2B, Class LT-A-2C, Class LT-A-2D, Class LT-M-1, Class LT-M-2, Class LT-M-3,
Class LT-M-4, Class LT-M-5, Class LT-B-1, Class LT-B-2 and Class LT-B-3         
Interests are hereby designated the LT Accretion Directed Classes (the "LT      
Accretion Directed Classes").                                                   

          On each Distribution Date, 25% of the increase in the Subordinated
Amount shall be payable as a reduction of the Lower Tier REMIC Principal Amount 
of the LT Accretion Directed Classes (each such Class will be reduced by an     
amount equal to 25% of any increase in the Subordinated Amount that is          
attributable to a reduction in the Class Certificate Balance of its             
Corresponding Class) and shall be accrued and added to the Lower Tier REMIC     
Principal Amount of the Class LT-Accrual Interest. On each Distribution Date,   
the increase in the Lower Tier REMIC Principal Amount of the Class LT-Accrual   
Interest may not exceed interest accruals for such Distribution Date for the    
Class LT-Accrual Interest. All payments of scheduled principal and prepayments  
of principal generated by the Mortgage Loans (including, for the first          
Distribution Date only, the Closing Date Deposit Amount) and all Subsequent     
Recoveries allocable to principal shall be allocated (i) 25% to the Class       
LT-Accrual Interest, (ii) 25% to the LT Accretion Directed Classes (such        
principal payments and Subsequent Recoveries shall be allocated among such LT   
Accretion Directed Classes in an amount equal to 25% of the principal amounts   
and Subsequent Recoveries allocated to their respective Corresponding Classes), 
until paid in full and (iii) 50% to Class LT-Group I(SUB) Interest, Class       
LT-Group I Interest, Class LT-Group II(SUB) Interest, Class LT-Group II Interest
and Class LT-XX Interest (and further allocated among these Lower Tier REMIC    
Regular Interests in the manner described in the next sentence). As among the   
Class LT-Group I(SUB) Interest, Class LT-Group I Interest, Class LT-Group       
II(SUB) Interest, Class LT-Group II Interest and Class LT-XX Interest, all      
payments of scheduled principal and prepayments of principal generated by the   
Mortgage Loans and Subsequent Recoveries referred to in clause (iii) of the     
previous sentence shall be allocated (i) first, to the Class LT-Group I(SUB)    
Interest, and Class LT-Group II(SUB) Interest, each from the related Loan Group,
so that their respective Lower Tier REMIC Principal Amount (computed to at least
eight decimal places) is equal to 0.01% of the related Group Subordinate Amount 
(except that if any such amount is a larger number than in the preceding        
distribution period, the least amount of principal shall be distributed to the  
Class LT-Group I(SUB) Interest and Class LT-Group II(SUB) Interest, as          
applicable, such that the Lower Tier REMIC Subordinated Balance Ratio is        
maintained); (ii) second, to the Class LT-Group I Interest and the Class        
LT-Group II Interest 0.01% of the principal collected in respect of the related 
Loan Group; and (iii) third, any remaining amounts of principal shall be        
distributed to the Class LT-XX Interest. Notwithstanding the above, principal   
payments allocated to the Class X Interest that result in the reduction in the  
Subordinated Amount shall be allocated (i) 50% to the Class LT-Accrual Interest 
(until paid in full) and (ii) 50% to the Class LT-Group I(SUB) Interest, the    
Class LT-Group II(SUB) Interest, the Class LT-Group I Interest, the Class       
LT-Group II Interest and the Class LT-XX Interest (and allocated among these    
Lower Tier REMIC Regular Interests in a manner similar to that described in the 
immediately preceding sentence).                                                

       Reductions to Lower Tier REMIC Principal Amounts as a result of
Realized Losses and increases in Lower Tier REMIC Principal Amounts as a result 
of Subsequent Recoveries shall be applied so that after all distributions have  
been made on each Distribution Date (i) the Lower Tier REMIC Principal Amount of
each LT Accretion Directed Class is equal to 25% of the Class Certificate       
Balance of its Corresponding Class, (ii) the Class LT-Accrual Interest is equal 
to 25% of the aggregate Stated Principal Balance of the Mortgage Loans plus 25% 
of the Subordinated Amount, (iii) the Class LT-Group I(SUB) Interest is equal to
0.01% of the Group Subordinate Amount of the Group I Mortgage Loans, (iv) the   
Class LT-Group II(SUB) Interest is equal to 0.01% of the Group Subordinate      
Amount of the Group II Mortgage Loans, (v) the Class LT-Group I Interest is     
equal to 0.01% of the aggregate Stated Principal Balance of the Group I Mortgage
Loans, (vi) the Class LT-Group II Interest is equal to 0.01% of the aggregate   
Stated Principal Balance of the Group II Mortgage Loans and (vii) the remainder 
shall be applied to the Class LT-XX Interest.                                   

Upper Tier REMIC

            The Upper Tier REMIC shall issue the following classes of Upper Tier
REMIC Regular Interests and each such interest, other than the Class UT-R       
Interest, is hereby designated as a regular interest in the Upper Tier REMIC.   
The Class UT-R Interest is hereby designated as the sole class of residual      
interests in the Upper Tier REMIC and shall be represented by the Class R-II    
Certificates.                                                                   

                                      Initial Upper      Corresponding
Upper Tier REMIC     Upper Tier REMIC      Tier REMIC          Class of     
Class Designation     Interest Rate     Principal Amount     Certificates   
--------------------- ----------------- -------------------- ----------------   
Class A-1                    (1)         $328,343,000         Class A-1         
Class A-2A                   (2)         $388,440,000         Class A-2A        
Class A-2B                   (2)         $107,027,000         Class A-2B        
Class A-2C                   (2)         $139,234,000         Class A-2C        
Class A-2D                   (2)         $113,176,000         Class A-2D        
Class M-1                    (3)         $ 46,081,000         Class M-1         
Class M-2                    (3)         $ 42,019,000         Class M-2         
Class M-3                    (3)         $ 24,402,000         Class M-3         
Class M-4                    (3)         $ 44,730,000         Class M-4         
Class M-5                    (3)         $ 20,332,000         Class M-5         
Class B-1                    (3)         $ 20,332,000         Class B-1         
Class B-2                    (3)         $ 17,621,000         Class B-2         
Class B-3                    (3)         $ 12,877,000         Class B-3         
Class IO                     (4)                (4)                             
Class X                      (5)                (5)           Class X (5)       
Class UT-R                   (6)                (6)           Class R-II        

------------                                                                    
(1)   For any Distribution Date (and the related Interest Accrual Period), this 
   interest shall bear interest at the lesser of (i) the Pass-Through Rate
     (determined without regard to the Group I Loan Cap) for the Corresponding
     Class of Certificates and (ii) the Lower Tier Interest Rate for the Class
LT-Group I Interest (the "Upper Tier REMIC Loan Group I Rate").     

(2)   For any Distribution Date (and the related Interest Accrual Period), this 
   interest shall bear interest at the lesser of (i) the Pass-Through Rate
      (determined without regard to the Group II Loan Cap) for the Corresponding
     Class of Certificates and (ii) the Lower Tier Interest Rate for the Class
LT-Group II Interest (the "Upper Tier REMIC Loan Group II Rate").   

(3)   For any Distribution Date (and the related Interest Accrual Period), this 
   interest shall bear interest at the lesser of (i) the Pass-Through Rate
      (determined without regard to the Pool Cap) for the Corresponding Class of
Certificates and (ii) the Upper Tier REMIC Pool Cap Rate.           

(4)   This interest is an interest-only interest and does not have a principal  
balance. On each Distribution Date, the Class IO Interest shall be  
entitled to receive all interest distributable on the Class LT-IO   
     Interest. This interest shall be beneficially owned by the holders of the
  Class X Certificates and shall be held as an asset of the Supplemental
Interest Account.                                                   

(5)   The Class X Interest has an initial principal balance of $50,829,368.14   
    but it will not accrue interest on such balance but will accrue interest
     on a notional principal balance. As of any Distribution Date, the Class X
      Interest shall have a notional principal balance equal to the aggregate of
      the Lower Tier Principal Amounts of the Lower Tier REMIC Regular Interests
    (other than the Class LT-IO Interest) as of the first day of the related
     Interest Accrual Period. With respect to any Interest Accrual Period, the
  Class X Interest shall bear interest at a rate equal to the excess, if
    any, of the Lower Tier REMIC WAC Rate over the product of (i) 2 and (ii)
 the weighted average Lower Tier REMIC Interest Rate of the Lower Tier
     REMIC Regular Interests (other than Class LT-Group I(SUB), Class LT-Group
     I, Class LT-Group II(SUB), Class LT-Group II, Class LT-XX and Class LT-IO
Interests), where the Lower Tier REMIC Interest Rate on the Class   
LT-Accrual Interest is subject to a cap equal to zero and each      
   LT-Accretion Directed Class is subject to a cap equal to the Upper Tier
    Interest Rate on its Corresponding Class of Upper Tier Regular Interest.
  With respect to any Distribution Date, interest that so accrues on the
      notional principal balance of the Class X Interest shall be deferred in an
amount equal to any increase in the Subordinated Amount on such     
     Distribution Date. Such deferred interest shall not itself bear interest.

(6)   The Class UT-R Interest does not have an interest rate or a principal     
balance.                                                            

           On each Distribution Date, interest distributable in respect of the
Lower Tier Interests for such Distribution Date shall be deemed to be           
distributed on the interests in the Upper Tier REMIC at the rates shown above,  
provided that the Class IO Interest shall be entitled to receive interest before
any other interest in the Upper Tier REMIC.                                     

  On each Distribution Date, all Realized Losses, Subsequent
Recoveries and all payments of principal shall be allocated to the Upper Tier   
Interests until the outstanding principal balance of each such interest equals  
the outstanding Class Certificate Balance of the Corresponding Class of         
Certificates as of such Distribution Date.                                      

Certificates        

 Class Pass-Through  Class Certificate
Class Designation          Rate              Balance                        
-------------------- ------------------- -------------------                    
Class A-1 (7)                (1)            $328,343,000                        
Class A-2A (7)               (2)            $388,440,000                        
Class A-2B (7)               (2)            $107,027,000                        
Class A-2C (7)               (2)            $139,234,000                        
Class A-2D (7)               (2)            $113,176,000                        
Class M-1 (7)                (3)            $ 46,081,000                        
Class M-2 (7)                (3)            $ 42,019,000                        
Class M-3 (7)                (3)            $ 24,402,000                        
Class M-4 (7)                (3)            $ 44,730,000                        
Class M-5 (7)                (3)            $ 20,332,000                        
Class B-1 (7)                (3)            $ 20,332,000                        
Class B-2 (7)                (3)            $ 17,621,000                        
Class B-3 (7)                (3)            $ 12,877,000                        
Class X                      (4)                   (4)                          
Class R-I                    (5)                   (5)                          
Class R-II                   (6)                   (6)                          

-----------                                                                     
(1)   The Class A-1 Certificates will bear interest during each Interest Accrual
Period at a per annum rate equal to the lesser of (i) LIBOR plus the
applicable Pass-Through Margin and (ii) the Group I Loan Cap.       

(2)   The Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates will   
 bear interest during each Interest Accrual Period at a per annum rate
    equal to the lesser of (i) LIBOR plus the applicable Pass-Through Margin
and (ii) the Group II Loan Cap.                                     

(3)   The Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class B-1,     
Class B-2 and Class B-3 Certificates will bear interest during each 
  Interest Accrual Period at a per annum rate equal to the lesser of (i)
LIBOR plus the applicable Pass-Through Margin and (ii) the Pool Cap.

(4)   The Class X Certificates will represent beneficial ownership of the Class 
X Interest, the Class IO Interest, the right to receive Class IO    
    Shortfalls, the Cap Agreement, the Interest Rate Swap Agreement, amounts
      in the Supplemental Interest Account, subject to the obligation to pay Net
   Swap Payments to the Swap Provider and Basis Risk Carry Forward Amounts
   and, without duplication, Upper Tier Carry Forward Amounts to the LIBOR
   Certificates. For federal income tax purposes, the Trustee will treat a
Class X Certificateholder's obligation to make payments to the LIBOR
    Certificates of Basis Risk Carry Forward Amounts from the Excess Reserve
Fund Account and the Supplemental Interest Account and, without     
duplication, Upper Tier Carry Forward Amounts from the Supplemental 
     Interest Account and the right to receive Class IO Shortfalls as payments
made pursuant to a notional principal contract between the Class X  
  Certificateholders and the holder of each Class of LIBOR Certificates.
      Such rights of the Class X Certificateholders and LIBOR Certificateholders
      shall be treated as held in a portion of the Trust Fund that is treated as
    a grantor trust under subpart E, Part I of subchapter J of the Code. The
Class X Certificates do not have a Class Certificate Balance.       

(5)   The Class R-I Certificates do not have a principal balance or an interest 
rate. The Class R-I Certificates represent the residual interest in 
Pooling Tier REMIC-1.                                               

(6)   The Class R-II Certificates do not have a principal balance or an interest
    rate. The Class R-II Certificates represent ownership of the Class PT2-R
Interest, the Class LT-R Interest and the Class UT-R Interest.      

(7)   Each of these Certificates will represent not only the ownership of the   
 Corresponding Class of Upper Tier REMIC Regular Interest but also the
right to receive payments from the Excess Reserve Fund Account and  
    Supplemental Interest Account in respect of any Basis Risk Carry Forward
    Amounts and, without duplication, from the Supplemental Interest Account
      in respect of Upper Tier Carry Forward Amounts. Each of these Certificates
will also be subject to the obligation to pay Class IO Shortfalls as
  described in Section 8.13. For federal income tax purposes, any amount
  distributed on the LIBOR Certificates on any such Distribution Date in
    excess of the amount distributable on their Corresponding Class of Upper
      Tier Regular Interest on such Distribution Date shall be treated as having
been paid from the Excess Reserve Fund Account or the Supplemental  
 Interest Account, as applicable, and any amount distributable on such
   Corresponding Class of Upper Tier Regular Interest on such Distribution
    Date in excess of the amount distributable on the Corresponding Class of
  Certificates on such Distribution Date shall be treated as having been
      paid to the Supplemental Interest Account, all pursuant to, and as further
  provided in Section 8.13. For federal income tax purposes, the Trustee
     will treat a LIBOR Certificateholder's right to receive payments from the
    Excess Reserve Fund Account and Supplemental Interest Account subject to
    the obligation to pay Class IO Shortfalls as payments made pursuant to a
  notional principal contract between the Class X Certificateholders and
each Class of LIBOR Certificates.                                   

           The minimum denomination for each Class of Certificates, other than
the Class P and Class X Certificates and the Residual Certificates, will be     
$25,000 with integral multiples of $1 in excess thereof except that one         
Certificate in each Class may be issued in a different amount. The minimum      
denomination for each of the Class P and Class X Certificates will be a 1%      
Percentage Interest in such Class, and the minimum denomination for the Residual
Certificates shall be 100% Percentage Interest in such Class.                   

       It is expected that each Class of Certificates will receive its
final distribution on or prior to the applicable Final Scheduled Distribution   
Date.                                                                           

          Set forth below are designations of Classes of Certificates to the
categories used herein:                                                         

Book-Entry Certificates...... All Classes of Certificates other than the        
  Physical Certificates.

Class A Certificates......... Class A-1, Class A-2A, Class A-2B, Class A-2C and 
    Class A-2D Certificates.

Class B Certificates......... Class B-1, Class B-2 and Class B-3 Certificates.  

Class M Certificates......... Class M-1, Class M-2, Class M-3, Class M-4 and    
   Class M-5 Certificates.

Delay Certificates........... None.                                             

ERISA-Restricted                                                                
 Certificates............... Class P and Class X Certificates and the Residual
                             Certificates; any certificate with a rating below
                            the lowest applicable permitted rating under the
    Underwriters' Exemption.

Group I Class A Certificates. Class A-1 Certificates.                           

Group II Class A                                                                
 Certificates............... Class A-2A, Class A-2B, Class A-2C and Class A-2D
Certificates.       

LIBOR Certificates........... Class A and Subordinated Certificates.            

Non-Delay Certificates....... Class A, Class X and Subordinated                 
Certificates.       

Offered Certificates......... All Classes of Certificates other than            
     the Private Certificates.

Physical Certificates........ Class P and Class X Certificates and the          
  Residual Certificates.

Private Certificates......... Class A-1, Class P and Class X                    
         Certificates and the Residual
Certificates.       

Rating Agencies.............. Moody's, Fitch, Standard & Poor's and             
DBRS.               

Regular Certificates......... All Classes of Certificates other than            
                     the Class P Certificates and the Residual
Certificates.       

Residual Certificates........ Class R-I and Class R-II Certificates.            

Sequential Class M                                                              
Certificates................. Class M-1, Class M-2 and Class M-3 Certificates.  

Subordinated Certificates.... Class M and Class B Certificates.                 

 ARTICLE I

 DEFINITIONS

         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 any Mortgage Loan,
those mortgage servicing practices set forth in Section 3.01(a) of this         
Agreement.                                                                      

         Account: Any of the Collection Account, the Distribution Account,
any Escrow Account, the Supplemental Interest Account, the Supplemental Float   
Account or the Excess Reserve Fund Account. Each Account shall be an Eligible   
Account.                                                                        

         Accrued Certificate Interest Distribution Amount: With respect to
any Distribution Date for each Class of LIBOR Certificates, the amount of       
interest accrued during the related Interest Accrual Period at the applicable   
Pass-Through Rate on the related Class Certificate Balance immediately prior to 
such Distribution Date, as reduced by such Class' share of Net Prepayment       
Interest Shortfalls and Relief Act Interest Shortfalls for such Distribution    
Date allocated to such Class pursuant to Section 4.02.                          

          Additional Disclosure Notification: As defined in Section 8.12(c).

       Additional Form 10-D Disclosure: As defined in Section 8.12(b).

       Additional Form 10-K Disclosure: As defined in Section 8.12(c).

        Adjustable Rate Mortgage Loan: An adjustable rate Mortgage Loan.

       Adjusted Net Mortgage Rate: As to each Mortgage Loan and at any
time, the per annum rate equal to the Mortgage Rate less the Expense Fee Rate.  

           Adjustment Date: As to any Adjustable Rate Mortgage Loan, the first
Due Date on which the related Mortgage Rate adjusts as set forth in the related 
Mortgage Note and each Due Date thereafter on which the Mortgage Rate adjusts as
set forth in the related Mortgage Note.                                         

Advance: Any P&I Advance or Servicing Advance.          

       Advance Facility: A financing or other facility as described in
Section 10.10.                                                                  

        Advancing Person: The Person to whom the Servicer's rights under
this Agreement to be reimbursed for any P&I Advances or Servicing Advances have 
been assigned pursuant to Section 10.10.                                        

            Affiliate: With respect to any Person, any other Person controlling,
controlled by or under common control with such first Person. For the purposes  
of this definition, "control" means the power to direct the management and      
policies of such Person, directly or indirectly, whether through the ownership  
of voting securities, by contract or otherwise; and the terms "controlling" and 
"controlled" have meanings correlative to the foregoing.                        

          Agreement: This Pooling and Servicing Agreement and all amendments
or supplements hereto.                                                          

          Amount Held for Future Distribution: As to the Certificates on any
Distribution Date, the aggregate amount held in the Collection Account at the   
close of business on the related Determination Date on account of (i) Principal 
Prepayments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds and
Subsequent Recoveries on the Mortgage Loans received after the end of the       
related Prepayment Period and (ii) all Scheduled Payments on the Mortgage Loans 
due after the end of the related Due Period.                                    

   Analytics Company: Intex Solutions, Inc., or any other bond
analytics service provider identified to the Trustee by the Depositor.          

            Applied Realized Loss Amount: With respect to any Distribution Date,
the amount, if any, by which the aggregate Class Certificate Balance of the     
LIBOR Certificates after distributions of principal on such Distribution Date   
exceeds the aggregate Stated Principal Balance of the Mortgage Loans for such   
Distribution Date.                                                              

    Appraised Value: The value set forth in an appraisal made in
connection with the origination of the related Mortgage Loan as the value of the
Mortgaged Property.                                                             

        Assignment of Mortgage: An assignment of the Mortgage, notice of
transfer or equivalent instrument in recordable form (other than the assignee's 
name and recording information not yet returned from the recording office),     
reflecting the sale of the Mortgage to the Trustee.                             

      Available Funds: With respect to any Distribution Date and the
Mortgage Loans, to the extent received by the Trustee (x) the sum of (i) all    
scheduled installments of interest (net of the related Expense Fees) and        
principal due on the Due Date on such Mortgage Loans in the related Due Period  
and received by the Servicer on or prior to the related Determination Date,     
together with any P&I Advances in respect thereof; (ii) all Condemnation        
Proceeds, Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries    
received by the Servicer during the related Prepayment Period (in each case, net
of unreimbursed expenses incurred in connection with a liquidation or           
foreclosure and unreimbursed Advances, if any); (iii) all partial or full       
prepayments on the Mortgage Loans received by the Servicer during the related   
Prepayment Period together with all Compensating Interest paid by the Servicer  
in connection therewith (excluding any Prepayment Charges); (iv) all            
Substitution Adjustment Amounts with respect to substitutions of Mortgage Loans 
that occur on or prior to the related Determination Date; (v) all amounts       
received with respect to such Distribution Date as the Repurchase Price in      
respect of a Mortgage Loan repurchased on or prior to the related Determination 
Date; (vi) the proceeds with respect to the termination of the Trust Fund       
pursuant to clause (a) of Section 9.01; and (vii) the Closing Date Deposit      
Amount; reduced by (y) amounts in reimbursement for Advances previously made    
with respect to the Mortgage Loans and other amounts as to which the Servicer,  
the Depositor, the Custodian or the Trustee are entitled to be paid or          
reimbursed pursuant to this Agreement.                                          

      Balloon Loan: Any Mortgage Loan that requires only payments of
interest until the stated maturity date of the Mortgage Loan or Scheduled       
Payments of principal (not including the payment due on its stated maturity     
date) that are based on an amortization schedule that would be insufficient to  
fully amortize the principal thereof by the stated maturity date of the Mortgage
Loan.                                                                           

Basic Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the Principal Remittance Amount for such   
Distribution Date over (ii) the Excess Subordinated Amount, if any, for such    
Distribution Date.                                                              

            Basis Risk Carry Forward Amount: With respect to each Class of LIBOR
Certificates, as of any Distribution Date, the sum of (A) if on such            
Distribution Date the Pass-Through Rate for any Class of LIBOR Certificates is  
based upon a Group Loan Cap or the Pool Cap, as applicable, the excess of (i)   
the Accrued Certificate Interest Distribution Amount such Class of Certificates 
would otherwise be entitled to receive on such Distribution Date had such rate  
been calculated as the sum of LIBOR and the applicable Pass-Through Margin on   
such Class of Certificates for such Distribution Date, over (ii) the Accrued    
Certificate Interest Distribution Amount payable on such Class of Certificates  
on such Distribution Date giving effect to (a) with respect to the Group I Class
A Certificates, the Group I Loan Cap, (b) with respect to the Group II Class A  
Certificates, the Group II Loan Cap, and (c) with respect to each other Class of
LIBOR Certificates, the Pool Cap, and (B) the portion of any such excess        
described in clause (A) for such Class of Certificates from all previous        
Distribution Dates not previously paid, together with interest thereon at a rate
equal to the sum of LIBOR and the applicable Pass-Through Margin for such Class 
of Certificates for such Distribution Date.                                     

         Basis Risk Payment: For any Distribution Date, an amount equal to
the lesser of (i) the aggregate of the Basis Risk Carry Forward Amounts for such
Distribution Date and (ii) the Class X Distributable Amount (prior to any       
reduction for (x) amounts paid from the Excess Reserve Fund Account to pay any  
Basis Risk Carry Forward Amount or (y) any Defaulted Swap Termination Payment). 

          Best's: Best's Key Rating Guide, as the same shall be amended from
time to time.                                                                   

           Book-Entry Certificates: As specified in the Preliminary Statement.

          Business Day: Any day other than (i) Saturday or Sunday, or (ii) a
day on which banking and savings and loan institutions, in (a) the State of New 
York, California, New Jersey or Delaware, (b) the State in which the Servicer's 
servicing operations are located, or (c) any State in which the Trustee's       
Corporate Trust Office is located, are authorized or obligated by law or        
executive order to be closed.                                                   

           Certificate: Any one of the Certificates executed by the Trustee in
substantially the forms attached hereto as exhibits.                            

       Certificate Balance: With respect to any Class of Certificates,
other than the Class X or Class P Certificates or the Residual Certificates, at 
any date, the maximum dollar amount of principal to which the Holder thereof is 
then entitled hereunder, such amount being equal to the Denomination thereof    
minus all distributions of principal previously made with respect thereto and in
the case of any Certificates, reduced by any Applied Realized Loss Amounts      
allocated to such Class of Certificates pursuant to Section 4.05; provided,     
however, that immediately following the Distribution Date on which a Subsequent 
Recovery is distributed, the Class Certificate Balances of any Class or Classes 
of Certificates that have been previously reduced by Applied Realized Loss      
Amounts will be increased, in order of seniority, by the amount of the          
Subsequent Recovery distributed on such Distribution Date (up to the amount of  
Unpaid Realized Loss Amount for such Class or Classes for such Distribution     
Date). The Class P and Class X Certificates and the Residual Certificates have  
no Certificate Balance.                                                         

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

         Certificate Register: The register maintained pursuant to Section
5.02.                                                                           

           Certificateholder or Holder: The Person in whose name a Certificate
is registered in the Certificate Register, except that, solely for the purpose  
of giving any consent pursuant to this Agreement, any Certificate registered in 
the name of the Depositor or any Affiliate of the Depositor shall be deemed not 
to be Outstanding and the Percentage Interest evidenced thereby shall not be    
taken into account in determining whether the requisite amount of Percentage    
Interests necessary to effect such consent has been obtained; provided, however,
that if any such Person (including the Depositor) owns 100% of the Percentage   
Interests evidenced by a Class of Certificates, such Certificates shall be      
deemed to be Outstanding for purposes of any provision hereof that requires the 
consent of the Holders of Certificates of a particular Class as a condition to  
the taking of any action hereunder. The Trustee is entitled to rely conclusively
on a certification of the Depositor or any Affiliate of the Depositor in        
determining which Certificates are registered in the name of an Affiliate of the
Depositor.                                                                      

         Class: All Certificates bearing the same class designation as set
forth in the Preliminary Statement.                                             

          Class A Certificate Group: The Group I Class A Certificates or the
Group II Class A Certificates, as applicable.                                   

        Class A Certificates: As specified in the Preliminary Statement.

    Class A Principal Allocation Percentage: With respect to any
Distribution Date, the percentage equivalent of a fraction, determined as       
follows: (A) with respect to the Group I Class A Certificates, a fraction, the  
numerator of which is (x) the portion of the Principal Remittance Amount for    
such Distribution Date that is attributable to the principal received or        
advanced on the Group I Mortgage Loans and the denominator of which is (y) the  
Principal Remittance Amount for such Distribution Date; and (B) with respect to 
the Group II Class A Certificates, a fraction, the numerator of which is (x) the
portion of the Principal Remittance Amount for such Distribution Date that is   
attributable to the principal received or advanced on the Group II Mortgage     
Loans and the denominator of which is (y) the Principal Remittance Amount for   
such Distribution Date.                                                         

  Class A Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the aggregate Class Certificate Balance of 
the Class A Certificates immediately prior to such Distribution Date over (ii)  
the lesser of (A) 58.80% of the aggregate Stated Principal Balance of the       
Mortgage Loans for such Distribution Date and (B) the excess, if any, of the    
aggregate Stated Principal Balance of the Mortgage Loans for such Distribution  
Date over $6,777,217.                                                           

  Class A-1 Certificates: All Certificates bearing the class
designation of "Class A-1."                                                     

         Class A-2 Certificates: Collectively, the Class A-2A, Class A-2B,
Class A-2C and Class A-2D Certificates.                                         

   Class A-2A Certificates: All Certificates bearing the class
designation of "Class A-2A."                                                    

   Class A-2B Certificates: All Certificates bearing the class
designation of "Class A-2B."                                                    

   Class A-2C Certificates: All Certificates bearing the class
designation of "Class A-2C."                                                    

   Class A-2D Certificates: All Certificates bearing the class
designation of "Class A-2D."                                                    

        Class B Certificates: As specified in the Preliminary Statement.

  Class B-1 Certificates: All Certificates bearing the class
designation of "Class B-1."                                                     

    Class B-1 Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the sum of (A) the aggregate Class         
Certificate Balance of the Class A Certificates (after taking into account the  
distribution of the Class A Principal Distribution Amount for such Distribution 
Date), (B) the aggregate Class Certificate Balance of the Sequential Class M    
Certificates (after taking into account the distribution of the Sequential Class
M Principal Distribution Amount for such Distribution Date), (C) the Class      
Certificate Balance of the Class M-4 Certificates (after taking into account the
distribution of the Class M-4 Principal Distribution Amount for such            
Distribution Date), (D) the Class Certificate Balance of the Class M-5          
Certificates (after taking into account the distribution of the Class M-5       
Principal Distribution Amount for such Distribution Date), (E) the Class        
Certificate Balance of the Class B-1 Certificates immediately prior to such     
Distribution Date over (ii) the lesser of (A) 88.00% of the aggregate Stated    
Principal Balance of the Mortgage Loans for such Distribution Date and (B) the  
excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans 
for such Distribution Date over $6,777,217.                                     

  Class B-2 Certificates: All Certificates bearing the class
designation of "Class B-2."                                                     

    Class B-2 Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the sum of (A) the aggregate Class         
Certificate Balance of the Class A Certificates (after taking into account the  
distribution of the Class A Principal Distribution Amount for such Distribution 
Date), (B) the aggregate Class Certificate Balance of the Sequential Class M    
Certificates (after taking into account the distribution of the Sequential Class
M Principal Distribution Amount for such Distribution Date), (C) the Class      
Certificate Balance of the Class M-4 Certificates (after taking into account the
distribution of the Class M-4 Principal Distribution Amount for such            
Distribution Date), (D) the Class Certificate Balance of the Class M-5          
Certificates (after taking into account the distribution of the Class M-5       
Principal Distribution Amount for such Distribution Date), (E) the Class        
Certificate Balance of the Class B-1 Certificates (after taking into account the
distribution of the Class B-1 Principal Distribution Amount for such            
Distribution Date), and (F) the Class Certificate Balance of the Class B-2      
Certificates immediately prior to such Distribution Date over (ii) the lesser of
(A) 90.60% of the aggregate Stated Principal Balance of the Mortgage Loans for  
such Distribution Date and (B) the excess, if any, of the aggregate Stated      
Principal Balance of the Mortgage Loans for such Distribution Date over         
$6,777,217.                                                                     

  Class B-3 Certificates: All Certificates bearing the class
designation of "Class B-3."                                                     

    Class B-3 Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the sum of (A) the aggregate Class         
Certificate Balance of the Class A Certificates (after taking into account the  
distribution of the Class A Principal Distribution Amount for such Distribution 
Date), (B) the aggregate Class Certificate Balance of the Sequential Class M    
Certificates (after taking into account the distribution of the Sequential Class
M Principal Distribution Amount for such Distribution Date), (C) the Class      
Certificate Balance of the Class M-4 Certificates (after taking into account the
distribution of the Class M-4 Principal Distribution Amount for such            
Distribution Date), (D) the Class Certificate Balance of the Class M-5          
Certificates (after taking into account the distribution of the Class M-5       
Principal Distribution Amount for such Distribution Date), (E) the Class        
Certificate Balance of the Class B-1 Certificates (after taking into account the
distribution of the Class B-1 Principal Distribution Amount for such            
Distribution Date), (F) the Class Certificate Balance of the Class B-2          
Certificates (after taking into account the distribution of the Class B-2       
Principal Distribution Amount for such Distribution Date) and (G) the Class     
Certificate Balance of the Class B-3 Certificates immediately prior to such     
Distribution Date over (ii) the lesser of (A) 92.50% of the aggregate Stated    
Principal Balance of the Mortgage Loans for such Distribution Date and (B) the  
excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans 
for such Distribution Date over $6,777,217.                                     

          Class Certificate Balance: With respect to any Class and as to any
date of determination, the aggregate of the Certificate Balances of all         
Certificates of such Class as of such date.                                     

     Class IO Interest: As specified in the Preliminary Statement.

            Class IO Shortfall: As defined in Section 8.13. For the avoidance of
doubt, the Class IO Shortfall for any Distribution Date shall equal the amount  
payable to the Class X Certificates in respect of amounts due to the Swap       
Provider on such Distribution Date (other than Defaulted Swap Termination       
Payments) in excess of the amount payable on the Class X Interest (prior to     
reduction for any Basis Risk Payments or Defaulted Swap Termination Payments) or
Class IO Interest on such Distribution Date, all as further provided in Section 
8.13.                                                                           

         Class LT-R Interest: The sole class of "residual interest" in the
Lower Tier REMIC evidenced by the Class R-II Certificates.                      

        Class M Certificates: As specified in the Preliminary Statement.

  Class M-1 Certificates: All Certificates bearing the class
designation of "Class M-1."                                                     

  Class M-2 Certificates: All Certificates bearing the class
designation of "Class M-2."                                                     

  Class M-3 Certificates: All Certificates bearing the class
designation of "Class M-3."                                                     

  Class M-4 Certificates: All Certificates bearing the class
designation of "Class M-4."                                                     

    Class M-4 Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the sum of (A) the aggregate Class         
Certificate Balance of the Class A Certificates (after taking into account the  
distribution of the Class A Principal Distribution Amount for such Distribution 
Date), (B) the aggregate Class Certificate Balance of the Sequential Class M    
Certificates (after taking into account the distribution of the Sequential Class
M Principal Distribution Amount for such Distribution Date) and (C) the Class   
Certificate Balance of the Class M-4 Certificates immediately prior to such     
Distribution Date over (ii) the lesser of (A) 82.00% of the aggregate Stated    
Principal Balance of the Mortgage Loans for such Distribution Date and (B) the  
excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans 
for such Distribution Date over $6,777,217.                                     

  Class M-5 Certificates: All Certificates bearing the class
designation of "Class M-5."                                                     

    Class M-5 Principal Distribution Amount: With respect to any
Distribution Date, the excess of (i) the sum of (A) the aggregate Class         
Certificate Balance of the Class A Certificates (after taking into account the  
distribution of the Class A Principal Distribution Amount for such Distribution 
Date), (B) the aggregate Class Certificate Balance of the Sequential Class M    
Certificates (after taking into account the distribution of the Sequential Class
M Principal Distribution Amount for such Distribution Date), (C) the Class      
Certificate Balance of the Class M-4 Certificates (after taking into account the
distribution of the Class M-4 Principal Distribution Amount for such            
Distribution Date) and (D) the Class Certificate Balance of the Class M-5       
Certificates immediately prior to such Distribution Date over (ii) the lesser of
(A) 85.00% of the aggregate Stated Principal Balance of the Mortgage Loans for  
such Distribution Date and (B) the excess, if any, of the aggregate Stated      
Principal Balance of the Mortgage Loans for such Distribution Date over         
$6,777,217.                                                                     

            Class P Certificates: All Certificates bearing the class designation
of "Class P."                                                                   

           Class PT1-R Interest: The residual interest in Pooling Tier REMIC-1
as described in the Preliminary Statement and the related footnote thereto.     

           Class PT2-R Interest: The residual interest in Pooling Tier REMIC-2
as described in the Preliminary Statement and the related footnote thereto.     

  Class R-I Certificates: All Certificates bearing the class
designation of "Class R-I."                                                     

   Class R-II Certificates: All Certificates bearing the class
designation of "Class R-II."                                                    

         Class UT-R Interest: The sole class of "residual interest" in the
Upper Tier REMIC evidenced by the Class R-II Certificate.                       

            Class X Certificates: All Certificates bearing the class designation
of "Class X."                                                                   

          Class X Distributable Amount: On any Distribution Date, the sum of
(i) as a distribution in respect of interest, the amount of interest that has   
accrued on the Class X Interest (as set forth in the Preliminary Statement) and 
not applied as an Extra Principal Distribution Amount on such Distribution Date,
plus any such accrued interest remaining undistributed from prior Distribution  
Dates, plus (without duplication) (ii) as a distribution in respect of          
principal, any portion of the principal balance of the Class X Interest which is
distributable as a Subordination Reduction Amount, minus (iii) any Defaulted    
Swap Termination Payment payable to the Swap Provider and any amounts paid from 
the Excess Reserve Fund Account to pay Basis Risk Carry Forward Amounts.        

           Class X Interest: The Upper Tier REMIC Regular Interest represented
by the Class X Certificates as specified and described in the Preliminary       
Statement and the related footnote thereto.                                     

Closing Date: December 28, 2006.                        

     Closing Date Deposit Amount: $0 (all of which is allocable to
principal) deposited by the Depositor into the Distribution Account on the      
Closing Date.                                                                   

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

Collection Account: As defined in Section 3.10(a).      

          Combined Loan-to-Value Ratio or CLTV: As of any date and as to any
Second-Lien Mortgage Loan, the ratio (expressed as a percentage) of the (a) sum 
of (i) the outstanding principal balance of the Second-Lien Mortgage Loan and   
(ii) the outstanding principal balance as of such date of any mortgage loan or  
mortgage loans that are senior or equal in priority to the Second-Lien Mortgage 
Loan and which are secured by the same Mortgaged Property to (b) (i) in the case
of a purchase, the lesser of (A) the sale price of the Mortgaged Property and   
(B) its appraised value at the time of sale, or (ii) in the case of a           
refinancing or modification, the appraised value of the Mortgaged Property at   
the time of the refinancing or modification.                                    

         Commission: The United States Securities and Exchange Commission.

           Compensating Interest: For any Distribution Date, the lesser of (a)
the amount, if any, by which the Prepayment Interest Shortfall, if any, for such
Distribution Date, with respect to voluntary Principal Prepayments in Full      
(excluding any payments made upon liquidation of any Mortgage Loan) exceeds all 
Prepayment Interest Excesses for such Distribution Date on the Mortgage Loans,  
and (b) the amount of the Servicing Fee payable to the Servicer for such        
Distribution Date.                                                              

        Condemnation Proceeds: All awards or settlements in respect of a
Mortgaged Property, whether permanent or temporary, partial or entire, by       
exercise of the power of eminent domain or condemnation.                        

          Convertible Mortgage Loan: Any individual Adjustable Rate Mortgage
Loan which contains a provision whereby the Mortgagor is permitted to convert   
the Adjustable Rate Mortgage Loan to a Fixed Rate Mortgage Loan in accordance   
with the terms of the related Mortgage Note.                                    

           Corporate Trust Office: The designated office of the Trustee in the
State of California at which at any particular time its corporate trust business
with respect to this Agreement is administered, which office at the date of the 
execution of this Agreement is located at 1761 East St. Andrew Place, Santa Ana,
California 92705-4934, Attn: Trust Administration - BC06W4, facsimile no. (714) 
247-6478 and which is the address to which notices to and correspondence with   
the Trustee should be directed.                                                 

          Corresponding Actual Crossover Distribution Date: For each Pooling
Tier REMIC-2 IO Interest, the related Corresponding Scheduled Crossover         
Distribution Date, unless on such date two times the aggregate Pooling Tier     
REMIC-2 IO Notional Balance of each other Pooling Tier REMIC-2 IO Interest then 
outstanding is less than the scheduled swap notional amount of the Interest Rate
Swap Agreement applicable for such Distribution Date, in which case the         
Corresponding Actual Crossover Distribution Date for such Pooling Tier REMIC-2  
IO Interest shall be the first Distribution Date thereafter on which two times  
the Pooling Tier REMIC-2 IO Notional Balance of each other Pooling Tier REMIC-2 
IO Interest then outstanding is greater than or equal to the scheduled swap     
notional amount of the Interest Rate Swap Agreement.                            

           Corresponding Class: The class of interests in the Lower Tier REMIC
or Upper Tier REMIC created under this Agreement that corresponds to the Class  
of interests in the other such REMIC, as applicable, or to a Class of           
Certificates in the manner set out below:                                       

Corresponding          Corresponding                              
Lower Tier REMIC       Upper Tier REMIC   Corresponding Class of      
Class Designation      Regular Interest       Certificates            
-----------------------  ------------------  ---------------------          
Class LT-A-1             Class A-1            Class A-1           
Class LT-A-2A           Class A-2A           Class A-2A           
Class LT-A-2B           Class A-2B           Class A-2B           
Class LT-A-2C           Class A-2C           Class A-2C           
Class LT-A-2D           Class A-2D           Class A-2D           
Class LT-M-1             Class M-1            Class M-1           
Class LT-M-2             Class M-2            Class M-2           
Class LT-M-3             Class M-3            Class M-3           
Class LT-M-4             Class M-4            Class M-4           
Class LT-M-5             Class M-5            Class M-5           
Class LT-B-1             Class B-1            Class B-1           
Class LT-B-2             Class B-2            Class B-2           
Class LT-B-3             Class B-3            Class B-3           

            Corresponding Pooling Tier REMIC-1 Regular Interest: As described in
the Preliminary Statement.                                                      

           Corresponding Pooling Tier REMIC-2 IO Interest: As described in the
Preliminary Statement.                                                          

Corresponding Scheduled Crossover Distribution Date: The
Distribution Date in the month and year specified in the Preliminary Statement  
corresponding to a Pooling Tier REMIC-2 IO Interest.                            

          Corresponding Upper Tier REMIC Regular Interest: As defined in the
Preliminary Statement.                                                          

        Covered Loan: A Mortgage Loan categorized as Covered pursuant to
Appendix E of Standard & Poor's Glossary.                                       

          Cumulative Loss Percentage: With respect to any Distribution Date,
the percentage equivalent of a fraction, the numerator of which is the aggregate
amount of Realized Losses incurred from the Cut-off Date to the last day of the 
calendar month preceding the month in which such Distribution Date occurs and   
the denominator of which is the Cut-off Date Pool Principal Balance of the      
Mortgage Loans.                                                                 

           Cumulative Loss Trigger Event: If, with respect to any Distribution
Date, the quotient (expressed as a percentage) of (x) the aggregate amount of   
Realized Losses incurred since the Cut-off Date through the last day of the     
related Due Period, divided by (y) the Cut-off Date Pool Principal Balance,     
exceeds the applicable Cumulative Loss Percentages set forth below with respect 
to such Distribution Date:                                                      

Distribution Date                                             
   Occurring In                     Cumulative Loss Percentage
-----------------------------------  -------------------------------------------
January 2009 through December 2009   1.550% for the first month, plus an        
                                    additional 1/12th of 1.850% for each month
                                thereafter (e.g., 2.475% in July 2009)
January 2010 through December 2010   3.400% for the first month, plus an        
                                    additional 1/12th of 1.850% for each month
                                thereafter (e.g., 4.325% in July 2010)
January 2011 through December 2011   5.250% for the first month, plus an        
                                    additional 1/12th of 1.550% for each month
                                thereafter (e.g., 6.025% in July 2011)
January 2012 through December 2012   6.800% for the first month, plus an        
                                    additional 1/12th of 0.800% for each month
                                thereafter (e.g., 7.200% in July 2012)
January 2013 and thereafter          7.600%                                     

    Custodial File: With respect to each Mortgage Loan, the file
retained by the Custodian on behalf of the Trustee consisting of items (a) - (h)
as listed on Exhibit K hereto.                                                  

     Custodian: Wells Fargo Bank, National Association, a national
banking association, and its successors in interest and, if any successor       
custodian is appointed hereunder, such successor.                               

          Custodian Fee: As to any Distribution Date, an amount equal to the
product of (a) one-twelfth of the Custodian Fee Rate and (b) the sum of (i) the 
aggregate Stated Principal Balance of the Mortgage Loans as of the first day of 
the related Due Period, and (ii) with respect to the first Distribution Date    
only, the portion of the Closing Date Deposit Amount allocable to principal.    

 Custodian Fee Rate: With respect to any Distribution Date
(commencing with the January 2007 Distribution Date), the amount charged by the 
Custodian to the Trustee for custodial services with respect to the Mortgage    
Loans performed by the Custodian during the preceding calendar month (commencing
with the month of December 2006), based on a custodial fee schedule previously  
furnished by the Custodian to the Trustee, converted into a per annum rate      
calculated on the basis of a 360-day year consisting of twelve 30-day months;   
provided, however, that in no event shall such rate exceed 0.002% per annum.    

Cut-off Date: December 1, 2006.                         

           Cut-off Date Pool Principal Balance: The aggregate Stated Principal
Balances of all Mortgage Loans as of the Cut-off Date.                          

           Cut-off Date Principal Balance: As to any Mortgage Loan, the Stated
Principal Balance thereof as of the close of business on the Cut-off Date.      

      Data Tape Information: With respect to each Mortgage Loan, the
following information as of the Cut-off Date provided by the Responsible Party  
to the Sponsor pursuant to the Purchase Agreement: (1) the Responsible Party's  
Mortgage Loan identifying number; (2) the Mortgagor's name; (3) the street      
address of the Mortgaged Property including the city, state and zip code; (4) a 
code indicating whether the Mortgagor is self-employed; (5) as to each Mortgage 
Loan, the Stated Principal Balance as of the Cut-off Date; (6) the Index; (7) a 
code indicating whether the Mortgaged Property is owner-occupied; (8) the number
and type of residential units constituting the Mortgaged Property; (9) the      
original stated months to maturity; (10) the original amortization months to    
maturity; (11) the stated maturity date; (12) the amount of the Scheduled       
Payment as of the Cut-off Date; (13) the first date on which the Scheduled      
Payment was due on the Mortgage Loan and, if such date is not consistent with   
the Due Date currently in effect, such Due Date; (14) the "paid through date"   
based on payments received from the related Mortgagor; (15) the original        
principal amount of the Mortgage Loan; (16) with respect to each Adjustable Rate
Mortgage Loan, the Minimum Mortgage Rate; (17) with respect to each Adjustable  
Rate Mortgage Loan, the Maximum Mortgage Rate; (18) with respect to each        
Adjustable Rate Mortgage Loan, the initial Periodic Mortgage Rate Cap; (19) with
respect to each Adjustable Rate Mortgage Loan, the subsequent Periodic Mortgage 
Rate Cap; (20) with respect to each Adjustable Rate Mortgage Loan, the first    
payment Adjustment Date immediately following the Cut-off Date; (21) with       
respect to each Adjustable Rate Mortgage Loan, the first Interest Rate          
Adjustment Date immediately following the Cut-off Date; (22) with respect to    
each Adjustable Rate Mortgage Loan, the Gross Margin; (23) with respect to each 
Adjustable Rate Mortgage Loan, the Mortgage Rate adjustment period; (24) the    
type of Mortgage Loan (i.e., Fixed Rate or Adjustable Rate Mortgage Loan); (25) 
lien position (i.e., First-Lien or Second-Lien Mortgage Loan); (26) a code      
indicating the purpose of the loan (i.e., purchase, rate and term refinance,    
equity take-out refinance); (27) the credit risk score (FICO score); (28) the   
loan credit grade classification (as described in the underwriting guidelines); 
(29) the Mortgage Rate at origination; (30) the Mortgage Rate as of the Cut-off 
Date; (31) the value of the Mortgaged Property; (32) a code indicating the term 
and amount of Prepayment Charges applicable to such Mortgage Loan (including any
prepayment penalty term), if any; (33) with respect to each First-Lien Mortgage 
Loan, the Loan-to-Value Ratio at origination, and with respect to each          
Second-Lien Mortgage Loan, the Combined Loan-to-Value Ratio at origination; (34)
the documentation level; (35) the date of origination; (36) a code indicating   
whether the Mortgage Loan is a Balloon Loan; (37) the Due Date for the first    
Scheduled Payment; (38) the original Scheduled Payment due; (39) the            
debt-to-income ratio with respect to the Mortgage Loan; (40) the Mortgage Rate  
calculation method (i.e., 30/360, simple interest, other); (41) a code          
indicating whether the Mortgage Loan is Home Loan; (42) appraisal verification  
(Y/N); (43) type of appraisal verification, if any; (44) with respect to        
Second-Lien Mortgage Loans, the outstanding principal balance of the superior   
lien at origination; (45) whether the Mortgagor is a first-time home buyer and  
(46) whether or not the Mortgage Loan has any silent-second lien loans. With    
respect to the Mortgage Loans in the aggregate, the Data Tape Information shall 
set forth the following information, as of the Cut-off Date: (1) the number of  
Mortgage Loans; (2) the current aggregate outstanding principal balance of the  
Mortgage Loans; (3) the weighted average Mortgage Rate of the Mortgage Loans;   
and (4) the weighted average maturity of the Mortgage Loans.                    

      DBRS: Dominion Bond Rating Service. If DBRS is designated as a
Rating Agency in the Preliminary Statement, for purposes of Section 10.05(c) the
address for notices to DBRS shall be Dominion Bond Rating Service, 55 Broadway, 
15th Floor, New York, New York 10006, Attention: Quincy Tang, or such other     
address as DBRS may hereafter furnish to the Depositor, the Trustee and the     
Servicer.                                                                       

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

           Deemed Material and Adverse Representation: Each representation and
warranty identified as such on Schedule III to this Agreement.                  

        Defaulted Swap Termination Payment: Any Swap Termination Payment
required to be paid by the Trust to the Swap Provider pursuant to the Interest  
Rate Swap Agreement as a result of an Event of Default (as defined in the       
Interest Rate Swap Agreement) with respect to which the Swap Provider is the    
defaulting party or a Termination Event (as defined in the Interest Rate Swap   
Agreement) (other than Illegality or a Tax Event that is not a Tax Event Upon   
Merger (each as defined in the Interest Rate Swap Agreement )) with respect to  
which the Swap Provider is the sole Affected Party (as defined in the Interest  
Rate Swap Agreement).                                                           

           Deficient Valuation: With respect to any Mortgage Loan, a valuation
of the related Mortgaged Property by a court of competent jurisdiction in an    
amount less than the then outstanding principal balance of the Mortgage Loan,   
which valuation results from a proceeding initiated under the United States     
Bankruptcy Code.                                                                

        Definitive Certificates: Any Certificate evidenced by a Physical
Certificate and any Certificate issued in lieu of a Book-Entry Certificate      
pursuant to Section 5.02(e).                                                    

      Delay Certificates: As specified in the Preliminary Statement.

Deleted Mortgage Loan: As defined in Section 2.03.      

         Delinquency Trigger Event: With respect to any Distribution Date,
the circumstances in which the quotient (expressed as a percentage) of (x) the  
rolling three month average of the aggregate unpaid principal balance of 60+ Day
Delinquent Mortgage Loans, divided by (y) the aggregate unpaid principal balance
of the Mortgage Loans, as of the last day of the related Due Period, equals or  
exceeds 38.75% of the prior period's Senior Enhancement Percentage.             

            Denomination: With respect to each Certificate, the amount set forth
on the face thereof as the "Initial Certificate Balance of this Certificate" or 
the Percentage Interest appearing on the face thereof.                          

       Depositor: Securitized Asset Backed Receivables LLC, a Delaware
limited liability company, and its successors in interest.                      

        Depository: The initial Depository shall be The Depository Trust
Company, the nominee of which is CEDE & Co., as 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 Institution: Any depository institution or trust company,
including the Trustee, that (a) is incorporated under the laws of the United    
States of America or any State thereof, (b) is subject to supervision and       
examination by federal or state banking authorities and (c) has outstanding     
unsecured commercial paper or other short-term unsecured debt obligations that  
are rated "P-1" by Moody's, "F1+" by Fitch, "A-1" by Standard & Poor's and, if  
rated by DBRS, "R-1" by DBRS (in each case, to the extent they are designated as
Rating Agencies in the Preliminary Statement).                                  

         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 each Remittance Date, the 15th
day (or if such day is not a Business Day, the immediately preceding Business   
Day) in the calendar month in which such Remittance Date occurs.                

Disqualified Non-U.S. Person: With respect to a Residual
Certificate, (i) any Non-U.S. Person or agent thereof other than a Non-U.S.     
Person that holds the Residual Certificate in connection with the conduct of a  
trade or business within the United States and has furnished the transferor and 
the Trustee with an effective IRS Form W-8ECI, or (ii) any domestic entity      
classified as a partnership under the Code if any of its direct or indirect     
partners (other than through a U.S. corporation) are (or are permitted to be    
under the applicable partnership agreement) Disqualified Non-U.S. Persons,      
unless such Person described in (i) or (ii) above has delivered to both the     
transferor and the Trustee an opinion of a nationally recognized tax counsel to 
the effect that the transfer of the Residual Certificate to it is in accordance 
with the requirements of the Code and the regulations promulgated thereunder and
that such transfer of the Residual Certificate will not be disregarded for      
federal income tax purposes.                                                    

       Distribution Account: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 3.07(d) in the name of the Trustee
for the benefit of the Certificateholders and designated "Deutsche Bank National
Trust Company in trust for registered holders of Securitized Asset Backed       
Receivables LLC Trust 2006-WM4 Mortgage Pass-Through Certificates, Series       
2006-WM4." Funds in the Distribution Account shall be held in trust for the     
Certificateholders for the uses and purposes set forth in this Agreement.       

       Distribution Account Deposit Date: As to any Distribution Date,
12:00 noon New York City time on the second Business Day immediately preceding  
such Distribution Date.                                                         

          Distribution Date: The 25th day of each calendar month, or if such
day is not a Business Day, the next succeeding Business Day, commencing in      
January 2007.                                                                   

           Document Certification and Exception Report: The report attached to
Exhibit F hereto.                                                               

            Due Date: The day of the month on which the Scheduled Payment is due
on a Mortgage Loan, exclusive of any days of grace.                             

     Due Period: With respect to any Distribution Date, the period
commencing on the second day of the calendar month preceding the month in which 
such Distribution Date occurs and ending on the first day of the calendar month 
in which such Distribution Date occurs.                                         

            Eligible Account: Either (i) an account maintained with a federal or
state-chartered depository institution or trust company that complies with the  
definition of Eligible Institution, (ii) an account maintained with the         
corporate trust department of a federal depository institution or               
state-chartered depository institution subject to regulations regarding         
fiduciary funds on deposit similar to Title 12 of the U.S. Code of Federal      
Regulation Section 9.10(b), which, in either case, has corporate trust powers   
and is acting in its fiduciary capacity or (iii) any other account acceptable to
each Rating Agency. Eligible Accounts may bear interest, and may include, if    
otherwise qualified under this definition, accounts maintained with the Trustee.
Each Eligible Account shall be a separate account.                              

     Eligible Institution: A federal or state-chartered depository
institution or trust company the commercial paper, short-term debt obligations, 
or other short-term deposits of which are rated "A-1+" by Standard & Poor's if  
the amounts on deposit are to be held in the account for no more than 365 days  
(or at least "A-2" by Standard & Poor's if the amounts on deposit are to be held
in the account for no more than 30 days), or the long-term unsecured debt       
obligations of which are rated at least "AA-" by Standard & Poor's if the       
amounts on deposit are to be held in the account for no more than 365 days, and 
the commercial paper, short-term debt obligations or other short-term deposits  
of which are rated at least "P-1" by Moody's and "F1+" by Fitch (or a comparable
rating if another Rating Agency is specified by the Depositor by written notice 
to the Servicer and the Trustee) (in each case, to the extent they are          
designated as Rating Agencies in the Preliminary Statement).                    

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

        ERISA-Qualifying Underwriting: A best efforts or firm commitment
underwriting or private placement that meets the requirements of Prohibited     
Transaction Exemption ("PTE") 2002-41, 67 Fed. Reg. 54487 (2002) (or any        
successor thereto), or any substantially similar administrative exemption       
granted by the U.S. Department of Labor.                                        

     ERISA-Restricted Certificate: As specified in the Preliminary
Statement.                                                                      

        Escrow Account: The Eligible Account or Accounts established and
maintained pursuant to Section 3.09(b).                                         

Escrow Payments: As defined in Section 3.09(b).         

Event of Default: As defined in Section 7.01.           

          Excess Reserve Fund Account: The separate Eligible Account created
and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the   
name of the Trustee for the benefit of the Regular Certificateholders and       
designated "Deutsche Bank National Trust Company in trust for registered holders
of Securitized Asset Backed Receivables LLC Trust 2006-WM4, Mortgage            
Pass-Through Certificates, Series 2006-WM4". Funds in the Excess Reserve Fund   
Account shall be held in trust for the Regular Certificateholders for the uses  
and purposes set forth in this Agreement. Amounts on deposit in the Excess      
Reserve Fund Account shall not be invested.                                     

          Excess Subordinated Amount: With respect to any Distribution Date,
the excess, if any, of (a) the Subordinated Amount on such Distribution Date    
over (b) the Specified Subordinated Amount for such Distribution Date.          

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

          Expense Fee Rate: As to each Mortgage Loan, a per annum rate equal
to the sum of the Servicing Fee Rate and the Custodian Fee Rate.                

            Expense Fees: As to each Mortgage Loan, the sum of the Servicing Fee
and the Custodian Fee.                                                          

         Extra Principal Distribution Amount: As of any Distribution Date,
the lesser of (x) the related Total Monthly Excess Spread for such Distribution 
Date and (y) the related Subordination Deficiency for such Distribution Date.   

     Fannie Mae: The Federal National Mortgage Association, or any
successor thereto.                                                              

           Fannie Mae Guides: The Fannie Mae Sellers' Guide and the Fannie Mae
Servicers' Guide and all amendments or additions 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 the Responsible Party as contemplated by this Agreement), a determination    
made by the Servicer that all Insurance Proceeds, Condemnation Proceeds,        
Liquidation Proceeds and other payments or recoveries which the Servicer, in its
reasonable good faith judgment, expects to be finally recoverable in respect    
thereof have been so recovered. The Servicer shall maintain records, prepared by
a Servicing Officer, of each Final Recovery Determination made thereby.         

           Final Scheduled Distribution Date: The Final Scheduled Distribution
Date for each Class of Certificates is the Distribution Date occurring in       
November 2036.                                                                  

         First-Lien Mortgage Loan: A Mortgage Loan secured by a first-lien
Mortgage on the related Mortgaged Property.                                     

            Fitch: Fitch, Inc., or any successor thereto. If Fitch is designated
as a Rating Agency in the Preliminary Statement, for purposes of Section        
10.05(c) the address for notices to Fitch shall be Fitch, Inc., One State Street
Plaza, New York, New York 10004, Attention: MBS Monitoring - Securitized Asset  
Backed Receivables LLC Trust 2006-WM4, or such other address as Fitch may       
hereafter furnish to the Depositor, the Trustee and the Servicer.               

Fixed Rate Mortgage Loan: A fixed rate Mortgage Loan.   

       Form 8-K Disclosure Information: As defined in Section 8.12(g).

            Freddie Mac: The Federal Home Loan Mortgage Corporation, a corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.       

         Gross Margin: With respect to each Adjustable Rate Mortgage Loan,
the fixed percentage amount set forth in the related Mortgage Note to be added  
to the applicable Index to determine the Mortgage Rate.                         

     Group I Class A Certificates: As specified in the Preliminary
Statement.                                                                      

          Group I Loan Cap: With respect to the Group I Mortgage Loans as of
any Distribution Date, a per annum rate equal to the product of (i) the weighted
average of the Adjusted Net Mortgage Rates then in effect on the beginning of   
the related Due Period on the Group I Mortgage Loans minus the product of (A)   
the Net Swap Payment plus any Swap Termination Payment (other than a Defaulted  
Swap Termination Payment), if any, made to the Swap Provider from Available     
Funds, expressed as a percentage equal to a fraction, the numerator of which is 
equal to the Net Swap Payment plus any Swap Termination Payment (other than a   
Defaulted Swap Termination Payment) made to the Swap Provider from Available    
Funds and the denominator of which is equal to the aggregate Stated Principal   
Balance of the Mortgage Loans at the beginning of such Due Period and (B) 12 and
(ii) 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. With respect  
to the first Due Period and the first Distribution Date, the Group I Loan Cap   
shall be reduced by a fraction, the numerator of which is the portion of the    
Closing Date Deposit Amount allocable to the Group I Mortgage Loans and the     
denominator of which is the portion of the Cut-off Date Pool Principal Balance  
relating to the Group I Mortgage Loans.                                         

    Group I Mortgage Loans: The Mortgage Loans identified on the
Mortgage Loan Schedule as Group I Mortgage Loans.                               

      Group II Class A Certificates: As specified in the Preliminary
Statement.                                                                      

            Group II Loan Cap: With respect to the Group II Mortgage Loans as of
any Distribution Date, a per annum rate equal to the product of (i) the weighted
average of the Adjusted Net Mortgage Rates then in effect on the beginning of   
the related Due Period on the Group II Mortgage Loans minus the product of (A)  
the Net Swap Payment plus any Swap Termination Payment (other than a Defaulted  
Swap Termination Payment), if any, made to the Swap Provider from Available     
Funds, expressed as a percentage equal to a fraction, the numerator of which is 
equal to the Net Swap Payment plus any Swap Termination Payment (other than a   
Defaulted Swap Termination Payment) made to the Swap Provider from Available    
Funds and the denominator of which is equal to the aggregate Stated Principal   
Balance of the Mortgage Loans at the beginning of such Due Period and (B) 12 and
(ii) 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. With respect  
to the first Due Period and the first Distribution Date, the Group II Loan Cap  
shall be reduced by a fraction, the numerator of which is the portion of the    
Closing Date Deposit Amount allocable to the Group I Mortgage Loans and the     
denominator of which is the portion of the Cut-off Date Pool Principal Balance  
relating to the Group I Mortgage Loans.                                         

     Group II Mortgage Loans: The Mortgage Loans identified on the
Mortgage Loan Schedule as Group II Mortgage Loans.                              

         Group Loan Cap: The Group I Loan Cap or the Group II Loan Cap, as
applicable.                                                                     

           Group Subordinate Amount: For any Distribution Date and (i) for the
Group I Mortgage Loans, the excess of the aggregate Stated Principal Balance of 
the Group I Mortgage Loans as of the beginning of the related Due Period over   
the Class Certificate Balance of the Class A-1 Certificates immediately prior to
the current Distribution Date and (ii) for the Group II Mortgage Loans, the     
excess of the aggregate Stated Principal Balance of the Group II Mortgage Loans 
as of the beginning of the related Due Period over the aggregate Class          
Certificate Balance of the Class A-2 Certificates immediately prior to such     
Distribution Date.                                                              

         High Cost Loan: A Mortgage Loan (a) covered by the Home Ownership
and Equity Protection Act of 1994 ("HOEPA"), (b) with an "annual percentage     
rate" or total "points and fees" payable by the related Mortgagor (as each such 
term is calculated under HOEPA) that exceed the thresholds set forth by HOEPA   
and its implementing regulations, including 12 C.F.R. ss. 226.32(a)(1)(i) and   
(ii), (c) classified as a "high cost home," "threshold," "covered," (excluding  
New Jersey "Covered Home Loans" as that term was defined in clause (1) of the   
definition of that term in the New Jersey Home Ownership Security Act of 2002   
that were originated between November 26, 2003 and July 7, 2004), "high risk    
home," "predatory" or similar loan under any other 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) or   
(d) a Mortgage Loan categorized as High Cost pursuant to Appendix E of Standard 
& Poor's Glossary.                                                              

       Home Loan: A Mortgage Loan categorized as Home Loan pursuant to
Appendix E of Standard & Poor's Glossary.                                       

         HomEq: Barclays Capital Real Estate Inc. d/b/a HomEq Servicing, a
Delaware corporation, and its successors in interest.                           

            Index: As to each Adjustable Rate Mortgage Loan, the index from time
to time in effect for the adjustment of the Mortgage Rate set forth as such on  
the related Mortgage Note.                                                      

Initial Certification: As defined in Section 2.02.      

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

           Insurance Proceeds: With respect to each Mortgage Loan, proceeds of
insurance policies insuring the Mortgage Loan or the related Mortgaged Property.

        Interest Accrual Period: With respect to each Class of Non-Delay
Certificates and the Corresponding Class of Lower Tier REMIC Regular Interests  
and any Distribution Date, the period commencing on the Distribution Date       
occurring in the month preceding the month in which the current Distribution    
Date occurs and ending on the day immediately preceding the current Distribution
Date (or, in the case of the first Distribution Date, the period from and       
including the Closing Date to but excluding such first Distribution Date). With 
respect to each Lower Tier REMIC Regular Interest (other than each Corresponding
Class of Lower Tier REMIC Regular Interest) and each Pooling Tier REMIC-1       
Regular Interest and Pooling Tier REMIC-2 Regular Interest and any Distribution 
Date, the calendar month preceding such Distribution Date. For purposes of      
computing interest accruals on each Class of Non-Delay Certificates, each       
Interest Accrual Period has the actual number of days in such month and each    
year is assumed to have 360 days.                                               

           Interest Rate Adjustment Date: With respect to each Adjustable Rate
Mortgage Loan, the date, specified in the related Mortgage Note and the Mortgage
Loan Schedule, on which the Mortgage Rate is adjusted.                          

       Interest Rate Swap Agreement: The interest rate swap agreement,
dated as of December 28, 2006 between the Swap Provider and the Trustee, on     
behalf of the Trust, a copy of which is attached hereto as Exhibit T.           

         Interest Remittance Amount: With respect to any Distribution Date
and the Mortgage Loans in any Loan Group, that portion of Available Funds       
attributable to interest received or advanced with respect to the Mortgage Loans
in such Loan Group, net of the fees payable to the Servicer and the Trustee, and
net of any Net Swap Payments and Swap Termination Payments, other than Defaulted
Swap Termination Payments, payable to the Swap Provider from such Loan Group    
with respect to such Distribution Date.                                         

Investment Account: As defined in Section 3.12(a).      

         Investor: With respect to each MERS Designated Mortgage Loan, the
Person named on the MERS System as the investor pursuant to the MERS Procedures 
Manual.                                                                         

IRS: The Internal Revenue Service.                      

       Late Collections: With respect to any Mortgage Loan and any Due
Period, all amounts received after the Determination Date immediately following 
such Due Period, whether as late payments of Scheduled Payments or as Insurance 
Proceeds, Condemnation Proceeds, Liquidation Proceeds, Subsequent Recoveries or 
otherwise, which represent late payments or collections of principal and/or     
interest due (without regard to any acceleration of payments under the related  
Mortgage and Mortgage Note) but delinquent for such Due Period and not          
previously recovered.                                                           

        LIBOR: With respect to any Interest Accrual Period for the LIBOR
Certificates, the rate determined by the Trustee on the related LIBOR           
Determination Date on the basis of the offered rate for one-month U.S. dollar   
deposits as such rate appears on Telerate Page 3750 as of 11:00 a.m. (London    
time) on such date; provided, that if such rate does not appear on Telerate Page
3750, the rate for such date will be determined on the basis of the rates at    
which one-month U.S. dollar deposits are offered by the Reference Banks at      
approximately 11:00 a.m. (London time) on such date to prime banks in the London
interbank market. In such event, the Trustee shall request the principal London 
office of each of the Reference Banks to provide a quotation of its rate. If at 
least two such quotations are provided, the rate for that date will be the      
arithmetic mean of the quotations (rounded upwards if necessary to the nearest  
whole multiple of 1/16%). If fewer than two quotations are provided as          
requested, the rate for that date will be the arithmetic mean of the rates      
quoted by major banks in New York City, selected by the Trustee (after          
consultation with the Depositor), at approximately 11:00 a.m. (New York City    
time) on such date for one-month U.S. dollar loans to leading European banks.   

      LIBOR Certificates: As specified in the Preliminary Statement.

      LIBOR Determination Date: With respect to any Interest Accrual
Period for the LIBOR Certificates, the second London Business Day preceding the 
commencement of such Interest Accrual Period.                                   

          Liquidated Mortgage Loan: With respect to any Distribution Date, a
defaulted Mortgage Loan (including any REO Property) which was liquidated in the
calendar month preceding the month of such Distribution Date and as to which the
Servicer has certified to the Trustee that it has received all amounts it       
expects to receive in connection with the liquidation of such Mortgage Loan     
including the final disposition of an REO Property.                             

  Liquidation Proceeds: Cash received in connection with the
liquidation of a Liquidated Mortgage Loan, whether through a trustee's sale,    
foreclosure sale or otherwise.                                                  

       Loan Group: The Group I Mortgage Loans or the Group II Mortgage
Loans, as applicable.                                                           

           Loan-to-Value Ratio or LTV: As of any date and as to any First-Lien
Mortgage Loan, the ratio (expressed as a percentage) of the outstanding         
principal balance of the First-Lien Mortgage Loan to (a) in the case of a       
purchase, the lesser of (i) the sale price of the Mortgaged Property and (ii)   
the lesser of (y) its appraised value at the time of sale or (z) the appraised  
value determined by a review appraisal conducted by the Responsible Party, or   
(b) in the case of a refinancing or modification, the lesser of (i) the         
appraised value of the Mortgaged Property at the time of the refinancing or     
modification or (ii) the appraised value determined by a review appraisal       
conducted by the Responsible Party.                                             

            London Business Day: Any day on which dealings in deposits of United
States dollars are transacted in the London interbank market.                   

    Lower Tier REMIC: As described in the Preliminary Statement.

       Lower Tier REMIC Interest Rate: As described in the Preliminary
Statement.                                                                      

          Lower Tier REMIC Regular Interest: Each of the Class LT-A-1, Class
LT-A-2A, Class LT-A-2B, Class LT-A-2C, Class LT-A-2D, Class LT-M-1, Class       
LT-M-2, Class LT-M-3, Class LT-M-4, Class LT-M-5, Class LT-B-1, Class LT-B-2,   
Class LT-B-3, Class LT-Group I, Class LT-Group I(SUB), Class LT-Group II(SUB),  
Class LT-Group II, Class LT-XX, Class LT-IO and Class LT-Accrual Interests as   
described in the Preliminary Statement.                                         

        Lower Tier REMIC Principal Amount: The principal balance of each
Lower Tier REMIC Regular Interest, determined as set forth in the Preliminary   
Statement. The Lower Tier REMIC Principal Amount shall be computed to at least  
eight (8) decimal places.                                                       

          Lower Tier REMIC Subordinated Balance Ratio: The ratio between the
Lower Tier REMIC Principal Amounts of the Class LT-Group I(SUB) Interest and    
Class LT-Group II(SUB) Interest, equal to the ratio between the Group           
Subordinate Amount of the Group I Mortgage Loans and the Group Subordinate      
Amount of the Group II Mortgage Loans, respectively.                            

         Lower Tier REMIC WAC Rate: A per annum variable rate equal to the
weighted average of the Pooling Tier REMIC-2 Interest Rates of the Pooling Tier 
REMIC-2 Regular Interests (other than the Pooling Tier REMIC-2 IO Interests).   

            Maximum Mortgage Rate: With respect to each Adjustable Rate Mortgage
Loan, a rate that (i) is set forth on the Data Tape Information and in the      
related Mortgage Note and (ii) is the maximum interest rate to which the        
Mortgage Rate on such Adjustable Rate Mortgage Loan may be increased during the 
lifetime of such Adjustable Rate Mortgage Loan.                                 

        MERS: Mortgage Electronic Registration Systems, Inc., a Delaware
corporation, and its successors in interest.                                    

       MERS Designated Mortgage Loan: Mortgage Loans for which (a) the
Responsible Party has designated or will designate MERS as, and has taken or    
will take such action as is necessary to cause MERS to be, the mortgagee of     
record, as nominee for the Responsible Party, in accordance with the MERS       
Procedure Manual and (b) the Responsible Party has designated or will designate 
the Purchaser as the Investor on the MERS System.                               

       MERS Procedure Manual: The MERS Procedures Manual, as it may be
amended, supplemented or otherwise modified from time to time.                  

         MERS(R) System: MERS mortgage electronic registry system, as more
particularly described in the MERS Procedures Manual.                           

            Minimum Mortgage Rate: With respect to each Adjustable Rate Mortgage
Loan, a rate that (i) is set forth on the Data Tape Information and in the      
related Mortgage Note and (ii) is the minimum interest rate to which the        
Mortgage Rate on such Adjustable Rate Mortgage Loan may be decreased during the 
lifetime of such Adjustable Rate Mortgage Loan.                                 

            Monthly Statement: The statement delivered to the Certificateholders
pursuant to Section 4.03.                                                       

            Moody's: Moody's Investors Service, Inc. If Moody's is designated as
a Rating Agency in the Preliminary Statement, for purposes of Section 10.05(c)  
the address for notices to Moody's shall be Moody's Investors Service, Inc., 99 
Church Street, New York, New York 10007, Attention: Residential Mortgage        
Pass-Through Group, or such other address as Moody's may hereafter furnish to   
the Depositor, the Trustee and the Servicer.                                    

            Mortgage: The mortgage, deed of trust or other instrument identified
on the Mortgage Loan Schedule as securing a Mortgage Note.                      

         Mortgage File: The items pertaining to a particular Mortgage Loan
contained in either the Servicing File or Custodial File.                       

         Mortgage Loan: An individual Mortgage Loan that is the subject of
this Agreement, each Mortgage Loan originally sold and subject to this Agreement
being identified on the Mortgage Loan Schedule, which Mortgage Loan includes,   
without limitation, the Mortgage File, the Scheduled Payments, Principal        
Prepayments, Liquidation Proceeds, Subsequent Recoveries, Condemnation Proceeds,
Insurance Proceeds, REO Disposition proceeds, Prepayment Charges, and all other 
rights, benefits, proceeds and obligations arising from or in connection with   
such Mortgage Loan, excluding replaced or repurchased Mortgage Loans.           

         Mortgage Loan Schedule: A schedule of Mortgage Loans delivered to
the Trustee and Custodian and referred to as Schedule I, such schedule setting  
forth, for each Loan Group, the Data Tape Information with respect to each      
Mortgage Loan. In addition, the Mortgage Loan Schedule shall include the        
Original Sale Date for each Mortgage Loan.                                      

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

            Mortgage Rate: The annual rate of interest borne on a Mortgage Note,
which shall be adjusted from time to time in the case of an Adjustable Rate     
Mortgage Loan.                                                                  

       Mortgage Rate Caps: With respect to an Adjustable Rate Mortgage
Loan, the Periodic Mortgage Rate Cap, the Maximum Mortgage Rate, and the Minimum
Mortgage Rate for such Mortgage Loan.                                           

        Mortgaged Property: With respect to each Mortgage Loan, the real
property (or leasehold estate, if applicable) identified on the Mortgage Loan   
Schedule as securing repayment of the debt evidenced by the related Mortgage    
Note.                                                                           

Mortgagor: The obligor(s) on a Mortgage Note.           

           Net Monthly Excess Cash Flow: For any Distribution Date, the amount
remaining for distribution pursuant to Section 4.02(a)(iii) (before giving      
effect to distributions pursuant to such subsection).                           

         Net Prepayment Interest Shortfall: For any Distribution Date, the
amount by which the sum of the Prepayment Interest Shortfalls for such          
Distribution Date exceeds the sum of (i) all Prepayment Interest Excesses for   
such Distribution Date and (ii) Compensating Interest payments made with respect
to such Distribution Date.                                                      

        Net Swap Payment: With respect to any Distribution Date, any net
payment (other than a Swap Termination Payment) payable by the Trust to the Swap
Provider on the related Fixed Rate Payer Payment Date (as defined in the        
Interest Rate Swap Agreement).                                                  

        Net Swap Receipt: With respect to any Distribution Date, any net
payment (other than a Swap Termination Payment) made by the Swap Provider to the
Trust on the related Floating Rate Payer Payment Date (as defined in the        
Interest Rate Swap Agreement), or any amount withdrawn from the reserve account 
referred to in the third full paragraph of Section 4.06 that is required under  
that paragraph be treated as a Net Swap Receipt for purposes of determining the 
distributions from the Supplemental Interest Account.                           

   NIM Issuer: The entity established as the issuer of the NIM
Securities.                                                                     

          NIM Securities: Any debt securities secured or otherwise backed by
some or all of the Class X and Class P Certificates that are rated by any Rating
Agency.                                                                         

NIM Trustee: The trustee for the NIM Securities.        

          Non-Delay Certificates: As specified in the Preliminary Statement.

 Non-Permitted Transferee: A Person other than a Permitted
Transferee.                                                                     

      Nonrecoverable P&I Advance: Any P&I Advance previously made or
proposed to be made in respect of a Mortgage Loan or REO Property that, in the  
good faith business judgment of the Servicer, will not or, in the case of a     
proposed P&I Advance, would not be ultimately recoverable from related Late     
Collections on such Mortgage Loan or REO Property as provided herein.           

           Nonrecoverable Servicing Advance: Any Servicing Advances previously
made or proposed to be made in respect of a Mortgage Loan or REO Property,      
which, in accordance with Accepted Servicing Practices, will not or, in the case
of a proposed Servicing Advance, would not be ultimately recoverable from       
related Late Collections.                                                       

Non-U.S. Person: A person that is not a U.S. Person.    

           Notice of Final Distribution: The notice to be provided pursuant to
Section 9.02 to the effect that final distribution on any of the Certificates   
shall be made only upon presentation and surrender thereof.                     

        Offered Certificates: As specified in the Preliminary Statement.

        Officer's Certificate: A certificate signed by an officer of the
Servicer with responsibility for the servicing of the Mortgage Loans and listed 
on a list delivered to the Trustee pursuant to this Agreement.                  

    Opinion of Counsel: A written opinion of counsel, who may be
in-house counsel for the Servicer or any Subservicer, reasonably acceptable to  
the Trustee (and/or such other Persons as may be set forth herein), provided,   
that any Opinion of Counsel relating to (a) qualification of any Trust REMIC or 
(b) compliance with the REMIC Provisions, must be (unless otherwise stated in   
such Opinion of Counsel) an opinion of counsel who (i) is in fact independent of
the Servicer of the Mortgage Loans, (ii) does not have any material direct or   
indirect financial interest in the Servicer of the Mortgage Loans or in an      
Affiliate of the Servicer and (iii) is not connected with the Servicer of the   
Mortgage Loans as an officer, employee, director or person performing similar   
functions.                                                                      

     Optional Termination Date: The Distribution Date on which the
aggregate Stated Principal Balance of the Mortgage Loans, as of the last day of 
the related Due Period, is equal to 10% or less of the Cut-off Date Pool        
Principal Balance.                                                              

          Original Sale Date: Either September 29, 2006 or October 29, 2006.

     OTS: Office of Thrift Supervision, and any successor thereto.

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

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

               (ii) 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 Due Date, a Mortgage Loan with
a Stated Principal Balance greater than zero which was not the subject of a     
Principal Prepayment in Full prior to such Due Date and which did not become a  
Liquidated Mortgage Loan prior to such Due Date.                                

         Ownership Interest: As to any Residual 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.                                                                  

         P&I Advance: As to any Mortgage Loan or REO Property, any advance
made by the Servicer in respect of any Remittance Date representing the         
aggregate of all payments of principal and interest, net of the Servicing Fee,  
that were due during the related Due Period on the Mortgage Loans and that were 
delinquent on the related Determination Date, plus certain amounts representing 
assumed payments not covered by any current net income on the Mortgaged         
Properties acquired by foreclosure or deed in lieu of foreclosure as determined 
pursuant to Section 4.01.                                                       

  Pass-Through Margin: With respect to each Class of Regular
Certificates, the following percentages: Class A-1, 0.190%; Class A-2A, 0.080%; 
Class A-2B, 0.120%; Class A-2C, 0.160%; Class A-2D, 0.210%; Class M-1, 0.240%;  
Class M-2, 0.340%; Class M-3, 0.360%; Class M-4, 0.430%; Class M-5, 0.500%;     
Class B-1, 1.250%; Class B-2, 2.150%; and Class B-3, 2.250%. On the first       
Distribution Date after the Optional Termination Date, the Pass-Through Margins 
shall increase to: Class A-1, 0.380%; Class A-2A, 0.160%; Class A-2B, 0.240%;   
Class A-2C, 0.320%; Class A-2D, 0.420%; Class M-1, 0.360%; Class M-2, 0.510%;   
Class M-3, 0.540%; Class M-4, 0.645%; Class M-5, 0.750%; Class B-1, 1.875%;     
Class B-2, 3.225%; and Class B-3, 3.375%.                                       

           Pass-Through Rate: For each Class of Certificates and each Class of
Upper Tier REMIC Regular Interest, the per annum rate set forth or calculated in
the manner described in the Preliminary Statement.                              

PCAOB: The Public Company Accounting Oversight Board.   

           Percentage Interest: As to any Certificate, the percentage interest
evidenced thereby in distributions required to be made on the related Class,    
such percentage interest being set forth on the face thereof or equal to the    
percentage obtained by dividing the Denomination of such Certificate by the     
aggregate of the Denominations of all Certificates of the same Class.           

      Periodic Mortgage Rate Cap: With respect to an Adjustable Rate
Mortgage Loan, the periodic limit on each Mortgage Rate adjustment as set forth 
in the related Mortgage Note.                                                   

           Permitted Investments: Any one or more of the following obligations
or securities acquired at a purchase price of not greater than par, regardless  
of whether issued by the Servicer, the Trustee or any of their respective       
Affiliates:                                                                     

                 (i) direct obligations of, or obligations fully guaranteed as
            to timely payment of principal and interest by, the United States or
            any agency or instrumentality thereof, provided such obligations are
 backed by the full faith and credit of the United States;

                 (ii) demand and time deposits in, certificates of deposit of,
           or bankers' acceptances (which shall each have an original maturity
          of not more than 90 days and, in the case of bankers' acceptances,
            shall in no event have an original maturity of more than 365 days or
        a remaining maturity of more than 30 days) denominated in United
          States dollars and issued by, any Depository Institution and rated
         "F1+" by Fitch, "A-1+" by Standard & Poor's, "P-1" by Moody's and
         "R-1" by DBRS (in each case, to the extent they are designated as
Rating Agencies in the Preliminary Statement);          

             (iii) repurchase obligations with respect to any security
    described in clause (i) above entered into with a Depository
Institution (acting as principal);                      

             (iv) securities (which shall in no event have an original
     maturity of more than 365 days) bearing interest or sold at a
          discount that are issued by any corporation incorporated under the
          laws of the United States of America or any state thereof and that
        are rated by Standard & Poor's and Moody's (in each case, to the
        extent they are designated as Rating Agencies in the Preliminary
   Statement), and by each other Rating Agency that rates such
          securities in its highest long-term unsecured rating categories at
           the time of such investment or contractual commitment providing for
such investment;                                        

             (v) commercial paper (including both non-interest-bearing
        discount obligations and interest-bearing obligations payable on
          demand or on a specified date not more than 30 days after the date
      of acquisition thereof) that is rated by Standard & Poor's and
          Moody's (in each case, to the extent they are designated as Rating
        Agencies in the Preliminary Statement), and by each other Agency
           that rates such securities in its highest short-term unsecured debt
rating available at the time of such investment;        

                  (vi) units of money market funds, including money market funds
        managed or advised by the Depositor, the Trustee or an Affiliate
          thereof, that have been rated "Aaa" by Moody's, "AAAm" or "AAAm-G"
            by Standard & Poor's and, if rated by Fitch, at least "AAA" by Fitch
          and "R-1" by DBRS (in each case, to the extent they are designated
as Rating Agencies in the Preliminary Statement); and   

                (vii) if previously confirmed in writing to the Trustee, any
            other demand, money market or time deposit, or any other obligation,
          security or investment, as may be acceptable to each of the Rating
          Agencies as a permitted investment of funds backing "Aaa" or "AAA"
rated securities;                                       

provided, however, that no instrument described hereunder shall evidence either 
the right to receive (a) only interest with respect to the obligations          
underlying such instrument or (b) both principal and interest payments derived  
from obligations underlying such instrument and the interest and principal      
payments with respect to such instrument provide a yield to maturity at par     
greater than 120% of the yield to maturity at par of the underlying obligations.

          Permitted Transferee: Any Person other than (i) the United States,
any State or political subdivision thereof, 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)     
which 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, (v) a Person that is a          
Disqualified Non-U.S. Person or a U.S. Person with respect to whom income from a
Residual Certificate is attributable to a foreign permanent establishment or    
fixed base, within the meaning of an applicable income tax treaty, of such      
Person or any other U.S. Person, (vi) an "electing large partnership" within the
meaning of Section 775 of the Code and (vii) any other Person so designated by  
the Depositor based upon an Opinion of Counsel that the Transfer of an Ownership
Interest in a Residual Certificate to such Person may cause any Trust REMIC to  
fail to qualify as a REMIC at any time that the 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 Freddie Mac, a majority
of its board of directors is not selected by such government unit.              

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

         Physical Certificates: As specified in the Preliminary Statement.

           Pool Cap: With respect to the Mortgage Loans as of any Distribution
Date, the weighted average of (x) the Group I Loan Cap for such Distribution    
Date (y) the Group II Loan Cap for such Distribution Date, in each case weighted
on the basis of the related Group Subordinated Amount. For federal income tax   
purposes, the economic equivalent of the Pool Cap shall be expressed as the     
weighted average of the Lower Tier REMIC Interest Rate on (a) the Class LT-Group
I(SUB), subject to a cap and floor equal to the Lower Tier REMIC Interest Rate  
of the Class LT-Group I Interest and (b) the Class LT-Group II(SUB), subject to 
a cap and floor equal to the Lower Tier REMIC Interest Rate of the Class        
LT-Group II Interest, weighted on the basis of the respective Lower Tier REMIC  
Principal Amounts of the Class LT-Group I(SUB) and Class LT-Group II(SUB),      
respectively. With respect to the first Due Period and first Distribution Date  
only, the Net WAC Rate Cap shall be reduced by a fraction, the numerator of     
which is the Closing Date Deposit Amount and the denominator if which is the    
Cut-Off Date Pool Principal Balance.                                            

       Pool Stated Principal Balance: As to any Distribution Date, the
aggregate of the Stated Principal Balances of the Mortgage Loans for such       
Distribution Date that were Outstanding Mortgage Loans on the Due Date in the   
related Due Period.                                                             

        Pooling Tier REMIC-1: As described in the Preliminary Statement.

           Pooling Tier REMIC-1 Interest Rate: As described in the Preliminary
Statement.                                                                      

       Pooling Tier REMIC-1 Loan Group I WAC Rate: With respect to the
Group I Mortgage Loans as of any Distribution Date, the weighted average of the 
Adjusted Net Mortgage Rates then in effect on the beginning of the related Due  
Period on the Group I Mortgage Loans multiplied by (b) 30 divided by the actual 
number of days in the related Interest Accrual Period. With respect to the first
Due Period and first Distribution Date only, the Pooling Tier REMIC 1 Loan Group
I WAC Rate shall be reduced by a fraction, the numerator of which is the Closing
Date Deposit Amount and the denominator of which is the Cut-off-Date Pool       
Principal Balance of the Group I Mortgage Loans.                                

        Pooling Tier REMIC-1 Loan Group II WAC Rate: With respect to the
Group II Mortgage Loans as of any Distribution Date, a per annum rate equal to  
(a) the weighted average of the Adjusted Net Mortgage Rates then in effect on   
the beginning of the related Due Period on the Group II Mortgage Loans          
multiplied by (b) 30 divided by the actual number of days in the related        
Interest Accrual Period. With respect to the first Due Period and first         
Distribution Date only, the Pooling Tier REMIC 1 Loan Group II WAC Rate shall be
reduced by a fraction, the numerator of which is the Closing Date Deposit Amount
and the denominator of which is the Cut-off-Date Pool Principal Balance of the  
Group II Mortgage Loans.                                                        

  Pooling Tier REMIC-1 Principal Amount: As described in the
Preliminary Statement.                                                          

  Pooling Tier REMIC-1 Regular Interest: As described in the
Preliminary Statement.                                                          

        Pooling Tier REMIC-2: As described in the Preliminary Statement.

           Pooling Tier REMIC-2 Interest Rate: As described in the Preliminary
Statement.                                                                      

         Pooling Tier REMIC-2 IO Interest: Any of the Pooling Tier REMIC-2
Regular Interests with the designation "IO" in its name.                        

     Pooling Tier REMIC-2 IO Notional Balance: As described in the
Preliminary Statement.                                                          

  Pooling Tier REMIC-2 Principal Amount: As described in the
Preliminary Statement.                                                          

  Pooling Tier REMIC-2 Regular Interest: As described in the
Preliminary Statement.                                                          

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

          Prepayment Interest Excess: With respect to any Distribution Date,
any interest collected by the Servicer with respect to any Mortgage Loan        
serviced by the Servicer as to which a Principal Prepayment in Full occurs from 
the 1st day of the month through the 15th day of the month in which such        
Distribution Date occurs and that represents interest that accrues from the 1st 
day of such month to the date of such Principal Prepayment in Full.             

       Prepayment Interest Shortfall: With respect to any Distribution
Date, the sum of, for each Mortgage Loan that was, during the portion of the    
Prepayment Period from the first day of such Prepayment Period through the last 
day of the month preceding the month in which such Distribution Date occurs, the
subject of a Principal Prepayment which is not accompanied by an amount equal to
one month of interest that would have been due on such Mortgage Loan on the Due 
Date that occurs during such Prepayment Period and which was applied by the     
Servicer to reduce the outstanding principal balance of such Mortgage Loan on a 
date preceding such Due Date, an amount equal to the product of (a) the Mortgage
Rate net of the Servicing Fee Rate for such Mortgage Loan, (b) the amount of the
Principal Prepayment for such Mortgage Loan, (c) 1/360 and (d) the number of    
days commencing on the date on which such Principal Prepayment was applied and  
ending on the last day of the calendar month in which the related Prepayment    
Period begins.                                                                  

            Prepayment Period: With respect to any Distribution Date, either (i)
with respect to any Principal Prepayments in Full, the period from and including
the 16th day of the month preceding the month in which such Distribution Date   
occurs (or, in the case of the first Distribution Date, from the Cut-off Date)  
to and including the 15th day of the month in which such Distribution Date      
occurs, or (ii) with respect to any partial Principal Prepayments, the calendar 
month preceding the month in which such Distribution Date occurs.               

            Principal Distribution Amount: For any Distribution Date, the sum of
(i) the Basic Principal Distribution Amount for such Distribution Date and (ii) 
the Extra Principal Distribution Amount for such Distribution Date.             

           Principal Prepayment: Any full or partial payment or other recovery
of principal on a Mortgage Loan (including upon liquidation of a Mortgage Loan) 
which is received in advance of its scheduled Due Date, excluding any Prepayment
Charge thereon and which is not accompanied by an amount of interest            
representing scheduled interest due on any date or dates in any month or months 
subsequent to the month of prepayment.                                          

        Principal Prepayment in Full: Any Principal Prepayment made by a
Mortgagor of the entire principal balance of a Mortgage Loan.                   

           Principal Remittance Amount: With respect to any Distribution Date,
the amount equal to the sum of the following amounts (without duplication) with 
respect to the related Due Period: (i) each Scheduled Payment of principal on a 
Mortgage Loan due during such Due Period and received by the Servicer on or     
prior to the related Determination Date or advanced by the Servicer for the     
related Remittance Date, (ii) all Principal Prepayments received during the     
related Prepayment Period; (iii) all net Liquidation Proceeds, Condemnation     
Proceeds and Insurance Proceeds on the Mortgage Loans allocable to principal,   
and all Subsequent Recoveries, actually collected by the Servicer during the    
related Prepayment Period; (iv) the portion of the Repurchase Price allocable to
principal with respect to each Mortgage Loan repurchased on or prior to the     
related Determination Date; (v) all Substitution Adjustment Amounts allocable to
principal with respect to the substitutions of Mortgage Loans that occur on or  
prior to the related Determination Date; (vi) the allocable portion of the      
proceeds received with respect to the termination of the Trust Fund pursuant to 
clause (a) of Section 9.01 (to the extent such proceeds relate to principal) and
(vii) with respect to the Distribution Date in December 2006 only, the Closing  
Date Deposit Amount.                                                            

        Private Certificates: As specified in the Preliminary Statement.

            Prospectus Supplement: The Prospectus Supplement, dated December 27,
2006, relating to the Offered Certificates.                                     

PTCE 95-60: As defined in Section 5.02(b).              

PUD: A planned unit development.                        

          Purchase Agreement: The Mortgage Loan Purchase Agreement, dated as
of July 1, 2006, by and between the Responsible Party and the Sponsor.          

   Rating Agency: Each of the Rating Agencies specified in the
Preliminary Statement. If such organization or a successor is no longer in      
existence, "Rating Agency" shall be such nationally recognized statistical      
rating organization, or other comparable Person, as is designated by the        
Depositor, notice of which designation shall be given to the Trustee. References
herein to a given rating or rating category of a Rating Agency shall mean such  
rating category without giving effect to any modifiers. For purposes of Section 
10.05(c), the addresses for notices to each Rating Agency shall be the address  
specified therefor in the definition corresponding to the name of such Rating   
Agency, or such other address as such Rating Agency may hereafter furnish to the
Depositor, the Trustee and the Servicer.                                        

          Realized Losses: With respect to any date of determination and any
Liquidated Mortgage Loan, the amount, if any, by which (a) the unpaid principal 
balance of such Liquidated Mortgage Loan together with accrued and unpaid       
interest thereon exceeds (b) the Liquidation Proceeds with respect thereto net  
of the expenses incurred by the Servicer in connection with the liquidation of  
such Liquidated Mortgage Loan and net of the amount of unreimbursed Servicing   
Advances with respect to such Liquidated Mortgage Loan.                         

      Replacement Swap Provider Payment: As defined in Section 4.06.

        Record Date: With respect to any Distribution Date, the close of
business on the Business Day immediately preceding such Distribution Date;      
provided, however, that, for any Definitive Certificate, the Record Date shall  
be the close of business on the last Business Day of the month preceding the    
month in which such Distribution Date occurs.                                   

Reference Bank: As defined in Section 4.04.             

        Regular Certificates: As specified in the Preliminary Statement.

 Regulation AB: Subpart 229.1100 - Asset Backed Securities
(Regulation AB), 17 C.F.R. ss.ss.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. 1,506-1,631 (January 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 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 Servicemembers Civil Relief Act or any similar state         
statutes.                                                                       

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

           REMIC Provisions: Provisions of the federal income tax law relating
to real estate mortgage investment conduits, which appear at Sections 860A      
through 860G of Subchapter M of Chapter 1 of the Code, and related provisions,  
and regulations promulgated thereunder, as the foregoing may be in effect from  
time to time as well as provisions of applicable state laws.                    

          Remittance Date: With respect to any Distribution Date, the second
Business Day immediately preceding such Distribution Date.                      

            REO Disposition: The final sale by the Servicer of any REO Property.

        REO Imputed Interest: As to any REO Property, for any period, an
amount equivalent to interest (at the Mortgage Rate net of the Servicing Fee    
Rate that would have been applicable to the related Mortgage Loan had it been   
outstanding) on the unpaid principal balance of the Mortgage Loan as of the date
of acquisition thereof (as such balance is reduced pursuant to Section 3.17 by  
any income from the REO Property treated as a recovery of principal).           

     REO Mortgage Loan: A Mortgage Loan where title to the related
Mortgaged Property has been obtained by the Servicer in the name of the Trustee 
on behalf of the Certificateholders.                                            

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

      Replacement Swap Provider Payment: As defined in Section 4.06.

Reportable Event: As defined in Section 8.12(g).        

            Repurchase Price: With respect to any Mortgage Loan, an amount equal
to the sum of (i) the unpaid principal balance of such Mortgage Loan as of the  
date of repurchase, (ii) interest on such unpaid principal balance of such      
Mortgage Loan at the Mortgage Rate from the last date through which interest has
been paid to the date of repurchase, (iii) all unreimbursed Servicing Advances  
and (iv) all expenses incurred by the Trustee arising out of the Trustee's      
enforcement of the applicable Person's repurchase obligation hereunder or under 
the Sponsor Representation Letter.                                              

     Request for Release: The Request for Release submitted by the
Servicer to the Custodian (with a copy to the Trustee), substantially in the    
form of Exhibit J.                                                              

         Residual Certificates: As specified in the Preliminary Statement.

            Responsible Officer: When used with respect to the Trustee, any vice
president, any assistant vice president, any assistant secretary, any assistant 
treasurer, any associate, or any other officer of the Trustee customarily       
performing functions similar to those performed by any of the above designated  
officers who at such time shall be officers 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 and who shall have direct        
responsibility for the administration of this Agreement.                        

            Responsible Party: WMC Mortgage Corp., a California corporation, and
its successors in interest.                                                     

Rule 144A Letter: As defined in Section 5.02(b).        

Sarbanes Certification: As defined in Section 8.12(c).  

           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
which, unless otherwise specified herein, shall give effect to any related Debt 
Service Reduction and any Deficient Valuation that affects the amount of the    
monthly payment due on such Mortgage Loan.                                      

           Second-Lien Mortgage Loan: A Mortgage Loan secured by a second-lien
Mortgage on the related Mortgaged Property.                                     

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

       Senior Enhancement Percentage: With respect to any Distribution
Date, the percentage obtained by dividing (x) the sum of (i) the aggregate Class
Certificate Balance of the Subordinated Certificates and (ii) the Subordinated  
Amount (in each case after taking into account the distribution of the Principal
Distribution Amount, including any principal payments on such Classes from the  
Supplemental Interest Account and the Supplemental Float Account, for such      
Distribution Date) by (y) the aggregate Stated Principal Balance of the Mortgage
Loans for such Distribution Date.                                               

  Senior Specified Enhancement Percentage: As of any date of
determination, 36.80%.                                                          

        Sequential Class M Certificates: As specified in the Preliminary
Statement.                                                                      

         Sequential Class M Principal Distribution Amount: With respect to
any Distribution Date, the excess, if any, of (i) the sum of (A) the aggregate  
Class Certificate Balance of the Class A Certificates (after taking into account
the distribution of the Class A Principal Distribution Amount for such          
Distribution Date) and (B) the aggregate Class Certificate Balance of the       
Sequential Class M Certificates immediately prior to such Distribution Date over
(ii) the lesser of (A) 75.40% of the aggregate Stated Principal Balance of the  
Mortgage Loans for such Distribution Date and (B) the excess, if any, of the    
aggregate Stated Principal Balance of the Mortgage Loans for such Distribution  
Date over $6,777,217.                                                           

            Servicer: Barclays Capital Real Estate Inc. d/b/a HomEq Servicing, a
Delaware corporation, and its successors in interest, and if a successor        
servicer is appointed hereunder, such successor.                                

  Servicer Remittance Report: As defined in Section 4.03(d).

    Servicing Advances: The reasonable "out-of-pocket" costs and
expenses (including legal fees) incurred by the Servicer in the performance of  
its servicing obligations in connection with a default, delinquency or other    
unanticipated event, including, but not limited to, the cost of (i) the         
preservation, restoration, inspection and protection of a Mortgaged Property,   
(ii) any enforcement, administrative or judicial proceedings, including         
foreclosures and litigation, in respect of a particular Mortgage Loan, (iii) the
management (including reasonable fees in connection therewith) and liquidation  
of any REO Property and (iv) the performance of its obligations under Sections  
3.01, 3.09, 3.13 and 3.15. The Servicing Advances shall also include any        
reasonable "out-of-pocket" costs and expenses (including legal fees) incurred by
the Servicer in connection with executing and recording instruments of          
satisfaction, deeds of reconveyance or Assignments of Mortgage in connection    
with any satisfaction or foreclosure in respect of any Mortgage Loan to the     
extent not recovered from the Mortgagor or otherwise payable under this         
Agreement. The Servicer shall not be required to make any Nonrecoverable        
Servicing Advances.                                                             

      Servicing Criteria: The "servicing criteria" set forth in Item
1122(d) of Regulation AB, which as of the Closing Date are listed on Exhibit P  
hereto.                                                                         

     Servicing Fee: With respect to each Mortgage Loan and for any
calendar month, an amount equal to one month's interest (or in the event of any 
payment of interest which accompanies a Principal Prepayment in Full made by the
Mortgagor during such calendar month, interest for the number of days covered by
such payment of interest) at the Servicing Fee Rate on the applicable Stated    
Principal Balance of such Mortgage Loan as of the first day of the related Due  
Period. Such fee shall be payable monthly, and shall be prorated for any portion
of a month during which the Mortgage Loan is serviced by the Servicer under this
Agreement. The Servicing Fee is payable solely from the interest portion        
(including recoveries with respect to interest from Liquidation Proceeds,       
Subsequent Recoveries, Insurance Proceeds, Condemnation Proceeds and proceeds   
received with respect to REO Properties) of such Scheduled Payment collected by 
the Servicer, or as otherwise provided under Section 3.11.                      

         Servicing Fee Rate: With respect to each Mortgage Loan, 0.50% per
annum with respect to each remaining Distribution Date.                         

    Servicing File: With respect to each Mortgage Loan, the file
retained by the Servicer consisting of originals or copies of all documents in  
the Mortgage File which are not delivered to the Custodian in the Custodial File
and copies of the Mortgage Loan Documents set forth in Exhibit K hereto.        

      Servicing Function Participant: As defined in Section 3.23(a).

           Servicing Officer: Any employee or officer of the 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 Servicer on the Closing Date pursuant to this   
Agreement, as such list may from time to time be amended.                       

           Servicing Transfer Date: With respect to each Mortgage Loan, either
September 30, 2006 or October 30, 2006.                                         

Similar Law: As defined in Section 5.02(b).             

            60+ Day Delinquent Mortgage Loan: Each Mortgage Loan with respect to
which any portion of a Scheduled Payment is, as of the last day of the prior Due
Period (not including a Mortgage Loan that became a Liquidated Mortgage Loan    
after such last day of the prior Due Period and on or prior to the end of the   
Prepayment Period in which such Due Period ends), 60 days or more delinquent,   
each Mortgage Loan in foreclosure, each Mortgage Loan related to REO Property   
and each Mortgage Loan where the related Mortgagor has filed for bankruptcy.    

            Specified Subordinated Amount: Prior to the Stepdown Date, an amount
equal to 3.75% of the Cut-off Date Pool Principal Balance. On and after the     
Stepdown Date, an amount equal to 7.50% of the aggregate Stated Principal       
Balance of the Mortgage Loans for such Distribution Date, subject, until the    
Class Certificate Balance of each Class of LIBOR Certificates has been reduced  
to zero, to a minimum amount equal to 0.50% of the aggregate Stated Principal   
Balance of the Mortgage Loans as of the Cut-off Date; provided, however, that   
if, on any Distribution Date, a Trigger Event exists, the Specified Subordinated
Amount shall not be reduced to the applicable percentage of the then current    
aggregate Stated Principal Balance of the Mortgage Loans but instead remain the 
same as the prior period's Specified Subordinated Amount until the Distribution 
Date on which a Trigger Event no longer exists. When the Class Certificate      
Balance of each Class of LIBOR Certificates has been reduced to zero, the       
Specified Subordinated Amount will thereafter equal zero.                       

          Sponsor: Sutton Funding LLC, a Delaware limited liability company,
and its successors in interest.                                                 

            Sponsor Representation Letter: The Side Letter, dated as of December
1, 2006, by and between the Sponsor and the Depositor, a copy of which is       
attached hereto as Exhibit O.                                                   

            Standard & Poor's: Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc. If Standard & Poor's is designated as a Rating  
Agency in the Preliminary Statement, for purposes of Section 10.05(c) the       
address for notices to Standard & Poor's shall be Standard & Poor's, 55 Water   
Street, New York, New York 10041, Attention: Residential Mortgage Surveillance  
Group - Securitized Asset Backed Receivables LLC Trust 2006-WM4, or such other  
address as Standard & Poor's may hereafter furnish to the Depositor, the Trustee
and the Servicer.                                                               

   Standard & Poor's Glossary: The Standard & Poor's LEVELS(R)
Glossary, as may be in effect from time to time.                                

Startup Day: The Closing Date.                          

        Stated Principal Balance: As to each Mortgage Loan and as of any
date of determination, (i) the principal balance of the Mortgage Loan at the    
Cut-off Date after giving effect to payments of principal due on or before such 
date (whether or not received), minus (ii) all amounts previously remitted to   
the Trustee with respect to the related Mortgage Loan representing payments or  
recoveries of principal including advances in respect of scheduled payments of  
principal. For purposes of any Distribution Date, the Stated Principal Balance  
of any Mortgage Loan will give effect to any scheduled payments of principal    
received by the Servicer on or prior to the related Determination Date or       
advanced by the Servicer for the related Remittance Date and any unscheduled    
principal payments and other unscheduled principal collections received during  
the related Prepayment Period, and the Stated Principal Balance of any Mortgage 
Loan that has prepaid in full or has become a Liquidated Mortgage Loan during   
the related Prepayment Period shall be zero.                                    

            Stepdown Date: The later to occur of (i) the earlier to occur of (a)
the Distribution Date in January 2010 and (b) the Distribution Date following   
the Distribution Date on which the aggregate Class Certificate Balances of the  
Class A Certificates have been reduced to zero and (ii) the first Distribution  
Date on which the Senior Enhancement Percentage (calculated for this purpose    
only after taking into account payments of principal on the Mortgage Loans      
applied to reduce the Stated Principal Balance of the Mortgage Loans for the    
applicable Distribution Date but prior to any applications of Principal         
Distribution Amount to the Certificates on such Distribution Date) is greater   
than or equal to the Senior Specified Enhancement Percentage.                   

          Subcontractor: Any third-party or Affiliated vendor, subcontractor
or other Person utilized by the Servicer, a Subservicer, the Custodian or the   
Trustee, as applicable, that is not responsible for the overall servicing (as   
"servicing" is commonly understood by participants in the mortgage-backed       
securities market) of Mortgage Loans but performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to any of the Mortgage 
Loans.                                                                          

        Subordinated Amount: As of any Distribution Date, the excess, if
any, of (a) the aggregate Stated Principal Balance of the Mortgage Loans for    
such Distribution Date over (b) the aggregate of the Class Certificate Balances 
of the LIBOR Certificates as of such Distribution Date (after giving effect to  
the payment of the Principal Remittance Amount on such Certificates on such     
Distribution Date).                                                             

  Subordinated Certificates: As specified in the Preliminary
Statement.                                                                      

            Subordination Deficiency: With respect to any Distribution Date, the
excess, if any, of (a) the Specified Subordinated Amount applicable to such     
Distribution Date over (b) the Subordinated Amount applicable to such           
Distribution Date.                                                              

        Subordination Reduction Amount: With respect to any Distribution
Date, an amount equal to the lesser of (a) the Excess Subordinated Amount and   
(b) the Net Monthly Excess Cash Flow.                                           

         Subsequent Recovery: With respect to any Mortgage Loan or related
Mortgaged Property that became a Liquidated Mortgage Loan or was otherwise      
disposed of, all amounts received in respect of such Liquidated Mortgage Loan   
after an Applied Realized Loss Amount related to such Mortgage Loan or Mortgaged
Property is allocated to reduce the Class Certificate Balance of any Class of   
Subordinated Certificates. Any Subsequent Recovery that is received during a    
Prepayment Period will be included as part of the Principal Remittance Amount   
for the related Distribution Date.                                              

         Subservicer: Any Person that services Mortgage Loans on behalf of
the Servicer or any Subservicer and is responsible for the performance (whether 
directly or through Subservicers or Subcontractors) of a substantial portion of 
the material servicing functions required to be performed by the Servicer under 
this Agreement, with respect to some or all of the Mortgage Loans, that are     
identified in Item 1122(d) of Regulation AB.                                    

Subservicing Account: As defined in Section 3.08.       

Subservicing Agreements: As defined in Section 3.02(a). 

    Substitute Mortgage Loan: A Mortgage Loan substituted by the
Responsible Party for a Deleted Mortgage Loan which must, on the date of such   
substitution, as confirmed in a Request for Release, substantially in the form  
of Exhibit J, (i) have a Stated Principal Balance, after deduction of all       
Scheduled Payments due in the month of substitution, not in excess of the Stated
Principal Balance of the Deleted Mortgage Loan; (ii) be accruing interest at a  
rate not lower than and not more than 1% higher than that of the Deleted        
Mortgage Loan; (iii) have a remaining term to maturity not greater than (and not
more than one year less than) that of the Deleted Mortgage Loan; (iv) be of the 
same type as the Deleted Mortgage Loan; and (v) comply with each applicable     
representation and warranty set forth in Section 2.03.                          

   Substitution Adjustment Amount: As defined in Section 2.03.

         Supplemental Float Account: The trust account created pursuant to
Section 4.07 of this Agreement consisting of any interest or investment income  
earned on funds deposited in the Collection Account, subject to Section 3.21(c).
The Supplemental Float Account shall be an asset of Pooling Tier REMIC-1.       

            Supplemental Interest Account: The trust account created pursuant to
Section 4.06 of this Agreement consisting of the Interest Rate Swap Agreement,  
the Class IO Interest and the right to receive Class IO Shortfalls, subject to  
the obligation to pay amounts specified in Section 4.06.                        

          Swap LIBOR: With respect to any Distribution Date (and the related
Interest Accrual Period), the product of (i) USD-LIBOR-BBA (as used in the      
Interest Rate Swap Agreement), (ii) two, and (iii) the quotient of (a) the      
actual number of days in the Interest Accrual Period for the LIBOR Certificates 
divided by (b) 30.                                                              

            Swap Provider: Barclays Bank PLC, a bank authorized and regulated by
the United Kingdom's Financial Services Authority and a member of the London    
Stock Exchange, and its successors in interest.                                 

         Swap Termination Payment: Any payment payable by the Trust or the
Swap Provider upon termination of the Interest Rate Swap Agreement as a result  
of an Event of Default (as defined in the Interest Rate Swap Agreement) or a    
Termination Event (as defined in the Interest Rate Swap Agreement).             

            Tax Matters Person: The Holder of the (i) Class R-I Certificates and
(ii) Class R-II Certificates designated as "tax matters person" of (i) Pooling  
Tier REMIC-1 and (ii) Pooling Tier REMIC-2, the Lower Tier REMIC and the Upper  
Tier REMIC, respectively, in the manner provided under Treasury Regulations     
Section 1.860F-4(d) and Treasury Regulations Section 301.6231(a)(7)-1.          

Tax Service Contract: As defined in Section 3.09(a).    

           Telerate Page 3750: The display page currently so designated on the
Bridge Telerate Service (or such other page as may replace that page on that    
service for displaying comparable rates or prices).                             

10-K Filing Deadline: As defined in Section 8.12(c).    

Termination Price: As defined in Section 9.01.          

           Total Monthly Excess Spread: As to any Distribution Date, an amount
equal to the excess, if any, of (i) the interest on the Mortgage Loans (other   
than Prepayment Interest Excesses) received by the Servicer on or prior to the  
related Determination Date or advanced by the Servicer for the related          
Remittance Date (net of Expense Fees) over (ii) the sum of (A) the amounts      
payable to the Certificates pursuant to Section 4.02(a)(i) on such Distribution 
Date, (B) any Net Swap Payments paid to the Swap Provider and (C) any Swap      
Termination Payment (other than a Defaulted Swap Termination Payment) payable to
the Swap Provider from Available Funds.                                         

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

Transfer Affidavit: As defined in Section 5.02(c).      

Transferor Certificate: As defined in Section 5.02(b).  

  Trigger Event: Either a Cumulative Loss Trigger Event or a
Delinquency Trigger Event.                                                      

      Trust: The express trust created hereunder in Section 2.01(c).

           Trust Fund: The corpus of the trust created hereunder consisting of
(i) the Mortgage Loans and all interest and principal with respect thereto      
received on or after the related Cut-off Date, other than such amounts which    
were due on the Mortgage Loans on or prior to the related Cut-off Date; (ii) the
Collection Account, Excess Reserve Fund Account, the Distribution Account, the  
Supplemental Float 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 Interest Rate Swap Agreement; (v) the Supplemental Interest 
Account; (vi) the Closing Date Deposit Amount; (vii) the Sponsor Representation 
Letter; and (viii) all proceeds of the conversion, voluntary or involuntary, of 
any of the foregoing.                                                           

           Trust REMIC: Any of Pooling Tier REMIC-1, Pooling Tier REMIC-2, the
Lower Tier REMIC or the Upper Tier REMIC, as applicable.                        

         Trustee: Deutsche Bank National Trust Company, a national banking
association, and its successors in interest and, if a successor trustee is      
appointed hereunder, such successor.                                            

           Trustee Float Period: With respect to the Distribution Date and the
related amounts in the Distribution Account, the period commencing on the second
Business Day immediately preceding such Distribution Date and ending on such    
Distribution Date.                                                              

          Underwriters' Exemption: Any exemption listed under footnote 1 of,
and amended by, Prohibited Transaction Exemption 2002-41, 67 Fed. Reg. 54487    
(2002), or any successor exemption.                                             

            Underwriting Guidelines: The underwriting guidelines attached to the
Purchase Agreement.                                                             

            Unpaid Interest Amount: As of any Distribution Date and any Class of
Certificates, the sum of (a) the portion of the Accrued Certificate Interest    
Distribution Amount from Distribution Dates prior to the current Distribution   
Date remaining unpaid immediately prior to the current Distribution Date and (b)
interest on the amount in clause (a) above at the applicable Pass-Through Rate  
(to the extent permitted by applicable law).                                    

 Unpaid Realized Loss Amount: With respect to any Class of
Subordinated Certificates and as to any Distribution Date, is the excess of (i) 
the Applied Realized Loss Amounts with respect to such Class over (ii) the sum  
of (a) all distributions in reduction of such Applied Realized Loss Amounts on  
all previous Distribution Dates, and (b) the amount by which the Class          
Certificate Balance of such Class has been increased due to the distribution of 
any Subsequent Recoveries on all previous Distribution Dates. Any amounts       
distributed to a Class of Subordinated Certificates in respect of any Unpaid    
Realized Loss Amount will not be applied to reduce the Class Certificate Balance
of such Class.                                                                  

            Upper Tier Carry Forward Amount: With respect to each Class of LIBOR
Certificates, as of any Distribution Date, the sum of (A) if on such            
Distribution Date the Upper Tier REMIC Interest Rate for the Corresponding Class
of Upper Tier REMIC Regular Interest is based upon the Upper Tier REMIC Loan    
Group I Rate, Upper Tier REMIC Loan Group II Rate or Upper Tier REMIC Pool Cap  
Rate, as applicable, the excess, if any, of (i) the Accrued Certificate Interest
Distribution Amount such Class of LIBOR Certificates would otherwise be entitled
to receive on such Distribution Date taking into account the Group I Loan Cap,  
Group II Loan Cap or Pool Cap, as applicable, over (ii) the Accrued Certificate 
Interest Distribution Amount such Class of Upper Tier REMIC Regular Interest    
would otherwise be entitled to receive on such Distribution Date taking into    
account the Upper Tier REMIC Loan Group I Rate, Upper Tier REMIC Loan Group II  
Rate or Upper Tier REMIC Pool Cap Rate, as applicable, and (B) the Upper Tier   
Carry Forward Amount for such Class of Certificates for all previous            
Distribution Dates not previously paid, together with interest thereon at a rate
equal to the applicable Upper Tier REMIC Interest Rate for such Class of        
Certificates for such Distribution Date, without giving effect to the Upper Tier
REMIC Loan Group I Rate, Upper Tier REMIC Loan Group II Rate or Upper Tier REMIC
Pool Cap Rate, as applicable.                                                   

    Upper Tier REMIC: As described in the Preliminary Statement.

           Upper Tier REMIC Loan Group I Rate: As described in the Preliminary
Statement.                                                                      

            Upper Tier REMIC Loan Group II Rate: As described in the Preliminary
Statement.                                                                      

      Upper Tier REMIC Pool Cap Rate: For any Distribution Date, the
weighted average of the Lower Tier REMIC Interest Rate on (a) the Class LT-Group
I(SUB), subject to a cap and floor equal to the Lower Tier REMIC Interest Rate  
of the Class LT-Group I Interest and (b) the Class LT-Group II(SUB), subject to 
a cap and floor equal to the Lower Tier REMIC Interest Rate of the Class        
LT-Group II Interest, weighted on the basis of the respective Lower Tier REMIC  
Principal Amounts of the Class LT-Group I(SUB) and Class LT-Group II(SUB),      
respectively.                                                                   

          Upper Tier REMIC Regular Interest: As described in the Preliminary
Statement.                                                                      

           U.S. Person: (i) A citizen or resident of the United States; (ii) a
corporation (or entity treated as a corporation for tax purposes) created or    
organized in the United States or under the laws of the United States or of any 
State thereof, including, for this purpose, the District of Columbia; (iii) a   
partnership (or entity treated as a partnership for tax purposes) organized in  
the United States or under the laws of the United States or of any State        
thereof, including, for this purpose, the District of Columbia (unless provided 
otherwise by future Treasury regulations); (iv) an estate whose income is       
includible in gross income for United States income tax purposes regardless of  
its source; or (v) 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 U.S. Persons have authority to control substantial decisions of the trust. 
Notwithstanding the last clause of the preceding sentence, to the extent        
provided in Treasury regulations, certain trusts in existence on August 20,     
1996, and treated as U.S. Persons prior to such date, may elect to continue to  
be U.S. Persons.                                                                

     Voting Rights: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. As of any date of           
determination, (a) 1% of all Voting Rights shall be allocated to the Class X    
Certificates, if any (such Voting Rights to be allocated among the Holders of   
Certificates of each such Class in accordance with their respective Percentage  
Interests), (b) 1% of all Voting Rights shall be allocated to the Class P       
Certificates, if any, and (c) the remaining Voting Rights shall be allocated    
among Holders of the remaining Classes of Certificates in proportion to the     
Certificate Balances of their respective Certificates on such date.             

ARTICLE II

 CONVEYANCE OF MORTGAGE LOANS;
REPRESENTATIONS AND WARRANTIES

     Section 2.01 Conveyance of Mortgage Loans. (a) The Depositor,
concurrently with the execution and delivery hereof, hereby sells, transfers,   
assigns, sets over and otherwise conveys to the Trustee for the benefit of the  
Certificateholders, without recourse, all the right, title and interest of the  
Depositor in and to the Trust Fund, and the Trustee, on behalf of the Trust,    
hereby accepts the Trust Fund.                                                  

           (b) In connection with the transfer and assignment of each Mortgage
Loan, the Depositor has delivered or caused to be delivered to the Custodian the
following documents or instruments with respect to each Mortgage Loan so        
assigned:                                                                       

           (i) the original Mortgage Note bearing all intervening endorsements
   showing a complete chain of endorsement from the originator to the last
    endorsee, endorsed "Pay to the order of _____________, without recourse"
    and signed (which may be by facsimile signature) in the name of the last
     endorsee by an authorized officer. To the extent that there is no room on
   the face of the Mortgage Notes for endorsements, the endorsement may be
contained on an allonge, unless state law does not so allow and the 
      Custodian is so advised in writing by the Responsible Party that state law
does not so allow;                                                  

          (ii) the original of any guarantee executed in connection with the
Mortgage Note;                                                      

           (iii) the original Mortgage with evidence of recording thereon or a
certified true copy of such Mortgage submitted for recording. If, in
connection with any Mortgage Loan, the original Mortgage cannot be  
   delivered with evidence of recording thereon on or prior to the Closing
    Date because of a delay caused by the public recording office where such
    Mortgage has been delivered for recordation or because such Mortgage has
  been lost or because such public recording office retains the original
 recorded Mortgage, the Responsible Party shall deliver or cause to be
      delivered to the Custodian a photocopy of such Mortgage, together with (A)
      in the case of a delay caused by the public recording office, an Officer's
    Certificate of the Responsible Party (or certified by the title company,
  escrow agent, or closing attorney) stating that such Mortgage has been
     dispatched to the appropriate public recording office for recordation and
    that the original recorded Mortgage or a copy of such Mortgage certified
 by such public recording office to be a true and complete copy of the
  original recorded Mortgage will be promptly delivered to the Custodian
  upon receipt thereof by the Responsible Party; or (B) in the case of a
  Mortgage where a public recording office retains the original recorded
   Mortgage or in the case where a Mortgage is lost after recordation in a
     public recording office, a copy of such Mortgage certified by such public
    recording office to be a true and complete copy of the original recorded
Mortgage;                                                           

         (iv) the originals of all assumption, modification, consolidation
 and extension agreements, if any, with evidence of recording thereon;

      (v) the original Assignment of Mortgage for each Mortgage Loan
endorsed in blank (except with respect to MERS Designated Loans);   

         (vi) the originals of all intervening assignments of Mortgage (if
any) evidencing a complete chain of assignment from the applicable  
 originator to the last endorsee (or, in the case of a MERS Designated
      Loan, MERS) with evidence of recording thereon, or if any such intervening
    assignment has not been returned from the applicable recording office or
 has been lost or if such public recording office retains the original
    recorded assignments of Mortgage, the Responsible Party shall deliver or
      cause to be delivered a photocopy of such intervening assignment, together
     with (A) in the case of a delay caused by the public recording office, an
   Officer's Certificate of the Responsible Party or a certificate from an
   escrow company, a title company or a closing attorney stating that such
     intervening assignment of Mortgage has been dispatched to the appropriate
   public recording office for recordation and that such original recorded
intervening assignment of Mortgage or a copy of such intervening    
assignment of Mortgage certified by the appropriate public recording
      office to be a true and complete copy of the original recorded intervening
   assignment of Mortgage will be promptly delivered to the Custodian upon
receipt thereof by the Responsible Party; or (B) in the case of an  
intervening assignment where a public recording office retains the  
original recorded intervening assignment or in the case where an    
  intervening assignment is lost after recordation in a public recording
  office, a copy of such intervening assignment certified by such public
    recording office to be a true and complete copy of the original recorded
intervening assignment;                                             

            (vii) the original mortgagee title insurance policy or, in the event
  such original title policy is unavailable, a copy of the title policy,
     certified by the Responsible Party, or certified true copy of the related
      policy binder or commitment for title certified to be true and complete by
the title insurance company;                                        

      (viii) the original or, if unavailable, a copy of any security
     agreement, chattel mortgage or equivalent document executed in connection
with the Mortgage (if provided); and                                

        (ix) if any of the above documents has been executed by a person
holding a power of attorney, an original or photocopy of such power 
   certified by the Responsible Party to be a true and correct copy of the
original.                                                           

         To the extent not previously delivered to the Sponsor pursuant to
the Purchase Agreement, the Responsible Party shall promptly upon receipt from  
the respective recording office cause to be delivered to the Custodian the      
original recorded document described in (iii), (iv) and (vi) above.             

      From time to time, the Responsible Party, the Depositor or the
Servicer, as applicable, shall forward to the Custodian, additional original    
documents, additional documents evidencing an assumption, modification,         
consolidation or extension of a Mortgage Loan, in accordance with the terms of  
this Agreement upon receipt of such documents. All such mortgage documents held 
by the Custodian as to each Mortgage Loan shall constitute the "Custodial File."

         To the extent not previously delivered to the Sponsor pursuant to
this Agreement, on or prior to the Closing Date, the Responsible Party shall    
deliver to the Custodian, Assignments of Mortgages, in blank, for each Mortgage 
Loan that is not a MERS Designated Loan. No later than thirty (30) Business Days
following the later of the Closing Date and the date of receipt by the Servicer 
of the complete recording information for a Mortgage, the Servicer shall        
promptly submit or cause to be submitted for recording, at the expense of the   
Responsible Party and at no expense to the Trust Fund, the Custodian, the       
Servicer or the Depositor, in the appropriate public office for real property   
records, each Assignment of Mortgage referred to in Section 2.01(b)(v).         
Notwithstanding the foregoing, however, for administrative convenience and      
facilitation of servicing and to reduce closing costs, the Assignments of       
Mortgage shall not be required to be completed and submitted for recording with 
respect to any Mortgage Loan (i) if the Custodian, the Trustee and each Rating  
Agency have received an Opinion of Counsel, satisfactory in form and substance  
to the Custodian, the Trustee and each Rating Agency to the effect that the     
recordation of such Assignments of Mortgage in any specific jurisdiction is not 
necessary to protect the Trustee's interest in the related Mortgage Note, (ii)  
if such Mortgage Loan is a MERS Designated Mortgage Loan or (iii) if the Rating 
Agencies have each notified the Depositor and the Servicer in writing that not  
recording any such Assignments of Mortgage would not cause the initial ratings  
on any LIBOR Certificates to be downgraded or withdrawn; provided, however, that
the Servicer shall not be held responsible or liable for any loss that occurs   
because an Assignment of Mortgage was not recorded, but only to the extent the  
Servicer does not have prior knowledge of the act or omission that causes such  
loss. Unless the Depositor gives the Servicer notice to the contrary, the       
Depositor is deemed to have given the Servicer notice that the condition set    
forth in clause (iii) above is applicable. In addition to the foregoing, the    
Servicer shall cause each Assignment of Mortgage to be recorded in accordance   
with Accepted Servicing Practices in order to convey, upon foreclosure, the     
title of any Mortgaged Property to the Trust as set forth in Section 3.17       
hereof. If the Assignment of Mortgage is to be recorded, the applicable Mortgage
shall be assigned by the Responsible Party, at the expense of the Responsible   
Party to "Deutsche Bank National Trust Company, as trustee under the Pooling and
Servicing Agreement dated as of December 1, 2006, Securitized Asset Backed      
Receivables LLC Trust 2006-WM4." In the event that any such Assignment of       
Mortgage is lost or returned unrecorded because of a defect therein, the        
Responsible Party shall promptly cause to be delivered a substitute Assignment  
of Mortgage to cure such defect and thereafter cause each such assignment to be 
duly recorded at no expense to the Trust Fund.                                  

           On or prior to the Closing Date, the Depositor shall deliver to the
Trustee and the Custodian a copy of the Data Tape Information in electronic,    
machine readable medium in a form mutually acceptable to the Depositor, the     
Trustee and the Custodian. Within ten (10) Business Days of the Closing Date,   
the Depositor shall deliver a copy of the complete Mortgage Loan Schedule to the
Custodian and the Trustee.                                                      

         In the event that such original or copy of any document submitted
for recordation to the appropriate public recording office is not so delivered  
to the Custodian within 180 days (or such other time period as may be required  
by any Rating Agency) following the Closing Date, and in the event that the     
Responsible Party does not cure such failure within 30 days of discovery or     
receipt of written notification of such failure from the Depositor, the related 
Mortgage Loan shall, upon the request of the Depositor, be repurchased by the   
Responsible Party at the price and in the manner specified in Section 2.03. The 
foregoing repurchase obligation shall not apply in the event that the           
Responsible Party cannot deliver such original or copy of any document submitted
for recordation to the appropriate public recording office within the specified 
period due to a delay caused by the recording office in the applicable          
jurisdiction; provided, that the Responsible Party shall instead deliver a      
recording receipt of such recording office or, if such recording receipt is not 
available, an officer's certificate of an officer of the Responsible Party,     
confirming that such document has been accepted for recording.                  

          Notwithstanding anything to the contrary contained in this Section
2.01, in those instances where the public recording office retains or loses the 
original Mortgage or assignment after it has been recorded, the obligations of  
the Responsible Party shall be deemed to have been satisfied upon delivery by   
the Responsible Party to the Custodian, prior to the Closing Date of a copy of  
such Mortgage or assignment, as the case may be, certified (such certification  
to be an original thereof) by the public recording office to be a true and      
complete copy of the recorded original thereof.                                 

        (c) The Depositor does hereby establish, pursuant to the further
provisions of this Agreement and the laws of the State of New York, an express  
trust (the "Trust") to be known, for convenience, as "Securitized Asset Backed  
Receivables LLC Trust 2006-WM4" and Deutsche Bank National Trust Company is     
hereby appointed as Trustee in accordance with the provisions of this Agreement.
The parties hereto acknowledge and agree that it is the policy and intention of 
the Trust to acquire only Mortgage Loans meeting the requirements set forth in  
this Agreement, including without limitation, the representation and warranty   
set forth in paragraph (aaa) of Schedule III. The Trust's fiscal year is the    
calendar year.                                                                  

           (d) The Trust shall have the capacity, power and authority, and the
Trustee on behalf of the Trust is hereby authorized, to accept the sale,        
transfer, assignment, set over and conveyance by the Depositor to the Trust of  
all the right, title and interest of the Depositor in and to the Trust Fund     
(including, without limitation, the Mortgage Loans, and the Interest Rate Swap  
Agreement) pursuant to Section 2.01(a). The Trustee on behalf of the Trust is   
hereby authorized to enter into the Interest Rate Swap Agreement.               

         Section 2.02 Acceptance by the Trustee of the Mortgage Loans. The
Custodian shall acknowledge, on the Closing Date, receipt by it on behalf of the
Trustee, of the documents identified in the Initial Certification in the form   
annexed hereto as Exhibit E ("Initial Certification"), and declares that it     
holds and will hold such documents and the other documents delivered to it      
pursuant to Section 2.01, and that it holds or will hold such other assets as   
are included in the Trust Fund, in trust for the exclusive use and benefit of   
all present and future Certificateholders. The Custodian shall maintain         
possession of the related Mortgage Notes in the States of Minnesota, California 
or Utah, unless otherwise permitted by the Rating Agencies.                     

            In connection with the Closing Date, the Custodian shall be required
to deliver via facsimile (with original to follow the next Business Day) to the 
Depositor and the Trustee an Initial Certification prior to the Closing Date,   
or, as the Depositor agrees on the Closing Date, certifying receipt of a        
Mortgage Note and Assignment of Mortgage for each Mortgage Loan. The Custodian  
shall not be responsible to verify the validity, sufficiency or genuineness of  
any document in any Custodial File.                                             

            Within 90 days after the Closing Date, the Custodian shall ascertain
that all documents identified in the Document Certification and Exception Report
in the form attached hereto as Exhibit F are in its possession, and shall       
deliver to the Depositor, the Servicer and the Trustee a Document Certification 
and Exception Report, in the form annexed hereto as Exhibit F, to the effect    
that, as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than 
any Mortgage Loan paid in full or any Mortgage Loan specifically identified in  
such certification as an exception and not covered by such certification): (i)  
all documents identified in the Document Certification and Exception Report and 
required to be reviewed by it are in its possession; (ii) such documents have   
been reviewed by it and appear regular on their face and relate to such Mortgage
Loan; (iii) based on its examination and only as to the foregoing documents, the
information set forth in items (1), (2), (3), (15), (22) and (29) of the Data   
Tape Information respecting such Mortgage Loan is correct; and (iv) each        
Mortgage Note has been endorsed as provided in Section 2.01 of this Agreement.  
The Custodian shall not be responsible to verify the validity, sufficiency or   
genuineness of any document in any Custodial File.                              

           The Custodian shall retain possession and custody of each Custodial
File in accordance with and subject to the terms and conditions set forth       
herein. The Servicer shall promptly deliver to the Custodian, upon the execution
or receipt thereof, the originals of such other documents or instruments        
constituting the Custodial File as come into the possession of the Servicer from
time to time.                                                                   

         The Responsible Party shall deliver to the Servicer copies of all
trailing documents required to be included in the Custodial File at the same    
time the original or certified copies thereof are delivered to the Custodian,   
including but not limited to such documents as the title insurance policy and   
any other Mortgage Loan documents upon return from the public recording office. 
The documents shall be delivered to the Responsible Party at the Responsible    
Party's expense to the Servicer.                                                

     Section 2.03 Representations, Warranties and Covenants of the
Responsible Party and the Servicer; Remedies for Breaches of Representations and
Warranties with Respect to the Mortgage Loans. (a) The Servicer hereby makes the
representations and warranties set forth in Schedule II hereto to the Depositor 
and the Trustee, as of the Closing Date. The Custodian hereby makes the         
representations and warranties set forth in Schedule VI hereto to the Depositor 
and the Trustee.                                                                

      (b) The Responsible Party hereby makes the representations and
warranties set forth in Schedule III and Schedule IV to the Depositor and the   
Trustee, as of the Closing Date. The Depositor hereby makes the representations 
and warranties set forth in Schedule V hereto to the Trustee, as of the dates   
set forth in such Schedule.                                                     

           (c) It is understood and agreed by the Servicer and the Responsible
Party that the representations and warranties set forth in this Section 2.03    
shall survive the transfer of the Mortgage Loans by the Depositor to the Trustee
on the Closing Date, and shall inure to the benefit of the Depositor and the    
Trustee notwithstanding any restrictive or qualified endorsement on any Mortgage
Note or Assignment of Mortgage or the examination or failure to examine any     
Mortgage File. Upon discovery by the Responsible Party, the Depositor, the      
Trustee, the Custodian or the Servicer of a breach of any of the foregoing      
representations and warranties, the party discovering such breach shall give    
prompt written notice to the others. The Trustee shall enforce the rights of the
Trust under the Sponsor Representation Letter.                                  

          (d) Within 30 days of the earlier of either discovery by or notice
to the Responsible Party that any Mortgage Loan does not conform to the         
requirements as determined in the Custodian's review of the related Custodial   
File or within 60 days of the earlier of either discovery by or notice to the   
Responsible Party of any breach of a representation or warranty, set forth in   
Section 2.03(b), that materially and adversely affects the value of any Mortgage
Loan or the interest of the Trustee or the Certificateholders therein, the      
Responsible Party shall use its best efforts to cause to be remedied a material 
defect in a document constituting part of a Mortgage File or promptly to cure   
such breach in all material respects and, if such defect or breach cannot be    
remedied, the Responsible Party shall, at the Depositor's option as specified in
writing and provided to the Responsible Party, the Custodian and the Trustee,   
(i) if such 30- or 60-day period, as applicable, 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 Substitute Mortgage    
Loan, in the manner and subject to the conditions set forth in this Section     
2.03; or (ii) repurchase such Mortgage Loan at the Repurchase Price; provided,  
however, that any such substitution pursuant to clause (i) above shall not be   
effected prior to the delivery to the Custodian of a Request for Release        
substantially in the form of Exhibit J, and the delivery of the Custodial File  
to the Custodian for any such Substitute Mortgage Loan. Notwithstanding the     
foregoing, a breach (i) which causes a Mortgage Loan not to constitute a        
"qualified mortgage" within the meaning of Section 860G(a)(3) of the Code or    
(ii) by the Responsible Party of any of the representations and warranties      
identified as a Deemed Material and Adverse Representation on Schedule III, will
be deemed automatically to materially and adversely affect the value of such    
Mortgage Loan and the interests of the Trustee and Certificateholders in such   
Mortgage Loan. In the event that the Trustee receives notice from any party     
discovering such a breach by the Responsible Party of any of the representations
and warranties identified as a Deemed Material and Adverse Representation on    
Schedule III, the Trustee shall give notice of such breach to the Responsible   
Party and request the Responsible Party to repurchase the Mortgage Loan at the  
Repurchase Price within sixty (60) days of receipt by the Responsible Party of  
such notice. The Responsible Party shall repurchase each such Mortgage Loan     
within 60 days of the earlier of discovery or receipt of notice with respect to 
each such Mortgage Loan. Within 90 days of the earlier of either discovery by or
notice to the Depositor of any breach of a representation or warranty set forth 
in clause (a) or (b) of Schedule V hereto with respect to any Mortgage Loan that
is also a breach of the representation and warranty set forth in clause (g) or  
(aaa), as applicable, of Schedule III, and the Responsible Party has not        
repurchased such Mortgage Loan within the applicable time period for repurchase 
set forth above, the Depositor shall repurchase such Mortgage Loan at the       
Repurchase Price or substitute a Substitute Mortgage Loan for such Mortgage     
Loan.                                                                           

      (e) With respect to any Substitute Mortgage Loan or Loans, the
Responsible Party shall deliver to the Custodian the Mortgage Note, the         
Mortgage, the related assignment of the Mortgage, and such other documents and  
agreements as are required by Section 2.01, with the Mortgage Note endorsed and 
the Mortgage assigned as required by Section 2.01. No substitution is permitted 
to be made with respect to any Distribution Date after the end of the related   
Prepayment Period. Scheduled Payments due with respect to Substitute Mortgage   
Loans in the Due Period of substitution shall not be part of the Trust Fund and 
will be retained by the Responsible Party on the next succeeding Distribution   
Date. For the Due Period of substitution, distributions to Certificateholders   
will include the Scheduled Payment due on any Deleted Mortgage Loan for such Due
Period and thereafter the Responsible Party shall be entitled to retain all     
amounts received in respect of such Deleted Mortgage Loan.                      

          (f) The Servicer, based upon information provided by the Depositor
or the Responsible Party, 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 Substitute Mortgage Loan or Loans and the Servicer  
shall deliver the amended Mortgage Loan Schedule to the Trustee and the         
Custodian. Upon such substitution, the Substitute Mortgage Loan or Loans shall  
be subject to the terms of this Agreement in all respects, and the Responsible  
Party shall be deemed to have made with respect to such Substitute Mortgage Loan
or Loans, as of the date of substitution, the representations and warranties    
made pursuant to Section 2.03(b) with respect to such Mortgage Loan. Upon any   
such substitution and the deposit to the Collection Account of the amount       
required to be deposited therein in connection with such substitution as        
described in the following paragraph, the Custodian shall release the Mortgage  
File held for the benefit of the Certificateholders relating to such Deleted    
Mortgage Loan to the Responsible Party and the Trustee shall execute and deliver
at the Responsible Party's written direction such instruments of transfer or    
assignment prepared by the Responsible Party, in each case without recourse, as 
shall be necessary to vest title in the Responsible Party, of the Trustee's     
interest in any Deleted Mortgage Loan substituted for pursuant to this Section  
2.03.                                                                           

           (g) For any month in which the Responsible Party substitutes one or
more Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the      
Servicer will determine the amount (if any) by which the aggregate unpaid       
principal balance of all such Substitute Mortgage Loans as of the date of       
substitution is less than the aggregate unpaid principal balance of all such    
Deleted Mortgage Loans. The amount of such shortage plus an amount equal to the 
aggregate of any unreimbursed Advances with respect to such Deleted Mortgage    
Loans (collectively, the "Substitution Adjustment Amount") shall be remitted by 
the Responsible Party to the Servicer for deposit into the Collection Account on
or before the Distribution Account Deposit Date for the Distribution Date in the
month succeeding the calendar month during which the related Mortgage Loan      
became required to be purchased or replaced hereunder.                          

     (h) In addition to such repurchase or substitution obligation
referred to in Section 2.03(d), the Responsible Party shall indemnify the       
Depositor, any of its Affiliates, the Servicer, the Trustee and the Trust and   
hold such parties harmless against any losses, damages, penalties, fines,       
forfeitures, reasonable and necessary legal fees and related costs, judgments   
and other costs and expenses (including, without limitation, any taxes payable  
by the Trust) resulting from any third party claim, demand, defense or assertion
based on or grounded upon, or resulting from, a breach by the Responsible Party 
of any of its representations and warranties or obligations contained in this   
Agreement. This indemnity shall survive the termination of this Agreement.      

     (i) In addition to such repurchase or substitution obligation
referred to in Section 2.03(d), the Depositor shall indemnify the Trustee and   
the Trust and hold the Trustee and the Trust harmless against any losses,       
damages, penalties, fines, forfeitures, reasonable and necessary legal fees and 
related costs, judgments and other costs and expenses (including, without       
limitation, any taxes payable by the Trust) resulting from any third party      
claim, demand, defense or assertion based on or grounded upon, or resulting     
from, a breach by the Depositor of any of its representations and warranties or 
obligations contained in this Agreement. This indemnity shall survive the       
termination of this Agreement.                                                  

       (j) The Servicer shall amend the Mortgage Loan Schedule for the
benefit of the Certificateholders to reflect the removal of such Deleted        
Mortgage Loan and the Servicer shall deliver the amended Mortgage Loan Schedule 
to the Trustee and the Custodian.                                               

         (k) In the event that a Mortgage Loan shall have been repurchased
pursuant to this Agreement or the Sponsor Representation Letter, the proceeds   
from such repurchase shall be deposited by the Servicer in the Collection       
Account pursuant to Section 3.10 on or before the Distribution Account Deposit  
Date for the Distribution Date in the month following the month during which the
applicable Person became obligated to repurchase or replace such Mortgage Loan  
and upon such deposit of the Repurchase Price, and receipt of a Request for     
Release in the form of Exhibit J hereto, the Custodian shall release within two 
Business Days the related Custodial File held for the benefit of the            
Certificateholders to such Person as directed by the Servicer, and the Trustee  
shall execute and deliver at such Person's written direction such instruments of
transfer or assignment prepared by such Person, in each case without recourse,  
as shall be necessary to transfer title from the Trustee. In accordance with    
Section 10.05(b), the Trustee shall promptly notify each Rating Agency of a     
purchase of a Mortgage Loan pursuant to this Section 2.03.                      

          It is understood and agreed that the obligation of the Responsible
Party under this Agreement to cure, repurchase or substitute any Mortgage Loan  
as to which a breach of a representation and warranty has occurred and is       
continuing, together with any related indemnification obligations of the        
Responsible Party set forth in Section 2.03(h), shall constitute the sole       
remedies against such Person respecting such breach available to                
Certificateholders, the Depositor and any of its Affiliates, or the Trustee on  
their behalf.                                                                   

        It is understood and agreed that the obligation of the Depositor
under this Agreement to cure, repurchase or substitute any Mortgage Loan as to  
which a breach of a representation and warranty has occurred and is continuing, 
together with any related indemnification obligations of the Depositor set forth
in Section 2.03(i), shall constitute the sole remedies against such Person      
respecting such breach available to Certificateholders, the Trust, or the       
Trustee on their behalf.                                                        

         The provisions of this Section 2.03 shall survive delivery of the
respective Custodial Files to the Custodian.                                    

Section 2.04 [Reserved].                                

        Section 2.05 Execution and Delivery of Certificates. The Trustee
acknowledges the transfer and assignment to it of the Trust Fund and,           
concurrently with such transfer and assignment, has executed and delivered to or
upon the order of the Depositor, the Certificates in authorized Denominations   
evidencing directly or indirectly 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.          

            Section 2.06 REMIC Matters. The Preliminary Statement sets forth the
designations for federal income tax purposes of all interests created hereby.   
The "Startup Day" of each Trust REMIC for purposes of the REMIC Provisions shall
be the Closing Date. The "latest possible maturity date" of the regular         
interests in each Trust REMIC is the Distribution Date occurring in November    
2036, which is the Distribution Date in the month following the latest Mortgage 
Loan maturity date.                                                             

       Amounts distributable to the Class X Certificates (prior to any
reduction for any Basis Risk Payment, Net Swap Payment or Swap Termination      
Payment), exclusive of any amounts received from the Swap Provider, shall be    
deemed paid from the Upper Tier REMIC in respect of the Class X Interest and the
Class IO Interest to the Holders of the Class X Certificates prior to           
distribution of any Basis Risk Payments to the LIBOR Certificates or Net Swap   
Payments or Swap Termination Payment to the Swap Provider.                      

            For federal income tax purposes, any amount distributed on the LIBOR
Certificates on any Distribution Date in excess of the amount distributable on  
their Corresponding Class of Upper Tier Regular Interest on such Distribution   
Date shall be treated as having been paid from the Excess Reserve Fund Account  
or the Supplemental Interest Account, as applicable, and any amount             
distributable on such Corresponding Class of Upper Tier Regular Interest on such
Distribution Date in excess of the amount distributable on the Corresponding    
Class of LIBOR Certificates on such Distribution Date shall be treated as having
been paid to the Supplemental Interest Account, all pursuant to and as further  
provided in Section 8.13.                                                       

         Section 2.07 Representations and Warranties of the Depositor. The
Depositor hereby represents, warrants and covenants to the Trustee and the      
Servicer that as of the date of this Agreement or as of such date specifically  
provided herein:                                                                

        (a) The Depositor is a limited liability company duly organized,
validly existing and in good standing under the laws of the State of Delaware;  

            (b) The Depositor has the power and authority to convey the Mortgage
Loans and to execute, deliver and perform, and to enter into and consummate     
transactions contemplated by, this Agreement;                                   

         (c) This Agreement has been duly and validly authorized, executed
and delivered by the Depositor, all requisite company action having been taken, 
and, assuming the due authorization, execution and delivery hereof by the other 
parties hereto, constitutes or will constitute the legal, valid and binding     
agreement of the Depositor, enforceable against the Depositor in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, 
reorganization, moratorium or other similar laws relating to or affecting the   
rights of creditors generally, and by general equity principles (regardless of  
whether such enforcement is considered in a proceeding in equity or at law);    

            (d) No consent, approval, authorization or order of, or registration
or filing with, or notice to, any governmental authority or court is required   
for the execution, delivery and performance of or compliance by the Depositor   
with this Agreement or the consummation by the Depositor of any of the          
transactions contemplated hereby, except as have been received or obtained on or
prior to the Closing Date;                                                      

     (e) None of the execution and delivery of this Agreement, the
consummation of the transactions contemplated hereby or thereby, or the         
fulfillment of or compliance with the terms and conditions of this Agreement,   
(i) conflicts or will conflict with or results or will result in a breach of, or
constitutes or will constitute a default or results or will result in an        
acceleration under (A) the certificate of formation or limited liability company
agreement of the Depositor, or (B) of any term, condition or provision of any   
material indenture, deed of trust, contract or other agreement or instrument to 
which the Depositor or any of its subsidiaries is a party or by which it or any 
of its subsidiaries is bound; (ii) results or will result in a violation of any 
law, rule, regulation, order, judgment or decree applicable to the Depositor of 
any court or governmental authority having jurisdiction over the Depositor or   
its subsidiaries; or (iii) results in the creation or imposition of any lien,   
charge or encumbrance which would have a material adverse effect upon the       
Mortgage Loans or any documents or instruments evidencing or securing the       
Mortgage Loans;                                                                 

           (f) There are no actions, suits or proceedings before or against or
investigations of, the Depositor pending, or to the knowledge of the Depositor, 
threatened, before any court, administrative agency or other tribunal, and no   
notice of any such action, which, in the Depositor's reasonable judgment, might 
materially and adversely affect the performance by the Depositor of its         
obligations under this Agreement, or the validity or enforceability of this     
Agreement;                                                                      

        (g) The Depositor is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal, state,   
municipal or governmental agency that would materially and adversely affect its 
performance hereunder; and                                                      

   (h) Immediately prior to the transfer and assignment by the
Depositor to the Trustee on the Closing Date, the Depositor had good title to,  
and was the sole owner of each Mortgage Loan, free of any interest of any other 
Person, and the Depositor has transferred all right, title and interest in each 
Mortgage Loan to the Trustee. The transfer of the Mortgage Note and the Mortgage
as and in the manner contemplated by this Agreement is sufficient either (i)    
fully to transfer to the Trustee, for the benefit of the Certificateholders, all
right, title, and interest of the Depositor thereto as note holder and mortgagee
or (ii) to grant to the Trustee, for the benefit of the Certificateholders, the 
security interest referred to in Section 10.04.                                 

            It is understood and agreed that the representations, warranties and
covenants set forth in this Section 2.07 shall survive delivery of the          
respective Custodial Files to the Custodian and shall inure to the benefit of   
the Trustee.                                                                    

ARTICLE III 

ADMINISTRATION AND SERVICING
 OF MORTGAGE LOANS

       Section 3.01 Servicer to Service Mortgage Loans. (a) For and on
behalf of the Certificateholders, the Servicer shall service and administer the 
Mortgage Loans in accordance with the terms of this Agreement and the respective
Mortgage Loans and, to the extent consistent with such terms, in the same manner
in which it services and administers similar mortgage loans for its own         
portfolio, giving due consideration to customary and usual standards of practice
of mortgage lenders and loan servicers administering similar mortgage loans but 
without regard to:                                                              

      (i) any relationship that the Servicer, any Subservicer or any
  Affiliate of the Servicer or any Subservicer may have with the related
Mortgagor;                                                          

     (ii) the ownership or non-ownership of any Certificate by the
Servicer or any Affiliate of the Servicer;                          

         (iii) the Servicer's obligation to make P&I Advances or Servicing
Advances; or                                                        

 (iv) the Servicer's or any Subservicer's right to receive
     compensation for its services hereunder or with respect to any particular
transaction.                                                        

          To the extent consistent with the foregoing, if the Servicer shall
seek to maximize the timely and complete recovery of principal and interest on  
the Mortgage Notes. Subject only to the above-described servicing standards and 
the terms of this Agreement and of the respective Mortgage Loans, the Servicer  
shall have full power and authority, acting alone or through Subservicers as    
provided in Section 3.02, to do or cause to be done any and all things in       
connection with such servicing and administration which it may deem necessary or
desirable. Without limiting the generality of the foregoing, the Servicer in its
own name or in the name of a Subservicer is hereby authorized and empowered by  
the Trustee when the Servicer believes it appropriate in its best judgment in   
accordance with Accepted Servicing Practices, to execute and deliver 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 the Mortgaged Properties and to institute foreclosure proceedings or  
obtain a deed-in-lieu of foreclosure so as to convert the ownership of such     
properties, and to hold or cause to be held title to such properties, on behalf 
of the Trustee. The Servicer shall be responsible for preparing and recording   
all lien releases and mortgage satisfactions in accordance with state and local 
regulations, and shall be responsible for all expenses in connection therewith  
if not paid by the Mortgagor if permitted by applicable law and the related     
Mortgage Loan Documents (except if such expense would constitute a Servicing    
Advance) and all other consequences resulting from its failure to fully         
discharge such obligation. The Servicer shall service and administer the        
Mortgage Loans in accordance with applicable state and federal law and shall    
provide to the Mortgagors any reports required to be provided to them thereby.  
The Servicer shall also comply in the performance of this Agreement with all    
reasonable rules and requirements of each insurer under any standard hazard     
insurance policy. Subject to Section 3.16, the Trustee shall execute, at the    
written request of the Servicer, and furnish to the Servicer and any Subservicer
such documents provided to the Trustee as are necessary or appropriate to enable
the Servicer or any Subservicer to carry out their servicing and administrative 
duties hereunder, and the Trustee hereby grants to the Servicer, and this       
Agreement shall constitute, a power of attorney to carry out such duties        
including a power of attorney to take title to Mortgaged Properties after       
foreclosure on behalf of the Trustee. The Trustee shall execute a separate power
of attorney, substantially in the form attached as Exhibit V, in favor of the   
Servicer for the purposes described herein to the extent necessary or desirable 
to enable the Servicer to perform its duties hereunder. The Trustee shall not be
liable for the actions of the Servicer or any Subservicers under such powers of 
attorney. Notwithstanding anything contained herein to the contrary, no Servicer
or Subservicer shall without the Trustee's consent: (i) initiate any action,    
suit or proceeding solely under the Trustee's name without indicating such      
Servicer's or Subservicer's, as applicable, representative capacity, or (ii)    
take any action with the intent to, or which actually does cause, the Trustee to
be registered to do business in any state.                                      

           (b) Subject to Section 3.09(b), in accordance with the standards of
the preceding paragraph, the Servicer shall advance or cause to be advanced     
funds as necessary for the purpose of effecting the timely payment of taxes and 
assessments on the Mortgaged Properties, which advances shall be Servicing      
Advances reimbursable in the first instance from related collections from the   
Mortgagors pursuant to Section 3.09(b), and further as provided in Section 3.11.
Any cost incurred by the Servicer or by Subservicers in effecting the timely    
payment of taxes and assessments on a Mortgaged Property shall not be added to  
the unpaid principal balance of the related Mortgage Loan, notwithstanding that 
the terms of such Mortgage Loan so permit.                                      

           (c) Notwithstanding anything in this Agreement to the contrary, the
Servicer may not make any future advances with respect to a Mortgage Loan       
(except as provided in Section 4.01 and except for Servicing Advances) and,     
except with respect to any Mortgage Loan in default or as to which default is   
reasonably foreseeable in the judgment of the Servicer, the Servicer shall not  
(i) permit any modification with respect to any Mortgage Loan that would change 
the Mortgage Rate, reduce or increase the principal balance (except for         
reductions resulting from actual payments of principal) or change the final     
maturity date on such Mortgage Loan (except for a reduction of interest payments
resulting from the application of the Servicemembers Civil Relief Act or any    
similar state statutes), (ii) permit any modification, waiver or amendment of   
any term of any Mortgage Loan that would both (A) effect an exchange or         
reissuance of such Mortgage Loan under Section 1001 of the Code (or final,      
temporary or proposed Treasury regulations promulgated thereunder) and (B) cause
any Trust REMIC to fail to qualify as a REMIC under the Code or the imposition  
of any tax on "prohibited transactions" or "contributions after the startup day"
under the REMIC Provisions, or (iii) except as provided in Section 3.07(a),     
waive any Prepayment Charges. In addition to the foregoing, in the event that   
any Mortgage Loan is in default or, in the judgment of the Servicer, a default  
is reasonable foreseeable, the Servicer may accept payment from the related     
Mortgagor of an amount less than the unpaid principal balance of such Mortgage  
Loan in final satisfaction thereof, if in the Servicer's determination such     
action is not materially adverse to the interests of the Certificateholders     
(taking into account any estimated Realized Loss that might result absent such  
action).                                                                        

     (d) The Servicer may delegate its responsibilities under this
Agreement; provided, however, that no such delegation shall release the Servicer
from the responsibilities or liabilities arising under this Agreement.          

     Section 3.02 Subservicing Agreements between the Servicer and
Subservicers. (a) The Servicer may enter into subservicing agreements with      
Subservicers for the servicing and administration of the Mortgage Loans         
("Subservicing Agreements"). The Servicer represents and warrants to the other  
parties hereto that no Subservicing Agreement is in effect as of the Closing    
Date with respect to any Mortgage Loans required to be serviced by it hereunder.
The Servicer shall give notice to the Depositor and the Trustee of any such     
Subservicer and Subservicing Agreement, which notice shall contain all          
information (including without limitation a copy of the Subservicing Agreement) 
reasonably necessary to enable the Trustee, pursuant to Section 8.12(g), to     
accurately and timely report the event under Item 6.02 of Form 8-K pursuant to  
the Exchange Act (if such reports under the Exchange Act are required to be     
filed under the Exchange Act). No Subservicing Agreement shall be effective     
until 30 days after such written notice is received by both the Depositor and   
the Trustee. The Trustee shall not be required to review or consent to such     
Subservicing Agreements and shall have no liability in connection therewith.    

            (b) Each Subservicer shall be (i) authorized to transact business in
the state or states in which the related Mortgaged Properties it is to service  
are situated, if and to the extent required by applicable law to enable the     
Subservicer to perform its obligations hereunder and under the Subservicing     
Agreement, (ii) an institution approved as a mortgage loan originator by the    
Federal Housing Administration or an institution that has deposit accounts      
insured by the FDIC and (iii) a Freddie Mac or Fannie Mae approved mortgage     
servicer. Each Subservicing Agreement must impose on the Subservicer            
requirements conforming to the provisions set forth in Section 3.08 and provide 
for servicing of the Mortgage Loans consistent with the terms of this Agreement.
The Servicer will examine each Subservicing Agreement and will be familiar with 
the terms thereof. The terms of any Subservicing Agreement will not be          
inconsistent with any of the provisions of this Agreement. The Servicer and the 
Subservicers may enter into and make amendments to the Subservicing Agreements  
or enter into different forms of Subservicing Agreements; provided, however,    
that any such amendments or different forms shall be consistent with and not    
violate the provisions of this Agreement, and that no such amendment or         
different form shall be made or entered into which could be reasonably expected 
to be materially adverse to the interests of the Trustee, without the consent of
the Trustee. Any variation without the consent of the Trustee from the          
provisions set forth in Section 3.08 relating to insurance or priority          
requirements of Subservicing Accounts, or credits and charges to the            
Subservicing Accounts or the timing and amount of remittances by the            
Subservicers to the Servicer, are conclusively deemed to be inconsistent with   
this Agreement and therefore prohibited. The Servicer shall deliver to the      
Trustee and the Depositor copies of all Subservicing Agreements, and any        
amendments or modifications thereof, promptly upon the Servicer's execution and 
delivery of such instruments.                                                   

       (c) As part of its servicing activities hereunder, the Servicer
(except as otherwise provided in the last sentence of this paragraph), for the  
benefit of the Trustee, shall enforce the obligations of each Subservicer under 
the related Subservicing Agreement, including, without limitation, any          
obligation to make advances in respect of delinquent payments as required by a  
Subservicing Agreement. Such enforcement, including, without limitation, the    
legal prosecution of claims, termination of Subservicing Agreements, and the    
pursuit of other appropriate remedies, shall be in such form and carried out to 
such an extent and at such time as the Servicer, in its good faith business     
judgment, would require were it the owner of the related Mortgage Loans. The    
Servicer shall pay the costs of such enforcement at its own expense, and shall  
be reimbursed therefor only (i) from a general recovery resulting from such     
enforcement, to the extent, if any, that such recovery exceeds all amounts due  
in respect of the related Mortgage Loans or (ii) from a specific recovery of    
costs, expenses or attorneys' fees against the party against whom such          
enforcement is directed.                                                        

            (d) The Servicer shall cause any Subservicer engaged by the Servicer
(or by any Subservicer) for the benefit of the Depositor and the Trustee to     
comply with the provisions of this Section 3.02 and with Sections 3.22, 3.23,   
6.02 and 6.05 of this Agreement to the same extent as if such Subservicer were  
the Servicer, and to provide the information required with respect to such      
Subservicer under Section 8.12 of this Agreement. The Servicer shall be         
responsible for obtaining from each such Subservicer and delivering to          
applicable Persons any servicer compliance statement required to be delivered by
such Subservicer under Section 3.22 and any assessment of compliance report and 
related accountant's attestation required to be delivered by such Subservicer   
under Section 3.23, in each case as and when required to be delivered.          

            (e) Subject to the conditions set forth in this Section 3.02(e), the
Servicer and any Subservicer engaged by the Servicer is permitted to utilize one
or more Subcontractors to perform certain of its obligations hereunder. The     
Servicer shall promptly upon request provide to the Depositor and the Trustee a 
written description (in form and substance satisfactory to the Depositor and the
Trustee) of the role and function of each Subcontractor utilized by the Servicer
or any such Subservicer, specifying, not later than the date specified for      
delivery of the annual report on assessment of compliance set forth in Section  
3.23(a) (i) the identity of each such Subcontractor, if any, that is            
"participating in the servicing function" within the meaning of Item 1122 of    
Regulation AB, and (ii) which elements of the Servicing Criteria will be        
addressed in assessments of compliance provided by each Subcontractor identified
pursuant to clause (i) of this paragraph. As a condition to the utilization by  
the Servicer or any such Subservicer of any Subcontractor determined to be      
"participating in the servicing function" within the meaning of Item 1122 of    
Regulation AB, the Servicer shall cause any such Subcontractor used by the      
Servicer (or by any such Subservicer) for the benefit of the Depositor and the  
Trustee to comply with the provisions of Section 3.23 of this Agreement to the  
same extent as if such Subcontractor were the Servicer. The Servicer shall be   
responsible for obtaining from each such Subcontractor and delivering to the    
applicable Persons any assessment of compliance report and related accountant's 
attestation required to be delivered by such Subcontractor under Section 3.23,  
in each case as and when required to be delivered.                              

           Notwithstanding the foregoing, the Servicer engages a Subcontractor
in connection with the performance of any of its duties under this Agreement,   
the Servicer shall be responsible for determining whether such Subcontractor is 
a "servicer" within the meaning of Item 1101 of Regulation AB and whether any   
such affiliate or third-party vendor meets the criteria in Item 1108(a)(2)(i)   
through (iii) of Regulation AB. If the Servicer determines, pursuant to the     
preceding sentence, that such Subcontractor is a "servicer" within the meaning  
of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i)      
through (iii) of Regulation AB, then such Subcontractor shall be deemed to be a 
Subservicer for purposes of this Agreement, the engagement of such Subservicer  
shall not be effective unless and until notice is given pursuant to Section     
3.02(a) and the Servicer shall comply with Section 3.02(d) with respect thereto.

           Section 3.03 Successor Subservicers. The Servicer shall be entitled
to terminate any Subservicing Agreement and the rights and obligations of any   
Subservicer pursuant to any Subservicing Agreement in accordance with the terms 
and conditions of such Subservicing Agreement; provided, however, that the      
termination, resignation or removal of a Subservicer shall be not be effective  
until 30 days after written notice is received by both the Depositor and the    
Trustee that contains all information reasonably necessary to enable the        
Trustee, pursuant to Section 8.12(g), to accurately and timely report the event 
under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under 
the Exchange Act are required to be filed under the Exchange Act). In the event 
of termination of any Subservicer, all servicing obligations of such Subservicer
shall be assumed simultaneously by the Servicer without any act or deed on the  
part of such Subservicer or the Servicer, and the Servicer either shall service 
directly the related Mortgage Loans or shall enter into a Subservicing Agreement
with a successor Subservicer which qualifies under Section 3.02.                

        Any Subservicing Agreement shall include the provision that such
agreement may be immediately terminated by the Depositor or the Trustee without 
fee, in accordance with the terms of this Agreement, in the event that the      
Servicer shall, for any reason, no longer be the Servicer (including termination
due to an Event of Default).                                                    

   Section 3.04 Liability of the Servicer. Notwithstanding any
Subservicing Agreement, any of the provisions of this Agreement relating to     
agreements or arrangements between the Servicer and a Subservicer or reference  
to actions taken through a Subservicer or otherwise, the Servicer shall remain  
obligated and primarily liable to the Trustee for the servicing and             
administering of the Mortgage Loans in accordance with the provisions of Section
3.01 without diminution of such obligation or liability by virtue of such       
Subservicing Agreements or arrangements or by virtue of indemnification from the
Subservicer and to the same extent and under the same terms and conditions as if
the Servicer alone were servicing and administering the Mortgage Loans. The     
Servicer shall be entitled to enter into any agreement with a Subservicer for   
indemnification of the Servicer by such Subservicer and nothing contained in    
this Agreement shall be deemed to limit or modify such indemnification.         

         Section 3.05 No Contractual Relationship between Subservicers and
the Trustee. Any Subservicing Agreement that may be entered into and any        
transactions or services relating to the Mortgage Loans involving a Subservicer 
in its capacity as such shall be deemed to be between the Subservicer and the   
Servicer alone, and the Trustee (or any successor Servicer) shall not be deemed 
a party thereto and shall have no claims, rights, obligations, duties or        
liabilities with respect to the Subservicer except as set forth in Section 3.06.
The Servicer shall be solely liable for all fees owed by it to any Subservicer, 
irrespective of whether the Servicer's compensation pursuant to this Agreement  
is sufficient to pay such fees.                                                 

            Section 3.06 Assumption or Termination of Subservicing Agreements by
Trustee. In the event the Servicer at any time shall for any reason no longer be
the Servicer (including by reason of the occurrence of an Event of Default), the
Trustee, or its designee or the successor Servicer if the successor is not the  
Trustee, shall thereupon assume all of the rights and obligations of the        
Servicer under each Subservicing Agreement that the Servicer may have entered   
into, with copies thereof provided to the Trustee or the successor Servicer if  
the successor is not the Trustee, prior to the Trustee or the successor Servicer
if the successor is not the Trustee, assuming such rights and obligations,      
unless the Trustee elects to terminate any Subservicing Agreement in accordance 
with its terms as provided in Section 3.03.                                     

        Upon such assumption, the Trustee, its designee or the successor
servicer shall be deemed, subject to Section 3.03, to have assumed all of the   
Servicer's interest therein and to have replaced the Servicer as a party to each
Subservicing Agreement to the same extent as if each Subservicing Agreement had 
been assigned to the assuming party, except that (i) the Servicer shall not     
thereby be relieved of any liability or obligations under any Subservicing      
Agreement that arose before it ceased to be the Servicer and (ii) none of the   
Depositor, the Trustee, their designees or any successor Servicer shall be      
deemed to have assumed any liability or obligation of the Servicer that arose   
before it ceased to be the Servicer.                                            

           The Servicer at its expense shall, upon request of the Trustee, its
designee or the successor Servicer deliver to the assuming party all documents  
and records relating to each Subservicing Agreement and the Mortgage Loans then 
being serviced and an accounting of amounts collected and held by or on behalf  
of it, and otherwise use its best efforts to effect the orderly and efficient   
transfer of the Subservicing Agreements to the assuming party.                  

          Section 3.07 Collection of Certain Mortgage Loan Payments. (a) The
Servicer shall make reasonable efforts to collect all payments called for under 
the terms and provisions of the Mortgage Loans, and shall, to the extent such   
procedures shall be consistent with this Agreement and the terms and provisions 
of any applicable Insurance Policies, follow such collection procedures as it   
would follow with respect to mortgage loans comparable to the Mortgage Loans and
held for its own account. Consistent with the foregoing and Accepted Servicing  
Practices, the Servicer may (i) waive any late payment charge or, if applicable,
any penalty interest, or (ii) extend the Due Dates for the Scheduled Payments   
due on a Mortgage Note for a period of not greater than 180 days; provided, that
any extension pursuant to clause (ii) above shall not affect the amortization   
schedule of any Mortgage Loan for purposes of any computation hereunder, except 
as provided below. In the event of any such arrangement pursuant to clause (ii) 
above, the Servicer shall make timely advances on such Mortgage Loan during such
extension pursuant to Section 4.01 and in accordance with the amortization      
schedule of such Mortgage Loan without modification thereof by reason of such   
arrangements, subject to Section 4.01(d) pursuant to which the Servicer shall   
not be required to make any such advances that are Nonrecoverable P&I Advances. 
Notwithstanding anything to the contrary contained in this Agreement, the       
Servicer may waive, in whole or in part, a Prepayment Charge only under the     
following circumstances: (i) such waiver relates to a default or a reasonably   
foreseeable default and would, in the reasonable judgment of the Servicer,      
maximize recovery of total proceeds taking into account the value of such       
Prepayment Charge and the related Mortgage Loan; provided, however, that with   
respect to any Group I Mortgage Loan, the Servicer shall waive such Prepayment  
Charge if the Mortgage Loan is accelerated or paid-off in connection with the   
workout of a delinquent Mortgage Loan or due to the related Mortgagor's default,
notwithstanding that the terms of the Mortgage Loan or federal or state law     
might permit the imposition of such Prepayment Charge, or (ii) such Prepayment  
Charge is not permitted to be collected by applicable law. If a Prepayment      
Charge is waived other than as permitted by the prior sentence, then the        
Servicer is required to pay the amount of such waived Prepayment Charge, for the
benefit of the Holders of the Class P Certificates, by depositing such amount   
into the Collection Account from its own funds, without any right of            
reimbursement therefor, together with and at the time that the amount prepaid on
the related Mortgage Loan is required to be deposited into the Collection       
Account; provided, however, that the Servicer shall not have an obligation to   
pay the amount of any uncollected Prepayment Charge if the failure to collect   
such amount is the direct result of inaccurate or incomplete information on the 
Mortgage Loan Schedule in effect at such time.                                  

           (b) (i) The Trustee shall establish and maintain the Excess Reserve
Fund Account, on behalf of the Class X Certificateholders as a non-interest     
bearing account, to receive any Basis Risk Payment and to secure their limited  
recourse obligation to pay to the LIBOR Certificateholders Basis Risk Carry     
Forward Amounts (prior to using any Net Swap Receipts). For the avoidance of    
doubt, any Basis Risk Carry Forward Amounts shall be paid to the LIBOR          
Certificates first from the Excess Reserve Fund Account and then from the       
Supplemental Interest Account.                                                  

            (ii) On each Distribution Date, the Trustee shall deposit the amount
of any Basis Risk Payment for such date into the Excess Reserve Fund
Account.                                                            

            (c) (i) On each Distribution Date on which there exists a Basis Risk
Carry Forward Amount on any Class of Certificates, the Trustee shall (1)        
withdraw from the Distribution Account and deposit in the Excess Reserve Fund   
Account, as set forth in Section 4.02(a)(iii)(Q), the lesser of (x) the Class X 
Distributable Amount (without regard to the reduction in the definition thereof 
for any Basis Risk Carry Forward Amount or any Defaulted Swap Termination       
Payment (to the extent remaining after the distributions specified in Sections  
4.02(a)(iii)(A)-(P)) and (y) the aggregate Basis Risk Carry Forward Amounts for 
such Distribution Date and (2) withdraw from the Excess Reserve Fund Account    
amounts necessary to pay to such Class or Classes of Certificates the Basis Risk
Carry Forward Amount. Such payments shall be allocated to those Classes and paid
in the priority set forth in Sections 4.02(a)(iii)(R).                          

          (ii) The Trustee shall account for the Excess Reserve Fund Account
     as an asset of a grantor trust under subpart E, Part I of subchapter J of
the Code and not as an asset of any REMIC created pursuant to this  
   Agreement. The beneficial owners of the Excess Reserve Fund Account are
 the Class X Certificateholders. For all federal tax purposes, amounts
  transferred by the Upper Tier REMIC to the Excess Reserve Fund Account
shall be treated as distributions by the Trustee to the Class X     
Certificateholders.                                                 

         (iii) Any Basis Risk Carry Forward Amounts paid by the Trustee to
    the LIBOR Certificateholders from the Excess Reserve Fund Account or the
  Supplemental Interest Account shall be accounted for by the Trustee as
     amounts paid first to the Holders of the Class X Certificates (in respect
    of the Class X Interest or the Class IO Interest, respectively) and then
      to the respective Class or Classes of LIBOR Certificates. In addition, the
     Trustee shall account for the LIBOR Certificateholders' rights to receive
     payments of Basis Risk Carry Forward Amounts from the Excess Reserve Fund
 Account (along with payments of Basis Risk Carry Forward Amounts and,
without duplication, Upper Tier Carry Forward Amounts from the      
     Supplemental Interest Account), subject to the obligation to pay Class IO
   Shortfalls, as rights and obligations under a limited recourse notional
     principal contract between the Class X Certificateholders and the Holders
of each of LIBOR Certificates.                                      

           (iv) Notwithstanding any provision contained in this Agreement, the
      Trustee shall not be required to make any payments from the Excess Reserve
  Fund Account except as expressly set forth in this Section 3.07(c) and
Sections 4.02(a)(iii)(R).                                           

     (d) The Trustee shall establish and maintain the Distribution
Account on behalf of the Certificateholders, which shall be a non-interest      
bearing trust account. The Depositor shall cause to be deposited into the       
Distribution Account on the Closing Date the Closing Date Deposit Amount. The   
Trustee shall, promptly upon receipt, deposit in the Distribution Account and   
retain therein the following:                                                   

        (i) the aggregate amount remitted by the Servicer to the Trustee
pursuant to Section 3.11;                                           

     (ii) any amount deposited by the Servicer pursuant to Section
3.12(b) in connection with any losses on Permitted Investments; and 

            (iii) any other amounts deposited hereunder which are required to be
deposited in the Distribution Account.                              

          In the event that the Servicer shall remit any amount not required
to be remitted, it may at any time direct the Trustee in writing to withdraw    
such amount from the Distribution Account, any provision herein to the contrary 
notwithstanding. Such direction may be accomplished by delivering notice to the 
Trustee which describes the amounts deposited in error in the Distribution      
Account. All funds deposited in the Distribution Account shall be held by the   
Trustee in trust for the Certificateholders until disbursed in accordance with  
this Agreement or withdrawn in accordance with Section 4.02. In no event shall  
the Trustee incur liability for withdrawals from the Distribution Account at the
direction of the Servicer.                                                      

           (e) The Trustee may invest the funds in the Distribution Account in
one or more Permitted Investments in accordance with Section 3.12. The Trustee  
may withdraw from the Distribution Account any income or gain earned from the   
investment of funds deposited therein during the Trustee Float Period for its   
own benefit.                                                                    

      (f) The Servicer shall give notice to the Trustee, each Rating
Agency and the Depositor of any proposed change of the location of the          
Collection Account within a reasonable period of time prior to any change       
thereof.                                                                        

           (g) In order to comply with its duties under the USA Patriot Act of
2001 and other laws, rules and regulations applicable to banking institutions,  
including those related to the funding of terrorist activities and money        
laundering, the Trustee is required to obtain, verify and record certain        
information relating to individuals and entities which maintain a business      
relationship with the Trustee. Accordingly, each of the parties agrees to       
provide to the Trustee upon its request from time to time such party's complete 
name, address, tax identification number and such other identifying information 
together with copies of such party's constituting documentation, securities     
disclosure documentation and such other identifying documentation as may be     
available for such party.                                                       

      (h) On or prior to the Determination Date, the Custodian shall
deliver an invoice to the Trustee (which may be provided electronically),       
setting forth the amount of the Custodian Fee for the related Distribution Date.
On each Distribution Date, the Trustee shall remit the Custodian Fee to the     
Custodian.                                                                      

  Section 3.08 Subservicing Accounts. In those cases where a
Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement,  
the Subservicer will be required to establish and maintain one or more          
segregated accounts (collectively, the "Subservicing Account"). The Subservicing
Account shall be an Eligible Account and shall otherwise be acceptable to the   
Servicer. The Subservicer shall deposit in the clearing account (which account  
must be an Eligible Account) in which it customarily deposits payments and      
collections on mortgage loans in connection with its mortgage loan servicing    
activities on a daily basis, and in no event more than one Business Day after   
the Subservicer's receipt thereof, all proceeds of Mortgage Loans received by   
the Subservicer less its servicing compensation to the extent permitted by the  
Subservicing Agreement, and shall thereafter deposit such amounts in the        
Subservicing Account, in no event more than two Business Days after the deposit 
of such funds into the clearing account. The Subservicer shall thereafter       
deposit such proceeds in the Collection Account or remit such proceeds to the   
Servicer for deposit in the Collection Account not later than two Business Days 
after the deposit of such amounts in the Subservicing Account. For purposes of  
this Agreement, the Servicer shall be deemed to have received payments on the   
Mortgage Loans when the Subservicer receives such payments.                     

        Section 3.09 Collection of Taxes, Assessments and Similar Items;
Escrow Accounts. (a) The Servicer shall ensure that each of the Mortgage Loans  
shall be covered by a paid-in-full, life-of-the-loan tax service contract in    
effect with respect to each First Lien Mortgage Loan (each, a "Tax Service      
Contract"). Each Tax Service Contract shall be assigned to the Trustee, or its  
designee, at the Servicer's expense in the event that the Servicer is terminated
as Servicer of the related Mortgage Loan.                                       

           (b) To the extent that the services described in this paragraph (b)
are not otherwise provided pursuant to the Tax Service Contracts described in   
paragraph (a) above, the Servicer undertakes to perform such functions. To the  
extent the related Mortgage provides for Escrow Payments, the Servicer shall    
establish and maintain, or cause to be established and maintained, one or more  
segregated accounts (the "Escrow Accounts"), which shall be Eligible Accounts.  
The Servicer shall deposit in the clearing account (which account must be an    
Eligible Account) in which it customarily deposits payments and collections on  
mortgage loans in connection with its mortgage loan servicing activities on a   
daily basis, and in no event more than one Business Day after the Servicer's    
receipt thereof, all (i) collections from the Mortgagors (or related advances   
from Subservicers) for the payment of taxes, assessments, hazard insurance      
premiums and comparable items for the account of the Mortgagors ("Escrow        
Payments") collected on account of the Mortgage Loans and (ii) all Condemnation 
Proceeds and Insurance Proceeds to be applied to the restoration of the related 
Mortgaged Property or released to the related Mortgagor in accordance with      
applicable law and Accepted Servicing Practices, and the Servicer shall         
thereafter deposit such Escrow Payments in the Escrow Accounts, in no event more
than two Business Days after the deposit of such funds in the clearing account, 
for the purpose of effecting the payment of any such items as required under the
terms of this Agreement. Withdrawals of amounts from an Escrow Account may be   
made only to (i) effect payment of taxes, assessments, hazard insurance         
premiums, and comparable items; (ii) reimburse the Servicer (or a Subservicer to
the extent provided in the related Subservicing Agreement) out of related       
collections for any advances made pursuant to Section 3.01 (with respect to     
taxes and assessments) and Section 3.13 (with respect to hazard insurance);     
(iii) refund to Mortgagors any sums as may be determined to be overages; (iv)   
pay itself any interest earned on the Escrow Account or, if required and as     
described below, to Mortgagors on balances in the Escrow Account; (v) clear and 
terminate the Escrow Account at the termination of the Servicer's obligations   
and responsibilities in respect of the Mortgage Loans under this Agreement; (vi)
transfer such funds to a replacement Escrow Account that meets the requirements 
hereof; (vii) recover amounts deposited in error or (viii) to release           
Condemnation Proceeds or Insurance Proceeds to be applied to the restoration of 
the related Mortgaged Property or to the related Mortgagor in accordance with   
the applicable law and Accepted Servicing Practices. As part of its servicing   
duties, the Servicer or Subservicers shall pay to the Mortgagors interest on    
funds in Escrow Accounts, to the extent required by law and, to the extent that 
interest earned on funds in the Escrow Accounts is insufficient, to pay such    
interest from its or their own funds, without any reimbursement therefor. To the
extent that a Mortgage does not provide for Escrow Payments, the Servicer shall 
use its reasonable best efforts to determine whether any such payments are made 
by the Mortgagor in a manner and at a time that avoids the loss of the Mortgaged
Property due to a tax sale or the foreclosure of a tax lien. The Servicer       
assumes full responsibility for the payment of all such bills within such time  
and shall effect payments of all such bills irrespective of the Mortgagor's     
faithful performance in the payment of same or the making of the Escrow Payments
and shall make advances from its own funds to effect such payments, including   
any payment required to be made in connection with a Mortgage Loan that does    
provide for Escrow Payments and is insufficient to make such payments; provided,
however, that such advances are deemed to be Servicing Advances.                

         Section 3.10 Collection Account. (a) On behalf of the Trustee and
the Certificateholders, the Servicer shall establish and maintain, or cause to  
be established and maintained, one or more segregated Eligible Accounts (such   
account or accounts, the "Collection Account"), held in trust for the benefit of
the Trustee on behalf of the Certificateholders. On behalf of the Trustee, the  
Servicer shall deposit or cause to be deposited in the clearing account (which  
account must be an Eligible Account) in which it customarily deposits payments  
and collections on mortgage loans in connection with its mortgage loan servicing
activities on a daily basis, and in no event more than one Business Day after   
the Servicer's receipt thereof, and shall thereafter deposit into the Collection
Account, in no event more than two Business Days after the deposit of such funds
into the clearing account, as and when received or as otherwise required        
hereunder, the following payments and collections received or made by it        
subsequent to the Cut-off Date (other than in respect of principal or interest  
on the related Mortgage Loans due on or before the Cut-off Date), or payments   
(other than Principal Prepayments) received by it on or prior to the Cut-off    
Date but allocable to a Due Period subsequent thereto:                          

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

    (ii) all payments on account of interest (net of the related
Servicing Fee) on each Mortgage Loan;                               

            (iii) all Insurance Proceeds and Condemnation Proceeds to the extent
      such Insurance Proceeds and Condemnation Proceeds are not to be applied to
the restoration of the related Mortgaged Property or released to the
      related Mortgagor in accordance with the express requirements of law or in
  accordance with Accepted Servicing Practices, Liquidation Proceeds and
Subsequent Recoveries;                                              

          (iv) any amounts required to be deposited pursuant to Section 3.12
in connection with any losses realized on Permitted Investments with
respect to funds held in the Collection Account;                    

            (v) any amounts required to be deposited by the Servicer pursuant to
    the second paragraph of Section 3.13(a) in respect of any blanket policy
deductibles;                                                        

          (vi) all proceeds of any Mortgage Loan repurchased or purchased in
    accordance with this Agreement or the Sponsor Representation Letter; and

          (vii) all Prepayment Charges collected by the Servicer or required
to be paid by the Servicer pursuant to Section 3.07.                

        The foregoing requirements for deposit in the Collection 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, NSF
fees, reconveyance fees, assumption fees and other similar fees and charges need
not be deposited by the Servicer in the Collection Account and shall, upon      
collection, belong to the Servicer as additional compensation for its servicing 
activities. In the event the Servicer shall deposit in the Collection Account   
any amount not required to be deposited therein, it may at any time withdraw    
such amount from the Collection Account, any provision herein to the contrary   
notwithstanding. The Servicer shall at its own expense be responsible for       
reviewing and reconciling the Collection Account in accordance with industry    
standards and shall act promptly to resolve any discrepancies related thereto.  

        (b) Funds in the Collection Account may be invested in Permitted
Investments in accordance with the provisions set forth in Section 3.12, subject
to Section 3.21(c). The Servicer shall give notice to the Trustee and the       
Depositor of the location of the Collection Account maintained by it when       
established and prior to any change thereof.                                    

     Section 3.11 Withdrawals from the Collection Account. (a) The
Servicer shall, from time to time, make withdrawals from the Collection Account 
for any of the following purposes or as described in Section 4.01:              

            (i) on or prior to each Remittance Date, to remit to the Trustee (A)
the Custodian Fee with respect to such Distribution Date, (B) all   
     Available Funds in respect of the related Distribution Date together with
all amounts representing Prepayment Charges (payable to the Class P 
Certificateholders) from the Mortgage Loans received by the Servicer
     during the related Prepayment Period and (C) all income and gain realized
 from the investment of funds deposited in the Collection Account, for
deposit in the Supplemental Float Account;                          

        (ii) to reimburse the Servicer for P&I Advances, but only to the
   extent of amounts received which represent Late Collections (net of the
related Servicing Fees) of Scheduled Payments on Mortgage Loans with
respect to which such P&I Advances were made in accordance with the 
provisions of Section 4.01;                                         

   (iii) to pay the Servicer or any Subservicer (A) any unpaid
Servicing Fees or (B) any unreimbursed Servicing Advances and any   
   previously unpaid late charges, fees and penalties with respect to each
  Mortgage Loan, but only to the extent of any Late Collections or other
      amounts as may be collected by the Servicer from a Mortgagor, or otherwise
      received with respect to such Mortgage Loan (or the related REO Property);

            (iv) to pay to the Servicer as additional servicing compensation (in
 addition to the Servicing Fee) on each Remittance Date any Prepayment
Interest Excesses to the extent permitted under Section 3.21(b);    

          (v) to pay to the applicable Person, with respect to each Mortgage
Loan that has previously been repurchased or replaced by such Person
pursuant to this Agreement or the Sponsor Representation Letter, all
amounts received thereon subsequent to the date of purchase or      
substitution, as the case may be;                                   

           (vi) to reimburse the Servicer for (A) any P&I Advance or Servicing
Advance previously made which the Servicer has determined to be a   
Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in   
accordance with the provisions of Section 4.01 and (B) any unpaid   
     Servicing Fees related to any Second Lien Mortgage Loan to the extent not
      recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts
received with respect to the related Second Lien Mortgage Loan under
Section 3.11(a)(iii);                                               

            (vii) to pay, or to reimburse the Servicer for Servicing Advances in
respect of, expenses incurred in connection with any Mortgage Loan  
pursuant to Section 3.15;                                           

          (viii) to reimburse the Servicer, the Depositor or the Trustee for
      expenses incurred by or reimbursable to the Servicer, the Depositor or the
  Trustee, as the case may be, pursuant to Section 6.03, Section 7.02 or
Section 8.05;                                                       

          (ix) to reimburse the Servicer or the Trustee, as the case may be,
      for expenses reasonably incurred in respect of the breach or defect giving
 rise to the repurchase obligation under this Agreement or the Sponsor
   Representation Letter that were included in the Repurchase Price of the
   Mortgage Loan, including any expenses arising out of the enforcement of
   the repurchase obligation, to the extent not otherwise paid pursuant to
the terms hereof;                                                   

          (x) to withdraw any amounts deposited in the Collection Account in
error; and                                                          

           (xi) to clear and terminate the Collection Account upon termination
of this Agreement;                                                  

            (xii) to withdraw any amounts held in the related Collection Account
 and not required to be remitted to the Trustee on the Remittance Date
occurring in the month in which such amounts are deposited into such
Collection Account, to reimburse such Servicer for unreimbursed P&I 
Advances; and                                                       

          (xiii) to invest funds in Permitted Investments in accordance with
Section 3.12.                                                       

          (b) The Servicer shall keep and maintain separate accounting, on a
Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any         
withdrawal from the Collection Account, to the extent held by or on behalf of   
it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii), (ix) and   
(x) above. The Servicer shall provide written notification (as set forth in     
Section 4.01(d)) to the Trustee, on or prior to the next succeeding Remittance  
Date, upon making any withdrawals from the Collection Account pursuant to       
subclause (a)(vi) above.                                                        

          Section 3.12 Investment of Funds in the Collection Account, Escrow
Accounts and the Distribution Account. (a) (i) The Servicer may invest the funds
in the Collection Account pursuant to Section 3.21(c) and (ii) the Servicer may 
invest the funds in the Escrow Accounts (to the extent permitted by law and the 
related Mortgage Loan documents) and the Trustee may (but is not obligated to)  
invest funds in the Distribution Account during the Trustee Float Period and    
shall (except during the Trustee Float Period) invest such funds in the         
Distribution Account (for purposes of this Section 3.12, each such Account is   
referred to as an "Investment Account"), in one or more Permitted Investments   
bearing interest or sold at a discount, and maturing, unless payable on demand, 
no later than the Business Day immediately preceding the date on which such     
funds are required to be withdrawn from such account pursuant to this Agreement;
provided, however, that any such Permitted Investment may mature, unless payable
on demand or held at the institution of the Trustee, no later than one Business 
Day prior to the date on which such funds are required to be withdrawn from such
account pursuant to this Agreement. If no investment instruction is given in a  
timely manner, the Trustee shall hold the funds in the Distribution Account     
uninvested. All such Permitted Investments shall be held to maturity, unless    
payable on demand. Any investment of funds in an Investment Account shall be    
made in the name of the Servicer or the Trustee, as applicable. The Servicer or 
the Trustee, as applicable, shall be entitled to sole possession over each such 
investment, and any certificate or other instrument evidencing any such         
investment shall be delivered directly to the Servicer or the Trustee or its    
agent, as applicable, together with any document of transfer necessary to       
transfer title to such investment to the Servicer or the Trustee or its agent,  
as applicable. In the event amounts on deposit in an Investment Account are at  
any time invested in a Permitted Investment payable on demand, the Servicer or  
the Trustee, as applicable, may:                                                

         (x)   consistent with any notice required to be given thereunder,
            demand that payment thereon be made on the last day such
             Permitted Investment may otherwise mature hereunder in an
              amount equal to the lesser of (1) all amounts then payable
                  thereunder and (2) the amount required to be withdrawn on such
date; and                                   

    (y)   demand payment of all amounts due thereunder that such
         Permitted Investment would not constitute a Permitted
              Investment in respect of funds thereafter on deposit in an
Investment Account.                         

       (b)   All income and gain realized from the investment of funds
deposited in the Collection Account (subject to Section 3.21(c) and Section     
4.07) or Escrow Account, as applicable, held by or on behalf of the Servicer,   
shall be for the benefit of the Servicer and shall be subject to its withdrawal 
in the manner set forth in Section 3.11. The Servicer shall, from its own funds,
deposit in the Collection Account or Escrow Account, as applicable, the amount  
of any loss of principal incurred in respect of any such Permitted Investment   
made with funds in such accounts immediately upon realization of such loss.     

       (c)   All income and gain realized from the investment of funds
deposited in the Distribution Account held by the Trustee, shall be for the     
benefit of the Trustee, and shall be subject to the Trustee's withdrawal in the 
manner set forth in Section 3.07(e). The Trustee shall, from its own funds,     
deposit in the Distribution Account the amount of any loss of principal incurred
in respect of any such Permitted Investment made with funds in such account     
immediately upon realization of such loss.                                      

          (d)   Except as otherwise expressly provided in this Agreement, if
any default occurs in the making of a payment due under any Permitted Investment
of funds held in the Escrow Account or the Collection Account, or if a default  
occurs in any other performance required under any Permitted Investment of funds
held in the Escrow Account or the Collection Account, the Servicer shall take   
such action as may be appropriate to enforce such payment or performance,       
including the institution and prosecution of appropriate proceedings.           

        (e)   The Trustee shall not be liable for the amount of any loss
incurred with respect of any investment or lack of investment of funds held in  
any Investment Account or the Distribution Account (except that if any losses   
are incurred from the investment of funds deposited in the Distribution Account 
during the Trustee Float Period, the Trustee shall be responsible for           
reimbursing the Trust for such loss immediately upon realization of such loss)  
if made in accordance with this Section 3.12.                                   

         (f)   The Trustee or its Affiliates shall be permitted to receive
additional compensation that could be deemed to be in the Trustee's economic    
self interest for (i) serving as investment adviser, administrator, shareholder,
servicing agent, custodian or sub-custodian with respect to certain of the      
Permitted Investments, (ii) using Affiliates to effect transactions in certain  
Permitted Investments and (iii) effecting transactions in certain Permitted     
Investments. Such compensation shall not be considered an amount that is        
reimbursable or payable pursuant to this Agreement.                             

   Section 3.13 Maintenance of Hazard Insurance and Errors and
Omissions and Fidelity Coverage. (a) The Servicer shall cause to be maintained  
for each Mortgage Loan fire insurance with extended coverage on the related     
Mortgaged Property in an amount which is at least equal to the least of (i) the 
outstanding principal balance of such Mortgage Loan, (ii) the amount necessary  
to fully compensate for any damage or loss to the improvements that are a part  
of such property on a replacement cost basis and (iii) the maximum insurable    
value of the improvements which are a part of such Mortgaged Property, in each  
case in an amount not less than such amount as is necessary to avoid the        
application of any coinsurance clause contained in the related hazard insurance 
policy. The Servicer shall also cause to be maintained fire insurance with      
extended coverage on each REO Property in an amount which is at least equal to  
the lesser of (i) the maximum insurable value of the improvements which are a   
part of such property and (ii) the outstanding principal balance of the related 
Mortgage Loan at the time it became an REO Property, plus accrued interest at   
the Mortgage Rate and related Servicing Advances. The Servicer will comply in   
the performance of this Agreement with all reasonable rules and requirements of 
each insurer under any such hazard policies. Any amounts to be collected by the 
Servicer under any such policies (other than amounts required to be deposited in
the Escrow Account and applied to the restoration or repair of the property     
subject to the related Mortgage or amounts to be released to the Mortgagor in   
accordance with the procedures that the Servicer would follow in servicing loans
held for its own account, subject to the terms and conditions of the related    
Mortgage and Mortgage Note) shall be deposited in the Collection Account,       
subject to withdrawal pursuant to Section 3.11. Any cost incurred by the        
Servicer in maintaining any such insurance shall not, for the purpose of        
calculating distributions to the Trustee, be added to the unpaid principal      
balance of the related Mortgage Loan, notwithstanding that the terms of such    
Mortgage Loan so permit. It is understood and agreed that no earthquake or other
additional insurance is to be required of any Mortgagor 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 or REO       
Property is at any time in an area identified in the Federal Register by the    
Federal Emergency Management Agency as having special flood hazards and flood   
insurance has been made available, the Servicer will cause to be maintained a   
flood insurance policy in respect thereof. Such flood insurance shall be in an  
amount equal to the lesser of (i) the unpaid principal balance of the related   
Mortgage Loan and (ii) the maximum amount of such insurance available for the   
related Mortgaged Property under the national flood insurance program (assuming 
that the area in which such Mortgaged Property is located is participating in   
such program).                                                                  

          In the event that the Servicer shall obtain and maintain a blanket
policy with an insurer either (i) acceptable to Fannie Mae or Freddie Mac or    
(ii) having a general policy rating of A:VI or better in Best's (or such other  
rating that is comparable to such rating) 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 two sentences of this Section 3.13, it    
being understood and agreed that such policy may contain a deductible clause, in
which case the Servicer shall, in the event that there shall not have been      
maintained on the related Mortgaged Property or REO Property a policy complying 
with the first two sentences of this Section 3.13, and there shall have been one
or more losses which would have been covered by such policy, deposit to the     
Collection Account from its own funds the amount not otherwise payable under the
blanket policy because of such deductible clause. In connection with its        
activities as administrator and servicer of the Mortgage Loans, the Servicer    
agrees to prepare and present, on behalf of itself and the Trustee, claims under
any such blanket policy in a timely fashion in accordance with the terms of such
policy.                                                                         

    (b) The Servicer shall keep in force during the term of this
Agreement a policy or policies of insurance covering errors and omissions for   
failure in the performance of the Servicer's obligations under this Agreement,  
which policy or policies shall be in such form and amount that would meet the   
requirements of Fannie Mae or Freddie Mac if it were the purchaser of the       
Mortgage Loans. The Servicer shall also maintain a fidelity bond in the form and
amount that would meet the requirements of Fannie Mae or Freddie Mac, unless the
Servicer has obtained a waiver of such requirements from Fannie Mae or Freddie  
Mac. The Servicer shall provide the Trustee upon request with copies of any such
insurance policies and fidelity bond. The Servicer shall be deemed to have      
complied with this provision if an Affiliate of the Servicer has such errors and
omissions and fidelity bond coverage and, by the terms of such insurance policy 
or fidelity bond, the coverage afforded thereunder extends to the Servicer. Any 
such errors and omissions policy and fidelity bond shall by its terms not be    
cancelable without thirty days' prior written notice to the Trustee. The        
Servicer shall also cause each Subservicer to maintain a policy of insurance    
covering errors and omissions and a fidelity bond which would meet such         
requirements.                                                                   

   Section 3.14 Enforcement of Due-On-Sale Clauses; Assumption
Agreements. The Servicer will, to the extent it has knowledge of any conveyance 
or prospective conveyance of any Mortgaged Property by any Mortgagor (whether by
absolute conveyance or by contract of sale, and whether or not the Mortgagor    
remains or is to remain liable under the Mortgage Note and/or the Mortgage),    
exercise its rights to accelerate the maturity of such Mortgage Loan under the  
"due-on-sale" clause, if any, applicable thereto; provided, however, that the   
Servicer shall not be required to take such action if, in its sole business     
judgment, the Servicer believes it is not in the best interests of the Trust    
Fund and shall not exercise any such rights if prohibited by law from doing so. 
If the Servicer reasonably believes it is unable under applicable law to enforce
such "due-on-sale" clause or if any of the other conditions set forth in the    
proviso to the preceding sentence apply, the Servicer will enter into either (i)
an assumption and modification agreement from or with the person to whom such   
property has been conveyed or is proposed to be conveyed, pursuant to which such
person becomes liable under the Mortgage Note and, to the extent permitted by   
applicable state law, the Mortgagor remains liable thereon or (ii) a            
substitution agreement as provided in the succeeding sentence. The Servicer is  
also authorized 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 the Mortgagor and becomes liable under the        
Mortgage Note, provided, that no such substitution shall be effective unless    
such person satisfies the underwriting criteria of the Servicer and has a credit
risk rating at least equal to that of the original Mortgagor. In connection with
any assumption, modification or substitution, the Servicer shall apply such     
underwriting standards and follow such practices and procedures as shall be     
normal and usual in its general mortgage servicing activities and as it applies 
to other mortgage loans owned solely by it. The Servicer shall not take or enter
into any assumption and modification agreement, however, unless (to the extent  
practicable in the circumstances) it shall have received confirmation, in       
writing, of the continued effectiveness of any applicable hazard insurance      
policy, or a new policy meeting the requirements of this Section is obtained.   
Any fee collected by the Servicer in respect of an assumption or substitution of
liability agreement will be retained by the Servicer as additional servicing    
compensation. In connection with any such assumption, no material term of the   
Mortgage Note (including but not limited to the related Mortgage Rate and the   
amount of the Scheduled Payment) may be amended or modified, except as otherwise
required pursuant to the terms thereof. The Servicer shall notify the Trustee   
that any such substitution, modification or assumption agreement has been       
completed by forwarding to the Custodian the executed original of such          
substitution or assumption agreement, which document 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.                                                    

         Notwithstanding the foregoing paragraph or any other provision of
this Agreement, the Servicer shall not be deemed to be in default, breach or any
other violation of its obligations hereunder by reason of any assumption of a   
Mortgage Loan by operation of law or by the terms of the Mortgage Note or any   
assumption which the Servicer may be restricted by law from preventing, for any 
reason whatsoever. For purposes of this Section 3.14, the term "assumption" is  
deemed to also include a sale (of the Mortgaged Property) subject to the        
Mortgage that is not accompanied by an assumption or substitution of liability  
agreement.                                                                      

            Section 3.15 Realization upon Defaulted Mortgage Loans. The Servicer
shall use its best efforts, consistent with Accepted Servicing Practices, to    
foreclose upon or otherwise comparably convert (which may include an acquisition
of REO Property) 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 pursuant to      
Section 3.07, and which are not released from this Agreement pursuant to any    
other provision hereof. The Servicer shall use reasonable efforts to realize    
upon such defaulted Mortgage Loans in such manner as will maximize the receipt  
of principal and interest by the Trustee, taking into account, among other      
things, the timing of foreclosure proceedings; provided, however, with respect  
to any Second Lien Mortgage Loan for which the related first lien mortgage loan 
is not included in the Trust Fund, if, after such Mortgage Loan becomes 180 days
or more delinquent, the Servicer determines that a significant net recovery is  
not possible through foreclosure, such Mortgage Loan may be charged off and the 
Mortgage Loan will be treated as a Liquidated Mortgage Loan giving rise to a    
Realized Loss. The foregoing is subject to the provisions that, in any case in  
which Mortgaged Property shall have suffered damage from an uninsured cause, the
Servicer shall not be required to expend its own funds toward the restoration of
such property unless it shall determine in its sole discretion (i) that such    
restoration will increase the net Liquidation Proceeds of the related Mortgage  
Loan to the Trustee, after reimbursement to itself for such expenses, and (ii)  
that such expenses will be recoverable by the Servicer through Insurance        
Proceeds, Condemnation Proceeds, Liquidation Proceeds or Subsequent Recoveries  
from the related Mortgaged Property, as contemplated in Section 3.11. The       
Servicer shall be responsible for all other costs and expenses incurred by it in
any such proceedings; provided, however, that it shall be entitled to           
reimbursement thereof as contemplated in Section 3.11.                          

          The proceeds of any liquidation or REO Disposition, as well as any
recovery resulting from a partial collection of Insurance Proceeds, Condemnation
Proceeds, Liquidation Proceeds or Subsequent Recoveries or any income from an   
REO Property, will be applied in the following order of priority: first, to     
reimburse the Servicer or any Subservicer for any related unreimbursed Servicing
Advances, and any previously unpaid late charges, fees and penalties, pursuant  
to Section 3.11 or 3.17; second, to reimburse the Servicer for any related      
unreimbursed P&I Advances, pursuant to Section 3.11; third, to accrued and      
unpaid interest on the Mortgage Loan or REO Imputed Interest, at the Mortgage   
Rate, to the date of the liquidation or REO Disposition, or to the Due Date     
prior to the Remittance Date on which such amounts are to be distributed if not 
in connection with a liquidation or REO Disposition; and fourth, as a recovery  
of principal of the Mortgage Loan. If the amount of the recovery so allocated to
interest is less than a full recovery thereof, that amount will be allocated as 
follows: first, to unpaid Servicing Fees; and second, as interest at the        
Mortgage Rate (net of the Servicing Fee Rate). The portion of the recovery so   
allocated to unpaid Servicing Fees shall be reimbursed to the Servicer or any   
Subservicer pursuant to Section 3.11 or 3.17. The portions of the recovery so   
allocated to interest at the Mortgage Rate (net of the Servicing Fee Rate) and  
to principal of the Mortgage Loan shall be applied as follows: first, to        
reimburse the Servicer or any Subservicer for any related unreimbursed Servicing
Advances in accordance with Section 3.11 or 3.17, and second, to the Trustee in 
accordance with the provisions of Section 4.02, subject to paragraph (g) of     
Section 3.17 with respect to certain excess recoveries from an REO Disposition. 

     Notwithstanding anything to the contrary contained herein, in
connection with a foreclosure or acceptance of a deed in lieu of foreclosure, in
the event the Servicer has received actual notice of, or has actual knowledge of
the presence of, hazardous or toxic substances or wastes on the related         
Mortgaged Property, or if the Trustee otherwise requests, the Servicer shall    
cause an environmental inspection or review of such Mortgaged Property to be    
conducted by a qualified inspector. Upon completion of the inspection, the      
Servicer shall promptly provide the Trustee and the Depositor with a written    
report of the environmental inspection.                                         

         After reviewing the environmental inspection report, the Servicer
shall determine consistent with Accepted Servicing Practices how the Servicer   
shall proceed with respect to the Mortgaged Property. In the event (a) the      
environmental inspection report indicates that the Mortgaged Property is        
contaminated by hazardous or toxic substances or wastes and (b) the Servicer    
proceeds with foreclosure or acceptance of a deed in lieu of foreclosure, the   
Servicer shall be reimbursed for all reasonable costs associated with such      
foreclosure or acceptance of a deed in lieu of foreclosure and any related      
environmental clean-up costs, as applicable, from the related Liquidation       
Proceeds, or if the Liquidation Proceeds are insufficient to fully reimburse the
Servicer, the Servicer shall be entitled to be reimbursed from amounts in the   
Collection Account pursuant to Section 3.11. In the event the Servicer does not 
proceed with foreclosure or acceptance of a deed in lieu of foreclosure, the    
Servicer shall be reimbursed from general collections for all Servicing Advances
made with respect to the related Mortgaged Property from the Collection Account 
pursuant to Section 3.11.                                                       

            Section 3.16 Release of Mortgage Files. (a) Upon the payment in full
of any Mortgage Loan, or the receipt by the Servicer of a notification that     
payment in full shall be escrowed in a manner customary for such purposes, the  
Servicer will, within five (5) Business Days of the payment in full, notify the 
Trustee and the Custodian by a certification (which certification shall include 
a statement to the effect that all amounts received or to be received in        
connection with such payment which are required to be deposited in the          
Collection Account pursuant to Section 3.10 have been or will be so deposited)  
of a Servicing Officer and shall request delivery to it of the Custodial File by
submitting a Request for Release, which Request for Release may be in an        
electronic format in a form acceptable to the Custodian, to the Custodian (with 
a copy to the Trustee). Upon receipt of such certification and Request for      
Release, the Custodian shall promptly release the related Custodial File to the 
Servicer within two (2) Business Days. No expenses incurred in connection with  
any instrument of satisfaction or deed of reconveyance shall be chargeable to   
the Collection Account unless such expenses constitute Servicing Advances.      

     (b) From time to time and as appropriate for the servicing or
foreclosure of any Mortgage Loan, including, for this purpose, collection under 
any Insurance Policy relating to the Mortgage Loans, the Custodian shall, upon  
request of the Servicer and delivery to the Custodian of a Request for Release, 
which Request for Release may be in an electronic format in a form acceptable to
the Custodian, release the related Custodial File to the Servicer within three  
(3) Business Days, and the Trustee shall, at the direction of the Servicer      
(which may be by a Request for Release), execute such documents as shall be     
necessary to the prosecution of any such proceedings and the Servicer shall     
retain the Mortgage File in trust for the benefit of the Trustee. Such Request  
for Release shall obligate the Servicer to return each and every document       
previously requested from the Custodial File to the Custodian when the need     
therefor by the Servicer no longer exists, unless the Mortgage Loan has been    
liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been 
deposited in the Collection Account or 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 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. Upon receipt of a certificate of a Servicing Officer stating that
such Mortgage Loan was liquidated and that all amounts received or to be        
received in connection with such liquidation that are required to be deposited  
into the Collection Account have been so deposited, or that such Mortgage Loan  
has become an REO Property, a copy of the Request for Release shall be released 
by the Custodian to the Servicer or its designee. Upon receipt of a Request for 
Release under this Section 3.16, the Custodian shall deliver the related        
Custodial File to the Servicer (if by overnight courier it shall be at the      
Servicer's expense).                                                            

            Upon written certification of a Servicing Officer, the Trustee shall
execute and deliver to the Servicer copies of any court pleadings, requests for 
trustee's sale or other documents reasonably necessary to the foreclosure or    
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to 
obtain a deficiency judgment, or to enforce any other remedies or rights        
provided by the Mortgage Note or Mortgage or otherwise available at law or in   
equity, or shall exercise and deliver to the Servicer a power of attorney       
sufficient to authorize the Servicer to execute such documents on its behalf.   
Each such certification shall include a request that such pleadings or documents
be executed by the Trustee and a statement as to the reason such documents or   
pleadings are required and that the execution and delivery thereof by the       
Trustee will not invalidate or otherwise affect the lien of the Mortgage, except
for the termination of such a lien upon completion of the foreclosure or        
trustee's sale.                                                                 

         Section 3.17 Title, Conservation and Disposition of REO Property.
(a) This Section shall apply only to REO Properties acquired for the account of 
the Trustee and shall not apply to any REO Property relating to a Mortgage Loan 
which was purchased or repurchased from the Trustee pursuant to any provision   
hereof. In the event that title to any such REO Property is acquired, the deed  
or certificate of sale shall be issued to Deutsche Bank National Trust Company  
(or, if applicable, the name of the successor Trustee) as Trustee for           
Securitized Asset Backed Receivables LLC 2006-WM4 Mortgage Pass-Through         
Certificates, Series 2006-WM4, or to its nominee, for the benefit of the        
Certificateholders.                                                             

         (b) The Servicer shall manage, conserve, protect and operate each
REO Property for the Trustee solely for the purpose of its prompt disposition   
and sale. The Servicer, either itself or through an agent selected by the       
Servicer, shall manage, conserve, protect and operate the REO Property in the   
same manner that it manages, conserves, protects and operates other foreclosed  
property for its own account, and in the same manner that similar property in   
the same locality as the REO Property is managed. The Servicer shall attempt to 
sell the same (and may temporarily rent the same for a period not greater than  
one year, except as otherwise provided below) on such terms and conditions as   
the Servicer deems to be in the best interest of the Trustee on behalf of the   
Certificateholders. The Servicer shall notify the Trustee from time to time as  
to the status of each REO Property.                                             

         (c) The Servicer shall use its best efforts to dispose of the REO
Property as soon as possible and shall sell such REO Property in any event      
within three years after title has been taken to such REO Property, unless the  
Servicer determines, and gives an appropriate notice to the Trustee to such     
effect, that a longer period is necessary for the orderly liquidation of such   
REO Property. Subject to Section 3.17(h), if a period longer than three years is
permitted under the foregoing sentence and is necessary to sell any REO         
Property, the Servicer shall report monthly to the Trustee as to the progress   
being made in selling such REO Property.                                        

         (d) The Servicer shall segregate and hold all funds collected and
received in connection with the operation of any REO Property separate and apart
from its own funds and general assets and shall deposit such funds in the       
Collection Account.                                                             

           (e) The Servicer shall deposit net of reimbursement to the Servicer
for any related outstanding Servicing Advances and unpaid Servicing Fees        
provided in Section 3.11, or cause to be deposited, in no event more than two   
(2) Business Days after the Servicer's receipt thereof, in the Collection       
Account all revenues received with respect to the related REO Property and shall
withdraw therefrom funds necessary for the proper operation, management and     
maintenance of the REO Property.                                                

       (f) The Servicer, upon an REO Disposition, shall be entitled to
reimbursement for any related unreimbursed Servicing Advances as well as any    
unpaid Servicing Fees from proceeds received in connection with the REO         
Disposition, as further provided in Section 3.11.                               

           (g) Any net proceeds from an REO Disposition which are in excess of
the unpaid principal balance of the related Mortgage Loan plus all unpaid REO   
Imputed Interest thereon through the date of the REO Disposition shall be       
retained by the Servicer as additional servicing compensation.                  

          (h) The Servicer shall use its reasonable best efforts to sell, or
cause the Subservicer to sell, in accordance with Accepted Servicing Practices, 
any REO Property as soon as possible, but in no event later than the conclusion 
of the third calendar year beginning after the year of its acquisition by       
Pooling Tier REMIC-1 unless (i) the Servicer applies for an extension of such   
period from the Internal Revenue Service pursuant to the REMIC Provisions and   
Code Section 856(e)(3), in which event such REO Property shall be sold within   
the applicable extension period, or (ii) the Servicer obtains for the Trustee an
Opinion of Counsel, addressed to the Depositor, the Trustee and the Servicer, to
the effect that the holding by Pooling Tier REMIC-1 of such REO Property        
subsequent to such period will not result in the imposition of taxes on         
"prohibited transactions" as defined in Section 860F of the Code or cause any   
Trust REMIC to fail to qualify as a REMIC under the REMIC Provisions or         
comparable provisions of relevant state laws at any time. The Servicer shall    
manage, conserve, protect and operate each REO Property for the Trustee, the    
Certificateholders and the Trust Fund solely for the purpose of its prompt      
disposition and sale in a manner which does not cause such REO Property to fail 
to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) or
result in the receipt by the Pooling Tier REMIC-1 of any "income from           
non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or
any "net income from foreclosure property" which is subject to taxation under   
Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO        
Property, the Servicer shall either itself or through an agent selected by the  
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 Trustee
on behalf of the Certificateholders, rent the same, or any part thereof, as the 
Servicer deems to be in the best interest of the Trustee on behalf of the       
Certificateholders for the period prior to the sale of such REO Property;       
provided, however, that any rent received or accrued with respect to such REO   
Property qualifies as "rents from real property" as defined in Section 856(d) of
the Code.                                                                       

      Section 3.18 Notification of Adjustments. With respect to each
Adjustable Rate Mortgage Loan, the Servicer shall adjust the Mortgage Rate on   
the related Adjustment Date and shall adjust the Scheduled Payment on the       
related mortgage payment adjustment date, if applicable, in compliance with the 
requirements of applicable law and the related Mortgage and Mortgage Note. In   
the event that an Index becomes unavailable or otherwise unpublished, the       
Servicer shall select a comparable alternative index over which it has no direct
control and which is readily verifiable. The Servicer shall execute and deliver 
any and all necessary notices required under applicable law and the terms of the
related Mortgage Note and Mortgage regarding the Mortgage Rate and Scheduled    
Payment adjustments. The Servicer shall promptly, upon written request therefor,
deliver to the Trustee such notifications and any additional applicable data    
regarding such adjustments and the methods used to calculate and implement such 
adjustments. Upon the discovery by the Servicer or the receipt of notice from   
the Trustee that the Servicer has failed to adjust a Mortgage Rate or Scheduled 
Payment in accordance with the terms of the related Mortgage Note, the Servicer 
shall deposit in the Collection Account from its own funds the amount of any    
interest loss caused as such interest loss occurs.                              

    Section 3.19 Access to Certain Documentation and Information
Regarding the Mortgage Loans. In the event the Servicer reasonably believes that
compliance with this Section will make the Mortgage Loans legal for investment  
by federally insured savings and loan associations, the Servicer shall provide, 
or cause the Subservicer to provide, to the Depositor, the Trustee, the OTS or  
the FDIC and the examiners and supervisory agents thereof, access to the        
documentation regarding the Mortgage Loans in its possession required by        
applicable regulations of the OTS. Such access shall be afforded without charge,
but only upon reasonable and prior written request and during normal business   
hours at the offices of the Servicer or, if applicable, any Subservicer. Nothing
in this Section shall derogate from the obligation of any such party to observe 
any applicable law prohibiting disclosure of information regarding the          
Mortgagors and the failure of any such party to provide access as provided in   
this Section as a result of such obligation shall not constitute a breach of    
this Section.                                                                   

      Section 3.20 Documents, Records and Funds in Possession of the
Servicer to Be Held for the Trustee. The Servicer shall account fully to the    
Trustee for any funds received by the Servicer or which otherwise are collected 
by the Servicer as Liquidation Proceeds, Condemnation Proceeds or Insurance     
Proceeds in respect of any Mortgage Loan serviced by the Servicer. All Mortgage 
Files and funds collected or held by, or under the control of, the 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 its Collection Account, shall be held by the 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 Servicer also agrees that it shall not create, incur or subject any Mortgage
File or any funds that are deposited in any Collection Account, the Distribution
Account or 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 setoff
against any Mortgage File or any funds collected on, or in connection with, a   
Mortgage Loan, except, however, that the Servicer shall be entitled to set off  
against and deduct from any such funds any amounts that are properly due and    
payable to the Servicer under this Agreement.                                   

        Section 3.21 Servicing Compensation. (a) As compensation for its
activities hereunder, the Servicer shall, with respect to each Mortgage Loan, be
entitled to retain from deposits to the Collection Account and from Liquidation 
Proceeds, Condemnation Proceeds, Insurance Proceeds, Subsequent Recoveries and  
REO Proceeds related to such Mortgage Loan, the Servicing Fee with respect to   
each Mortgage Loan (less any portion of such amounts retained by any            
Subservicer). In addition, the Servicer shall be entitled to recover unpaid     
Servicing Fees out of related Late Collections and as otherwise permitted under 
Section 3.11. The right to receive the Servicing Fee may not be transferred in  
whole or in part except in connection with the transfer of all of the Servicer's
responsibilities and obligations under this Agreement; provided, however, that  
the Servicer may pay from the Servicing Fee any amounts due to a Subservicer    
pursuant to a Subservicing Agreement entered into under Section 3.02.           

          (b) Additional servicing compensation in the form of assumption or
modification fees, late payment charges, net Prepayment Interest Excesses (to   
the extent not required to offset Prepayment Interest Shortfalls), NSF fees,    
reconveyance fees and other similar fees and charges (other than Prepayment     
Charges) shall be retained by the Servicer only to the extent such fees or      
charges are received by the Servicer. The Servicer shall also be entitled as    
additional servicing compensation, to interest or other income earned on        
deposits in the Escrow Account (to the extent permitted by law and the related  
Mortgage Loan documents) in accordance with Section 3.12.                       

      (c) The Servicer shall remit to the Trustee for deposit in the
Supplemental Float Account all income and gain realized from the investment of  
funds deposited in the Collection Account.                                      

          (d) The Servicer shall be required to pay all expenses incurred by
it in connection with its servicing activities hereunder (including payment of  
premiums for any blanket policy insuring against hazard losses pursuant to      
Section 3.13, servicing compensation of the Subservicer to the extent not       
retained by it and the fees and expenses of independent accountants and any     
agents appointed by the Servicer), and shall not be entitled to reimbursement   
therefor from the Trust Fund except as specifically provided in Section 3.11.   

          Section 3.22 Annual Statement as to Compliance. The Servicer shall
deliver, and shall cause each Subservicer engaged by the Servicer to deliver or 
cause to be delivered, to the Depositor, the Rating Agencies and the Trustee on 
or before March 5th of each calendar year, commencing in 2007, an Officer's     
Certificate stating, as to each signatory thereof, that (i) a review of the     
activities of the Servicer or Subservicer, as applicable, during the preceding  
calendar year and of its performance under this Agreement or the applicable     
Subservicing Agreement, as the case may be, has been made under such officer's  
supervision, and (ii) to the best of such officer's knowledge, based on such    
review, the Servicer or Subservicer, as applicable, has fulfilled all of its    
obligations under this Agreement or the applicable Subservicing Agreement, as   
the case may be, 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 officers and the nature and status   
thereof. Promptly after receipt of each such Officer's Certificate, the         
Depositor shall review such Officer's Certificate and, if applicable, consult   
with the Servicer or Subservicer as to the nature of any failure by the Servicer
or Subservicer in the fulfillment of any of the Servicer's or Subservicer's     
obligations. The obligations of the Servicer and Subservicer under this Section 
apply to each Servicer and Subservicer that serviced a Mortgage Loan, as        
applicable, during the applicable period, whether or not the Servicer or such   
Subservicer is acting as Servicer or Subservicer, as applicable, at the time    
such Officer's Certificate is required to be delivered. None of the Servicer or 
Subservicer shall be required to cause the delivery of any Officer's Certificate
required by this Section until March 15th in any given year so long as it has   
received written confirmation from the Depositor that a Form 10-K is not        
required to be filed in respect of the Trust for the preceding calendar year.   

            In the event the Servicer or any Subservicer engaged by the Servicer
is terminated or resigns pursuant to the terms of this Agreement, or any        
applicable agreement in the case of a Subservicer, as the case may be, such     
party shall provide with respect to the year of termination an Officer's        
Certificate pursuant to this Section 3.22 or to such applicable agreement, as   
the case may be, notwithstanding any such termination, assignment or            
resignation, but only covering the period prior to such termination.            

    Section 3.23 Annual Reports on Assessment of Compliance with
Servicing Criteria; Annual Independent Public Accountants' Attestation Report.  

        (a) Not later than March 5th of each calendar year commencing in
2007, the Servicer, the Trustee and the Custodian shall deliver, and the        
Servicer shall cause each Subservicer engaged by the Servicer and the Servicer, 
the Custodian and the Trustee shall cause each Subcontractor utilized by the    
Servicer (or by any such Subservicer), the Custodian or the Trustee, as         
applicable, and determined by the Servicer, the Custodian or the Trustee, as    
applicable, pursuant to Section 3.02(e) to be "participating in the servicing   
function" within the meaning of Item 1122 of Regulation AB (in each case, a     
"Servicing Function Participant"), to deliver, each at its own expense, to the  
Depositor and the Trustee, a report on an assessment of compliance with the     
Servicing Criteria applicable to it that contains (A) a statement by such party 
of its responsibility for assessing compliance with the Servicing Criteria      
applicable to it, (B) a statement that such party used the Servicing Criteria to
assess compliance with the applicable Servicing Criteria, (C) such party's      
assessment of compliance with the applicable Servicing Criteria as of and for   
the period ending the end of the fiscal year covered by the Form 10-K required  
to be filed pursuant to Section 8.12, including, if there has been any material 
instance of noncompliance with the applicable Servicing Criteria, a discussion  
of each such failure and the nature and status thereof, and (D) a statement that
a registered public accounting firm has issued an attestation report on such    
Person's assessment of compliance with the applicable Servicing Criteria as of  
and for such period. Each such assessment of compliance report shall be         
addressed to the Depositor and signed by an authorized officer of the applicable
company, and shall address each of the applicable Servicing Criteria set forth  
on Exhibit P hereto, or as set forth in the notification furnished to the       
Depositor and the Trustee pursuant to Section 3.23(c). The Servicer, the        
Custodian and the Trustee hereby acknowledge and agree that their respective    
assessments of compliance will cover the items identified on Exhibit P hereto as
being covered by such party. The parties to this Agreement acknowledge that     
where a particular Servicing Criteria has multiple components, each party's     
assessment of compliance and related attestation of compliance will relate only 
to those components that are applicable to such party. Promptly after receipt of
each such report on assessment of compliance, the Depositor shall review each   
such report and, if applicable, consult with the Servicer, the Custodian or the 
Trustee as to the nature of any material instance of noncompliance with the     
Servicing Criteria applicable to it (and each Subservicer or Servicing Function 
Participant engaged or utilized by the Servicer, such Subservicer, the Custodian
or the Trustee, as applicable), as the case may be. None of the Servicer, the   
Custodian or the Trustee or any Subservicer or Servicing Function Participant   
shall be required to cause the delivery of any such assessments until March 15th
in any given year so long as it has received written confirmation from the      
Depositor that a Form 10-K is not required to be filed in respect of the Trust  
for the preceding calendar year.                                                

  In the event the Servicer, the Trustee, the Custodian, any
Subservicer or any Servicing Function Participant engaged by any such party is  
terminated, assigns its rights and obligations under, or resigns pursuant to,   
the terms of this Agreement, or any other applicable agreement, as the case may 
be, such party shall provide with respect to the year of termination a report on
assessment of compliance pursuant to this Section 3.23, or to such other        
applicable agreement, notwithstanding any such termination, assignment or       
resignation.                                                                    

        (b) Not later than March 5th of each calendar year commencing in
2007, the Servicer, the Custodian and the Trustee shall cause, and the Servicer 
shall cause each Subservicer engaged by the Servicer and the Servicer, the      
Custodian and the Trustee shall cause each Servicing Function Participant       
utilized by the Trustee, the Custodian or the Servicer, as applicable (or by any
Subservicer engaged by the Servicer), to cause, each at its own expense, a      
registered public accounting firm (which may also render other services to such 
party) that is a member of the American Institute of Certified Public           
Accountants to furnish a report to the Trustee and the Depositor that attests to
and reports on such Person's assessment of compliance with the Servicing        
Criteria applicable to it , with a copy to the Rating Agencies, to the effect   
that (i) it has obtained a representation regarding certain matters from the    
management of such Person, which includes an assertion that such Person has     
complied with the Servicing Criteria applicable to it pursuant to Section       
3.23(a) and (ii) on the basis of an examination conducted by such firm in       
accordance with standards for attestation engagements issued or adopted by the  
PCAOB, that attests to and reports on such Person's assessment of compliance    
with the Servicing Criteria applicable to it. In the event that an overall      
opinion cannot be expressed, such registered public accounting firm shall state 
in such report why it was unable to express such an opinion. Each such related  
accountant's attestation report shall be made in accordance with Rules          
1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the       
Exchange Act. Promptly after receipt of each such accountants' attestation      
report, the Depositor shall review the report and, if applicable, consult with  
the Servicer, the Custodian or the Trustee as to the nature of any defaults by  
the Servicer, the Custodian or the Trustee (and each Subservicer or Servicing   
Function Participant engaged or utilized by the Servicer, the Custodian or the  
Trustee, as applicable, or by any Subservicer engaged by the Servicer), as the  
case may be, in the fulfillment of any of the Servicer's, the Custodian's, the  
Trustee's or the applicable Subservicer's or Servicing Function Participant's   
obligations hereunder or under any applicable sub-servicing agreement. None of  
the Servicer, the Custodian, the Trustee or any Servicer or Servicing Function  
Participant shall be required to cause the delivery of any such attestation     
required by this paragraph until March 15th in any given year so long as it has 
received written confirmation from the Depositor that a Form 10-K is not        
required to be filed in respect of the Trust for the preceding calendar year.   

       (c) No later than February 1 of each fiscal year, commencing in
2007, the Servicer shall notify the Trustee and the Depositor as to the name of 
each Subservicer engaged by it for the prior fiscal year and each Servicing     
Function Participant utilized by it and by each Subservicer engaged by it, but  
only to the extent there has been a change in the information in such           
notification from notices previously delivered, and the Trustee and the         
Custodian shall notify the Depositor as to the name of each Servicing Function  
Participant utilized by the Trustee or the Custodian, as applicable, and each   
such notice will specify what specific Servicing Criteria will be addressed in  
the report on assessment of compliance prepared by such Subservicer and         
Servicing Function Participant in each case, to the extent of any change from   
the prior year's notice, if any. When the Servicer, the Custodian or the Trustee
submits its assessment pursuant to Section 3.23(a), the Servicer, the Custodian 
and the Trustee, as applicable, will also at such time include the assessment   
(and related attestation pursuant to Section 3.23(b)) of each Servicing Function
Participant utilized by it and by each Subservicer engaged by it.               

  In the event the Servicer, the Custodian, the Trustee, any
Subservicer or any Servicing Function Participant engaged by any such party, is 
terminated, assigns its rights and duties under, or resigns pursuant to the     
terms of, this Agreement, or any applicable agreement, as the case may be, such 
party shall cause a registered public accounting firm to provide with respect to
the year of termination, at the cost and expense of such party, an attestation  
report pursuant to this Section 3.23, or such other applicable agreement,       
notwithstanding any such termination, assignment or resignation.                

       Section 3.24 Trustee to Act as Servicer. (a) Subject to Section
7.02, in the event that the Servicer shall for any reason no longer be the      
Servicer hereunder (including by reason of an Event of Default), the Trustee or 
its successor shall thereupon assume all of the rights and obligations of the   
Servicer hereunder arising thereafter, except that the Trustee shall not be (i) 
liable for losses of the predecessor Servicer pursuant to Section 3.10 or any   
acts or omissions of the predecessor Servicer hereunder, (ii) obligated to      
effectuate repurchases or substitutions of Mortgage Loans hereunder, including  
but not limited to repurchases or substitutions pursuant to Section 2.03, (iii) 
responsible for expenses of the predecessor Servicer pursuant to Section 2.03 or
(iv) deemed to have made any representations and warranties of the Servicer     
hereunder. Any such assumption shall be subject to Section 7.02.                

           (b) Every Subservicing Agreement entered into by the Servicer shall
contain a provision giving the successor Servicer the option to terminate such  
agreement in the event a successor Servicer is appointed.                       

          (c) If the Servicer shall for any reason no longer be the Servicer
(including by reason of any Event of Default), the Trustee (or any other        
successor Servicer) may, at its option, succeed to any rights and obligations of
the Servicer under any Subservicing Agreement in accordance with the terms      
thereof; provided, that the Trustee (or any other successor Servicer) shall not 
incur any liability or have any obligations in its capacity as successor        
Servicer under a Subservicing Agreement arising prior to the date of such       
succession unless it expressly elects to succeed to the rights and obligations  
of the Servicer thereunder; and the Servicer shall not thereby be relieved of   
any liability or obligations under the Subservicing Agreement arising prior to  
the date of such succession.                                                    

       (d) The Servicer shall, upon request of the Trustee, but at the
expense of the Servicer, deliver to the assuming party all documents and records
relating to each Subservicing Agreement (if any) and the Mortgage Loans then    
being serviced thereunder and an accounting of amounts collected and held by it,
and otherwise use its best efforts to effect the orderly and efficient transfer 
of the Subservicing Agreement to the assuming party.                            

           Section 3.25 Compensating Interest. The Servicer shall remit to the
Trustee on each Remittance Date for deposit in the Distribution Account an      
amount from its own funds equal to the Compensating Interest payable by the     
Servicer for the related Distribution Date.                                     

       Section 3.26 Credit Reporting; Gramm-Leach-Bliley Act. (a) With
respect to each Mortgage Loan, the Servicer agrees to fully furnish, in         
accordance with the Fair Credit Reporting Act and its implementing regulations, 
accurate and complete information (e.g., favorable and unfavorable) on the      
primary borrower of such Mortgage Loan to Equifax, Experian and TransUnion      
Credit Information Company (three of the credit repositories) on a monthly      
basis.                                                                          

            (b) The Servicer shall comply with Title V of the Gramm-Leach-Bliley
Act of 1999 and all applicable regulations promulgated thereunder, relating to  
the Mortgage Loans and the related borrowers and shall provide all required     
notices thereunder.                                                             

ARTICLE IV

 DISTRIBUTIONS AND
ADVANCES BY THE SERVICER

           Section 4.01 Advances. (a) The amount of P&I Advances to be made by
the Servicer for any Remittance Date shall equal, subject to Section 4.01(c),   
the sum of (i) the aggregate amount of Scheduled Payments (with each interest   
portion thereof net of the related Servicing Fee), due during the Due Period    
immediately preceding such Remittance Date in respect of the Mortgage Loans,    
which Scheduled Payments were not received as of the close of business on the   
related Determination Date, plus (ii) with respect to each REO Property, which  
REO Property was acquired during or prior to the related Prepayment Period and  
as to which such REO Property an REO Disposition did not occur during the       
related Prepayment Period, an amount equal to the excess, if any, of the        
Scheduled Payments (with each interest portion thereof net of the related       
Servicing Fee) that would have been due on the related Due Date in respect of   
the related Mortgage Loans, over the net income from such REO Property          
transferred to the Collection Account for distribution on such Remittance Date. 
With respect to any balloon payment on a Balloon Mortgage Loan, the Servicer    
shall only be obligated to advance the assumed monthly payment that would have  
been due on the related Due Date based on the original principal amortization   
schedule for such Balloon Mortgage Loan with interest at the Mortgage Rate net  
of the Servicing Fee Rate.                                                      

            (b) On each Remittance Date, the Servicer shall remit in immediately
available funds to the Trustee an amount equal to the aggregate amount of P&I   
Advances, if any, to be made in respect of the Mortgage Loans and REO Properties
for the related Remittance Date either (i) from its own funds or (ii) from the  
Collection Account, to the extent of funds held therein for future distribution 
(in which case, it will cause to be made an appropriate entry in the records of 
Collection Account that Amounts Held for Future Distribution have been, as      
permitted by this Section 4.01, used by the Servicer in discharge of any such   
P&I Advance) or (iii) in the form of any combination of (i) and (ii) aggregating
the total amount of P&I Advances to be made by the Servicer with respect to the 
Mortgage Loans and REO Properties. Any Amounts Held for Future Distribution and 
so used shall be appropriately reflected in the Servicer's records and replaced 
by the Servicer by deposit in the Collection Account on or before any future    
Remittance Date to the extent required.                                         

       (c) The obligation of the Servicer to make such P&I Advances is
mandatory, notwithstanding any other provision of this Agreement but subject to 
(d) below, and, with respect to any Mortgage Loan or REO Property, shall        
continue until a Final Recovery Determination in connection therewith or the    
removal thereof from coverage under this Agreement, except as otherwise provided
in this Section.                                                                

           (d) Notwithstanding anything herein to the contrary, no P&I Advance
or Servicing Advance shall be required to be made hereunder by the Servicer if  
such P&I Advance or Servicing Advance would, if made, constitute a              
Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance. The             
determination by the Servicer that it has made a Nonrecoverable P&I Advance or a
Nonrecoverable Servicing Advance or that any proposed P&I Advance or Servicing  
Advance, if made, would constitute a Nonrecoverable P&I Advance or a            
Nonrecoverable Servicing Advance, respectively, shall be evidenced by an        
Officer's Certificate of the Servicer delivered to the Trustee. In addition, the
Servicer shall not be required to advance any Relief Act Interest Shortfalls or 
any Prepayment Interest Shortfalls in excess of its obligations to pay          
Compensating Interest pursuant to Section 3.25.                                 

      (e) Except as otherwise provided herein, the Servicer shall be
entitled to reimbursement pursuant to Section 3.11 for Servicing Advances and   
any previously unpaid late charges, fees and penalties from recoveries from the 
related Mortgagor or from all Liquidation Proceeds and other payments or        
recoveries (including Insurance Proceeds, Condemnation Proceeds and Subsequent  
Recoveries) with respect to the related Mortgage Loan.                          

         Section 4.02 Priorities of Distribution. (a) On each Distribution
Date, the Trustee shall make the disbursements and transfers from amounts then  
on deposit in the Distribution Account in the following order of priority and to
the extent of the Available Funds remaining and, on such Distribution Date,     
shall make distributions on the Certificates in accordance with such allocation:

         (i) to the holders of each Class of LIBOR Certificates and to the
Supplemental Interest Account in the following order of priority:   

                (A) to the Supplemental Interest Account, the sum of (x) all
          Net Swap Payments and (y) any Swap Termination Payment owed to the
           Swap Provider, if any (to the extent not previously received by the
      Swap Provider as a Replacement Swap Provider Payment), but not
including any Defaulted Swap Termination Payment;       

                  (B) from the Interest Remittance Amounts for both Loan Groups,
    to the Class A Certificates, the related Accrued Certificate
          Interest Distribution Amounts and Unpaid Interest Amounts for such
        Distribution Date, allocated pursuant to clauses (iv) and (v) of
this Section 4.02(a);                                   

              (C) from any remaining Interest Remittance Amounts, to the
Class M-1 Certificates, the Accrued Certificate Interest
     Distribution Amount for such Class on such Distribution Date;

              (D) from any remaining Interest Remittance Amounts, to the
Class M-2 Certificates, the Accrued Certificate Interest
     Distribution Amount for such Class on such Distribution Date;

              (E) from any remaining Interest Remittance Amounts, to the
Class M-3 Certificates, the Accrued Certificate Interest
     Distribution Amount for such Class on such Distribution Date;

              (F) from any remaining Interest Remittance Amounts, to the
Class M-4 Certificates, the Accrued Certificate Interest
     Distribution Amount for such Class on such Distribution Date;

              (G) from any remaining Interest Remittance Amounts, to the
Class M-5 Certificates, the Accrued Certificate Interest
     Distribution Amount for such Class on such Distribution Date;

              (H) from any remaining Interest Remittance Amounts, to the
Class B-1 Certificates, the Accrued Certificate Interest
     Distribution Amount for such Class on such Distribution Date;

              (I) from any remaining Interest Remittance Amounts, to the
Class B-2 Certificates, the Accrued Certificate Interest
         Distribution Amount for such Class on such Distribution Date; and

              (J) from any remaining Interest Remittance Amounts, to the
Class B-3 Certificates, the Accrued Certificate Interest
     Distribution Amount for such Class on such Distribution Date.

          (ii) (A) on each Distribution Date (1) before the Stepdown Date or
     (2) with respect to which a Trigger Event is in effect, to the holders of
the related Class or Classes of LIBOR Certificates then entitled to 
    distributions of principal as set forth below, from amounts remaining on
      deposit in the Distribution Account after making distributions pursuant to
     clause (i) above, an amount equal to the Principal Distribution Amount in
the following order of priority:                                    

              (a) to the Class A Certificates, allocated as described in
        Section 4.02(c), until the respective Class Certificate Balances
thereof are reduced to zero; and                        

                  (b) sequentially to the Class M-1, Class M-2, Class M-3, Class
           M-4, Class M-5, Class B 1, Class B 2 and Class B-3 Certificates, in
       that order, until the respective Class Certificate Balances are
reduced to zero;                                        

               (B) on each Distribution Date (1) on and after the Stepdown
    Date and (2) as long as a Trigger Event is not in effect, to the holders
  of the related Class or Classes of LIBOR Certificates then entitled to
distribution of principal, from amounts remaining on deposit in the 
  Distribution Account after making distributions pursuant to clause (i)
   above, an amount equal to, in the aggregate, the Principal Distribution
Amount in the following amounts and order of priority:              

          (a) to the Class A Certificates, the lesser of (x) the
   Principal Distribution Amount and (y) the Class A Principal
       Distribution Amount, allocated as described in Section 4.02(c),
           until the respective Class Certificate Balances thereof are reduced
to zero;                                                

         (b) to the Sequential Class M Certificates, allocated
            sequentially, first to the Class M-1 Certificates, then to the Class
           M-2 Certificates and then to the Class M-3 Certificates, the lesser
            of (x) the excess of (i) the Principal Distribution Amount over (ii)
          the amount distributed to the Class A Certificateholders in clause
 (ii)(B)(a) above and (y) the Sequential Class M Principal
      Distribution Amount, in each case until their respective Class
Certificate Balances have been reduced to zero;         

            (c) to the Class M-4 Certificates, the lesser of (x) the
            excess of (i) the Principal Distribution Amount over (ii) the amount
          distributed to the Class A Certificateholders in clause (ii)(B)(a)
        above and to the Sequential Class M Certificateholders in clause
     (ii)(B)(b) above and (y) the Class M-4 Principal Distribution
         Amount, until their Class Certificate Balance has been reduced to
zero;                                                   

            (d) to the Class M-5 Certificates, the lesser of (x) the
            excess of (i) the Principal Distribution Amount over (ii) the amount
          distributed to the Class A Certificateholders in clause (ii)(B)(a)
     above, to the Sequential Class M Certificateholders in clause
          (ii)(B)(b) above and to the Class M-4 Certificateholders in clause
     (ii)(B)(c) above and (y) the Class M-5 Principal Distribution
         Amount, until their Class Certificate Balance has been reduced to
zero;                                                   

            (e) to the Class B-1 Certificates, the lesser of (x) the
            excess of (i) the Principal Distribution Amount over (ii) the amount
          distributed to the Class A Certificateholders in clause (ii)(B)(a)
     above, to the Sequential Class M Certificateholders in clause
       (ii)(B)(b) above, to the Class M-4 Certificateholders in clause
          (ii)(B)(c) above and to the Class M-5 Certificateholders in clause
     (ii)(B)(d) above and (y) the Class B-1 Principal Distribution
         Amount, until their Class Certificate Balance has been reduced to
zero;                                                   

            (f) to the Class B-2 Certificates, the lesser of (x) the
            excess of (i) the Principal Distribution Amount over (ii) the amount
          distributed to the Class A Certificateholders in clause (ii)(B)(a)
     above, to the Sequential Class M Certificateholders in clause
       (ii)(B)(b) above, to the Class M-4 Certificateholders in clause
       (ii)(B)(c) above, to the Class M-5 Certificateholders in clause
          (ii)(B)(d) above and to the Class B-1 Certificateholders in clause
     (ii)(B)(e) above and (y) the Class B-2 Principal Distribution
         Amount, until their Class Certificate Balance has been reduced to
zero; and                                               

            (g) to the Class B-3 Certificates, the lesser of (x) the
            excess of (i) the Principal Distribution Amount over (ii) the amount
          distributed to the Class A Certificateholders in clause (ii)(B)(a)
     above, to the Sequential Class M Certificateholders in clause
       (ii)(B)(b) above, to the Class M-4 Certificateholders in clause
       (ii)(B)(c) above, to the Class M-5 Certificateholders in clause
       (ii)(B)(d) above, to the Class B-1 Certificateholders in clause
          (ii)(B)(e) above and to the Class B-2 Certificateholders in clause
     (ii)(B)(f) above and (y) the Class B-3 Principal Distribution
         Amount, until their Class Certificate Balance has been reduced to
zero; and                                               

         (iii) any amount remaining after the distributions in clauses (i)
 and (ii) above, plus as specifically indicated below, from amounts on
   deposit in the Excess Reserve Fund Account, shall be distributed in the
following order of priority:                                        

                 (A) to the Class M-1 Certificates, any Unpaid Interest Amount
for such Class;                                         

               (B) to the Class M-1 Certificates, any Unpaid Realized Loss
Amount for such Class;                                  

                 (C) to the Class M-2 Certificates, any Unpaid Interest Amount
for such Class;                                         

               (D) to the Class M-2 Certificates, any Unpaid Realized Loss
Amount for such Class;                                  

                 (E) to the Class M-3 Certificates, any Unpaid Interest Amount
for such Class;                                         

               (F) to the Class M-3 Certificates, any Unpaid Realized Loss
Amount for such Class;                                  

                 (G) to the Class M-4 Certificates, any Unpaid Interest Amount
for such Class;                                         

               (H) to the Class M-4 Certificates, any Unpaid Realized Loss
Amount for such Class;                                  

                 (I) to the Class M-5 Certificates, any Unpaid Interest Amount
for such Class;                                         

               (J) to the Class M-5 Certificates, any Unpaid Realized Loss
Amount for such Class;                                  

                 (K) to the Class B-1 Certificates, any Unpaid Interest Amount
for such Class;                                         

               (L) to the Class B-1 Certificates, any Unpaid Realized Loss
Amount for such Class;                                  

                 (M) to the Class B-2 Certificates, any Unpaid Interest Amount
for such Class;                                         

               (N) to the Class B-2 Certificates, any Unpaid Realized Loss
Amount for such Class;                                  

                 (O) to the Class B-3 Certificates, any Unpaid Interest Amount
for such Class;                                         

               (P) to the Class B-3 Certificates, any Unpaid Realized Loss
Amount for such Class;                                  

             (Q) to the Excess Reserve Fund Account, the amount of any
Basis Risk Payment for such Distribution Date;          

                (R) from funds on deposit in the Excess Reserve Fund Account
      with respect to such Distribution Date, an amount equal to any
            remaining unpaid Basis Risk Carry Forward Amount with respect to any
 LIBOR Certificate for such Distribution Date to the LIBOR
        Certificates in the same order and priority in which the Accrued
        Certificate Interest Distribution Amount is allocated among such
           Classes of Certificates, except that the Class A Certificates shall
          be paid (a) first, among the Class A Certificates, pro rata, based
           upon their respective Class Certificate Balances (only with respect
          to those Class A Certificates with an outstanding Basis Risk Carry
            Forward Amount) and (b) second, any remaining amounts to the Class A
          Certificates, pro rata, based on any such Basis Risk Carry Forward
Amounts remaining unpaid;                               

               (S) to the Supplemental Interest Account, the amount of any
     Defaulted Swap Termination Payment owed to the Swap Provider;

                 (T) to the Class X Certificates, the remainder of the Class X
 Distributable Amount not distributed pursuant to Sections
4.02(a)(iii)(A)-(S);                                    

               (U) to the Class R-I Certificates, any remaining amount, in
        respect of Pooling Tier REMIC-1 (including, for the avoidance of
           doubt, amounts paid from the Collection Account to the Supplemental
         Float Account and remaining after application pursuant to Section
4.07(i)-(iv)); and                                      

                (V) to the Class R-II Certificates, any remaining amount, in
           respect of Pooling Tier REMIC-2, the Lower Tier REMIC and the Upper
Tier REMIC.                                             

         (iv) solely for purposes of interest allocation calculations, the
     Interest Remittance Amount attributable to Group I Mortgage Loans will be
allocated as follows:                                               

         (a) first, to the Class A-1 Certificates, the Accrued
        Certificate Interest Distribution Amount and any Unpaid Interest
Amount for the Class A-1 Certificates; and              

                (b) second, concurrently, to the Class A-2 Certificates, pro
         rata (based on the amounts distributable or payable under Section
 4.02(a)(i)(B) to the Class A-2 Certificates), the Accrued
        Certificate Interest Distribution Amount and any Unpaid Interest
Amount for each such Class; and                         

        (v) solely for purposes of interest allocation calculations, the
      Interest Remittance Amount attributable to Group II Mortgage Loans will be
allocated as follows:                                               

               (a) first, concurrently, to the Class A-2 Certificates, pro
         rata (based on the amounts distributable or payable under Section
 4.02(a)(i)(B) to the Class A-2 Certificates), the Accrued
        Certificate Interest Distribution Amount and any Unpaid Interest
Amount for each such Class; and                         

          (b) second, to the Class A-1 Certificates, the Accrued
        Certificate Interest Distribution Amount and any Unpaid Interest
Amount for the Class A-1 Certificates; and              

            If on any Distribution Date, as a result of the foregoing allocation
rules, any Class of Class A Certificates does not receive in full the related   
Accrued Certificate Interest Distribution Amount or the related Unpaid Interest 
Amount, if any, then such shortfall will be allocated to the Holders of such    
Class, with interest thereon, on future Distribution Dates, as any Unpaid       
Interest Amount, subject to the priorities described above.                     

            Distributions will be determined in part based on the performance of
individual Loan Groups and for such purpose any Net Swap Payments, Net Swap     
Receipts or Swap Termination Payments will be allocated between Loan Groups     
based on the respective aggregate Stated Principal Balance of the Mortgage Loans
in each Loan Group, unless otherwise set forth in this Agreement.               

        (b) On each Distribution Date, prior to any distributions on any
other Class of Certificates, all amounts representing Prepayment Charges from   
the Mortgage Loans received during the related Prepayment Period (including     
amounts payable by the Servicer pursuant to Section 3.07) shall be distributed  
by the Trustee to the holders of the Class P Certificates.                      

     (c) All principal distributions to the Holders of the Class A
Certificates on any Distribution Date shall be allocated by the Trustee         
concurrently between the Group I Class A Certificates, on the one hand, and the 
Group II Class A Certificates, on the other hand, based on the Class A Principal
Allocation Percentage for the Group I Class A Certificates and the Group II     
Class A Certificates, as applicable, for such Distribution Date; provided,      
however, that, if the Class Certificate Balances of the Class A Certificates in 
either Class A Certificate Group are reduced to zero, then the remaining amount 
of principal distributions distributable to the Class A Certificates on such    
Distribution Date, and the amount of such principal distributions distributable 
on all subsequent Distribution Dates, shall be distributed by the Trustee to the
Holders of the Class A Certificates in the other Class A Certificate Group      
remaining Outstanding, in accordance with the principal distribution allocations
described in this Section 4.02(c), until their respective Class Certificate     
Balances have been reduced to zero. Any distributions of principal to the Group 
I Class A Certificates shall be made by the Trustee first from Available Funds  
relating to the Group I Mortgage Loans, and any distributions of principal to   
the Group II Class A Certificates shall be made by the Trustee first from       
Available Funds relating to the Group II Mortgage Loans.                        

          Any principal allocated to the Group II Class A Certificates shall
be distributed by the Trustee first to the Class A-2A Certificates, until their 
Class Certificate Balance has been reduced to zero, then to the Class A-2B      
Certificates, until their Class Certificate Balance has been reduced to zero,   
then to the Class A-2C Certificates, until their Class Certificate Balance has  
been reduced to zero and then to the Class A-2D Certificates, until their Class 
Certificate Balance has been reduced to zero; provided, however, that on and    
after the Distribution Date on which the aggregate Class Certificate Balances of
the Subordinated Certificates and the principal balance of the Class X          
Certificates have been reduced to zero, any principal distributions allocated to
the Group II Class A Certificates shall be allocated by the Trustee pro rata    
among the Classes of Group II Class A Certificates, based on their respective   
Class Certificate Balances, and distributed by the Trustee concurrently to the  
Group II Class A Certificates, until their respective Class Certificate Balances
have been reduced to zero.                                                      

       (d) On any Distribution Date, any Relief Act Shortfalls and Net
Prepayment Interest Shortfalls for such Distribution Date shall be allocated by 
the Trustee as a reduction in the following order:                              

     (i) First, to the portion of the Class X Distributable Amount
allocable to interest; and                                          

        (ii) Second, pro rata, as a reduction of the Accrued Certificate
Interest Distribution Amount for the Class A, Class M and Class B   
     Certificates, based on the amount of interest to which such Classes would
otherwise be entitled.                                              

          Notwithstanding any other provision of this Agreement, the Trustee
shall comply with all federal withholding requirements respecting payments made 
or received under the Interest Rate Swap Agreement and 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. If 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. Such amounts shall be deemed to have been distributed to    
such Certificateholders for all purposes of this Agreement.                     

            Section 4.03 Monthly Statements to Certificateholders. (a) Not later
than each Distribution Date, the Trustee shall make available to each           
Certificateholder, the Servicer, the Depositor and each Rating Agency a         
statement based in part on information provided by the Servicer setting forth   
with respect to the related distribution:                                       

      (i) the actual Distribution Date, the related Record Date, the
    Interest Accrual Period(s) for each Class for such Distribution Date and
the LIBOR Determination Date for such Interest Accrual Period;      

(ii) the amount of Available Funds;                     

       (iii) the amount of Available Funds allocable to principal, the
Principal Remittance Amount (separately identifying the components  
thereof) and the Principal Distribution Amount (and the calculation 
thereof);                                                           

         (iv) the amount of Available Funds allocable to interest and each
Interest Remittance Amount;                                         

            (v) the amount of any Unpaid Interest Amount for each Class included
in such distribution and any remaining Unpaid Interest Amounts after
   giving effect to such distribution, any Basis Risk Carry Forward Amount
 for each Class and the amount of such Basis Risk Carry Forward Amount
covered by withdrawals from the Excess Reserve Fund Account on such 
Distribution Date;                                                  

(vi) if the distribution to the Holders of such Class of
    Certificates is less than the full amount that would be distributable to
      such Holders if there were sufficient funds available therefor, the amount
     of the shortfall and the allocation of the shortfall as between principal
      and interest, including any Basis Risk Carry Forward Amount not covered by
amounts in the Excess Reserve Fund Account;                         

         (vii) the Class Certificate Balance of each Class of Certificates
   before and after giving effect to the distribution of principal on such
Distribution Date;                                                  

(viii) the Pool Stated Principal Balance for the related
Distribution Date;                                                  

      (ix) the amount of the Expense Fees paid to or retained by the
    Servicer and paid to or retained by the Custodian (stated separately and
in the aggregate) with respect to such Distribution Date;           

          (x) the Pass-Through Rate for each such Class of Certificates with
respect to such Distribution Date;                                  

        (xi) the amount of Advances included in the distribution on such
    Distribution Date reported by the Servicer (and the Trustee as successor
     servicer and any other successor servicer, if applicable) as of the close
of business on the Determination Date immediately preceding such    
Distribution Date;                                                  

        (xii) the number and aggregate outstanding principal balances of
    Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to
      60 days, 61 to 90 days, 91 or more days, and in such other periods and for
such times as required by Regulation AB, (2) that have become REO   
    Property, (3) that are in foreclosure and (4) that are in bankruptcy, in
 each case as of the close of business on the last Business Day of the
immediately preceding month;                                        

            (xiii) for each of the preceding 12 calendar months, or all calendar
   months since the related Cut-off Date, whichever is less, the aggregate
dollar amount of the Scheduled Payments (A) due on all outstanding  
Mortgage Loans on each of the Due Dates in each such month and (B)  
   delinquent 60 days or more on each of the Due Dates in each such month;

           (xiv) with respect to any Mortgage Loans that became REO Properties
      during the preceding calendar month, the aggregate number of such Mortgage
  Loans and the aggregate outstanding principal balance of such Mortgage
Loans as of the close of business on the last Business Day of the   
     immediately preceding month and the month and year of acquisition of such
REO Properties;                                                     

          (xv) the total number and outstanding principal balance of any REO
      Properties (and market value, if available) as of the close of business on
the last Business Day of the immediately preceding month;           

    (xvi) whether a Trigger Event has occurred and is continuing
 (including the calculation demonstrating the existence of the Trigger
Event);                                                             

       (xvii) the amount on deposit in the Excess Reserve Fund Account
(after giving effect to distributions on such Distribution Date);   

        (xviii) in the aggregate and for each Class of Certificates, the
 aggregate amount of Applied Realized Loss Amounts incurred during the
preceding calendar month and aggregate Applied Realized Loss Amounts
through such Distribution Date;                                     

    (xix) the amount of any Net Monthly Excess Cash Flow on such
     Distribution Date and the allocation of it to the Certificateholders with
 respect to Unpaid Interest Amounts, Applied Realized Loss Amounts and
Basis Risk Carry Forward Amounts;                                   

         (xx) the amount of any Net Swap Payments, Net Swap Receipts, Swap
Termination Payments or Defaulted Swap Termination Payments;        

(xxi) the calculations of LIBOR and Swap LIBOR;         

         (xxii) the Subordinated Amount and Specified Subordinated Amount;

         (xxiii) Prepayment Charges collected or paid (pursuant to Section
3.07(a)) by the Servicer;                                           

         (xxiv) the Cumulative Loss Percentage and the aggregate amount of
Realized Losses used to calculate the Cumulative Loss Percentage;   

 (xxv) the amount distributed on the Class X Certificates;

            (xxvi) the amount of any Subsequent Recoveries for such Distribution
Date;                                                               

            (xxvii) the number of Mortgage Loans at the beginning and end of the
  applicable reporting period, the pool factor, and the weighted average
interest rate, and weighted average remaining term;                 

          (xxviii) if applicable, the amount distributed to the Supplemental
Float Account; and                                                  

     (xxix) if applicable, the amount distributed to the Class R-I
Certificates.                                                       

     In addition, each Form 10-D prepared and filed by the Trustee
pursuant to Section 8.12 shall include the following information with respect to
the related distribution:                                                       

  (A) material breaches of Mortgage Loan representations and
warranties of which the Trustee has actual knowledge or has received
written notice; and                                                 

            (B) material breaches of any covenants under this Agreement of which
the Trustee has actual knowledge or has received written notice.    

          (b) The Trustee's responsibility for providing the above statement
to the Certificateholders, each Rating Agency and the Depositor is limited, if  
applicable, to the availability, timeliness and accuracy of the information     
derived from the Servicer. The Trustee shall make available the above statement 
via the Trustee's internet website. The Trustee's website will initially be     
located at https://www.tss.db.com/invr and assistance in using the website can  
be obtained by calling the Trustee's investor relations desk at 1-800-735-7777. 
A paper copy of the above statement will also be made available upon request.   
Parties that are unable to use the website are entitled to have a paper copy    
mailed to them via first class mail by calling the customer service desk and    
indicating such. The Trustee may change the way the monthly statements to       
Certificateholders are distributed in order to make such distribution more      
convenient and/or more accessible to the above parties and the Trustee shall    
provide timely and adequate notification to all above parties regarding any such
changes. As a condition to access the Trustee's internet website, the Trustee   
may require registration and the acceptance of a disclaimer. The Trustee will   
not be liable for the dissemination of information in accordance with this      
Agreement.                                                                      

          The Trustee shall make available to each Analytics Company via the
Trustee's internet website each statement to Certificateholders prepared        
pursuant to this Section 4.03(a). The Trustee and the Servicer shall cooperate  
in good faith with the Depositor to reconcile any discrepancies in such         
statements, and the Trustee shall provide any corrections to such statements to 
each Analytics Company as soon as reasonably practicable after the related      
Distribution Date.                                                              

     The Trustee will also be entitled to rely on but shall not be
responsible for the content or accuracy of any information provided by third    
parties for purposes of preparing the monthly statement to Certificateholders   
and may affix thereto any disclaimer it deems appropriate in its reasonable     
discretion (without suggesting liability on the part of any other party hereto).

    (c) Within a reasonable period of time after the end of each
calendar year, the Trustee shall cause to be furnished to each Person who at any
time during the calendar year was a Certificateholder, a statement containing   
the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03    
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) Not later than three Business Days following the Determination
Date and in no event later than the 20th calendar day of each month, the        
Servicer shall furnish to the Depositor with respect to clause (i) below and the
Trustee with respect to clause (ii) below, a monthly remittance advice statement
(the "Servicer Remittance Report") (in a format mutually agreed upon by the     
Servicer, the Trustee and the Depositor) containing such information as shall be
reasonably requested (i) by the Depositor to enable the Depositor to disclose   
"static pool information", as required by Item 1105 of Regulation AB, with      
respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to 
provide the reports required by Section 4.03(a) as to the accompanying          
remittance. The Servicer shall concurrently deliver to the Depositor a data     
tape, in form and substance reasonably satisfactory to the Depositor and the    
Servicer, containing the information required pursuant to this Section 4.03(d)  
on a loan-by-loan basis for all of the Mortgage Loans.                          

        The Servicer Remittance Report shall, at a minimum, document, on
such Determination Date, Mortgage Loan payment activity on an individual        
Mortgage Loan basis, as follows:                                                

      (i) with respect to each Scheduled Payment, the amount of such
    remittance allocable to principal (including a separate breakdown of any
Principal Prepayment, including the date of such prepayment, and any
   Prepayment Charges, received during the related Prepayment Period along
with a detailed report of interest on principal prepayment amounts  
remitted in accordance with Section 3.25);                          

       (ii) with respect to each Scheduled Payment, the amount of such
remittance allocable to interest;                                   

          (iii) the amount of Servicing Fees received by the Servicer during
the prior distribution period;                                      

         (iv) the individual and aggregate Stated Principal Balance of the
Mortgage Loans;                                                     

        (v) the aggregate expenses reimbursed to the Servicer during the
prior distribution period pursuant to Section 3.11; and             

       (vi) the number and aggregate outstanding principal balances of
  Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days, 91 or more
days, and in such other periods and for such times as required by   
   Regulation AB; (b) as to which foreclosure or bankruptcy proceedings of
      the related mortgagor have commenced; and (c) as to which REO Property has
been acquired.                                                      

            (e) For all purposes of this Agreement, with respect to any Mortgage
Loan, delinquencies shall be determined and reported based on the so-called     
"OTS" methodology for determining delinquencies on mortgage loans similar to the
Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with     
respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is   
not made by the close of business on the Mortgage Loan's next succeeding Due    
Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to 
such Scheduled Payment if such Scheduled Payment were not made by the close of  
business on the Mortgage Loan's second succeeding Due Date. The Servicer hereby 
represents and warrants to the Depositor that this delinquency recognition      
policy is not less restrictive than any delinquency recognition policy          
established by the primary safety and soundness regulator, if any, of the       
Servicer with respect to mortgage loans similar to the Mortgage Loans.          

            Section 4.04 Certain Matters Relating to the Determination of LIBOR.
LIBOR shall be calculated by the Trustee in accordance with the definition of   
LIBOR. Until all of the LIBOR Certificates are paid in full, the Trustee shall  
at all times retain at least four Reference Banks for the purpose of determining
LIBOR with respect to each LIBOR Determination Date. The Trustee initially shall
designate the Reference Banks (after consultation with the Depositor). Each     
"Reference Bank" shall be a leading bank engaged in transactions in Eurodollar  
deposits in the international Eurocurrency market, shall not control, be        
controlled by, or be under common control with, the Trustee and shall have an   
established place of business in London. If any such Reference Bank should be   
unwilling or unable to act as such or if the Trustee should terminate its       
appointment as Reference Bank, the Trustee shall promptly appoint or cause to be
appointed another Reference Bank (after consultation with the Depositor). The   
Trustee shall have no liability or responsibility to any Person for (i) the     
selection of any Reference Bank for purposes of determining LIBOR or (ii) any   
inability to retain at least four Reference Banks which is caused by            
circumstances beyond its reasonable control.                                    

          (i) The Pass-Through Rate for each Class of LIBOR Certificates for
   each Interest Accrual Period shall be determined by the Trustee on each
      LIBOR Determination Date so long as the LIBOR Certificates are Outstanding
    on the basis of LIBOR and the respective formulae appearing in footnotes
corresponding to the LIBOR Certificates in the table relating to the
     Certificates in the Preliminary Statement. The Trustee shall not have any
    liability or responsibility to any Person for its inability, following a
 good-faith reasonable effort, to obtain quotations from the Reference
      Banks or to determine the arithmetic mean referred to in the definition of
 LIBOR, all as provided for in this Section 4.04 and the definition of
      LIBOR. The establishment of LIBOR and each Pass-Through Rate for the LIBOR
   Certificates by the Trustee shall (in the absence of manifest error) be
   final, conclusive and binding upon each Holder of a Certificate and the
Trustee.                                                            

     Section 4.05 Allocation of Applied Realized Loss Amounts. Any
Applied Realized Loss Amounts shall be allocated by the Trustee to the most     
junior Class of Subordinated Certificates then Outstanding in reduction of the  
Class Certificate Balance thereof.                                              

            Section 4.06 Supplemental Interest Account. On the Closing Date, the
Trustee shall establish and maintain in its name, a separate non-interest       
bearing trust account for the benefit of the holders of the LIBOR Certificates  
(the "Supplemental Interest Account") as a part of the Trust Fund. The          
Supplemental Interest Account shall be an Eligible Account, and funds on deposit
therein shall be held separate and apart from, and shall not be commingled with,
any other moneys, including, without limitation, other moneys of the Trustee    
held pursuant to this Agreement.                                                

     On any Distribution Date, Swap Termination Payments, Net Swap
Payments owed to the Swap Provider and Net Swap Receipts for that Distribution  
Date will be deposited into the Supplemental Interest Account. Funds in the     
Supplemental Interest Account will be distributed in the following order of     
priority:                                                                       

          (i) to the Swap Provider, the sum of (x) all Net Swap Payments and
      (y) any Swap Termination Payment (to the extent not previously received by
   the Swap Provider as a Replacement Swap Provider Payment), other than a
      Defaulted Swap Termination Payment, to the Swap Provider, if any, owed for
that Distribution Date;                                             

    (ii) to the Class A Certificates, to pay Accrued Certificate
 Interest Distribution Amounts and, if applicable, any Unpaid Interest
 Amounts as described in Section 4.02(a)(i), to the extent unpaid from
Available Funds;                                                    

         (iii) sequentially, to the Class M-1, Class M-2, Class M-3, Class
    M-4, Class M-5, Class B-1, Class B-2 and Class B-3 Certificates, in that
   order, to pay Accrued Certificate Interest Distribution Amounts and, if
      applicable, any Unpaid Interest Amounts as described in Section 4.02(a)(i)
and (iii), to the extent unpaid from Available Funds;               

       (iv) to the LIBOR Certificates, to pay Basis Risk Carry Forward
      Amounts as described in Section 4.02(a)(iii)(R), to the extent unpaid from
   Available Funds (including Basis Risk Payments on deposit in the Excess
Reserve Fund Account);                                              

          (v) sequentially, to the Class A, Class M-1, Class M-2, Class M-3,
     Class M-4, Class M-5, Class B-1, Class B-2 and Class B-3 Certificates, in
 that order, to pay principal as described, and in the same manner and
order of priority as set forth, in Section 4.02(a)(ii)(A) or Section
      4.02(a)(ii)(B), as applicable, but only to the extent necessary to restore
    the Subordinated Amount to the Specified Subordinated Amount as a result
of current or prior Realized Losses not previously reimbursed, after
giving effect to payments and distributions from Available Funds;   

        (vi) sequentially, to the Class M-1, Class M-2, Class M-3, Class
    M-4, Class M-5, Class B-1, Class B-2 and Class B-3 Certificates, in that
   order, to pay any Unpaid Interest Amounts as described, and in the same
      manner and order of priority as set forth, in Section 4.02(a)(iii), to the
extent unpaid from Available Funds;                                 

          (vii) to the Swap Provider, any Defaulted Swap Termination Payment
owed to the Swap Provider for that Distribution Date; and           

        (viii) to the holders of the Class X Certificates, any remaining
amounts.                                                            

           Notwithstanding any other provision in this Agreement, in the event
that the Interest Rate Swap Agreement is terminated and the Trust enters into a 
replacement interest rate swap agreement and the Trust is entitled to receive a 
payment from a replacement swap provider, the Trustee shall direct the          
replacement swap provider to make such payment (the "Replacement Swap Provider  
Payment") to the Supplemental Interest Account. The Supplemental Interest       
Account shall pay to the Swap Provider the lesser of (x) the amount so received 
and (y) any Swap Termination Payment owed to the Swap Provider (to the extent   
not already paid by the Trust) that is being replaced immediately upon receipt  
of the Replacement Swap Provider Payment, regardless of whether the date of     
receipt thereof is a Distribution Date; provided that to the extent that the    
Replacement Swap Provider Payment is less than the Swap Termination Payment owed
to the Swap Provider, any remaining amounts will be paid to the Swap Provider on
the subsequent Distribution Date (unless the Replacement Swap Provider Payment  
is paid to the Swap Provider on a Distribution Date, in which case such         
remaining amounts will be paid on such Distribution Date) in accordance with the
priority of payments described in Section 4.02 of this Agreement. For the       
avoidance of doubt, the parties agree that the Swap Provider shall have first   
priority to any Replacement Swap Provider Payment over the payment by the Trust 
to Certificateholders, any Servicer, any Custodian, any Responsible Party, the  
Trustee or any other Person.                                                    

           Notwithstanding the foregoing, in the event that the Trust receives
a Swap Termination Payment and a successor Swap Provider cannot be obtained,    
then the Trustee shall establish a separate, non-interest bearing trust account 
as a reserve account within, and constituting a part of, the Supplemental       
Interest Account and deposit the Swap Termination Payment into such account. On 
each subsequent Distribution Date (so long as funds are available in such       
reserve account), the Trustee shall withdraw from the reserve account and       
deposit into the Supplemental Interest Account an amount equal to the amount of 
any Net Swap Receipt due the Trust (calculated in accordance with the terms of  
the original Interest Rate Swap Agreement) and treat such amount as a Net Swap  
Receipt for purposes of determining the distributions from the Supplemental     
Interest Account. The remaining amount in the reserve account will remain in    
that account and not treated as a Swap Termination Payment for purposes of      
determining the distributions from the Supplemental Interest Account until the  
final Distribution Date.                                                        

   Upon termination of the Trust, any amounts remaining in the
Supplemental Interest Account shall be distributed pursuant to the priorities   
set forth in this Section 4.06.                                                 

          The Trustee shall account for the Supplemental Interest Account as
an asset of a grantor trust under subpart E, Part I of subchapter J of the Code 
and not as an asset of any Trust REMIC created pursuant to this Agreement. The  
beneficial owners of the Supplemental Interest Account are the Class X          
Certificateholders. For federal income tax purposes, Net Swap Payments and Swap 
Termination Payments payable to the Swap Provider shall be deemed to be paid to 
the Supplemental Interest Account from the Upper Tier REMIC, first, by the      
Holder of the Class X Certificates (in respect of the Class IO Interest and, if 
applicable, the Class X Interest) and second, other than any Defaulted Swap     
Termination Payment, by the Holders of the applicable Class or Classes of LIBOR 
Certificates (in respect of Class IO Shortfalls) as and to the extent provided  
in Section 8.13.                                                                

            Any Basis Risk Carry Forward Amounts and, without duplication, Upper
Tier Carry Forward Amounts distributed by the Trustee to the LIBOR              
Certificateholders from the Excess Reserve Fund Account or the Supplemental     
Interest Account shall be accounted for by the Trustee, for federal income tax  
purposes, as amounts paid first to the Holders of the Class X Certificates (in  
respect of the Class X Interest or the Class IO Interest, respectively) and then
to the respective Class or Classes of LIBOR Certificates. In addition, the      
Trustee shall account for the rights of Holders of each Class of LIBOR          
Certificates to receive payments of Basis Risk Carry Forward Amounts and,       
without duplication, Upper Tier Carry Forward Amounts from the Supplemental     
Interest Account (along with Basis Risk Carry Forward Amounts payable from the  
Excess Reserve Fund Account) and the obligation to pay Class IO Shortfalls to   
the Supplemental Interest Account as rights and obligations in a separate       
limited recourse notional principal contract between the Class X                
Certificateholders and Holders of each such Class.                              

            The Supplemental Interest Account shall be an "outside reserve fund"
for federal income tax purposes and not an asset of any Trust REMIC.            
Furthermore, the Holders of the Class X Certificates shall be the beneficial    
owners of the Supplemental Interest Account for all federal income tax purposes,
and shall be taxable on all income earned thereon, and any amounts reimbursed   
from the Upper Tier REMIC to the Supplemental Interest Account shall be treated 
as having been distributed to the Holders of the Class X Certificates.          

           In the event the Swap Provider does not deliver the Delivery Amount
(as defined in the Interest Rate Swap Agreement) to the Trustee, the Trustee    
shall provide notice of such failure to the Swap Provider within one Business   
Day of such failure.                                                            

          With respect to the failure of the Swap Provider to perform any of
its obligations under the Interest Rate Swap Agreement, the breach by the Swap  
Provider of any of its representations and warranties made pursuant to the      
Interest Rate Swap Agreement, or the termination of the Interest Rate Swap      
Agreement, the Trustee shall send any notices and make any demands, on behalf of
the Trust as are required under the Interest Rate Swap Agreement upon actual    
knowledge of such event.                                                        

            The Depositor shall cause any replacement swap provider to provide a
copy of the related replacement interest rate swap agreement to the Trustee.    

         Section 4.07 Supplemental Float Account. On the Closing Date, the
Trustee shall establish and maintain in its name, a separate trust account for  
the benefit of the holders of the LIBOR Certificates (the "Supplemental Float   
Account") as a part of the Trust Fund. The Supplemental Float Account shall be  
an Eligible Account, and funds on deposit therein shall be held separate and    
apart from, and shall not be commingled with, any other moneys, including,      
without limitation, other moneys of the Trustee held pursuant to this Agreement.
Funds in the Supplement Float Account shall remain uninvested.                  

          On the Remittance Date, to the extent required pursuant to Section
3.21(c), the Servicer shall remit and report any interest or investment income  
earned on funds deposited in the Collection Account and the Trustee shall       
deposit such interest or investment income into the Supplemental Float Account. 
Funds on deposit in the Supplemental Float Account will be distributed in the   
following order of priority:                                                    

          (i) to the Swap Provider, the sum of (x) all Net Swap Payments and
      (y) any Swap Termination Payment (to the extent not previously received by
   the Swap Provider as a Replacement Swap Provider Payment), other than a
     Defaulted Swap Termination Payment, to the Swap Provider, if any, owed to
   the Swap Provider and to the extent unpaid from Available Funds and the
Supplemental Interest Account;                                      

    (ii) to the Class A Certificates, to pay Accrued Certificate
 Interest Distribution Amounts and, if applicable, any Unpaid Interest
 Amounts as described in Section 4.02(a)(i), to the extent unpaid from
Available Funds and the Supplemental Interest Account;              

         (iii) sequentially, to the Class M-1, Class M-2, Class M-3, Class
    M-4, Class M-5, Class B-1, Class B-2 and Class B-3 Certificates, in that
   order, to pay Accrued Certificate Interest Distribution Amounts and, if
      applicable, any Unpaid Interest Amounts as described in Section 4.02(a)(i)
     and (iii), to the extent unpaid from Available Funds and the Supplemental
Interest Account;                                                   

           (iv) sequentially, to the Class A, Class M-1, Class M-2, Class M-3,
     Class M-4, Class M-5, Class B-1, Class B-2 and Class B-3 Certificates, in
  that order, to pay principal as described in Section 4.02(a)(ii)(A) or
      Section 4.02(a)(ii)(B), as applicable, but only to the extent necessary to
     restore the Subordinated Amount to the Specified Subordinated Amount as a
 result of current or prior Realized Losses not previously reimbursed,
      after giving effect to payments and distributions from Available Funds and
the Supplemental Interest Account;                                  

            (v) sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4,
      Class M-5, Class B-1, Class B-2 and Class B-3 Certificates, in that order,
    to pay any Unpaid Interest Amounts as described in Section 4.02(a)(iii),
   to the extent unpaid from Available Funds and the Supplemental Interest
Account;                                                            

         (vi) to the Swap Provider, any Defaulted Swap Termination Payment
    owed to the Swap Provider and the extent unpaid from Available Funds and
the Supplemental Interest Account; and                              

        (vii) if funds on deposit in the Supplemental Float Account have
reached an amount equal to $6,000, to the holders of the Class R-I  
Certificates, any remaining amounts.                                

   Upon termination of the Trust, any amounts remaining in the
Supplemental Float Account shall be distributed pursuant to the priorities set  
forth in this Section 4.07.                                                     

ARTICLE V 

THE CERTIFICATES

Section 5.01 The Certificates. The Certificates shall be
substantially in the forms attached hereto as exhibits. The Certificates shall  
be issuable in registered form, in the minimum denominations, integral multiples
in excess thereof (except that one Certificate in each Class may be issued in a 
different amount) and aggregate denominations per Class set forth in the        
Preliminary Statement.                                                          

            The Depositor hereby directs the Trustee to register the Class X and
Class P Certificates in the name of the Depositor or its designee. On a date as 
to which the Depositor notifies the Trustee, the Trustee shall transfer the     
Class X and Class P Certificates in the name of the NIM Trustee, or such other  
name or names as the Depositor shall request, and to deliver the Class X and    
Class P Certificates to the NIM Trustee or to such other Person or Persons as   
the Depositor shall request.                                                    

        Subject to Section 9.02 respecting the final distribution on the
Certificates, on each Distribution Date the Trustee shall make distributions to 
each Certificateholder of record on the preceding Record Date either (x) by wire
transfer in immediately available funds to the account of such Holder at a bank 
or other entity having appropriate facilities therefor, if such Holder has so   
notified the Trustee at least five Business Days prior to the related Record    
Date or (y) by check mailed by first class mail to such Certificateholder at the
address of such Holder appearing in the Certificate Register.                   

           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 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 any such           
Certificates or did not hold such offices at the date of such Certificate. No   
Certificate shall be entitled to any benefit under this Agreement, or be valid  
for any purpose, unless authenticated by the Trustee by manual signature, and   
such authentication upon any Certificate shall be conclusive evidence, and the  
only evidence, that such Certificate has been duly executed and delivered       
hereunder. All Certificates shall be dated the date of their authentication. On 
the Closing Date, the Trustee shall authenticate the Certificates to be issued  
at the direction of the Depositor, or any Affiliate thereof.                    

       Section 5.02 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 5.06, 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 execute and deliver, in the name 
of the designated transferee or transferees, one or more new Certificates of the
same Class and 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 which 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 cancelled 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 determining whether a transfer is being made pursuant to an effective  
registration statement, the Trustee shall be entitled to rely solely upon a     
written notice to such effect from the Depositor. Except with respect to (i) the
transfer of the Class X or Class P Certificates or the Residual Certificates to 
the Depositor or an Affiliate of the Depositor, (ii) the transfer of the Class X
or Class P Certificates to the NIM Issuer or the NIM Trustee, or (iii) a        
transfer of the Class X or Class P Certificates from the NIM Issuer or the NIM  
Trustee to the Depositor or an Affiliate of the Depositor, in the event that a  
transfer of a Private Certificate which is a Physical Certificate 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 shall certify to the Trustee in writing the    
facts surrounding the transfer in substantially the form set forth in Exhibit H 
(the "Transferor Certificate") and either (i) there shall be delivered to the   
Trustee a letter in substantially the form of Exhibit I (the "Rule 144A Letter")
or (ii) there shall be delivered to the Trustee at the expense of the transferor
an Opinion of Counsel that such transfer may be made without registration under 
the Securities Act. In the event that a transfer of a Private Certificate which 
is a Book-Entry Certificate 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 will  
be deemed to have made as of the transfer date each of the certifications set   
forth in the Transferor Certificate in respect of such Certificate and the      
transferee will be deemed to have made as of the transfer date each of the      
certifications set forth in the Rule 144A Letter in respect of such Certificate,
in each case as if such Certificate were evidenced by a Physical Certificate. As
directed by the Depositor, the Trustee shall provide to any Private             
Certificateholder 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 Depositor and the Servicer shall cooperate 
with the Trustee in providing the Rule 144A information referenced in the       
preceding sentence, including providing to the Trustee such information         
regarding the Certificates, the Mortgage Loans and other matters regarding the  
Trust Fund as the Trustee shall reasonably request to meet its obligation under 
the preceding sentence. Each Private Certificateholder desiring to effect such  
transfer shall, and does hereby agree to, indemnify the Trustee, the Servicer   
and the Depositor 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.        

         Except with respect to (i) the transfer of the Class X or Class P
Certificates or the Residual Certificates to the Depositor or an Affiliate of   
the Depositor, (ii) the transfer of the Class X or Class P Certificates to the  
NIM Issuer or the NIM Trustee, or (iii) a transfer of the Class X or Class P    
Certificates from the NIM Issuer or the NIM Trustee to the Depositor or an      
Affiliate of the Depositor, no transfer of an ERISA-Restricted Certificate shall
be made unless the Trustee shall have received either (i) a representation from 
the transferee of such Certificate acceptable to and in form and substance      
satisfactory to the Trustee (in the event such Certificate is a Private         
Certificate or a Residual Certificate, such requirement is satisfied only by the
Trustee's receipt of a representation letter from the transferee substantially  
in the form of Exhibit I), to the effect that such transferee is not an employee
benefit plan or arrangement subject to Section 406 of ERISA, a plan subject to  
Section 4975 of the Code or a plan subject to any Federal, state or local law   
("Similar Law") materially similar to the foregoing provisions of ERISA or the  
Code, nor a Person acting on behalf of any such plan or arrangement nor using   
the assets of any such plan or arrangement to effect such transfer, or (ii) in  
the case of an ERISA-Restricted Certificate other than a Residual Certificate or
a Class P Certificate that has been the subject of an ERISA-Qualifying          
Underwriting, and the purchaser is an insurance company, a representation that  
the purchaser is an insurance company that is purchasing such Certificates with 
funds contained in an "insurance company general account" (as such term is      
defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE  
95-60")) and that the purchase and holding of such Certificates are covered     
under Sections I and III of PTCE 95-60 or (iii) in the case of any such         
ERISA-Restricted Certificate other than a Residual Certificate or Class P       
Certificate presented for registration in the name of an employee benefit plan  
subject to Title I of ERISA, a plan or arrangement subject to Section 4975 of   
the Code (or comparable provisions of any subsequent enactments), or a plan     
subject to Similar Law, or a trustee of any such plan or any other Person acting
on behalf of any such plan or arrangement or using such plan's or arrangement's 
assets, an Opinion of Counsel satisfactory to the Trustee and the Servicer,     
which Opinion of Counsel shall not be an expense of the Depositor, the Trustee, 
the Servicer or the Trust Fund, addressed to the Trustee, to the effect that the
purchase or holding of such ERISA-Restricted Certificate will not constitute or 
result in a non-exempt prohibited transaction within the meaning of ERISA,      
Section 4975 of the Code or any Similar Law and will not subject the Depositor, 
the Trustee or the Servicer to any obligation in addition to those expressly    
undertaken in this Agreement or to any liability. For purposes of the preceding 
sentence, with respect to an ERISA-Restricted Certificate that is not a Physical
Certificate, in the event the representation letter referred to in the preceding
sentence is not furnished, such representation shall be deemed to have been made
to the Trustee by the transferee's (including an initial acquirer's) acceptance 
of the ERISA-Restricted Certificates. Notwithstanding anything else to the      
contrary herein, (a) any purported transfer of an ERISA-Restricted Certificate, 
other than a Class P Certificate or Residual Certificate, to or on behalf of an 
employee benefit plan subject to ERISA, the Code or Similar Law without the     
delivery to the Trustee of an Opinion of Counsel satisfactory to the Trustee as 
described above shall be void and of no effect and (b) any purported transfer of
a Class P Certificate or Residual Certificate to a transferee that does not make
the representation in clause (i) above shall be void and of no effect.          

        None of the Residual Certificates or Class P Certificates may be
sold to any employee benefit plan subject to Title I of ERISA, any plan subject 
to Section 4975 of the Code, or any plan subject to any Similar Law or any      
Person investing on behalf or with plan assets of such plan.                    

        To the extent permitted under applicable law (including, but not
limited to, ERISA), the Trustee shall be under no liability to any Person for   
any registration of transfer of any ERISA-Restricted Certificate that is in fact
not permitted by this Section 5.02(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 so long as the transfer was  
registered by the Trustee in accordance with the foregoing requirements.        

      As long as the Interest Rate Swap Agreement is in effect, each
beneficial owner of a Certificate other than an ERISA Restricted Certificate, or
any interest therein, shall be deemed to have represented that either (i) it is 
not a Plan or (ii) the acquisition and holding of the Certificate are eligible  
for the exemptive relief available under at least one of (i) Department of Labor
Prohibited Transaction Class Exemption ("PTCE") 84-14 (for transactions by      
independent "qualified professional asset managers"), (ii) PTCE 91-38 (for      
transactions by bank collective investment funds), (iii) PTCE 90-1 (for         
transactions by insurance company pooled separate accounts), PTCE 95-60 (for    
transactions by insurance company general accounts) or (iv) PTCE 96-23 (for     
transactions effected by "in-house asset managers") or similar exemption under  
Similar Law.                                                                    

           (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) Other than in the case of the Depositor or an Affiliate of the
Depositor that is a U.S. Person, 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 G;                                                       

          (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 a   
Non-Permitted Transferee;                                           

          (iv) Any attempted or purported Transfer of any Ownership Interest
    in a Residual Certificate in violation of the provisions of this Section
     5.02(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
      5.02(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 be under no
  liability to any Person for any registration of Transfer of a Residual
 Certificate that is in fact not permitted by Section 5.02(b) and this
     Section 5.02(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, Transferor
   Certificate and the Rule 144A Letter. The Trustee shall be entitled but
   not obligated to recover from any Holder of a Residual Certificate that
     was in fact a Non-Permitted Transferee at the time it became a Holder or,
at such subsequent time as it became a Non-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; and                                                    

            (v) The Depositor shall use its best efforts to make available, upon
     receipt 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 a Non-Permitted Transferee.                                  

            The restrictions on Transfers of a Residual Certificate set forth in
this Section 5.02(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, which Opinion 
of Counsel shall not be an expense of the Trust Fund, the Trustee or the        
Servicer, to the effect that the elimination of such restrictions will not cause
any Trust REMIC 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 which, based on an Opinion of Counsel 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 a Non-Permitted Transferee and (b) to provide   
for a means to compel the Transfer of a Residual Certificate which is held by a 
Person that is a Non-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 5.02 in connection with transfer shall be at  
the expense of the parties to such transfers.                                   

          (e) Except as provided below, the Book-Entry Certificates shall at
all times remain registered in the name of the Depository or its nominee and at 
all times: (i) registration of the Certificates may not be transferred by the   
Trustee except to another Depository; (ii) the Depository shall maintain        
book-entry records with respect to the Certificate Owners and with respect to   
ownership and transfers of such Book-Entry Certificates; (iii) ownership and    
transfers of registration of the Book-Entry Certificates on the books of the    
Depository shall be governed by applicable rules established by the Depository; 
(iv) the Depository may collect its usual and customary fees, charges and       
expenses from its Depository Participants; (v) the Trustee shall deal with the  
Depository, Depository Participants and indirect participating firms as         
representatives of the Certificate Owners of the Book-Entry Certificates for    
purposes of exercising the rights of holders under this Agreement, and requests 
and directions for and votes of such representatives shall not be deemed to be  
inconsistent if they are made with respect to different Certificate Owners; and 
(vi) the Trustee may rely and shall be fully protected in relying upon          
information furnished by the Depository with respect to its Depository          
Participants and furnished by the Depository Participants with respect to       
indirect participating firms and persons shown on the books of such indirect    
participating firms as direct or indirect Certificate Owners.                   

            All transfers by Certificate Owners of Book-Entry Certificates shall
be made in accordance with the procedures established by the Depository         
Participant or brokerage firm representing such Certificate Owner. 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.                    

         If (x) (i) the Depository or the Depositor advises the Trustee in
writing that the Depository is no longer willing or able to properly discharge  
its responsibilities as Depository, and (ii) the Trustee or the Depositor is    
unable to locate a qualified successor, or (y) the Depositor notifies the       
Depository of its intent to terminate the book-entry system through the         
Depository and, upon receipt of notice of such intent from the Depository, the  
Depository Participants holding beneficial interests in the Book-Entry          
Certificates agree to initiate such termination, the Trustee shall notify all   
Certificate Owners, through the Depository, of the occurrence of any such event 
and of the availability of definitive, fully registered Certificates (the       
"Definitive Certificates") to Certificate Owners requesting the same. Upon      
surrender to the Trustee of the related Class of Certificates by the Depository,
accompanied by the instructions from the Depository for registration, the       
Trustee shall issue the Definitive Certificates. None of the Servicer, the      
Depositor or the Trustee shall be liable for any delay in delivery of such      
instruction and each may conclusively rely on, and shall be protected in relying
on, such instructions. The Depositor shall provide the Trustee with an adequate 
inventory of Certificates to facilitate the issuance and transfer of Definitive 
Certificates. Upon the issuance of 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 shall recognize the     
Holders of the Definitive Certificates as Certificateholders hereunder;         
provided, that the Trustee shall not by virtue of its assumption of such        
obligations become liable to any party for any act or failure to act of the     
Depository.                                                                     

 (f) Each Private Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written          
instrument of transfer and accompanied by IRS Form W-8ECI, W-8BEN, W-8IMY (and  
all appropriate attachments) or W-9 in form satisfactory to the Trustee, duly   
executed by the Certificateholder or his attorney duly authorized in writing    
(with copies directly (other than with respect to a Residual Certificate) to the
Swap Provider). The Trustee shall forward any such IRS Form (other than with    
respect to a Residual Certificate) received to the Swap Provider. Each Private  
Certificateholder by its purchase of a Certificate is deemed to consent to any  
such IRS Form being so forwarded. The Trustee shall be required to forward any  
tax certification received by it to the Swap Provider at the last known address 
provided to it, and, subject to Section 8.01, shall not be liable for the       
receipt of such tax certification by the Swap Provider, nor any action taken or 
not taken by the Swap Provider with respect to such tax certification. Upon the 
request of the Swap Provider, the Trustee shall forward the name and address and
Percentage Interest held in the Private Certificates for each Private           
Certificateholder to the Swap Provider at the last known address provided to it.
The Trustee shall have no duty to take any action to correct any misstatement or
omission in any tax certification provided to it and forwarded to the Swap      
Provider; provided however, if the Trustee has actual knowledge that a tax      
certificate or name and address information provided to it by a Private         
Certificateholder contains a misstatement or omission (including by reason of   
the Swap Provider informing it of the misstatement or omission), it shall notify
the Swap Provider of the misstatement or omission, and when it receives a       
corrected form or name and address information from the Holder of the Private   
Certificate it shall forward the corrected form and/or name and address         
information to the Swap Provider.                                               

 (g) Each Private Certificate presented or surrendered for
registration of transfer or exchange shall be canceled and subsequently disposed
of by the Trustee in accordance with its customary practice. No service charge  
shall be made for any registration of transfer or exchange of Private           
Certificates, but the Trustee may require payment of a sum sufficient to cover  
any tax or governmental charge that may be imposed in connection with any       
transfer or exchange of Private Certificates.                                   

          Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates. If
(a) 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 (b) there is delivered to the Depositor, the Servicer and the   
Trustee such security or indemnity as may be required by them to hold each of   
them harmless, then, in the absence of notice to the Trustee that such          
Certificate has been acquired by a bona fide purchaser, the Trustee shall       
execute, authenticate and deliver, in exchange for or in lieu of any such       
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like     
Class, tenor and Percentage Interest. In connection with the issuance of any new
Certificate under this Section 5.03, the Trustee may require the payment of a   
sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of  
the Trustee) connected therewith. Any replacement Certificate issued pursuant to
this Section 5.03 shall constitute complete and indefeasible evidence of        
ownership, as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time.                                         

          Section 5.04 Persons Deemed Owners. The Servicer, the Trustee, the
Depositor and any agent of the Servicer, the Depositor or 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 Servicer, the  
Trustee, the Depositor, nor any agent of the Servicer, the Depositor or the     
Trustee shall be affected by any notice to the contrary.                        

    Section 5.05 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 which such Certificateholders propose to transmit, or if the      
Depositor or 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 Servicer or such Certificateholders at 
such recipients' expense the most recent list of the Certificateholders of such 
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 5.06 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 where Certificates may be surrendered for registration of transfer  
or exchange. The Trustee initially designates its offices located at DB Services
Tennessee, 648 Grassmere Park Road, Nashville, Tennessee 37211-3658, Attention: 
Transfer Unit. The Trustee shall give prompt written notice to the              
Certificateholders of any change in such location of any such office or agency. 

ARTICLE VI

THE DEPOSITOR AND THE SERVICER

    Section 6.01 Respective Liabilities of the Depositor and the
Servicer. The Depositor and the Servicer shall each be liable in accordance     
herewith only to the extent of the obligations specifically and respectively    
imposed upon and undertaken by them herein.                                     

    Section 6.02 Merger or Consolidation of the Depositor or the
Servicer. (a) The Depositor and the Servicer will each keep in full effect its  
existence, rights and franchises as a corporation or federally chartered savings
bank, as the case may be, under the laws of the United States or under the laws 
of one of the states thereof and will each 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, or any of the Mortgage Loans and to perform   
its respective duties under this Agreement.                                     

            (b) The Servicer is and shall continue to be an institution which is
a Fannie Mae-approved and Freddie Mac-approved seller/servicer in good standing,
shall maintain a net worth of at least $30,000,000 (as determined in accordance 
with generally accepted accounting principles) and shall maintain its license to
do business or service residential mortgage loans in any jurisdictions in which 
the Mortgaged Properties are located.                                           

      (c) Any Person into which the Depositor or the Servicer may be
merged or consolidated, or any Person resulting from any merger or consolidation
to which the Depositor or the Servicer shall be a party, or any person          
succeeding to the business (including a sale of substantially all of the assets 
of the Servicer) of the Depositor or the Servicer, shall be the successor of the
Depositor or the Servicer, as the case may be, 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; provided, however, that
the successor or surviving Person to the Servicer shall make the covenant set   
forth in Section 6.02(b). As a condition to the succession to the Servicer under
this Agreement by any Person (i) into which the Servicer may be merged or       
consolidated, or (ii) which may be appointed as a successor to a Servicer, the  
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  
necessary to enable the Trustee, pursuant to Section 8.12(g), to accurately and 
timely report the event under Item 6.02 of Form 8-K pursuant to the Exchange Act
(if such reports under the Exchange Act are required to be filed under the      
Exchange Act).                                                                  

           Section 6.03 Limitation on Liability of the Depositor, the Servicer
and Others. None of the Depositor, the Servicer or any of their respective      
directors, officers, employees or agents shall be under any liability to the    
Certificateholders for any action taken or for refraining from the taking of 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     
Servicer or any such Person against any breach of representations or warranties 
made by it herein or protect the Depositor, the Servicer or any such Person from
any liability which would otherwise be imposed by reasons of willful            
misfeasance, bad faith or negligence (or gross negligence in the case of the    
Depositor) in the performance of duties or by reason of reckless disregard of   
obligations and duties hereunder. The Depositor, its Affiliates, the Servicer   
and any of their respective directors, officers, employees or agents 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. The Depositor,
its Affiliates, the Servicer and any of their respective directors, officers,   
employees or agents shall be indemnified by the Trust Fund and held harmless    
against any loss, liability or expense incurred in connection with any audit,   
controversy or judicial proceeding relating to a governmental taxing authority  
or any legal action relating to this Agreement or the Certificates other than   
any loss, liability or expense incurred by reason of willful misfeasance, bad   
faith or negligence (or gross negligence in the case of the Depositor) in the   
performance of duties hereunder or by reason of reckless disregard of           
obligations and duties hereunder. The Depositor shall not be under any          
obligation to appear in, prosecute or defend any legal action that is not       
incidental to its respective duties hereunder and which in its opinion may      
involve it in any expense or liability; provided, however, that the Depositor   
may in its discretion undertake any such action (or direct the Trustee to       
undertake such actions pursuant to Section 2.03 for the benefit of the          
Certificateholders) that it may deem necessary or desirable in respect of this  
Agreement and the rights and duties of the parties hereto and interests of the  
Trustee and 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 Depositor shall be   
entitled to be reimbursed therefor out of the Collection Account.               

            Neither the Servicer nor any of the officers, employees or agents of
the Servicer shall be under any liability to the Trustee or the Depositor for   
any action taken or for refraining from the taking of any action in good faith  
pursuant to this Agreement; provided, however, that this provision shall not    
protect the Servicer or any such person against any breach of warranties or     
representations made herein, or failure to perform its obligations in compliance
with the terms of this Agreement, or any liability which would otherwise be     
imposed by reason of any breach of the terms and conditions of this Agreement.  
The Servicer and any officer, employee or agent of the 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. The Servicer shall not be  
under any obligation to appear in, prosecute or defend any legal action that is 
not incidental to its duties to service the Mortgage Loans in accordance with   
this Agreement and which in its opinion may involve it in any expenses or       
liability; provided, however, that the Servicer may undertake any such action   
which it may deem necessary or desirable in respect to this Agreement and the   
rights and duties of the parties hereto. In such event, the legal expenses and  
costs of such action and any liability resulting therefrom shall be expenses,   
costs and liabilities for which the Trust Fund will be liable, and the Servicer 
shall be entitled to be reimbursed therefor out of the Collection Account.      

          Section 6.04 Limitation on Resignation of the Servicer. Subject to
Section 6.02 and 7.01, the Servicer shall not assign this Agreement or resign   
from the obligations and duties hereby imposed on it except by mutual consent of
the Servicer, the Depositor and the Trustee or (i) upon the determination that  
the performance of its obligations or duties hereunder are no longer permissible
under applicable law or are in material conflict by reason of applicable law    
with any other activities carried on by it or its subsidiaries or Affiliates,   
the other activities of the Servicer so causing such a conflict being of a type 
and nature carried on by the Servicer or its subsidiaries or Affiliates at the  
date of this Agreement or (ii) upon satisfaction of the following conditions:   
(a) the Servicer has proposed a successor servicer to the Trustee and the       
Depositor and (b) each Rating Agency shall have delivered a letter to the       
Trustee and the Depositor prior to the appointing of the successor servicer     
stating that the proposed appointment of such successor servicer as Servicer    
hereunder will not result in the reduction or withdrawal of the then current    
rating of the Certificates; provided, however, that no such resignation by the  
Servicer shall become effective until such successor servicer or, in the case of
(i) above, the Trustee shall have assumed the Servicer's responsibilities and   
obligations hereunder or the Trustee shall have designated a successor servicer 
in accordance with Section 7.02. Any such resignation shall not relieve the     
Servicer of responsibility for any of the obligations specified in Sections 7.01
and 7.02 as obligations that survive the resignation or termination of the      
Servicer. Any such determination permitting the resignation of the Servicer     
pursuant to (i) above shall be evidenced by an Opinion of Counsel to such effect
delivered to the Depositor and the Trustee which Opinion of Counsel shall be in 
form and substance acceptable to the Depositor and the Trustee. No such         
resignation shall become effective until a successor shall have assumed in      
writing the Servicer's responsibilities and obligations hereunder.              

            Section 6.05 Additional Indemnification by the Servicer; Third Party
Claims.                                                                         

            (a) The Servicer shall indemnify the Responsible Party, the Sponsor,
the Depositor, the Custodian, the Trustee and any Affiliate, director, officer, 
employee or agent of the Depositor and hold them harmless against any and all   
third party claims, losses, damages, penalties, fines, forfeitures, reasonable  
and necessary legal fees and related costs, judgments, and any other costs, fees
and expenses that any of them may sustain in any way related to (i) any breach  
by the Servicer, of any of its representations and warranties referred to in    
Section 2.03(a), (ii) any error in any tax or information return prepared by the
Servicer, or (iii) the failure of the Servicer to perform its duties and service
the Mortgage Loans in compliance with the terms of this Agreement (including,   
without limitation, the failure to deliver accurate and complete information on 
a timely basis pursuant to Section 4.03(d)). The Servicer immediately shall     
notify the Depositor, the Custodian, the Responsible Party and the Trustee if a 
claim is made by a third party with respect to this Agreement or the Mortgage   
Loans, assume (with the prior written consent of the Depositor, the Custodian   
and 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 the           
Responsible Party, the Depositor, the Custodian or the Trustee in respect of    
such claim.                                                                     

      (b) Notwithstanding anything to the contrary contained in this
Agreement, the Servicer shall indemnify the Depositor, the Sponsor, the Trustee 
and any director, officer, employee or agent of the Depositor, the Sponsor or   
the Trustee and hold them harmless against any and all claims, losses, damages, 
penalties, fines, forfeitures, reasonable and necessary legal fees and related  
costs, judgments, and any other costs, fees and expenses that any of them may   
sustain in any way related to any failure by the Servicer or any Subservicer    
engaged by the Servicer or any Subcontractor utilized by the Servicer to deliver
any information, report, certification or accountants' letter when and as       
required under Sections 3.22, 3.23, 6.02 or 8.12, including without limitation  
any failure by the Servicer to identify pursuant to Section 3.02(e) any         
Subcontractor "participating in the servicing function" within the meaning of   
Item 1122 of Regulation AB.                                                     

       (c) If the indemnification provided for in this Section 6.05 is
unavailable or insufficient to hold harmless any Person entitled to             
indemnification thereunder, then the Servicer shall contribute to the amount    
paid or payable by the Person entitled to indemnification as a result of the    
losses, claims, damages or liabilities of such Person in such proportion as is  
appropriate to reflect the relative fault of such Person on the one hand and the
Servicer, on the other, in connection with the Servicer's obligations pursuant  
to this Section 6.05. This Section 6.05 shall survive the termination of this   
Agreement or the earlier resignation or removal of the Servicer.                

ARTICLE VII 

 DEFAULT

         Section 7.01 Events of Default. "Event of Default," wherever used
herein, means any one of the following events:                                  

           (a) any failure by the Servicer to remit to the Trustee any payment
required to be made under the terms of this Agreement which continues unremedied
for a period of one Business Day after the date upon which written notice of    
such failure, requiring the same to be remedied, shall have been given to the   
Servicer by the Depositor or by the Trustee, or to the Servicer, the Depositor  
and the Trustee by Certificateholders entitled to at least 25% of the Voting    
Rights in the Certificates; or                                                  

      (b) the failure on the part of the Servicer duly to observe or
perform in any material respect any other of the covenants or agreements on the 
part of the Servicer set forth in this Agreement which continues unremedied for 
a period of forty-five days (except that (x) such number of days shall be       
fifteen in the case of a failure to pay any premium for any insurance policy    
required to be maintained under this Agreement and (y) such number of days shall
be ten in the case of a failure to observe or perform any of the obligations set
forth in Sections 3.02, 3.22, 3.23, 6.02 or 8.12) after the earlier of (i) the  
date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Servicer by the Depositor or by the Trustee, or to 
the Servicer, the Depositor and the Trustee by Certificateholders entitled to at
least 25% of the Voting Rights in the Certificates and (ii) actual knowledge of 
such failure by a Servicing Officer of the Servicer; or                         

           (c) a decree or order of a court or agency or supervisory authority
having jurisdiction for the appointment of a conservator or receiver or         
liquidator in any insolvency, bankruptcy, 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 Servicer and    
such decree or order shall have remained in force undischarged or unstayed for a
period of sixty consecutive days; or                                            

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

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

       (f) a breach of any representation and warranty of the Servicer
referred to in Section 2.03(a), which materially and adversely affects the      
interests of the Certificateholders and which continues unremedied for a period 
of thirty days after the date upon which written notice of such breach is given 
to the Servicer by the Trustee or by the Depositor, or to the Servicer, the     
Trustee and the Depositor by Certificateholders entitled to at least 25% of the 
Voting Rights in the Certificates; or                                           

           (g) Fitch reduces its servicer rating of the Servicer to "RPS2-" or
lower, Moody's reduces its servicer rating of the Servicer to "SQ3" or lower, or
Standard & Poor's reduces its servicer rating of the Servicer to "Average" or   
lower.                                                                          

           If an Event of Default described in clauses (a) through (g) of this
Section 7.01 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      
written direction of a majority of the Voting Rights, the Trustee shall, by     
notice in writing to the Servicer (with a copy to each Rating Agency), terminate
all of the rights and obligations of the Servicer under this Agreement and in   
and to the Mortgage Loans and the proceeds thereof, other than its rights as a  
Certificateholder hereunder; provided, however, that the Trustee shall not be   
required to give written notice to the Servicer of the occurrence of an Event of
Default described in clauses (b) through (g) of this Section 7.01 unless and    
until a Responsible Officer of the Trustee has actual knowledge of the          
occurrence of such an event; provided further, that the Depositor shall give    
written notice to the Servicer of the occurrence of an Event of Default         
described in clause (g) of this Section 7.01 upon obtaining actual knowledge of 
the occurrence of such an event. In the event that a Responsible Officer of the 
Trustee has actual knowledge of the occurrence of an event of default described 
in clause (a) of this Section 7.01, the Trustee shall give written notice to the
Servicer of the occurrence of such an event within one Business Day of the first
day on which such Responsible Officer obtains actual knowledge of such          
occurrence; provided, that if such failure is the failure to make a P&I Advance,
the Trustee shall send such notice of termination and, if the Event of Default  
of the Servicer was the failure to make a P&I Advance, the Trustee, as successor
servicer, shall make such P&I Advance for distribution on the related           
Distribution Date. On and after the receipt by the Servicer of such written     
notice, all authority and power of the Servicer hereunder, whether with respect 
to the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee. 
Subject to Section 7.02, the Trustee is hereby authorized and empowered to      
execute and deliver, on behalf of the 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 the Mortgage Loans and related documents, or otherwise. Unless    
expressly provided in such written notice, no such termination shall affect any 
obligation of the Servicer to pay amounts owed pursuant to Article VIII. The    
Servicer agrees to cooperate with the Trustee in effecting the termination of   
the Servicer's responsibilities and rights hereunder, including, without        
limitation, the transfer to the Trustee of all cash amounts which shall at the  
time be credited to the Collection Account, or thereafter be received with      
respect to the Mortgage Loans.                                                  

         Notwithstanding any termination of the activities of the Servicer
hereunder, the Servicer shall be entitled to receive from the Trust Fund payment
of all accrued and unpaid Servicing Fees due to the Servicer prior to such      
termination, and reimbursement for all outstanding Advances made by the Servicer
on or prior to the termination of the Servicer. Except to the extent provided by
the following sentence, any successor Servicer shall not be permitted to pay    
itself the Servicing Fee due to it or to reimburse itself directly for Advances 
made by it as otherwise permitted by Sections 3.11(a)(ii), (iii), (vi) or (vii) 
if the terminated Servicer has not been paid Servicing Fees due to the          
terminated Servicer and been fully reimbursed for Advances made by the          
terminated Servicer. The successor Servicer is hereby authorized to pay to the  
terminated Servicer (or the related Advancing Person in accordance with Section 
11.11) and itself, as applicable, all Servicing Fees due to the terminated      
Servicer and the successor Servicer, and to reimburse the terminated Servicer   
and itself for all Advances made by them from the Collection Account to the same
extent the terminated Servicer or successor Servicer would have been permitted  
to pay itself the Servicing Fees due to it or to reimburse itself for such      
Advances in accordance with Sections 3.11(a)(ii), (iii), (vi) or (vii). All     
Advances made pursuant to the terms of this Agreement shall be deemed made and  
shall be reimbursed on a "first in-first out" (FIFO) basis. At such time as the 
terminated Servicer has been paid all Servicing Fees due to it and been         
reimbursed for all Advances made by it, the successor Servicer shall be         
permitted to pay itself the Servicing Fee due to such successor servicer and to 
reimburse itself directly for Advances made by such successor servicer in       
accordance with Sections 3.11(a)(ii), (iii), (vi) or (vii).                     

           Section 7.02 Trustee to Act; Appointment of Successor. On and after
the time the Servicer receives a notice of termination pursuant to Section 3.24 
or Section 7.01, the Trustee shall, subject to and to the extent provided in    
Section 3.05, be the successor to the Servicer in its capacity as servicer under
this Agreement and the transactions set forth or provided for herein and shall  
be subject to all the responsibilities, duties and liabilities relating thereto 
placed on the Servicer by the terms and provisions hereof and applicable law    
including the obligation to make P&I Advances and Servicing Advances, pursuant  
to Section 3.24 or Section 7.01. It is understood and acknowledged by the       
parties hereto that there will be a period of transition before the transfer of 
servicing obligations is fully effective. Notwithstanding the foregoing, the    
Trustee will have a period (not to exceed 90 days) to complete the transfer of  
all servicing data and correct or manipulate such servicing data as may be      
required by the Trustee to correct any errors or insufficiencies in the         
servicing data or otherwise enable the Trustee to service the Mortgage Loans in 
accordance with Accepted Servicing Practices. As compensation therefor, the     
Trustee shall be entitled to all funds relating to the Mortgage Loans that the  
Servicer would have been entitled to charge to the Collection Account if the    
Servicer had continued to act hereunder including, if the Servicer was receiving
the Servicing Fee, the Servicing Fee and, subject to Section 3.21(c), the income
on investments or gain related to the Collection Account which the Servicer     
would be entitled to receive (in addition to income on investments or gain      
related to the Distribution Account for the benefit of the Trustee during the   
Trustee Float Period). Notwithstanding the foregoing, if the Trustee has become 
the successor to the Servicer in accordance with Section 7.01, the Trustee may, 
if it shall be unwilling to so act, or shall, if it is prohibited by applicable 
law from making P&I Advances and Servicing Advances pursuant to Section 4.01, if
it is otherwise unable to so act or at the written request of Certificateholders
entitled to at least a majority of the Voting Rights, 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 Servicer hereunder in the assumption of all or any part of the           
responsibilities, duties or liabilities of the Servicer hereunder. Any successor
to the Servicer shall make the covenant set forth in Section 6.02(b). Any       
successor to the Servicer shall be an institution which is willing to service   
the Mortgage Loans and which executes and delivers to the Depositor and the     
Trustee an agreement accepting such delegation and assignment, containing an    
assumption by such Person of the rights, powers, duties, responsibilities,      
obligations and liabilities of the Servicer (other than liabilities of the      
Servicer under Section 6.03 incurred prior to termination of the Servicer under 
Section 7.01), with like effect as if originally named as a party to this       
Agreement; provided, that each Rating Agency acknowledges 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.     
Pending appointment of a successor to the Servicer hereunder, the Trustee,      
unless the Trustee is prohibited by law from so acting, shall, subject to       
Section 3.05, 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 as it and such 
successor shall agree; provided, however, that no such compensation shall be in 
excess of the Servicing Fee Rate and amounts paid to the Servicer from          
investments (subject to Section 3.21(c)). The Trustee and such successor        
Servicer shall take such action, consistent with this Agreement, as shall be    
necessary to effectuate any such succession. Neither the Trustee nor any other  
successor to the 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 Servicer to deliver or provide, or any delay in delivering or providing, any
cash, information, documents or records to it.                                  

        In the event that the Servicer is terminated pursuant to Section
7.01, the terminated Servicer shall be responsible for the servicing transfer,  
provide notices to the Mortgagors, arrange for and transfer the Servicing Files 
to a successor Servicer and pay all of its own out-of-pocket costs and expenses 
at its own expense. In addition, in the event that the Servicer is terminated   
pursuant to Section 7.01, the terminated Servicer shall pay all reasonable      
out-of-pocket costs and expenses of a servicing transfer incurred by parties    
other than the terminated Servicer promptly upon presentation of reasonable     
documentation of such costs. If the Trustee is the terminated Servicer (except  
in the case where the Trustee in its role as successor Servicer is being        
terminated pursuant to Section 7.01 by reason of an Event of Default caused     
solely by the Trustee as the successor Servicer and not by the predecessor      
Servicer's actions or omissions), such costs shall be paid by the prior         
terminated Servicer promptly upon presentation of reasonable documentation of   
such costs. If the terminated Servicer defaults in its obligation to pay such   
costs and expenses, the same shall be paid by the successor Servicer or the     
Trustee, in which case the successor Servicer or the Trustee, as applicable,    
shall be entitled to reimbursement therefor from the Trust Fund.                

          Any successor to the Servicer as servicer shall give notice to the
Mortgagors of such change of servicer and shall, during the term of its service 
as servicer, maintain in force the policy or policies that the Servicer is      
required to maintain pursuant to Section 3.13.                                  

     Section 7.03 Notification to Certificateholders. (a) Upon any
termination of or appointment of a successor to the Servicer, the Trustee shall 
give prompt written notice thereof to Certificateholders and each Rating Agency.

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

ARTICLE VIII

CONCERNING THE TRUSTEE

   Section 8.01 Duties of the Trustee. The Trustee, before the
occurrence of an Event of Default and after the curing of all Events of Default 
that may have occurred, shall undertake to perform such duties and only such    
duties as are specifically set forth in this Agreement. In case an Event of     
Default has occurred and remains uncured, the Trustee shall exercise such of the
rights and powers vested in it by this Agreement, and use the same degree of    
care and skill in their exercise as a prudent person would exercise or use under
the circumstances in the conduct of such person's own affairs.                  

   The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished 
to the Trustee that are specifically required to be furnished pursuant to any   
provision of this Agreement, shall examine them to determine whether they are in
the form required by this Agreement. The Trustee shall not be responsible for   
the accuracy or content of any resolution, certificate, statement, opinion,     
report, document, order, or other instrument.                                   

        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.                                           

           Unless an Event of Default known to the Trustee has occurred and is
continuing:                                                                     

         (a) 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 the duties and obligations specifically set
forth in this Agreement, no implied covenants or obligations shall be read into 
this Agreement against the Trustee, and 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 which it believes in good faith
to be genuine and to have been duly executed by the proper authorities          
respecting any matters arising hereunder;                                       

            (b) the Trustee shall not be liable for an error of judgment made in
good faith by a Responsible Officer or Responsible Officers of the Trustee,     
unless it is finally proven that the Trustee was negligent in ascertaining the  
pertinent facts; and                                                            

      (c) 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 direction of the Holders of Certificates evidencing not less than 25% of the
Voting Rights of Certificates relating to the time, method, and place of        
conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee under this Agreement.             

            The Trustee shall be permitted to utilize one or more Subcontractors
for the performance of certain of its obligations under this Agreement, provided
that the Trustee complies with Section 3.02(e) as if the Trustee were a         
"Servicer" pursuant to that Section. The Trustee shall indemnify the Depositor, 
the Sponsor and any director, officer, employee or agent of the Depositor or the
Sponsor and hold them harmless against any and all claims, losses, damages,     
penalties, fines, forfeitures, reasonable and necessary legal fees and related  
costs, judgments, and any other costs, fees and expenses that any of them may   
sustain in any way related to the failure of the Trustee to perform any of its  
obligations under Section 3.22 or Section 3.23, including without limitation any
failure by the Trustee to identify pursuant to Section 3.02(e) any Subcontractor
that is a Servicing Function Participant. This indemnity shall survive the      
termination of this Agreement or the earlier resignation or removal of the      
Trustee.                                                                        

    Section 8.02 Certain Matters Affecting the Custodian and the
Trustee. Except as otherwise provided in Section 8.01:                          

       (a) the Custodian and the Trustee may request and rely upon and
shall be protected in acting or refraining from acting upon any resolution,     
Officer's Certificate, certificate 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 and neither the    
Custodian nor the Trustee shall have any responsibility to ascertain or confirm 
the genuineness of any signature of any such party or parties;                  

   (b) the Custodian and the Trustee may consult with counsel,
financial advisers or accountants and the advice of any such counsel, financial 
advisers or accountants and any Opinion of Counsel shall be full and complete   
authorization and protection in respect of any action taken or suffered or      
omitted by it hereunder in good faith and in accordance with such advice or     
Opinion of Counsel;                                                             

         (c) neither the Custodian nor the Trustee shall be liable 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 nor shall either the Trustee or the Custodian be liable for acts 
or omissions of the other;                                                      

         (d) 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 the Holders of 
Certificates evidencing not less than 25% of the Voting Rights allocated to each
Class of Certificates;                                                          

            (e) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents,           
accountants or attorneys and the Trustee shall not be responsible for any       
misconduct or negligence on the part of any agents, accountants or attorneys    
appointed with due care by it hereunder;                                        

           (f) neither the Custodian nor the Trustee shall be required to risk
or expend its own funds or otherwise incur any financial liability in the       
performance of any of its duties or in the exercise of any of its rights or     
powers hereunder if it shall have reasonable grounds for believing that         
repayment of such funds or adequate indemnity against such risk or liability is 
not assured to it;                                                              

          (g) the Trustee shall not be liable for any loss on any investment
of funds pursuant to this Agreement (other than in its corporate capacity as    
obligor of the investment security and with respect to the investment of funds  
in the Distribution Account during the Trustee Float Period);                   

            (h) unless a Responsible Officer of the Trustee has actual knowledge
of the occurrence of an Event of Default, the Trustee shall not be deemed to    
have knowledge of an Event of Default, until a Responsible Officer of the       
Trustee shall have received written notice thereof; and                         

           (i) the Trustee shall be under no obligation to exercise any of the
trusts, rights or powers vested in it by 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 this Agreement,      
unless such Certificateholders shall have offered to the Trustee reasonable     
security or indemnity satisfactory to the Trustee against the costs, expenses   
and liabilities which may be incurred therein or thereby.                       

         Section 8.03 Trustee and Custodian Not Liable for Certificates or
Mortgage Loans. The recitals contained herein and in the Certificates shall be  
taken as the statements of the Depositor and the Trustee assumes no             
responsibility for their correctness. Neither the Trustee nor the Custodian     
makes any representations as to the validity or sufficiency of this Agreement or
of the Certificates or of any Mortgage Loan or related document other than with 
respect to the Trustee, the Trustee's execution and authentication of the       
Certificates. The Trustee shall not be accountable for the use or application by
the Depositor or the Servicer of any funds paid to the Depositor or the Servicer
in respect of the Mortgage Loans or deposited in or withdrawn from the          
Collection Account by the Depositor or the Servicer.                            

            The Trustee shall have no responsibility for filing or recording 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 (unless the Trustee shall have become the successor     
Servicer).                                                                      

            The Trustee executes the Certificates not in its individual capacity
but solely as Trustee of the Trust Fund created by this Agreement, in the       
exercise of the powers and authority conferred and vested in it by this         
Agreement. Each of the undertakings and agreements made on the part of the      
Trustee on behalf of the Trust Fund in the Certificates is made and intended not
as a personal undertaking or agreement by the Trustee but is made and intended  
for the purpose of binding only the Trust Fund.                                 

     Section 8.04 Trustee May Own Certificates. The Trustee in its
individual or any other capacity may become the owner or pledgee of Certificates
with the same rights as it would have if it were not the Trustee.               

    Section 8.05 Trustee's and Custodian's Fees and Expenses. As
compensation for its activities under this Agreement, the Trustee may withdraw  
from the Distribution Account on each Distribution Date the Custodian Fee for   
the Distribution Date and any interest or investment income earned on funds     
deposited in the Distribution Account during the Trustee Float Period. The      
Trustee and any director, officer, employee, or agent of the Trustee and the    
Custodian shall be indemnified by the Trust Fund and held harmless against any  
loss, liability, or expense during the Trustee Float Period (including          
reasonable attorney's fees) resulting from any error in any tax or information  
return prepared by the Servicer or incurred in connection with (including any   
claim or legal action relating to):                                             

(a) this Agreement,                                     

(b) the Insurance Policy,                               

(c) the Certificates, or                                

      (d) the performance of any of the Trustee's or the Custodian's
duties under this Agreement,                                                    

other than any loss, liability, or expense (i) resulting from any breach of the 
Servicer's obligations in connection with this Agreement for which the Servicer 
has performed its obligation to indemnify the Trustee and the Custodian, as     
applicable, pursuant to Section 6.05, (ii) solely with respect to the Trustee,  
resulting from any breach of the Responsible Party's obligations in connection  
with this Agreement for which the Responsible Party has performed its obligation
to indemnify the Trustee pursuant to Section 2.03(h) or (iii) incurred because  
of willful misconduct, bad faith, or negligence in the performance of any of the
Custodian's or Trustee's duties under this Agreement, as applicable. This       
indemnity shall survive the termination of this Agreement or the resignation or 
removal of the Trustee under this Agreement. Without limiting the foregoing,    
except as otherwise agreed upon in writing by the Depositor and the Trustee, and
except for any expense, disbursement, or advance arising from the Trustee's     
negligence, bad faith, or willful misconduct, the Trust Fund shall pay or       
reimburse the Trustee for all reasonable expenses, disbursements, and advances  
incurred or made by the Trustee in accordance with this Agreement with respect  
to:                                                                             

                (A) the reasonable compensation, expenses, and disbursements
         of its counsel not associated with the closing of the issuance of
the Certificates, and                                   

                (B) the reasonable compensation, expenses, and disbursements
       of any accountant, engineer, or appraiser that is not regularly
           employed by the Trustee, to the extent that the Trustee must engage
them to perform services under this Agreement.          

           Except as otherwise provided in this Agreement or a separate letter
agreement between the Trustee and the Depositor, the Trustee shall not be       
entitled to payment or reimbursement for any routine ongoing expenses incurred  
by the Trustee in the ordinary course of its duties as Trustee, Registrar, or   
paying agent under this Agreement or for any other routine expenses incurred by 
the Trustee; provided, however, no expense shall be reimbursed hereunder if it  
would not constitute an "unanticipated expense incurred by the REMIC" within the
meaning of the REMIC Provisions.                                                

          Section 8.06 Eligibility Requirements for the Trustee. The Trustee
hereunder shall at all times be a corporation or 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 of at least $50,000,000, subject to supervision or examination by   
federal or state authority and with a credit rating which would not cause any of
the Rating Agencies to reduce their respective then current ratings of the      
Certificates (or having provided such security from time to time as is          
sufficient to avoid such reduction) as evidenced in writing by each Rating      
Agency. If such corporation or association 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 8.06  
the combined capital and surplus of such corporation or association shall be    
deemed to be its 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 this Section 8.06, the Trustee shall resign      
immediately in the manner and with the effect specified in Section 8.07. The    
entity serving as Trustee may have normal banking and trust relationships with  
the Depositor and its Affiliates or the Servicer and its Affiliates; provided,  
however, that such entity cannot be an Affiliate of the Depositor or the        
Servicer other than the Trustee in its role as successor to the Servicer.       

            Section 8.07 Resignation and Removal of the Trustee. The Trustee may
at any time resign and be discharged from the trusts hereby created by giving   
written notice of resignation to the Depositor, the Servicer, the Custodian and 
each Rating Agency not less than 60 days before the date specified in such      
notice, when, subject to Section 8.08, such resignation is to take effect, and  
acceptance by a successor trustee in accordance with Section 8.08 meeting the   
qualifications set forth in Section 8.06. If no successor trustee meeting such  
qualifications shall have been so appointed and have accepted appointment within
30 days after the giving of such notice or resignation, the resigning Trustee   
may petition any court of competent jurisdiction for the appointment of a       
successor trustee.                                                              

           If at any time the Trustee shall cease to be eligible in accordance
with Section 8.06 and shall fail to resign after written request thereto by the 
Depositor, or if at any time 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 a tax is imposed with respect to
the Trust Fund by any state in which the Trustee or the Trust Fund is located   
and the imposition of such tax would be avoided by the appointment of a         
different trustee, then the Depositor may remove the Trustee and appoint a      
successor trustee by written instrument, in triplicate, one copy of which shall 
be delivered to the Trustee, one copy to the Servicer and one copy to the       
successor trustee.                                                              

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

      Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to this Section 8.07 shall become effective upon     
acceptance of appointment by the successor trustee as provided in Section 8.08. 

          Section 8.08 Successor Trustee. Any successor trustee appointed as
provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor
and to its predecessor trustee and the 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 like  
effect as if originally named as trustee herein. The Depositor, the Servicer and
the predecessor trustee shall execute and deliver such instruments and do such  
other things as may reasonably be required for more fully and certainly vesting 
and confirming in the successor trustee all such rights, powers, duties, and    
obligations.                                                                    

         No successor trustee shall accept appointment as provided in this
Section 8.08 unless at the time of its acceptance, the successor trustee is     
eligible under Section 8.06 and its appointment does not adversely affect the   
then current rating of any of the Certificates by any of the Rating Agencies.   

            Upon acceptance of appointment by a successor trustee as provided in
this Section 8.08, the Depositor shall mail notice of the succession of such    
trustee hereunder to all Holders of Certificates. If the Depositor fails to mail
such notice within 10 days after acceptance of appointment by the successor     
trustee, the successor trustee shall cause such notice to be mailed at the      
expense of the Depositor.                                                       

            Section 8.09 Merger or Consolidation of the Trustee. Any corporation
into which the Trustee may be merged or converted or with which it may be       
consolidated or any corporation resulting from any merger, conversion or        
consolidation to which the Trustee shall be a party, or any corporation         
succeeding to the business of the Trustee, shall be the successor of the Trustee
hereunder; provided, that such corporation shall be eligible under Section 8.06 
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. In      
connection with the succession to the Trustee under this Agreement by any Person
(i) into which the Trustee may be merged or consolidated, or (ii) which may be  
appointed as a successor to the Trustee, the Trustee shall notify the Depositor 
of such succession or appointment and shall furnish to the Depositor in writing 
and in form and substance reasonably satisfactory to the Depositor, all         
information reasonably necessary for the Trustee to accurately and timely       
report, pursuant to Section 8.12(g), the event under Item 6.02 of Form 8-K      
pursuant to the Exchange Act (if such reports under the Exchange Act are        
required to be filed under the Exchange Act).                                   

   Section 8.10 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 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 8.10, such powers, duties, obligations, rights and trusts as the        
Servicer and the Trustee may consider appropriate. If the 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 8.06 and no notice to          
Certificateholders of the appointment of any co-trustee or separate trustee     
shall be required under Section 8.08.                                           

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

      (a) To the extent necessary to effectuate the purposes of this
Section 8.10, 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 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 as Trustee hereunder or as  
successor to the 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 applicable 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;                                                       

           (b) No trustee hereunder shall be held personally liable because of
any act or omission of any other trustee hereunder and such appointment shall   
not, and shall not be deemed to, constitute any such separate trustee or        
co-trustee as agent of the Trustee;                                             

           (c) The Trustee may at any time accept the resignation of or remove
any separate trustee or co-trustee; and                                         

        (d) The Trust Fund, and not the Trustee, shall be liable for the
payment of reasonable compensation, reimbursement and indemnification to any    
such 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 separate trustees and co-trustees, when
and 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 VIII. 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 and indemnity to, the   
Trustee. Every such instrument shall be filed with the Trustee and a copy       
thereof given to the 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 8.11 Tax Matters. It is intended that the assets with
respect to which any REMIC election pertaining to the Trust Fund is to be made, 
as set forth in the Preliminary Statement, shall constitute, and that the       
conduct of matters relating to such assets shall be such as to qualify such     
assets 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 (and the Trustee is     
hereby appointed to act as agent) on behalf of each Trust REMIC and that in such
capacity it shall:                                                              

            (a) prepare and file in a timely manner, a U.S. Real Estate Mortgage
Investment Conduit (REMIC) Income Tax Return (Form 1066 or any successor form   
adopted by the Internal Revenue Service) and prepare and file 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 Trust 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 to Certificateholders the schedules, statements or information at such  
times and in such manner as may be required thereby;                            

          (b) within thirty days of the Closing Date, the Trustee will apply
for an employer identification number from the Internal Revenue Service via Form
SS-4 or any other acceptable method for all tax entities and shall also furnish 
to the Internal Revenue Service, on Form 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;

 (c) deliver or cause to be delivered the federal taxpayer
identification number of the grantor trust on correct, complete and duly        
executed IRS Form W-9 of the trust to the Swap Provider at the time the Interest
Rate Swap Agreement is entered into and promptly upon actual knowledge that such
previously provided form is obsolete or incorrect and, if requested by the Swap 
Provider, an applicable IRS Form W-8IMY;                                        

            (d) make an election that each of Pooling Tier REMIC-1, Pooling Tier
REMIC-2, the Lower Tier REMIC and the Upper Tier REMIC be treated as a REMIC on 
the federal tax return for its first taxable year (and, if necessary, under     
applicable state law);                                                          

    (e) prepare and forward 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 the calculation of any original 
issue discount using the prepayment assumption (as described in the Prospectus  
Supplement);                                                                    

            (f) provide information necessary for the computation of tax imposed
on the Transfer of a Residual Certificate to a Person that is a Non-Permitted   
Transferee, or an agent (including a broker, nominee or other middleman) of a   
Non-Permitted Transferee, or a pass-through entity in which a Non-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);                                                                           

          (g) to the extent that they are under its control, conduct matters
relating to such assets at all times that any Certificates are Outstanding so as
to maintain the status of each Trust REMIC as a REMIC under the REMIC           
Provisions;                                                                     

          (h) not knowingly or intentionally take any action or omit to take
any action that would cause the termination of the REMIC status of any Trust    
REMIC created hereunder;                                                        

         (i) pay, from the sources specified in the last paragraph of this
Section 8.11, the amount of any federal or state tax, including prohibited      
transaction taxes as described below, imposed on each Trust REMIC before its    
termination 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);                                                              

           (j) cause federal, state or local income tax or information returns
to be signed by the Trustee or such other Person as may be required to sign such
returns by the Code or state or local laws, regulations or rules; and           

            (k) maintain records relating to each of the Trust REMICs, including
the income, expenses, assets, and liabilities thereof on a calendar year basis  
and on the accrual method of accounting and the adjusted basis of the assets    
determined at such intervals as may be required by the Code, as may be necessary
to prepare the foregoing returns, schedules, statements or information.         

      The Holder of the largest Percentage Interest of the Class R-I
Certificates shall act as Tax Matters Person for Pooling Tier REMIC-1 and the   
holder of the largest Percentage Interest of the Class R-II Certificates shall  
act as the Tax Matters Person for Pooling Tier REMIC-2, the Lower Tier REMIC and
the Upper Tier REMIC, in each case, within the meaning of Treasury Regulations  
Section 1.860F-4(d), and the Trustee is hereby designated as agent of such      
Certificateholder for such purpose (or if the Trustee is not so permitted, such 
Holder shall be the Tax Matters Person in accordance with the REMIC Provisions).
In such capacity, the Trustee shall, as and when necessary and appropriate,     
represent any Trust REMIC 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 Trust REMIC, enter into 
settlement agreements with any governmental taxing agency, extend any statute of
limitations relating to any tax item of any Trust REMIC, and otherwise act on   
behalf of each REMIC in relation to any tax matter or controversy involving it. 

            The Trustee shall treat the rights of the Class P Certificateholders
to receive Prepayment Charges (including amounts payable by the Servicer with   
respect thereto), the rights of the Class X Certificateholders to receive       
amounts in the Excess Reserve Fund Account and the Supplemental Interest Account
(subject, other than in the case of the Class X Certificates, to the obligation 
to pay Basis Risk Carry Forward Amounts and, without duplication, Upper Tier    
Carry Forward Amounts) and the rights of the LIBOR Certificateholders to receive
Basis Risk Carry Forward Amounts and, without duplication, Upper Tier Carry     
Forward Amounts as the beneficial ownership of interests in a grantor trust, and
not as an obligation of any Trust REMIC created hereunder, for federal income   
tax purposes. The Trustee shall file or cause to be filed with the IRS together 
with Form 1041 or such other form as may be applicable and shall furnish or     
cause to be furnished, to the Class P Certificateholders, the Class X           
Certificateholders and the LIBOR Certificateholders, the respective amounts     
described above that are received, in the time or times and in the manner       
required by the Code.                                                           

         To enable the Trustee to perform its duties under this Agreement,
the Depositor shall provide to the Trustee within ten 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 the price, yield, prepayment assumption, and projected  
cash flows of the Certificates and the Mortgage Loans. Moreover, the Depositor  
shall provide information to the Trustee concerning the value to each Class of  
Certificates of the right to receive Basis Risk Carry Forward Amounts from the  
Excess Reserve Fund Account and Basis Risk Carry Forward Amounts or, without    
duplication, Upper Tier Carry Forward Amounts from the Supplemental Interest    
Account. Unless otherwise advised by the Depositor, for federal income tax      
purposes, the Trustee is hereby directed to assign a value of zero to the right 
of each Holder allocating the purchase price of an initial Offered              
Certificateholder between such right and the related Upper Tier Regular         
Interest. Thereafter, the Depositor shall provide to the Trustee promptly upon  
written request therefor any additional information or data that the Trustee    
may, from time to time, reasonably request to enable the Trustee to perform its 
duties under this Agreement; provided, however, that the Depositor shall not be 
required to provide any information regarding the Mortgage Loans that the       
Servicer is required to provide to the Trustee pursuant to this Agreement. 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, pursuant  
to this paragraph, accurate information or data to the Trustee on a timely      
basis.                                                                          

         Neither the Servicer nor Trustee shall (i) permit the creation of
any interests in any Trust REMIC other than the regular and residual interests  
set forth in the Preliminary Statement, (ii) receive any amount representing a  
fee or other compensation for services (except as otherwise permitted by this   
Agreement) or (iii) otherwise knowingly or intentionally take any action, cause 
the Trust Fund to take any action or fail to take (or fail to cause to be taken)
any action reasonably within its control and the scope of duties more           
specifically set forth herein, that, under the REMIC Provisions, if taken or not
taken, as the case may be, could (A) endanger the status of any Trust REMIC as a
REMIC or (B) result in the imposition of a tax upon any Trust REMIC or 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     
Trust REMIC set forth in Section 860G(d) of the Code, or the tax on "net income 
from foreclosure property") unless the Trustee receives an Opinion of Counsel   
(at the expense of the party seeking to take such action or, if such party fails
to pay such expense, at the expense of the Trust Fund, but in no event at the   
expense of the Trustee) to the effect that the contemplated action will not,    
with respect to the Trust Fund or any Trust REMIC created hereunder, endanger   
such status.                                                                    

       If any tax is imposed on "prohibited transactions" of any Trust
REMIC as defined in Section 860F(a)(2) of the Code, on the "net income from     
foreclosure property" of the Pooling Tier REMIC-1 as defined in Section 860G(c) 
of the Code, on any contribution to any Trust REMIC after the Startup Day       
pursuant to Section 860G(d) of the Code, or any other tax is imposed, including 
any minimum tax imposed on any Trust REMIC pursuant to Sections 23153 and 24874 
of the California Revenue and Taxation Code, if not paid as otherwise provided  
for herein, the tax shall be paid by (i) the Trustee if such tax arises out of  
or results from negligence of the Trustee in the performance of any of its      
obligations under this Agreement, (ii) the Servicer, in the case of any such    
minimum tax, and otherwise if such tax arises out of or results from a breach by
the Servicer of any of its obligations under this Agreement, or (iii) in all    
other cases, or if the Trustee or the Servicer fails to honor its obligations   
under the preceding clause (i) or (ii), any such tax will be paid with amounts  
otherwise to be distributed to the Certificateholders, as provided in Section   
4.02(a).                                                                        

       Section 8.12 Periodic Filings. (a) The Trustee and the Servicer
shall reasonably cooperate with the Depositor in connection with the reporting  
requirements of the Trust under the Exchange Act. The Trustee shall prepare for 
execution by the Depositor any Forms 10-D and 10-K and certain Form 8-K's (not  
to include any Form 8-K related to the filing of this Agreement and any         
amendments thereto), required by the Exchange Act and the rules and regulations 
of the Commission thereunder, in order to permit the timely filing thereof, and 
the Trustee shall file (via the Commission's Electronic Data Gathering and      
Retrieval System, or EDGAR) such Forms executed by the Depositor.               

   (b) Within 15 days after each Distribution Date (subject to
permitted extensions under the Exchange Act), the Trustee shall prepare and file
on behalf of the Trust any Form 10-D required by the Exchange Act, in form and  
substance as required by the Exchange Act. The Trustee shall file each Form 10-D
with a copy of the related Monthly Statement attached thereto. Any disclosure in
addition to the Monthly Statement that is required to be included on Form 10-D  
("Additional Form 10-D Disclosure") shall be reported to the Depositor and the  
Trustee by the parties set forth on Exhibit Q and directed and approved by the  
Depositor pursuant to the following paragraph. The Trustee will have no duty or 
liability for any failure hereunder to determine or prepare any Additional Form 
10-D Disclosure, except as set forth in the next paragraph.                     

          As set forth on Exhibit Q hereto, within 5 calendar days after the
related Distribution Date, the parties, to the extent described on Exhibit Q,   
shall be required to provide to the Trustee and the Depositor, to the extent    
known by such applicable parties, any Additional Form 10-D Disclosure, the form 
and substance of the Additional Form 10-D Disclosure described on Exhibit Q     
applicable to such party (and shall include with such Additional Form 10-D      
Disclosure an Additional Disclosure Notification in the form attached hereto as 
Exhibit U), and 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 Trustee has no duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit Q (other than with  
respect to the Trustee) of their duties under this paragraph or proactively     
solicit or procure from such parties any Additional Form 10-D Disclosure        
information; provided, however, the Trustee shall cooperate with the Depositor  
in a reasonable manner in order for the Depositor to comply with its reporting  
obligations under the Exchange Act as set forth in Section 8.12(a). The         
Depositor will 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 paragraph. The Trustee shall compile   
all such information provided to it in a Form 10-D prepared by it.              

After preparing the Form 10-D, the Trustee shall forward
electronically a copy of the Form 10-D to the Depositor for approval and        
execution. No later than 2 Business Days prior to the 15th calendar day after   
the related Distribution Date, an officer of the Depositor 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 will follow the procedures set forth in Section            
8.12(f)(ii). Form 10-D requires the Depositor 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 Depositor was required to file such reports), and (2) has been  
subject to such filing requirements for the past 90 days." The Depositor hereby 
instructs the Trustee, with respect to each Form 10-D, to check "yes" for each  
item unless the Trustee has received timely prior written notice from the       
Depositor that the answer should be "no" for an item. The Depositor shall notify
the Trustee in writing, as soon as reasonably practicable but no later than 5   
Business Days prior to the 15th 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 such         
instructions in preparing and/or filing any such Form 10-D. The Depositor       
acknowledges that the performance by the Trustee of its duties under this       
Section 8.12(b) related to the timely preparation and filing of Form 10-D is    
contingent upon the Custodian, the Servicer (including Subcontractors and       
Servicing Function Participant) and the Depositor observing all applicable      
deadlines in the performance of their duties under this Section 8.12(b). The    
Trustee shall have no liability for any loss, expense, damage, claim arising out
of or with respect to any failure to properly prepare and/or timely file such   
Form 10-D, where such failure results from the Trustee's inability or failure to
receive, on a timely basis, any information from any party hereto (other than   
the Trustee or any Subcontractor utilized by the Trustee) needed to prepare,    
arrange for execution or file such Form 10-D, not resulting from its own        
negligence, bad faith or willful misconduct.                                    

         (c) On or before 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"), 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 Servicer and each Subservicer engaged by the Servicer, as described under   
Section 3.22, (ii)(A) the annual reports on assessment of compliance with       
servicing criteria for the Trustee, the Servicer, the Custodian, each           
Subservicer engaged by the Servicer and each Servicing Function Participant     
utilized by the Servicer, the Custodian or the Trustee, as described under      
Section 3.23, and (B) if any such report on assessment of compliance with       
servicing criteria described under Section 3.23 identifies any material instance
of noncompliance, disclosure identifying such instance of noncompliance, or such
report on assessment of compliance with servicing criteria described under      
Section 3.23 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       
Trustee, the Servicer, the Custodian, each Subservicer engaged by the Servicer  
and each Servicing Function Participant utilized by the Servicer, the Custodian 
or the Trustee, as described under Section 3.23, and (B) if any registered      
public accounting firm attestation report described under Section 3.23          
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 certification in the form attached hereto as Exhibit L,    
with such changes as may be necessary or appropriate as a result of changes     
promulgated by the Commission (the "Sarbanes Certification"), which shall be    
signed by the senior officer of the Depositor in charge of securitization. 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        
reported to the Depositor and the Trustee by the parties set forth on Exhibit R 
and directed and approved by the Depositor pursuant to the following paragraph. 
The Trustee will have no duty or liability for any failure hereunder to         
determine or prepare any Additional Form 10-K Disclosure, except as set forth in
the next paragraph.                                                             

            As set forth on Exhibit R hereto, no later than March 1 of each year
(or, in the case of the Servicer, March 5th of each year) that the Trust is     
subject to the Exchange Act reporting requirements, commencing in 2007, the     
parties, to the extent described on Exhibit R, shall be required to provide to  
the Trustee and the Depositor, to the extent known by such applicable parties,  
any Additional Form 10-K Disclosure, the form and substance of the Additional   
Form 10-K Disclosure described on Exhibit R applicable to such party (and shall 
include with such Additional Form 10-K Disclosure an Additional Disclosure      
Notification in the form attached hereto as Exhibit U), and 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 Trustee has  
no duty under this Agreement to monitor or enforce the performance by the       
parties listed on Exhibit R (other than with respect to the Trustee) of their   
duties under this paragraph or proactively solicit from such parties any        
Additional Form 10-K Disclosure information; provided, however, the Trustee     
shall cooperate with the Depositor in a reasonable manner in order for the      
Depositor to comply with its reporting obligations under the Exchange Act as set
forth in Section 8.12(a). The Depositor will 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     
paragraph. The Trustee shall compile all such information provided to it in a   
Form 10-K prepared by it.                                                       

After preparing the Form 10-K, the Trustee shall forward
electronically a copy of the Form 10-K to the Depositor for approval and        
execution. 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 hereby 
instructs the Trustee, with respect to each Form 10-K, to check "yes" for each  
item unless the Trustee has received timely prior written notice from the       
Depositor that the answer should be "no" for an item. The Depositor shall notify
the Trustee in writing by March 1st if the answer to the questions should be    
"no." The Trustee shall be entitled to rely on such instructions in preparing   
and/or filing any such Form 10-K. No later than 5:00 p.m. EST on the 4th        
Business Day prior to the 10-K Filing Deadline, a senior officer of the         
Depositor 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 8.12(f)(ii). The Depositor acknowledges that the performance by
the Trustee of its duties under this Section 8.12(c) related to the timely      
preparation and filing of Form 10-K is contingent upon the Servicer (and any    
Subservicer or Servicing Function Participant engaged by the Servicer) and the  
Depositor observing all applicable deadlines in the performance of their duties 
under this Section 8.12(c), Section 8.12(d), Section 3.22 and Section 3.23. The 
Trustee shall have no liability for any loss, expense, damage, claim arising out
of or with respect to any failure to properly prepare 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 party hereto or any        
Subservicer or Servicing Function Participant engaged by any such party hereto  
(other than the Trustee or any Servicing Function Participant utilized by the   
Trustee) needed to prepare, arrange for execution or file such Form 10-K, not   
resulting from its own negligence, bad faith or willful misconduct.             

         (d) In connection with the execution of a Sarbanes Certification,
the Trustee shall sign a certification (in the form attached hereto as Exhibit  
M, with such changes as may be necessary or appropriate as a result of changes  
promulgated by the Commission) for the benefit of the Depositor and its         
officers, directors and Affiliates, and the Servicer shall sign a certification 
solely with respect to the Servicer (in the form attached hereto as Exhibit N,  
with such changes as may be necessary or appropriate as a result of changes     
promulgated by the Commission) for the benefit of the Depositor, the Trustee and
their respective officers, directors and Affiliates. Each such certification    
shall be delivered to the Depositor no later than March 10th of each year (or if
such day is not a Business Day, the immediately preceding Business Day) and the 
Depositor shall deliver the Sarbanes Certification no later than the time set   
forth for the delivery to the Trustee of the signed Form 10-K pursuant to       
Section 8.12(c) for such year. In the event that prior to the filing date of the
Form 10-K in March of each year, the Trustee or the Servicer has actual         
knowledge of information material to the Sarbanes Certification, that party     
shall promptly notify the Depositor and each of the other parties signing the   
certifications. In addition, (i) the Trustee shall indemnify and hold harmless  
the Depositor and the Sponsor and their officers, directors, employees, agents  
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 any breach of the     
Trustee's obligations under this Section 8.12(d) or the Trustee's material      
misstatement, material omission, negligence, bad faith or willful misconduct in 
connection therewith, and (ii) the Servicer shall indemnify and hold harmless   
the Depositor, the Trustee and their respective officers, directors, employees, 
agents 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 any breach of the     
Servicer's obligations under this Section 8.12(d) or any material misstatement  
or material omission, negligence, bad faith or willful misconduct of the        
Servicer in connection therewith. If the indemnification provided for herein is 
unavailable or insufficient to hold harmless any indemnified party, then (i) the
Trustee agrees in connection with a breach of the Trustee's obligations under   
this Section 8.12(d) or the Trustee's material misstatement, material omission, 
negligence, bad faith or willful misconduct in connection therewith that it     
shall contribute to the amount paid or payable by the Depositor and the Sponsor 
as a result of the losses, claims, damages or liabilities of the Depositor and  
the Sponsor in such proportion as is appropriate to reflect the relative fault  
of the Depositor and the Sponsor on the one hand and the Trustee on the other   
and (ii) the Servicer agrees that it shall contribute to the amount paid or     
payable by such indemnified party as a result of the losses, claims, damages or 
liabilities of such indemnified party in such proportion as is appropriate to   
reflect the relative fault of such indemnified party, on the one hand, and the  
Servicer, on the other hand, in connection with a breach of the Servicer's      
obligations under this Section 8.12(d) or any material misstatement, material   
omission, negligence, bad faith or willful misconduct of the Servicer in        
connection therewith. The obligations of the Trustee and the Servicer under this
Section 8.12(d) shall apply to the Trustee and the Servicer whether or not such 
Trustee or Servicer is acting as Trustee or Servicer, as applicable, at the time
such certification is required to be delivered. The indemnification and         
contribution obligations set forth in this Section 8.12(d) shall survive the    
termination of this Agreement or the earlier resignation or removal of the      
Trustee or the Servicer, as applicable.                                         

        (e) Upon any filing of Form 10-D, Form 10-K or Form 8-K with the
Commission, the Trustee shall promptly deliver to the Depositor a copy of each  
such executed report, statement or information.                                 

          (f) (i) The obligations set forth in paragraphs (a) through (d) of
this Section shall only apply with respect to periods for which reports are     
required to be filed with respect to the Trust under the Exchange Act. On or    
prior to January 30 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 Suspension   
Notification with respect to the Trust, with a copy to the Depositor. At the    
start of any fiscal year, including any fiscal year after the filing of a Form  
15 Suspension Notification, if the number of Holders of the Offered Certificates
of record exceeds the number set forth in Section 15(d) of the Exchange Act or  
the regulations promulgated pursuant thereto which would cause the Trust to     
again become subject to the reporting requirements of the Exchange Act, the     
Trustee shall recommence preparing and filing reports on Form 10-K, 10-D and 8-K
as required pursuant to this Section 8.12 and the parties hereto shall again    
have the obligations set forth in this Section 8.12.                            

            (ii) 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 pursuant to 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, the Trustee will
 promptly notify the Depositor. In the case of Form 10-D and 10-K, the
Depositor and Trustee will thereupon prepare and file, and the other
     parties shall cooperate in connection with such preparation and filing, a
      Form 12b-25 and a 10-D/A and 10-K/A 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 succeeding Form 10-D. In the event that any 
      previously filed Form 8-K, 10-D or 10-K needs to be amended, in connection
     with any Additional Form 10-D Disclosure (other than, in the case of Form
      10-D, for the purpose of restating any Monthly Statement), Additional Form
10-K Disclosure or Form 8-K Disclosure Information, the Trustee will
 notify the Depositor and such other parties to the transaction as are
affected by such amendment, and the Depositor and the Trustee shall 
      prepare and file, and such other parties will cooperate in connection with
    such preparation and filing, any necessary Form 8-K/A, 10-D/A or 10-K/A.
      Any Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed
by an officer or a senior officer of the Depositor. The Depositor   
     acknowledges that the performance by the Trustee of its duties under this
      Section 8.12(f) related to the timely preparation 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 Servicer and the Depositor observing all applicable deadlines in the
     performance of their duties under this Section 8.12 and Sections 3.22 and
    3.23. The Trustee shall have no liability for any loss, expense, damage,
   claim arising out of or with respect to any failure to properly prepare
 and/or timely file any such Form 15, Form 12b-25 or any amendments to
  Forms 8-K, 10-D or 10-K, where such failure results from the Trustee's
inability or failure to obtain or receive, on a timely basis, any   
 information from any party hereto or any Subservicer or any Servicing
 Function Participant engaged by any such party hereto (other than the
  Trustee or any Servicing Function Participant utilized by the Trustee)
      needed to prepare, arrange for execution or file such Form 15, Form 12b-25
    or any amendments to Forms 8-K, 10-D or 10-K, not resulting from its own
negligence, bad faith or willful misconduct.                        

          (g) Within four (4) Business Days after the occurrence of an event
requiring disclosure on Form 8-K (each such event, a "Reportable Event"), and   
also if requested by the Depositor, the Trustee shall prepare and file 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 (other than the initial   
Form 8-K) ("Form 8-K Disclosure Information") shall be reported to the Depositor
and the Trustee by the parties set forth on Exhibit R and directed and approved 
by the Depositor pursuant to the following paragraph. The Trustee will have no  
duty or liability for any failure hereunder to determine or prepare any Form 8-K
Disclosure Information or any Form 8-K, except as set forth in the next         
paragraph.                                                                      

     As set forth on Exhibit S hereto, for so long as the Trust is
subject to the Exchange Act reporting requirements, no later than the end of    
business (New York City time) on the 2nd Business Day after the occurrence of a 
Reportable Event the parties, to the extent described on Exhibit S, shall be    
required to provide to the Trustee and the Depositor, to the extent known by    
such applicable parties, any Form 8-K Disclosure Information, the form and      
substance of the Form 8-K Disclosure Information described on Exhibit S         
applicable to such party (and shall include with such Form 8-K Disclosure       
Information, an Additional Disclosure Notification in the form attached hereto  
as Exhibit U, and the Depositor will 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 Trustee has no duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit S (other than with  
respect to the Trustee) of their duties under this paragraph or proactively     
solicit or procure from such parties any Form 8-K Disclosure Information;       
provided, however, the Trustee shall cooperate with the Depositor in a          
reasonable manner in order for the Depositor to comply with its reporting       
obligations under the Exchange Act as set forth in Section 8.12(a). The         
Depositor will 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 paragraph. The Trustee shall compile   
all such information provided to it in a Form 8-K prepared by it.               

           After preparing the Form 8-K, the Trustee shall no later than 12:00
noon (New York City time) on the 3rd Business Day after the Reportable Event but
in no case without having had notice for 24 hours forward electronically a draft
copy of the Form 8-K to the Depositor for review. No later than 12:00 noon (New 
York City time) on the 4th Business Day after the Reportable Event, an officer  
of the Depositor 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. If a Form 8-K cannot be filed on time or if a previously  
filed Form 8-K needs to be amended, the Trustee will follow the procedures set  
forth in Section 8.12(f)(ii). The Depositor and Servicer acknowledge that the   
performance by the Trustee of its duties under this Section 8.12(g) related to  
the timely preparation, arrangement for execution and filing of Form 8-K is     
contingent upon the Servicer and the Depositor observing all applicable         
deadlines in the performance of their duties under this Section 8.12(g). The    
Trustee shall have no liability for any loss, expense, damage, claim arising out
of or with respect to any failure to properly prepare and/or timely file such   
Form 8-K, where such failure results from the Trustee's inability or failure to 
obtain or receive, on a timely basis, any information from any party hereto     
(other than the Trustee or any Subcontractor utilized by the Trustee) needed to 
prepare, arrange for execution or file such Form 8-K, not resulting from its own
negligence, bad faith or willful misconduct.                                    

      (h) The Trustee shall have no liability for any loss, expense,
damage or claim arising out of or resulting from (i) the accuracy or inaccuracy 
of any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure or Form 
8-K Disclosure Information (excluding any information therein provided by the   
Trustee or any Subcontractor utilized by the Trustee) provided to the Trustee in
connection with the preparation of Forms 10-D, 10-K and 8-K pursuant to this    
Section 8.12, or (ii) the failure of the Depositor to approve for filing any    
Forms 10-D, 10-K and 8-K required to be prepared by the Trustee pursuant to this
Section 8.12, in either case, not resulting from the Trustee's own negligence,  
bad faith or misconduct.                                                        

     (i) Any Additional Form 10-D Disclosure, Additional Form 10-K
Disclosure or Form 8-K Disclosure Information required to be provided to the    
Trustee shall be sent (by email at DBSec.Notifications@db.com in                
EDGAR-compatible format, or in such other format as otherwise agreed upon by the
Trustee, the Depositor and the party providing such information. With respect to
any notice required to be delivered by the Trustee to the Depositor pursuant to 
Section 8.12 of this Agreement, the Trustee may deliver such notice,            
notwithstanding any contrary provision in Section 11.05, via facsimile to       
212-412-7519 or telephonically by calling the General Counsel at 212-412-4000.  
The signing party at the Depositor can be contacted at 200 Park Avenue, New     
York, New York 10166, Attention: General Counsel, Facsimile: (212) 412-7519, or 
such other address as to which the Depositor has provided prior written notice  
to the Trustee.                                                                 

           Section 8.13 Tax Classification of the Excess Reserve Fund Account,
the Supplemental Interest Account, the Interest Rate Swap Agreement. For federal
income tax purposes, the Trustee shall treat the Excess Reserve Fund Account,   
the Supplemental Interest Account and the Interest Rate Swap Agreement as       
beneficially owned by the holders of the Class X Certificates and shall treat   
such portion of the Trust Fund as a grantor trust, within the meaning of subpart
E, Part I of subchapter J of the Code. The Trustee shall treat the rights that  
each Class of LIBOR Certificates has to receive payments of Basis Risk Carry    
Forward Amounts from the Excess Reserve Fund Account and, to the extent not paid
from the Excess Reserve Fund Account from the Supplemental Interest Account     
(including, without duplication, Upper Tier Carry Forward Amounts), and the     
obligation to pay Class IO Shortfalls to the Supplemental Interest Account as   
rights and obligations under a notional principal contract between the Class X  
Certificateholders and Holders of each such Class and beneficially owned by each
such Class through the grantor trust. Accordingly, each Class of Certificates   
(excluding the Class X and Class P Certificates and the Residual Certificates)  
will be comprised of two components - an Upper Tier REMIC Regular Interest and  
an interest in a notional principal contract, and the Class X Certificates will 
be comprised of the following components: (i) two Upper Tier REMIC Regular      
Interests (the Class X Interest and the Class IO Interest), (ii) an interest in 
the Excess Reserve Fund Account, subject to the obligation to pay Basis Risk    
Carry Forward Amounts and (iii) ownership of the Supplemental Interest Account  
and the Interest Rate Swap Agreement, subject to the obligation to pay Basis    
Risk Carry Forward Amounts (including, without duplication, Upper Tier Carry    
Forward Amounts), Net Swap Payments and Swap Termination Payments and (iv) the  
right to receive Class IO Shortfalls. The Trustee shall allocate the issue price
for a Class of Certificates among the respective components for purposes of     
determining the issue price of each Upper Tier REMIC Regular Interest component 
based on information received from the Depositor.                               

            Holders of LIBOR Certificates shall also be treated as having agreed
to pay, on each Distribution Date, to the Holders of the Class X Certificates an
aggregate amount equal to the excess, if any, of (i) Net Swap Payments and Swap 
Termination Payments (other than Defaulted Swap Termination Payments) from      
Available Funds over (ii) the sum of amounts payable on the Class X Interest    
available for such payments and amounts payable on the Class IO Interest (such  
excess, a "Class IO Shortfall"), first from interest and then from principal    
distributable on the LIBOR Certificates. A Class IO Shortfall payable from      
interest collections shall be allocated pro rata among such LIBOR Certificates  
based on the amount of interest otherwise payable to such Class of LIBOR        
Certificates, and a Class IO Shortfall payable from principal collections shall 
be allocated in reverse sequential order beginning with the most subordinate    
Class of LIBOR Certificates then Outstanding.                                   

    Any payments of Class IO Shortfalls shall be treated for tax
purposes as having been received by the Holders of such Class of LIBOR          
Certificates in respect of the corresponding Upper Tier Regular Interest and as 
having been paid by such Holders to the Holders of the Class X Certificates     
through the Supplemental Interest Account.                                      

        Section 8.14 Custodial Responsibilities. (a) The Custodian shall
provide access to the Mortgage Loan Documents in possession of the Custodian    
regarding the related Mortgage Loans and REO Property and the servicing thereof 
to the Trustee, the Certificateholders, the FDIC and the supervisory agents and 
examiners of the FDIC, such access being afforded only upon two (2) Business    
Days' prior written request and during normal business hours at the office of   
the Custodian. The Custodian shall allow representatives of the above entities  
to photocopy any of the records and documentation and shall provide equipment   
for that purpose at the expense of the person requesting such access.           

           (b) The Custodian may resign from its obligations hereunder upon 60
days' prior written notice to the Trustee, the Depositor and the Servicer. Such 
resignation shall take effect upon (i) the appointment of a successor Custodian 
reasonably acceptable to the Depositor within such 60 day period; and (ii)      
delivery of all Mortgage Loan Files to the successor Custodian. The Trustee     
shall have the right, but not the obligation, to become the successor Custodian.
If no successor Custodian is appointed within 60 days after written notice of   
the Custodian's resignation is received by the Trustee, the Custodian may       
petition a court of competent jurisdiction to appoint a successor Custodian.    

         Upon such resignation and appointment of successor Custodian, the
Custodian shall, at the Custodian's expense, promptly transfer to the successor 
Custodian, as directed in writing by the Trustee, all applicable Mortgage Files 
being administered under this Agreement. Notwithstanding the foregoing, the     
Trust Fund, not the Custodian, shall bear the costs relating to the transfer of 
Mortgage Files if the Custodian shall resign with cause (including a Custodian's
resignation due to the failure of the Custodian to be paid all fees due to such 
Custodian hereunder).                                                           

    (c) For so long as reports are required to be filed with the
Commission under the Exchange Act with respect to the Trust, the Custodian shall
not utilize any Subcontractor for the performance of its duties hereunder if    
such Subcontractor would be "participating in the servicing function" within the
meaning of Item 1122 of Regulation AB without the prior written consent of the  
Depositor, in its sole discretion.                                              

         (d) The Custodian shall indemnify the Depositor, the Sponsor, the
Trustee and any director, officer, employee, agent and affiliate of the         
Depositor, the Sponsor or the Trustee and hold them harmless against any and all
claims, losses, damages, penalties, fines, forfeitures, reasonably and necessary
legal fees and related costs, judgments, and any other costs, fees and expenses 
that any of them may sustain in any way related to (i) the failure of the       
Custodian to deliver when required any assessment of compliance required to be  
delivered by the Custodian or (ii) any material misstatement or material        
omission contained in any assessment of compliance provided to be delivered by  
the Custodian. This indemnity shall survive the termination of this Agreement or
the earlier resignation or removal of the Custodian.                            

Section 8.15 Limitations on Custodial Responsibilities. 

          (a) The Custodian shall be under no duty or obligation to inspect,
review or examine the Mortgage Files to determine that the contents thereof are 
appropriate for the represented purpose or that they have been actually recorded
or that they are other than what they purport to be on their face.              

          (b) The Custodian shall not be responsible for preparing or filing
any reports or returns relating to federal, state or local income taxes with    
respect to this Agreement, other than for the Custodian's compensation or for   
reimbursement of expenses.                                                      

           (c) The Custodian shall not be responsible or liable for, and makes
no representation or warranty with respect to, the validity, adequacy,          
perfection or priority of any lien upon or security interest in any Mortgage    
File.                                                                           

          (d) The duties and obligations of the Custodian shall only be such
as are expressly set forth in this Agreement or as set forth in a written       
amendment to this Agreement executed by the parties hereto or their successors  
and assigns. In the event that any provision of this Agreement implies or       
requires that action or forbearance be taken by a party, but is silent as to    
which party has the duty to act or refrain from acting, the parties agree that  
the Custodian shall not be the party required to take the action or refrain from
acting. In no event shall the Custodian have any responsibility to ascertain or 
take action except as expressly provided herein.                                

    (e) The Custodian makes no representations and shall have no
responsibilities (except as expressly set forth herein) as to the validity,     
sufficiency, value, genuineness, ownership or transferability of any of the     
Mortgage Loans.                                                                 

           (f) The Custodian shall not be liable for any error of judgment, or
for any act done or step taken or omitted by it, in good faith, or for any      
mistake of fact or law, or for anything that it may do or refrain from doing in 
connection therewith, except in the case of its negligent performance or        
omission or its bad faith or willful misfeasance.                               

    (g) The Custodian shall not be responsible to verify (i) the
validity, legality, enforceability, sufficiency, due authorization or           
genuineness of any document in the Mortgage File or of any Mortgage Loans or    
(ii) the collectibility, insurability, effectiveness including the authority or 
capacity of any Person to execute or issue any document in the Mortgage File, or
suitability of any Mortgage Loans.                                              

           (h) The Custodian shall have no obligation to verify the receipt of
any such documents the existence of which was not made known to the Custodian by
receipt of the Mortgage File.                                                   

           (i) The Custodian shall have no obligation to determine whether the
recordation of any document is necessary.                                       

         (j) Except as set forth in Section 8.14(d), in no event shall the
Custodian or its directors, affiliates, officers, agents, and employees be held 
liable for any special, indirect or consequential damages resulting 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.                    

          (k) In order to comply with laws, rules and regulations applicable
to banking institutions, including those related to the funding of terrorists   
activities and money laundering, the Custodian is required to obtain, verify and
record certain information relating to individuals and entities which maintain a
business relationship with the Custodian. Accordingly, each of the parties      
agrees to provide to the Custodian upon its request from time to time such      
party's complete name, address, tax identification number and such other        
identifying information together with copies of such party's constituting       
documentation, securities disclosure documentation and such other identifying   
documentation as may be available for such party.                               

          Any Person into which the Custodian may be merged or consolidated,
or any Person resulting from any merger 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.                                

ARTICLE IX

 TERMINATION

    Section 9.01 Termination upon Liquidation or Purchase of the
Mortgage Loans. Subject to Section 9.03, the obligations and responsibilities of
the Depositor, the Servicer, the Custodian and the Trustee created hereby with  
respect to the Trust Fund shall terminate upon the earlier of (a) the purchase, 
on or after the Optional Termination Date, by the Servicer of all Mortgage Loans
(and REO Properties) at the price (the "Termination Price") equal to the sum of 
(i) 100% of the unpaid principal balance of each Mortgage Loan (other than in   
respect of REO Property) plus accrued and unpaid interest thereon at the        
applicable Mortgage Rate, (ii) the lesser of (x) the appraised value of any REO 
Property as determined by the higher of two appraisals completed by two         
independent appraisers selected by the Servicer at the expense of the Servicer  
and (y) the unpaid principal balance of each Mortgage Loan related to any REO   
Property, in each case plus accrued and unpaid interest thereon at the          
applicable Mortgage Rate, (iii) all unreimbursed P&I Advances, Servicing        
Advances and indemnification payments payable to the Servicer, (iv) any Swap    
Termination Payment owed to the Swap Provider pursuant to the Interest Rate Swap
Agreement, and (v) any unreimbursed indemnification payments payable to the     
Custodian or the Trustee under this 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. In no event shall the     
trusts created hereby continue beyond the expiration of 21 years from the death 
of the survivor of the descendants of Joseph P. Kennedy, the late Ambassador of 
the United States to the Court of St. James's, living on the date hereof.       

          Notwithstanding anything to the contrary contained herein, no such
purchase by the Servicer shall be permitted unless (i) after distribution of the
proceeds thereof to the Certificateholders (other than the Holders of the Class 
X, Class P and Residual Certificates) pursuant to Section 9.02, the distribution
of the remaining proceeds to the Class X and Class P Certificates is sufficient 
to pay the outstanding principal amount of and accrued and unpaid interest on   
the NIM Securities, to the extent the NIM Securities are then outstanding, or   
(ii) prior to such purchase, the Servicer remits to the Trustee an amount that, 
together with such remaining proceeds, will be sufficient to pay the outstanding
principal amount of, and accrued and unpaid interest on, the NIM Securities, to 
the extent the NIM Securities are then outstanding.                             

      Section 9.02 Final Distribution on the Certificates. If on any
Remittance Date, the 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
Collection Account, the Servicer shall direct the Trustee promptly to send a    
Notice of Final Distribution to each Certificateholder and the Swap Provider. If
the Servicer elects to exercise its option to purchase the Mortgage Loans       
pursuant to clause (a) of Section 9.01, at least 20 days prior to the date the  
Notice of Final Distribution is to be mailed to the affected Certificateholders,
the Servicer shall notify the Depositor and the Trustee of (a) the date on which
the Servicer intends to exercise such purchase option and (b) the Termination   
Price.                                                                          

           A Notice of Final Distribution, 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 earlier than the 10th day and not later 
than the 15th day of the month of such final distribution. Any such Notice of   
Final Distribution 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 of Final Distribution to each      
Rating Agency at the time such Notice of Final Distribution is given to         
Certificateholders.                                                             

    In the event such Notice of Final Distribution is given, the
Servicer shall cause all funds in the Collection Account to be remitted to the  
Trustee for deposit in the Distribution Account on the Business Day prior to the
applicable Distribution Date in an amount equal to the final distribution in    
respect of the Certificates. Upon such final deposit with respect to the Trust  
Fund and the receipt by the Trustee and the Custodian of a Request for Release  
therefor, the Custodian shall promptly release to the Servicer the Custodial    
Files for the Mortgage Loans.                                                   

        Upon presentation and surrender of the Certificates, the Trustee
shall cause to be distributed to the Certificateholders of each Class (after    
reimbursement of all amounts due to the Servicer, the Depositor and the Trustee 
hereunder), in each case on the final Distribution Date and in the order set    
forth in Section 4.02, in proportion to their respective Percentage Interests,  
with respect to Certificateholders of the same Class, up to an amount equal to  
(i) as to each Class of Regular Certificates (except the Class X Certificates), 
the Certificate Balance thereof plus for each such Class and the Class X        
Certificates accrued interest thereon in the case of an interest-bearing        
Certificate and all other amounts to which such Classes are entitled pursuant to
Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which
remains on deposit in the Distribution Account (other than the amounts retained 
to meet claims) after application pursuant to clause (i) above.                 

   In the event that any affected Certificateholders shall not
surrender Certificates for cancellation within six months after the date        
specified in the Notice of Final Distribution, 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 such 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 which 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 Residual Certificateholders shall be entitled to all unclaimed funds and    
other assets of the Trust Fund which remain subject hereto.                     

          Section 9.03 Additional Termination Requirements. In the event the
Servicer exercises its purchase option with respect to the Mortgage Loans as    
provided in Section 9.01, the Trust Fund shall be terminated in accordance with 
the following additional requirements, unless the Trustee has been supplied with
an Opinion of Counsel, at the expense of the Servicer, to the effect that the   
failure to comply with the requirements of this Section 9.03 will not (i) result
in the imposition of taxes on "prohibited transactions" on any Trust REMIC as   
defined in Section 860F of the Code or (ii) cause any Trust REMIC to fail to    
qualify as a REMIC at any time that any Certificates are Outstanding:           

         (a) The Trustee shall sell all of the assets of the Trust Fund to
the Servicer, and, within 90 days of such sale, shall distribute to the         
Certificateholders the proceeds of such sale in complete liquidation of each of 
the Trust REMICs; and                                                           

            (b) The Trustee shall attach a statement to the final federal income
tax return for each of the Trust REMICs stating that pursuant to Treasury       
Regulations Section 1.860F-1, the first day of the 90-day liquidation period for
each such REMIC was the date on which the Trustee sold the assets of the Trust  
Fund to the Servicer.                                                           

ARTICLE X 

MISCELLANEOUS PROVISIONS

           Section 10.01 Amendment. This Agreement may be amended from time to
time by the Depositor, the Responsible Party, the Servicer, the Custodian and   
the Trustee, without the consent of any of the Certificateholders (i) to cure   
any ambiguity or mistake, (ii) to correct any defective provision herein or to  
supplement any provision herein which may be inconsistent with any other        
provision herein, (iii) to add to the duties of the Depositor, the Custodian or 
the Servicer, (iv) to add any other provisions with respect to matters or       
questions arising hereunder or (v) to modify, alter, amend, add to or rescind   
any of the terms or provisions contained in this Agreement; provided, that any  
action pursuant to clause (iv) or (v) above shall not, as evidenced by an       
Opinion of Counsel (which Opinion of Counsel shall not be an expense of the     
Custodian, the Trustee or the Trust Fund), adversely affect in any material     
respect the interests of any Certificateholder; provided, further, that any such
action pursuant to clause (iv) or (v) above shall not be deemed to adversely    
affect in any material respect the interests of the Certificateholders if the   
Person requesting the amendment obtains a letter from each Rating Agency stating
that the amendment would not result in the downgrading or withdrawal of the     
respective ratings then assigned to the Certificates; it being understood and   
agreed that any such letter in and of itself will not represent a determination 
as to the materiality of any such amendment and will represent a determination  
only as to the credit issues affecting any such rating. The Trustee, the        
Depositor, the Responsible Party, the Custodian and the Servicer also may at any
time and from time to time amend this Agreement, but without the consent of the 
Certificateholders to modify, eliminate or add to any of its provisions to such 
extent as shall be necessary or helpful to (i) maintain the qualification of    
each Trust REMIC under the Code, (ii) avoid or minimize the risk of the         
imposition of any tax on any Trust REMIC pursuant to the Code that would be a   
claim at any time prior to the final redemption of the Certificates or (iii)    
comply with any other requirements of the Code; provided, that the Trustee has  
been provided an Opinion of Counsel, 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       
helpful to, as applicable, (i) maintain such qualification, (ii) avoid or       
minimize the risk of the imposition of such a tax or (iii) comply with any such 
requirements of the Code.                                                       

   This Agreement may also be amended from time to time by the
Depositor, the Servicer, the Responsible Party, the Custodian and the Trustee,  
but with the consent of the Holders of Certificates evidencing Percentage       
Interests aggregating not less than 66(2)/3% of each Class of Certificates      
affected thereby 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, however, 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) adversely affect in any material respect
the interests of the Holders of any Class of Certificates in a manner other than
as described in clause (i), without the consent of the Holders of Certificates  
of such Class evidencing, as to such Class, Percentage Interests aggregating not
less than 66(2)/3% 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 such Certificates then Outstanding.               

     Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless (i) it shall
have first received an Opinion of Counsel, which opinion shall not be an expense
of the Trustee or the Trust Fund, to the effect that such amendment will not    
cause the imposition of any tax on any Trust REMIC or the Certificateholders or 
cause any such REMIC to fail to qualify as a REMIC or the grantor trust to fail 
to qualify as a grantor trust at any time that any Certificates are Outstanding 
and (ii) the party seeking such amendment shall have provided written notice to 
the Rating Agencies and the Swap Provider (with a copy of such notice to the    
Trustee) of such amendment, stating the provisions of the Agreement to be       
amended.                                                                        

            Notwithstanding the foregoing provisions of this Section 10.01, with
respect to any amendment that significantly modifies the permitted activities of
the Trustee or the Servicer, any Certificate beneficially owned by the Depositor
shall be deemed not to be Outstanding (and shall not be considered when         
determining the percentage of Certificateholders consenting or when calculating 
the total number of Certificates entitled to consent) for purposes of           
determining if the requisite consents of Certificateholders under this Section  
10.01 have been obtained.                                                       

       Promptly after the execution of any amendment to this Agreement
requiring the consent of Certificateholders, the Trustee shall furnish written  
notification of the substance or a copy of such amendment to each               
Certificateholder and each Rating Agency.                                       

       It shall not be necessary for the consent of Certificateholders
under this Section 10.01 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.                       

            Nothing in this Agreement shall require the Custodian or the Trustee
to enter into an amendment without receiving an Opinion of Counsel (which       
Opinion shall not be an expense of the Custodian, the Trustee or the Trust      
Fund), satisfactory to the Trustee that (i) such amendment is permitted and is  
not prohibited by this Agreement and that all requirements for amending this    
Agreement have been complied with and (ii) either (A) the amendment does not    
adversely affect in any material respect the interests of any Certificateholder 
or (B) the conclusion set forth in the immediately preceding clause (A) is not  
required to be reached pursuant to this Section 10.01.                          

            Notwithstanding the foregoing, any amendment to this Agreement shall
require the prior written consent of the Swap Provider if such amendment        
materially and adversely affects the rights or interests of the Swap Provider.  

            Section 10.02 Recordation of Agreement; Counterparts. 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 Mortgaged Properties are situated, and in any other appropriate      
public recording office or elsewhere, such recordation to be effected by the    
Servicer at the direction and expense of the Depositor, but only upon receipt of
an Opinion of Counsel to the effect that such recordation materially and        
beneficially affects the interests of the Certificateholders.                   

            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 10.03 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.            

           Section 10.04 Intention of Parties. It is the express intent of the
parties hereto that the conveyance (i) of the Mortgage Loans by the Depositor   
and (ii) of the Trust Fund by the Depositor to the Trustee each be, and be      
construed as, an absolute sale thereof. It is, further, not the intention of the
parties that such conveyances be deemed a pledge thereof. However, in the event 
that, notwithstanding the intent of the parties, such assets are held to be the 
property of the Depositor, as the case may be, or if for any other reason this  
Agreement is held or deemed to create a security interest in either such assets,
then (i) this Agreement shall be deemed to be a security agreement within the   
meaning of the Uniform Commercial Code of the State of New York and (ii) the    
conveyances provided for in this Agreement shall be deemed to be an assignment  
and a grant by the Depositor to the Trustee, for the benefit of the             
Certificateholders, of a security interest in all of the assets transferred,    
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 Trust Fund, 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 Agreement. The Depositor shall arrange for   
filing any Uniform Commercial Code continuation statements in connection with   
any security interest granted or assigned to the Trustee for the benefit of the 
Certificateholders.                                                             

            Section 10.05 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 it has actual knowledge:                                     

1. Any material change or amendment to this Agreement;  

          2. The occurrence of any Event of Default that has not been cured;

            3. The resignation or termination of the Servicer or the Trustee and
the appointment of any successor;                                               

       4. The repurchase or substitution of Mortgage Loans pursuant to
Section 2.03; and                                                               

5. The final payment to Certificateholders.             

          (b) In addition, the Trustee shall promptly furnish to each Rating
Agency copies of the following:                                                 

           1. Each report to Certificateholders described in Section 4.03; and

          2. Any notice of a purchase of a Mortgage Loan pursuant to Section
2.02, 2.03 or 3.11.                                                             

            (c) All directions, demands, consents and notices hereunder shall be
in writing and shall be deemed to have been duly given when delivered to: (i) in
the case of the Depositor, Securitized Asset Backed Receivables LLC, 200 Park   
Avenue, New York, New York 10166, Attention: General Counsel, Facsimile: (212)  
412-7519, or such other address as the Depositor may hereafter furnish to the   
Servicer, the Responsible Party and the Trustee; (ii) in the case of the        
Servicer to HomEq Servicing, 4837 Watt Avenue, North Highlands, California      
95660-5101, Attention: Portfolio Management, Facsimile No. (916) 339-6995, or   
such other address as may be hereafter furnished to the Depositor, the          
Responsible Party and the Trustee by the Servicer in writing; (iii) in the case 
of the Responsible Party to WMC Mortgage Corp., 3100 Thornton Avenue, Burbank,  
California 91504, Attention: Mardy Grossman, Secondary Markets, with a copy to  
WMC Mortgage Corp., 3100 Thornton Avenue, Burbank, California 91504, Attention: 
General Counsel or such other address as may be hereafter furnished to the      
Depositor, the Servicer and the Trustee by the Responsible Party in writing;    
(iv) in the case of the Trustee to Deutsche Bank National Trust Company, 1761   
East St. Andrew Place, Santa Ana, California 92705-4934, Attn: Trust            
Administration - BC0601, Facsimile: (714) 247-6478; (v) in the case of the      
Custodian to Wells Fargo Bank, National Association, 24 Executive Park, Suite   
100, Irvine, California 92614 Attention: Corporate Trust Services - SABR        
2006-WM4, Facsimile: (410) 715-2380, with a copy to P.O. Box 98, Columbia,      
Maryland 21046, Attention: Client Manager SABR 2006-WM4, and a separate copy to 
Sixth Street and Marquette Ave., Minneapolis, Minnesota 55479-0113, Attention:  
Client Manager SABR 2006-WM4, or in each case such other address as the         
Custodian may hereafter furnish to the Depositor, the Servicer and the          
Responsible Party in writing; and (vi) in the case of each of the Rating        
Agencies, the address specified therefor in the definition corresponding to the 
name of such Rating Agency. Notices to Certificateholders shall be deemed given 
when mailed, first class postage prepaid, to their respective addresses         
appearing in the Certificate Register.                                          

           Section 10.06 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 10.07 Limitation on Rights of Certificateholders. The death
or incapacity of any Certificateholder shall not operate to terminate this      
Agreement or the Trust created hereby, 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  
created hereby, 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 herein provided, and  
unless 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 10.07, each and every Certificateholder and the  
Trustee shall be entitled to such relief as can be given either at law or in    
equity.                                                                         

            Section 10.08 Inspection and Audit Rights. The Servicer agrees that,
on reasonable prior notice, it will permit any representative of the Depositor  
or the Trustee during the Servicer's normal business hours, to examine all the  
books of account, records, reports and other papers of the 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 the Mortgage Loans with its officers, employees and independent     
public accountants (and by this provision the Servicer hereby authorizes said   
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 of the Servicer incident to the exercise by
the Depositor or the Trustee of any right under this Section 10.08 shall be     
borne by the Servicer.                                                          

          Section 10.09 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.         

            Section 10.10 Assignment; Sales; Advance Facilities. Notwithstanding
anything to the contrary contained herein, except as provided in Section 6.02,  
this Agreement may not be assigned by the Servicer without the prior written    
consent of the Trustee and Depositor; provided, however, the Servicer is hereby 
authorized to enter into an Advance Facility under which (1) the Servicer sells,
assigns or pledges to an Advancing Person the Servicer's rights under this      
Agreement to be reimbursed for any P&I Advances or Servicing Advances ("Advance 
Reimbursement Amounts") and/or (2) an Advancing Person agrees to fund some or   
all P&I Advances or Servicing Advances required to be made by the Servicer      
pursuant to this Agreement. No consent of the Trustee, Certificateholders or any
other party is required before the Servicer may enter into an Advance Facility. 
Notwithstanding the existence of any Advance Facility under which an Advancing  
Person agrees to fund P&I Advances and/or Servicing Advances on the Servicer's  
behalf, the Servicer shall remain obligated pursuant to this Agreement to make  
P&I Advances and Servicing Advances pursuant to and as required by this         
Agreement, and shall not be relieved of such obligations by virtue of such      
Advance Facility.                                                               

        Advance Reimbursement Amounts shall consist solely of amounts in
respect of P&I Advances and/or Servicing Advances made with respect to the      
Mortgage Loans for which the Servicer would be permitted to reimburse itself in 
accordance with this Agreement, assuming the Servicer had made the related P&I  
Advance(s) and/or Servicing Advance(s). The Trustee shall not have any duty or  
liability with respect to the calculation of any Advance Reimbursement Amount.  
The Trustee shall also not have any responsibility to track or monitor the      
administration of the Advance Facility or the payment of Advance Reimbursement  
Amounts to the related Advancing Person.                                        

         The Servicer shall maintain and provide to any successor Servicer
and (upon request) the Trustee a detailed accounting on a loan-by-loan basis as 
to amounts advanced by, pledged or assigned to, and reimbursed to any Advancing 
Person. The successor Servicer shall be entitled to rely on any such information
provided by the predecessor Servicer, and the successor Servicer shall not be   
liable for any errors in such information.                                      

      An Advancing Person who purchases or receives an assignment or
pledge of the rights to be reimbursed for P&I Advances and/or Servicing         
Advances, and/or whose obligations hereunder are limited to the funding of P&I  
Advances and/or Servicing Advances shall not be required to meet the criteria   
for qualification of a Subservicer set forth in this Agreement.                 

            Advance Reimbursement Amounts allocated to reimburse P&I Advances or
Servicing Advances made with respect to any particular Mortgage Loan shall be   
allocated to the reimbursement of the unreimbursed P&I Advances or Servicing    
Advances (as the case may be) made with respect to such Mortgage Loan on a      
"first-in, first out" ("FIFO") basis, such that the Advance Reimbursement       
Amounts shall be applied to reimburse the P&I Advance or Servicing Advance (as  
the case may be) for such Mortgage Loan that was disbursed earliest in time     
first, and to reimburse the P&I Advance or Servicing Advance (as the case may   
be) for such Mortgage Loan that was disbursed latest in time last. Liquidation  
Proceeds and Subsequent Recoveries with respect to a Mortgage Loan shall be     
applied to reimburse Servicing Advances outstanding with respect to such        
Mortgage Loan before being applied to reimburse P&I Advances outstanding with   
respect to such Mortgage Loan. The Servicer shall provide to the related        
Advancing Person, the Advance Facility trustee (or to any designee of either)   
loan-by-loan information with respect to each Advance Reimbursement Amount      
remitted to such Advancing Person, Advance Facility trustee or designee, to     
enable the Advancing Person or Advance Facility trustee to make the FIFO        
allocation of each such Advance Reimbursement Amount with respect to each       
Mortgage Loan. The Servicer shall remain entitled to be reimbursed by the       
Advancing Person or Advance Facility trustee for all P&I Advances and Servicing 
Advances funded by the Servicer to the extent the related rights to be          
reimbursed therefor have not been sold, assigned or pledged to an Advancing     
Person. The Servicer shall indemnify the Trustee and the Trust Fund for any     
loss, liability or damage resulting from any claim by the related Advancing     
Person.                                                                         

        Any amendment to this Section 10.10 or to any other provision of
this Agreement that may be necessary or appropriate to effect the terms of an   
Advance Facility as described generally in this Section 10.10, including        
amendments to add provisions relating to a successor Servicer, may be entered   
into by the Trustee and the Servicer without the consent of any                 
Certificateholder, notwithstanding anything to the contrary in this Agreement   
upon receipt by the Trustee of an Opinion of Counsel that such amendment has no 
material adverse effect on the Certificateholders or written confirmation from  
the Rating Agencies that such amendment will not adversely affect the ratings on
the Certificates. All reasonable costs and expenses (including attorney's fees) 
of each party hereto of any such amendment shall be borne by the Servicer.      

      Prior to entering into an Advance Facility, the Servicer shall
notify the Advancing Person in writing that (1) the Trustee and the Trust are   
not obligated or liable to repay any Advances financed by the Advancing Person  
and (2) the Trustee shall not have any responsibility to track or monitor the   
administration of the Advance Facility between the Servicer and the Advancing   
Person.                                                                         

            Section 10.11 Rule of Construction. Article and section headings are
for the convenience of the reader and shall not be considered in interpreting   
this Pooling and Servicing Agreement or the intent of the parties hereto.       

        Section 10.12 Waiver of Jury Trial. EACH PARTY HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY, WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE    
LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR   
RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED      
BEFORE A JUDGE SITTING WITHOUT A JURY.                                          

        Section 10.13 Third Party Rights. Each of the Swap Provider, and
each Person entitled to indemnification hereunder who is not a party hereto,    
shall be deemed a third-party beneficiary of this Agreement to the same extent  
as if it were a party hereto and shall have the right to enforce its rights     
under this Agreement.                                                           

      Section 10.14 Regulation AB Compliance; Intent of the Parties;
Reasonableness. The parties hereto acknowledge 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 asset-backed securities markets, advice of counsel, or otherwise, and, to
the extent practicable from a timing and information systems perspective and to 
the extent the Depositor will pay any increased costs of the Trustee, the       
Servicer and the Responsible Party caused by such request, agree to comply with 
all reasonable requests made by the Depositor in good faith for delivery of     
information under these provisions on the basis of evolving interpretations of  
Regulation AB. In connection with the Trust, the Servicer and the Trustee shall,
to the extent practicable from a timing and information systems perspective and 
to the extent the Depositor will pay any increased costs of the Responsible     
Party, the Servicer and the Trustee caused by such request, cooperate fully with
the Depositor to deliver to the Depositor (including its assignees or           
designees), any and all statements, reports, certifications, records and any    
other information available to such party and reasonably necessary in the good  
faith determination of the Depositor to permit the Depositor to comply with the 
provisions of Regulation AB, together with such disclosures relating to the     
Servicer and the Trustee, as applicable, reasonably believed by the Depositor to
be necessary in order to effect such compliance.                                

[SIGNATURE PAGE FOLLOWS]

EX-4
6th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 6th
       IN WITNESS WHEREOF, the Depositor, the Trustee, the Responsible
Party, the Servicer and the Custodian have caused their names to be signed      
hereto by their respective officers thereunto duly authorized as of the day and 
year first above written.                                                       

                      SECURITIZED ASSET BACKED
                   RECEIVABLES LLC

                   By:  /s/ Paul Menefee
                                          --------------------------------------
                      Name: Paul Menefee
                   Title: Director

                          DEUTSCHE BANK NATIONAL TRUST
            COMPANY,
                                solely as Trustee and not in
                           its individual capacity

                   By:  /s/ Amy Stoddard
                                          --------------------------------------
                      Name: Amy Stoddard
                            Title: Authorized Signer

                    By:  /s/ Ronaldo Reyes
                                          --------------------------------------
                       Name: Ronaldo Reyes
                         Title: Vice President

                        WELLS FARGO BANK, NATIONAL
               ASSOCIATION

                       By:  /s/ Ester O. Hoffman
                                          --------------------------------------
                          Name: Ester O. Hoffman
                         Title: Assistant Vice
             President

                 WMC MORTGAGE CORP.,
                                only with respect to Article
                       II of the Agreement

                     By:  /s/ Mardy Grossman
                                          --------------------------------------
                        Name: Mardy Grossman
                                Title: Senior Vice President
                     - Capital Markets

                          BARCLAYS CAPITAL REAL ESTATE
                              INC. D/B/A HOMEQ SERVICING

                   By:  /s/ Keith Becher
                                          --------------------------------------
                      Name: Keith Becher
                                Title: Senior Vice President

EX-4
7th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 7th
SCHEDULE I

Mortgage Loan Schedule

 (Delivered to the Trustee and the Custodian and not attached to the
Pooling and Servicing Agreement)

EX-4
8th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 8th
 SCHEDULE II

 Mortgage Pass-Through Certificates,
 Series 2006-WM4

Representations and Warranties of the Servicer

        The Servicer hereby makes the representations and warranties set
forth in this Schedule II to the Depositor and the Trustee as of the Closing    
Date. Capitalized terms used but not otherwise defined in this Schedule II shall
have the meaning ascribed thereto in the Pooling and Servicing Agreement.       

          (1) The Servicer is duly organized as a corporation and is validly
      existing and in good standing under the laws of the state of Delaware, and
      is licensed and qualified to transact any and all business contemplated by
   this Pooling and Servicing Agreement to be conducted by the Servicer in
any state in which a Mortgaged Property securing a Mortgage Loan 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 and to service the Mortgage Loans in accordance
with the terms of this Pooling and Servicing Agreement;             

         (2) The Servicer has the full 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 Pooling and Servicing
    Agreement and has duly authorized by all necessary action on the part of
    the Servicer the execution, delivery and performance of this Pooling and
   Servicing Agreement; and this Pooling and Servicing Agreement, assuming
   the due authorization, execution and delivery thereof by the Depositor,
 the Responsible Party and the Trustee, constitutes a legal, valid and
   binding obligation of the Servicer, enforceable against the Servicer in
accordance with its terms; except to the extent that (a) the        
enforceability thereof 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 the equitable 
   defenses and to the discretion of the court before which any proceeding
therefor may be brought;                                            

    (3) The execution and delivery of this Pooling and Servicing
      Agreement by the Servicer, the servicing of the Mortgage Loans required to
      be serviced by the Servicer hereunder, the consummation by the Servicer of
     any other of the transactions herein contemplated, and the fulfillment of
      or compliance with the terms hereof are in the ordinary course of business
of the Servicer and will not (A) result in a breach of any term or  
     provision of the organizational documents of the Servicer 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 Servicer is a party or by which it may be bound, or any law,
  statute, rule, order, regulation, judgment or decree applicable to the
  Servicer or its property of any court, regulatory body, administrative
      agency or governmental body having jurisdiction over the Servicer; and the
  Servicer is not a party to, bound by, or in breach or violation of any
     indenture or other agreement or instrument, or subject to or in violation
   of any law, statute, rule, order, regulation, judgment or decree of any
     court, regulatory body, administrative agency or governmental body having
   jurisdiction over it, which (w) materially and adversely affects or, to
  the Servicer's knowledge, would in the future materially and adversely
     affect, the ability of the Servicer to perform its obligations under this
     Pooling and Servicing Agreement, (x) materially and adversely affects or,
     to the Servicer's knowledge, would in the future materially and adversely
affect, the business, operations, financial condition, properties or
  assets of the Servicer taken as a whole, (y) impair the ability of the
  Trust to realize on the Mortgage Loans, or (z) impair the value of the
Mortgage Loans;                                                     

        (4) The Servicer has the facilities, procedures, and experienced
     personnel necessary for the sound servicing of mortgage loans of the same
type as the Mortgage Loans;                                         

         (5) The Servicer does not believe, nor does it have any reason or
      cause to believe, that it cannot perform each and every covenant contained
in this Pooling and Servicing Agreement;                            

      (6) No action, suit, proceeding or investigation is pending or
    threatened against the Servicer, before any court, administrative agency
    or other tribunal asserting the invalidity of this Pooling and Servicing
     Agreement, seeking to prevent the consummation of any of the transactions
    contemplated by this Pooling and Servicing Agreement or which, either in
    any one instance or in the aggregate, may result in any material adverse
  change in the business, operations, financial condition, properties or
 assets of the Servicer, or in any material impairment of the right or
 ability of the Servicer to carry on its business substantially as now
   conducted, or in any material liability on the part of the Servicer, or
     which would draw into question the validity of this Pooling and Servicing
    Agreement or the Mortgage Loans or of any action taken or to be taken in
   connection with the obligations of the Servicer contemplated herein, or
     which would be likely to impair materially the ability of the Servicer to
perform under the terms of this Pooling and Servicing Agreement;    

        (7) No consent, approval, authorization or order of any court or
   governmental agency or body is required for the execution, delivery and
    performance by the Servicer of, or compliance by the Servicer with, this
     Pooling and Servicing Agreement or the servicing of the Mortgage Loans as
evidenced by the consummation by the Servicer of the transactions   
 contemplated by this Pooling and Servicing Agreement, except for such
 consents, approvals, authorizations or orders, if any, that have been
obtained prior to the Closing Date; and                             

       (8) With respect to each Mortgage Loan serviced by the Servicer
    hereunder, to the extent the Servicer serviced such Mortgage Loan and to
the extent the Servicer provided monthly reports to the three credit
  repositories, the Servicer has fully furnished, in accordance with the
    Fair Credit Reporting Act and its implementing regulations, accurate and
  complete information (i.e., favorable and unfavorable) on its borrower
 credit files to Equifax, Experian, and Trans Union Credit Information
Company (three of the credit repositories), on a monthly basis.     

EX-4
9th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 9th
SCHEDULE III

 Mortgage Pass-Through Certificates,
 Series 2006-WM4

 Representations and Warranties of the Responsible Party as to the
Mortgage Loans

  The Responsible Party hereby makes the representations and
warranties set forth in this Schedule III as to the Mortgage Loans only, to the 
Depositor and the Trustee, as of the Closing Date or such other date as may be  
specified below. Capitalized terms used in this Schedule but not defined in this
Schedule have the meanings given to them in the Purchase Agreement.             

            (a) Mortgage Loans as Described. WMC Mortgage Corp. has delivered to
      the Purchaser the Data Tape Information and that Data Tape Information and
the information set forth on the Mortgage Loan Schedule (other than 
      information regarding the Stated Principal Balances) are true and correct,
  including, without limitation, the terms of the Prepayment Charges, if
  any, as of either September 28, 2006 or August 31, 2006 (the "Original
      Sale Date"). As of the WMC Servicing Transfer Date (as defined below) with
respect to each Mortgage Loan, the information regarding the Stated 
      Principal Balances set forth on the Data Tape Information and the Mortgage
Loan Schedule are true and correct;                                 

            (b) Payments Current. As of either September 30, 2006 or October 30,
2006 (the "WMC Servicing Transfer Date"), except with respect to the
   Mortgage Loan identified on Schedule III-A, all payments required to be
  made for the Mortgage Loan under the terms of the Mortgage Note, other
     than payments not yet 30 days delinquent, have been made and credited. No
      payment required under the Mortgage Loan is 30 days or more delinquent nor
    has any payment under the Mortgage Loan been 30 days or more delinquent,
      exclusive of any period of grace, at any time since the origination of the
      Mortgage Loan. The first Monthly Payment shall be made with respect to the
    Mortgage Loan on its related Due Date or within the grace period, all in
accordance with the terms of the related Mortgage Note;             

          (c) No Outstanding Charges. As of the WMC Servicing Transfer Date,
   there were no defaults in complying with the terms of the Mortgage, and
     all taxes, governmental assessments, insurance premiums, water, sewer and
  municipal charges, leasehold payments or ground rents which previously
became due and owing have been paid, or an escrow of funds has been 
established in an amount sufficient to pay for every such item which
      remains unpaid and which has been assessed but is not yet due and payable.
   WMC has not advanced funds, or induced, solicited or knowingly received
 any advance of funds by a party other than the Mortgagor, directly or
 indirectly, for the payment of any amount required under the Mortgage
    Loan, except for interest accruing from the date of the Mortgage Note or
     date of disbursement of the Mortgage Loan proceeds, whichever is earlier,
    to the day which precedes by one month the related Due Date of the first
installment of principal and interest;                              

       (d) Original Terms Unmodified. As of the WMC Servicing Transfer
     Date, the terms of the Mortgage Note and Mortgage have not been impaired,
    waived, altered or modified in any respect, from the date of origination
   except by a written instrument which has been recorded, if necessary to
   protect the interests of the Purchaser, and which has been delivered to
     the Custodian or to such other Person as the Purchaser shall designate in
      writing, and the terms of which are reflected in the related Mortgage Loan
      Schedule. The substance of any such waiver, alteration or modification has
     been approved by the title insurer, if any, to the extent required by the
      policy, and its terms are reflected on the related Mortgage Loan Schedule,
  if applicable. As of the WMC Servicing Transfer Date, no Mortgagor has
been released, in whole or in part, except in connection with an    
assumption agreement, approved by the title insurer, to the extent  
 required by the policy, and which assumption agreement is part of the
    Mortgage Loan File delivered to the Custodian or to such other Person as
the Purchaser shall designate in writing and the terms of which are 
reflected in the related Mortgage Loan Schedule;                    

         (e) No Defenses. The Mortgage Loan is not subject to any right of
      rescission, set-off, counterclaim or defense, including without limitation
   the defense of usury, nor will the operation of any of the terms of the
   Mortgage Note or the Mortgage, or the exercise of any right thereunder,
      render either the Mortgage Note or the Mortgage unenforceable, in whole or
     in part and no such right of rescission, set-off, counterclaim or defense
    has been asserted with respect thereto, subject to bankruptcy, equitable
principles and laws affecting creditor rights;                      

    (f) Hazard Insurance. As of the WMC Servicing Transfer Date,
      pursuant to the terms of the Mortgage, all buildings or other improvements
      upon the Mortgaged Property are insured by an insurer acceptable to Seller
     in accordance with the Underwriting Guidelines and which is rated B:VI or
    better in the current Best's Key Rating Guide ("Best's") against loss by
      fire, hazards of extended coverage and such other hazards as are customary
    in the area where the Mortgaged Property is situated. If required by the
   National Flood Insurance Act of 1968, as amended, each Mortgage Loan is
covered by a flood insurance policy meeting the requirements of the 
   current guidelines of the Federal Insurance Administration as in effect
which policy conforms to the Underwriting Guidelines. All individual
     insurance policies contain a standard mortgagee clause naming WMC and its
     successors and assigns as mortgagee, and as of the WMC Servicing Transfer
 Date, all premiums thereon have been paid. The Mortgage obligates the
Mortgagor thereunder to maintain the hazard insurance policy at the 
  Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
authorizes the holder of the Mortgage to obtain and maintain such   
     insurance at such Mortgagor's cost and expense, and to seek reimbursement
     therefor from the Mortgagor. As of the WMC Servicing Transfer Date, where
required by state law or regulation, the Mortgagor has been given an
opportunity to choose the carrier of the required hazard insurance, 
      provided the policy is not a "master" or "blanket" hazard insurance policy
      covering a condominium, or any hazard insurance policy covering the common
      facilities of a planned unit development. As of the WMC Servicing Transfer
    Date, the hazard insurance policy is the valid and binding obligation of
   the insurer, is in full force and effect, and will be in full force and
     effect and inure to the benefit of the Purchaser upon the consummation of
    the transactions contemplated by this Agreement. WMC has not engaged in,
 and has no knowledge of the Mortgagor's having engaged in, any act or
     omission which would impair the coverage of any such policy, the benefits
      of the endorsement provided for herein, or the validity and binding effect
 of either including, without limitation, no unlawful fee, commission,
    kickback or other unlawful compensation or value of any kind has been or
 will be received, retained or realized by any attorney, firm or other
     person or entity, and no such unlawful items have been received, retained
or realized by WMC;                                                 

            (g) Compliance with Applicable Laws. Any and all requirements of any
federal, state or local law including, without limitation, usury,   
truth-in-lending, real estate settlement procedures, consumer credit
protection, equal credit opportunity, disclosure and all predatory, 
     abusive and fair lending laws applicable to the Mortgage Loan, including,
     without limitation, any provisions relating to the Prepayment Penalty, if
any, applicable to such Mortgage Loan, have been complied with, the 
     consummation of the transactions contemplated hereby will not involve the
    violation of any such laws or regulations, and WMC shall maintain in its
      possession, available for the Purchaser's inspection, and shall deliver to
the Purchaser upon demand, evidence of compliance with all such     
      requirements to the extent compliance therewith can be demonstrated and if
    required by applicable law. This representation and warranty is a Deemed
Material and Adverse Representation;                                

         (h) No Satisfaction of Mortgage. As of the WMC Servicing Transfer
Date, the Mortgage has not been satisfied, canceled, subordinated or
   rescinded, in whole or in part, and the Mortgaged Property has not been
    released from the lien of the Mortgage, in whole or in part, nor has any
      instrument been executed that would effect any such release, cancellation,
  subordination or rescission. WMC has not waived the performance by the
      Mortgagor of any action, if the Mortgagor's failure to perform such action
  would cause the Mortgage Loan to be in default, nor has WMC waived any
default resulting from any action or inaction by the Mortgagor;     

            (i) Type of Mortgaged Property. With respect to a Mortgage Loan that
   is not a Co-op Loan, the Mortgaged Property is a fee simple estate or a
      leasehold estate located in a jurisdiction in which the use of a leasehold
estate for residential properties is a widely accepted practice that
      consists of one or more separate and complete tax parcels of real property
improved by a Residential Dwelling; provided, however, that any     
 condominium unit, planned unit development or residential cooperative
  housing corporation (other than a de minimis planned unit development)
shall conform with the Underwriting Guidelines. In the case of any  
  Mortgaged Properties that are Manufactured Homes (a "Manufactured Home
 Mortgage Loan"), (i) the related manufactured dwelling is permanently
affixed to the land, (ii) the related manufactured dwelling and the 
    related land are subject to a Mortgage properly filed in the appropriate
public recording office and naming Seller (or the Mortgage Loan     
      originator) as mortgagee, (iii) the applicable laws of the jurisdiction in
      which the related Mortgaged Property is located will deem the manufactured
dwelling located on such Mortgaged Property to be a part of the real
   property on which such dwelling is located, (iv) such manufactured Home
     Mortgage Loan is (x) a qualified mortgage under Section 860G(a)(3) of the
     Internal Revenue Code of 1986, as amended and (y) secured by manufactured
   housing treated as a single family residence under Section 25(e)(10) of
     the Code and (v) as of the origination date of the related Mortgage Loan,
 the related manufactured housing unit that secures such Mortgage Loan
either (x) was the principal residence of the Mortgagor or (y) was  
     classified as real property under applicable state law. No portion of the
  Mortgaged Property (or underlying Mortgaged Property, in the case of a
Co-op Loan) is used for commercial purposes, and since the date of  
origination, no portion of the Mortgaged Property has been used for 
    commercial purposes; provided, that Mortgaged Properties which contain a
     home office shall not be considered as being used for commercial purposes
 as long as the Mortgaged Property has not been altered for commercial
 purposes and is not storing any chemicals or raw materials other than
  those commonly used for homeowner repair, maintenance and/or household
   purposes. None of the Mortgaged Properties are log homes, mobile homes,
  geodesic domes or other unique property types. This representation and
warranty is a Deemed Material and Adverse Representation;           

        (j) Valid First or Second Lien. As of the WMC Servicing Transfer
    Date, the Mortgage is a valid, subsisting, enforceable, first lien (with
  respect to a First Lien Loan) or second lien (with respect to a Second
Lien Loan) on the Mortgaged Property, including all buildings and   
improvements on the Mortgaged Property and all installations and    
  mechanical, electrical, plumbing, heating and air conditioning systems
   located in or annexed to such buildings, and all additions, alterations
      and replacements made at any time with respect to the foregoing. As of the
    WMC Servicing Transfer Date, the lien of the Mortgage is subject only to
(collectively, the "Permitted Exceptions"):                         

            a.    with respect to a Second Lien Loan only, the lien of the first
mortgage on the Mortgaged Property;         

         b.    the lien of current real property taxes and assessments not
yet due and payable;                        

    c.    covenants, conditions and restrictions, rights of way,
              easements and other matters of the public record as of the
            date of recording acceptable to prudent mortgage lending
              institutions generally and specifically referred to in the
                  lender's title insurance policy delivered to the originator of
           the Mortgage Loan and which do not adversely affect the
               Appraised Value of the Mortgaged Property set forth in such
appraisal; and                              

         d.    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 the Mortgage or the use,
              enjoyment, value or marketability of the related Mortgaged
Property.                                   

      Any security agreement, chattel mortgage or equivalent document related to
      and delivered in connection with the Mortgage Loan establishes and creates
   a valid, subsisting and enforceable first lien (with respect to a First
    Lien Loan) or second lien (with respect to a Second Lien Loan) and first
 priority (with respect to a First Lien Loan) or second priority (with
      respect to a Second Lien Loan) security interest on the property described
    therein and as of the Original Sale Date, WMC had full right to sell and
  assign the same to the Purchaser, subject to the Permitted Exceptions;

           (k) Valid First or Second Priority Security Interest. As of the WMC
Servicing Transfer Date, with respect to any Co-op Loan, the related
    Mortgage is a valid, subsisting, and enforceable first priority security
    interest (with respect to a First Lien Loan) or second priority security
    interest (with respect to a Second Lien Loan) on the related cooperative
shares securing the Mortgage Note, subject only to (a) liens of the 
      related residential cooperative housing corporation for unpaid assessments
  representing the Mortgagor's pro rata share of the related residential
cooperative housing corporation's payments for its blanket mortgage,
   current and future real property taxes, insurance premiums, maintenance
   fees and other assessments to which like collateral is commonly subject
    and (b) other matters to which like collateral is commonly subject which
  do not materially interfere with the benefits of the security interest
intended to be provided by the related Security Agreement;          

        (l) Request for Notice; No Consent Required. With respect to any
      Second Lien Loan, where required or customary in the jurisdiction in which
the Mortgaged Property is located, the original lender has filed for
record a request for notice of any action by the related senior     
    lienholder, and WMC has notified the senior lienholder in writing of the
      existence of the Second Lien Loan and requested notification of any action
     to be taken against the Mortgagor by the senior lienholder. Either (a) no
     consent for the Second Lien Loan is required by the holder of the related
    first lien or (b) such consent has been obtained and is contained in the
    Mortgage File. This representation and warranty is a Deemed Material and
Adverse Representation;                                             

     (m) Validity of Mortgage Documents. The Mortgage Note and the
     Mortgage and any other agreement executed and delivered by a Mortgagor in
     connection with a Mortgage Loan are genuine, and each is the legal, valid
      and binding obligation of the maker thereof enforceable in accordance with
    its terms (including, without limitation, any provisions relating to the
   Prepayment Penalty, if any, applicable to the Mortgage Loan), except as
     enforceability may be limited by (i) bankruptcy, insolvency, liquidation,
    receivership, moratorium, reorganization or other similar laws affecting
     the enforcement of the rights of creditors and (ii) general principles of
      equity, whether enforcement is sought in a proceeding in equity or at law.
     All parties to the Mortgage Note, the Mortgage and any other such related
agreement had legal capacity to enter into the Mortgage Loan and to 
execute and deliver the Mortgage Note, the Mortgage and any such    
     agreement, and the Mortgage Note, the Mortgage and any other such related
agreement have been duly and properly executed by other such related
parties. No fraud, error, omission, misrepresentation, negligence or
     similar occurrence with respect to a Mortgage Loan has taken place on the
     part of WMC in connection with the origination of the Mortgage Loan or in
  the application of any insurance in relation to such Mortgage Loan. No
fraud, error, omission, misrepresentation, negligence or similar    
     occurrence with respect to a Mortgage Loan has taken place on the part of
 WMC in connection with the origination of the Mortgage Loan or in the
application of any insurance in relation to such Mortgage Loan.     
Notwithstanding the foregoing, but without limiting the other       
    representations and warranties set forth elsewhere in this Agreement, if
      any error, omission or negligence in the origination of such Mortgage Loan
      occurred despite Seller's conformance with its Underwriting Guidelines (as
     in effect at the time such Mortgage Loan was made), then there shall be a
      presumptive conclusion that there was no error, omission or negligence. In
   addition, omissions relating to information required under certain loan
 programs will not constitute omissions for purposes hereof. No fraud,
      misrepresentation, or similar occurrence or, to Seller's knowledge, error,
      omission, or negligence with respect to a Mortgage Loan has taken place on
     the part of any Person (other than Seller), including without limitation,
      the Mortgagor, any appraiser, any builder or developer, or any other party
      involved in the origination of the Mortgage Loan or in the application for
    any insurance in relation to such Mortgage Loan. WMC has reviewed all of
     the documents constituting the Servicing File and has made such inquiries
as it deems necessary to make and confirm the accuracy of the       
representations set forth herein;                                   

            (n) Full Disbursement of Proceeds. The Mortgage Loan has been closed
     and the proceeds of the Mortgage Loan have been fully disbursed and there
is no requirement for future advances thereunder, and any and all   
    requirements as to completion of any on-site or off-site improvement and
     as to disbursements of any escrow funds therefor have been complied with.
   All costs, fees and expenses incurred in making or closing the Mortgage
      Loan and the recording of the Mortgage were paid, and the Mortgagor is not
     entitled to any refund of any amounts paid or due under the Mortgage Note
or Mortgage;                                                        

           (o) Ownership. As of the Original Sale Date, WMC was the sole owner
    of record and holder of the Mortgage Loan and the indebtedness evidenced
by each Mortgage Note and upon the sale of the Mortgage Loans to the
 Purchaser and up to the WMC Servicing Transfer Date, WMC retained the
    Mortgage Files or any part thereof with respect thereto not delivered to
   the Custodian, the Purchaser or the Purchaser's designee, in trust only
for the purpose of servicing and supervising the servicing of each  
  Mortgage Loan. As of the Original Sale Date, the Mortgage Loan was not
    assigned or pledged, and WMC had good, indefeasible and marketable title
     thereto, and had full right to transfer and sell the Mortgage Loan to the
Purchaser free and clear of any encumbrance, equity, participation  
    interest, lien, pledge, charge, claim or security interest, and had full
right and authority subject to no interest or participation of, or  
  agreement with, any other party, to sell and assign each Mortgage Loan
 pursuant to the WMC Purchase Agreement and following the sale of each
   Mortgage Loan, the Purchaser owned such Mortgage Loan free and clear of
  any encumbrance, equity, participation interest, lien, pledge, charge,
     claim or security interest. Upon WMC's receipt of the Purchase Price, WMC
      relinquished all rights to possess, control and monitor the Mortgage Loan.
 After the Original Sale Date, WMC had no right to modify or alter the
terms of the sale of the Mortgage Loan and after the Securitization 
  Closing Date WMC has no obligation or right to repurchase the Mortgage
Loan or substitute another Mortgage Loan, except as provided in this
Agreement;                                                          

           (p) Doing Business. As of the Original Sale Date, all parties which
have had any interest in the Mortgage Loan, whether as mortgagee,   
    assignee, pledgee or otherwise, are (or, during the period in which they
    held and disposed of such interest, were) (1) in compliance with any and
      all applicable licensing requirements of the laws of the state wherein the
Mortgaged Property is located to the extent required to ensure      
   enforceability of the Mortgage Loan, and (2) either (i) organized under
      the laws of such state, or (ii) qualified to do business in such state, or
      (iii) a federal savings and loan association, a savings bank or a national
      bank having a principal office in such state, or (3) not doing business in
such state;                                                         

        (q) LTV, PMI Policy. No Mortgage Loan has an LTV or CLTV greater
than 100%. No Mortgage Loan is covered by a PMI Policy;             

        (r) Title Insurance. As of the WMC Servicing Transfer Date, with
      respect to a Mortgage Loan which is not a Co-op Loan, the Mortgage Loan is
      covered by an ALTA lender's title insurance policy, or with respect to any
Mortgage Loan for which the related Mortgaged Property is located in
 California a CLTA lender's title insurance policy, or other generally
  acceptable form of policy or insurance acceptable to pursuant to WMC's
     Underwriting Guidelines and each such title insurance policy is issued by
   a title insurer acceptable to prudent lenders in the secondary mortgage
market and qualified to do business in the jurisdiction where the   
    Mortgaged Property is located, insuring WMC, its successors and assigns,
as to the first (with respect to a First Lien Loan) or second (with 
respect to a Second Lien Loan) priority lien of the Mortgage in the 
original principal amount of the Mortgage Loan (or to the extent a  
   Mortgage Note provides for negative amortization, the maximum amount of
   negative amortization in accordance with the Mortgage), subject only to
     the exceptions contained in clauses (a) of paragraph (j) of this Schedule
    III, and in the case of Adjustable Rate Mortgage Loans, against any loss
      by reason of the invalidity or unenforceability of the lien resulting from
   the provisions of the Mortgage providing for adjustment to the Mortgage
     Interest Rate and Monthly Payment. As of the WMC Servicing Transfer Date,
   where required by state law or regulation, the Mortgagor has been given
the opportunity to choose the carrier of the required mortgage title
insurance. Additionally, such lender's title insurance policy       
     affirmatively insures ingress and egress, and against encroachments by or
upon the Mortgaged Property or any interest therein. WMC (or its    
      predecessor-in-interest), its successor and assigns, are the sole insureds
of such lender's title insurance policy, and as of the WMC Servicing
    Transfer Date, such lender's title insurance policy is valid and remains
in full force and effect and will be in force and effect upon the   
      consummation of the transactions contemplated by this Agreement. As of the
     WMC Servicing Transfer Date, no claims have been made under such lender's
 title insurance policy, and as of the WMC Servicing Transfer Date, no
    prior holder of the related Mortgage, including WMC, has done, by act or
     omission, anything which would impair the coverage of such lender's title
insurance policy, including without limitation, no unlawful fee,    
    commission, kickback or other unlawful compensation or value of any kind
    has been or will be received, retained or realized by any attorney, firm
     or other person or entity, and no such unlawful items have been received,
retained or realized by WMC;                                        

          (s) No Defaults. As of the WMC Servicing Transfer Date, other than
     payments due but not yet 30 days or more delinquent, there is no default,
     breach, violation or event which would permit acceleration existing under
     the Mortgage or the Mortgage Note and no event which, with the passage of
     time or with notice and the expiration of any grace or cure period, would
constitute a default, breach, violation or event which would permit 
    acceleration, and neither WMC nor any of its affiliates nor any of their
  respective predecessors, have waived any default, breach, violation or
event which would permit acceleration;                              

       (t) No Mechanics' Liens. As of the WMC Servicing Transfer Date,
    there are no mechanics' or similar liens or claims which have been filed
     for work, labor or material (and no rights are outstanding that under the
law could give rise to such liens) affecting the related Mortgaged  
     Property which are or may be liens prior to, or equal or coordinate with,
the lien of the related Mortgage;                                   

        (u) Location of Improvements; No Encroachments. All improvements
     which were considered in determining the Appraised Value of the Mortgaged
    Property lay wholly within the boundaries and building restriction lines
  of the Mortgaged Property, and no improvements on adjoining properties
    encroach upon the Mortgaged Property. No improvement located on or being
   part of the Mortgaged Property is in violation of any applicable zoning
law or regulation;                                                  

           (v) Origination; Payment Terms. The Mortgage Loan was originated by
      (i) a mortgagee approved by the Secretary of Housing and Urban Development
   pursuant to Sections 203 and 211 of the National Housing Act, a savings
  and loan association, a savings bank, a commercial bank, credit union,
  insurance company or other similar institution which is supervised and
examined by a federal or state authority or (ii) by a correspondent 
  mortgage banker or broker licensed or authorized to do business in the
jurisdiction in which the related Mortgaged Property is located, as 
    indicated on the Mortgage Loan Schedule, in which case the Mortgage Loan
was re-underwritten by WMC prior to purchasing the Mortgage Loan in 
  accordance with its Underwriting Guidelines in effect on the date such
Mortgage Loan was originated. Unless such Mortgage Loan is an       
    Interest-Only Loan, principal payments on the Mortgage Loan commenced no
    more than seventy days after funds were disbursed in connection with the
   Mortgage Loan. The Mortgage Interest Rate as well as, in the case of an
     Adjustable Rate Mortgage Loan, the Lifetime Rate Cap and the Periodic Cap
     are as set forth on the related Mortgage Loan Schedule. Unless identified
     on the related Mortgage Loan Schedule as an Interest-Only Loan or Balloon
     Mortgage Loan, the Mortgage Note is payable in equal monthly installments
      of principal and interest, which installments of interest, with respect to
Adjustable Rate Mortgage Loans, are subject to change due to the    
      adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment
Date, with interest calculated and payable in arrears, sufficient to
     amortize the Mortgage Loan, unless such Mortgage Loan is an Interest-Only
     Loan or Balloon Mortgage Loan, fully by the stated maturity date, over an
original term of not more than thirty years from commencement of    
      amortization (or forty or fifty years for Mortgage Loans identified on the
   Mortgage Loan Schedule as a Balloon Mortgage Loan with a forty or fifty
     year amortization period, as applicable), the Mortgage Loan is payable on
  the first day of each month. Unless otherwise specified on the related
    Mortgage Loan Schedule, the Mortgage Loan is payable on the first day of
    each month. Unless identified on the related Mortgage Loan Schedule as a
Balloon Mortgage Loan, the Mortgage Loan does not require a balloon 
payment on its stated maturity date;                                

     (w) Customary Provisions. The Mortgage contains customary and
   enforceable provisions such as to render the rights and remedies of the
      holder thereof adequate for the realization against the Mortgaged Property
   of the benefits of the security provided thereby, including, (i) in the
    case of a Mortgage designated as a deed of trust, by trustee's sale, and
    (ii) otherwise by judicial foreclosure. Upon default by a Mortgagor on a
 Mortgage Loan and foreclosure on, or trustee's sale of, the Mortgaged
  Property pursuant to the proper procedures, the holder of the Mortgage
     Loan will be able to deliver good and merchantable title to the Mortgaged
Property. There is no homestead or other exemption available to a   
Mortgagor which would interfere with the right to sell the Mortgaged
Property at a trustee's sale or the right to foreclose the Mortgage,
    subject to applicable federal and state laws and judicial precedent with
respect to bankruptcy and right of redemption or similar law;       

    (x) Conformance with Agency and Underwriting Guidelines. The
Mortgage Loan was underwritten in accordance with the Underwriting  
    Guidelines (a copy of which shall be attached to each related Assignment
  and Conveyance Agreement). The Mortgage Note and Mortgage are on forms
      acceptable to prudent lenders in the secondary mortgage market and WMC has
      not made any representations to a Mortgagor that are inconsistent with the
mortgage instruments used;                                          

          (y) Occupancy of the Mortgaged Property. As of the related Closing
      Date the Mortgaged Property is lawfully occupied under applicable law. All
     inspections, licenses and certificates required to be made or issued with
respect to all occupied portions of the Mortgaged Property and, with
      respect to the use and occupancy of the same, including but not limited to
   certificates of occupancy and fire underwriting certificates, have been
made or obtained from the appropriate authorities. Unless otherwise 
      specified on the related Mortgage Loan Schedule, the Mortgagor represented
    at the time of origination of the Mortgage Loan that the Mortgagor would
occupy the Mortgaged Property as the Mortgagor's primary residence; 

            (z) No Additional Collateral. As of the WMC Servicing Transfer Date,
      the Mortgage Note is not and has not been secured by any collateral except
   the lien of the corresponding Mortgage and the security interest of any
   applicable security agreement or chattel mortgage referred to in clause
(j) above;                                                          

            (aa) Deeds of Trust. In the event the Mortgage constitutes a deed of
   trust, a trustee, authorized and duly qualified under applicable law to
      serve as such, has been properly designated and currently so serves and is
     named in the Mortgage, and no fees or expenses are or will become payable
by the Purchaser to the trustee under the deed of trust, except in  
connection with a trustee's sale after default by the Mortgagor;    

(bb) [Reserved];                                        

   (cc) Delivery of Mortgage Documents. The Mortgage Note, the
    Mortgage, the Assignment of Mortgage and any other documents required to
  be delivered under the Custodial Agreement for each Mortgage Loan have
     been delivered to the Custodian. WMC is in possession of a complete, true
      and accurate Mortgage File in compliance with Exhibit A hereto, except for
such documents the originals of which have been delivered to the    
Custodian;                                                          

     (dd) Condominiums/Planned Unit Developments. If the Mortgaged
      Property is a condominium unit or a planned unit development (other than a
 de minimis planned unit development) such condominium or planned unit
     development project such Mortgage Loan was originated in accordance with,
and the Mortgaged Property meets the guidelines set forth in the    
Underwriting Guidelines;                                            

           (ee) Transfer of Mortgage Loans. The Assignment of Mortgage (except
      with respect to any Mortgage that has been recorded in the name of MERS or
      its designee) with respect to each Mortgage Loan is in recordable form and
   is acceptable for recording under the laws of the jurisdiction in which
the Mortgaged Property is located;                                  

            (ff) Due-On-Sale. With respect to each Fixed Rate Mortgage Loan, the
    Mortgage contains a provision for the acceleration of the payment of the
unpaid principal balance of the Mortgage Loan in the event that the 
Mortgaged Property is sold or transferred without the prior written 
    consent of the mortgagee thereunder, and to the best of WMC's knowledge,
      such provision is enforceable, subject to bankruptcy, equitable principles
and laws affecting creditor rights;                                 

        (gg) Assumability. With respect to each Adjustable Rate Mortgage
Loan, the Mortgage Loan Documents do not allow an assumption of such
Mortgage Loan by any other party;                                   

       (hh) No Buydown Provisions; No Graduated Payments or Contingent
      Interests. The Mortgage Loan does not contain provisions pursuant to which
   Monthly Payments are paid or partially paid with funds deposited in any
      separate account established by WMC, the Mortgagor, or anyone on behalf of
     the Mortgagor, or paid by any source other than the Mortgagor nor does it
 contain any other similar provisions which may constitute a "buydown"
     provision. The Mortgage Loan is not a graduated payment mortgage loan and
     the Mortgage Loan does not have a shared appreciation or other contingent
interest feature;                                                   

          (ii) Consolidation of Future Advances. Any future advances made to
     the Mortgagor prior to the applicable Cut-off Date have been consolidated
  with the outstanding principal amount secured by the Mortgage, and the
   secured principal amount, as consolidated, bears a single interest rate
and single repayment term. The lien of the Mortgage securing the    
    consolidated principal amount is expressly insured as having first (with
  respect to a First Lien Loan) or second (with respect to a Second Lien
  Loan) lien priority by a title insurance policy, an endorsement to the
   policy insuring the mortgagee's consolidated interest or by other title
evidence acceptable to prudent lenders in the secondary market. The 
consolidated principal amount does not exceed the original principal
amount of the Mortgage Loan;                                        

          (jj) Mortgaged Property Undamaged; No Condemnation Proceedings. As
     of the WMC Servicing Transfer Date, there is no proceeding pending or, to
    WMC's knowledge, threatened for the total or partial condemnation of the
    Mortgaged Property. As of the WMC Servicing Transfer Date, the Mortgaged
Property is undamaged by waste, fire, earthquake or earth movement, 
     windstorm, flood, tornado or other casualty so as to affect adversely the
    value of the Mortgaged Property as security for the Mortgage Loan or the
use for which the premises were intended and as of the WMC Servicing
    Transfer Date, each Mortgaged Property is in at least the same condition
    or better than its condition at the time of its appraisal. As of the WMC
     Servicing Transfer Date, there have not been any condemnation proceedings
with respect to the Mortgaged Property;                             

 (kk) Collection Practices; Escrow Deposits; Interest Rate
Adjustments. As of the WMC Servicing Transfer Date, the origination,
servicing and collection practices used by WMC with respect to the  
Mortgage Loan have been in all respects in compliance with Accepted 
      Servicing Practices, applicable laws and regulations, and have been in all
  respects legal and proper. As of the WMC Servicing Transfer Date, with
    respect to escrow deposits and Escrow Payments, all such payments are in
the possession of, or under the control of, WMC and there exist no  
     deficiencies in connection therewith for which customary arrangements for
  repayment thereof have not been made. As of the WMC Servicing Transfer
 Date, all Escrow Payments have been collected in full compliance with
     state and federal law and the provisions of the related Mortgage Note and
      Mortgage. As of the WMC Servicing Transfer Date, an escrow of funds is not
prohibited by applicable law and has been established in an amount  
      sufficient to pay for every item that remains unpaid and has been assessed
     but is not yet due and payable. As of the WMC Servicing Transfer Date, no
   escrow deposits or Escrow Payments or other charges or payments due WMC
    have been capitalized under the Mortgage or the Mortgage Note. As of the
    WMC Servicing Transfer Date, all Mortgage Interest Rate adjustments have
      been made in strict compliance with state and federal law and the terms of
the related Mortgage and Mortgage Note on the related Interest Rate 
   Adjustment Date. As of the WMC Servicing Transfer Date, if, pursuant to
      the terms of the Mortgage Note, another index was selected for determining
    the Mortgage Interest Rate, the same index was used with respect to each
Mortgage Note which required a new index to be selected, and such   
   selection did not conflict with the terms of the related Mortgage Note.
    WMC executed and delivered any and all notices required under applicable
     law and the terms of the related Mortgage Note and Mortgage regarding the
     Mortgage Interest Rate and the Monthly Payment adjustments. As of the WMC
 Servicing Transfer Date, any interest required to be paid pursuant to
state, federal and local law has been properly paid and credited;   

          (ll) Conversion to Fixed Interest Rate. The Mortgage Loan is not a
Convertible Mortgage Loan;                                          

            (mm) Other Insurance Policies; No Defense to Coverage. As of the WMC
     Servicing Transfer Date, no action, inaction or event has occurred and no
     state of facts exists or has existed on or prior to the Closing Date that
    has resulted or will result in the exclusion from, denial of, or defense
   to coverage under any applicable hazard insurance policy, PMI Policy or
      bankruptcy bond (including, without limitation, any exclusions, denials or
defenses which would limit or reduce the availability of the timely 
  payment of the full amount of the loss otherwise due thereunder to the
insured), irrespective of the cause of such failure of coverage. In 
    connection with the placement of any such insurance, no commission, fee,
or other compensation has been or will be received by WMC or by any 
officer, director, or employee of WMC or any designee of WMC or any 
corporation in which WMC or any officer, director, or employee had a
financial interest at the time of placement of such insurance;      

        (nn) No Violation of Environmental Laws. As of the WMC Servicing
  Transfer Date, to the best of WMC's knowledge, (i) there is no pending
   action or proceeding directly involving the Mortgaged Property in which
      compliance with any environmental law, rule or regulation is an issue; and
    (ii) as of the WMC Servicing Transfer Date, there is no violation of any
environmental law, rule or regulation with respect to the Mortgage  
Property;                                                           

      (oo) Servicemembers' Civil Relief Act. As of the WMC Servicing
Transfer Date, the Mortgagor has not notified WMC, and WMC has no   
   knowledge of any relief requested or allowed to the Mortgagor under the
Relief Act, or other similar state statute;                         

      (pp) Appraisal. The Mortgage File contains an appraisal of the
   related Mortgaged Property signed prior to the approval of the Mortgage
     Loan application by a Qualified Appraiser, who had no interest, direct or
  indirect in the Mortgaged Property or in any loan made on the security
thereof, and whose compensation is not affected by the approval or  
  disapproval of the Mortgage Loan, and the appraisal and appraiser both
   satisfy the requirements of the Underwriting Guidelines and Title XI of
    the Financial Institutions Reform, Recovery, and Enforcement Act of 1989
    and the regulations promulgated thereunder, all as in effect on the date
the Mortgage Loan was originated;                                   

      (qq) Disclosure Materials. WMC has executed a statement to the
effect that (i) the Mortgagor has received all disclosure materials 
    required by the Mortgagor, and (ii) WMC has complied with all applicable
    law with respect to the making of the Mortgage Loans. WMC shall maintain
such statement in the Mortgage File;                                

     (rr) Construction or Rehabilitation of Mortgaged Property. No
    Mortgage Loan was made in connection with the construction (other than a
  "construct-to-perm" loan) or rehabilitation of a Mortgaged Property or
facilitating the trade-in or exchange of a Mortgaged Property;      

           (ss) Escrow Analysis. If applicable, with respect to each Mortgage,
      WMC has within the last twelve months (unless such Mortgage was originated
      within such twelve month period) analyzed the required Escrow Payments for
    each Mortgage and adjusted the amount of such payments so that, assuming
    all required payments are timely made, any deficiency will be eliminated
    on or before the first anniversary of such analysis, or any overage will
be refunded to the Mortgagor, in accordance with RESPA and any other
applicable law;                                                     

         (tt) Prior Servicing. As of the WMC Servicing Transfer Date, each
  Mortgage Loan has been serviced in all material respects in compliance
with Accepted Servicing Practices;                                  

          (uu) No Default Under First Lien. As of the WMC Servicing Transfer
   Date, with respect to each Second Lien Loan, (a) the related First Lien
 Loan related thereto is in full force and effect, and (b) there is no
default, breach, violation or event which would permit acceleration 
 existing under such first Mortgage or Mortgage Note, and (c) no event
    which, with the passage of time or with notice and the expiration of any
  grace or cure period, would constitute a default, breach, violation or
     event which would permit acceleration thereunder. This representation and
warranty is a Deemed Material and Adverse Representation;           

       (vv) Right to Cure First Lien. With respect to each Second Lien
     Loan, the related first lien Mortgage contains a provision which provides
      for giving notice of default or breach to the mortgagee under the Mortgage
      Loan and allows such mortgagee to cure any default under the related first
    lien Mortgage. This representation and warranty is a Deemed Material and
Adverse Representation;                                             

         (ww) No Failure to Cure Default. As of the WMC Servicing Transfer
Date, WMC has not received a written notice of default of any senior
     mortgage loan related to the Mortgaged Property which has not been cured;

          (xx) Credit Information. As to each consumer report (as defined in
the Fair Credit Reporting Act, Public Law 91-508) or other credit   
     information furnished by WMC to the Purchaser, that Seller has full right
      and authority and is not precluded by law or contract from furnishing such
information to the Purchaser and the Purchaser is not precluded from
  furnishing the same to any subsequent or prospective purchaser of such
     Mortgage. WMC shall hold the Purchaser harmless from any and all damages,
losses, costs and expenses (including attorney's fees) arising from 
disclosure of credit information in connection with the Purchaser's 
    secondary marketing operations and the purchase and sale of mortgages or
Servicing Rights thereto;                                           

       (yy) Leaseholds. If the Mortgage Loan is secured by a leasehold
      estate, (1) the ground lease is assignable or transferable; (2) the ground
    lease will not terminate earlier than five years after the maturity date
of the Mortgage Loan; (3) the ground lease does not provide for     
 termination of the lease in the event of lessee's default without the
   mortgagee being entitled to receive written notice of, and a reasonable
opportunity to cure the default; (4) the ground lease permits the   
mortgaging of the related Mortgaged Property; (5) the ground lease  
protects the mortgagee's interests in the event of a property       
    condemnation; (6) all ground lease rents, other payments, or assessments
     that have become due have been paid; and (7) the use of leasehold estates
for residential properties is a widely accepted practice in the     
jurisdiction in which the Mortgaged Property is located;            

        (zz) Prepayment Penalty. Each Mortgage Loan that is subject to a
     Prepayment Penalty as provided in the related Mortgage Note is identified
     on the related Mortgage Loan Schedule. With respect to each Mortgage Loan
  that has a Prepayment Penalty feature, each such Prepayment Penalty is
    enforceable and will be enforced by WMC for the benefit of the Purchaser
in accordance with Accepted Servicing Practices, and each Prepayment
    Penalty is permitted pursuant to federal, state and local law. Each such
Prepayment Penalty is in an amount not more than the maximum amount 
     permitted under applicable law and no such Prepayment Penalty may provide
 for a term in excess of five (5) years with respect to Mortgage Loans
originated prior to October, 1, 2002. With respect to Mortgage Loans
  originated on or after October 1, 2002, the duration of the Prepayment
Penalty period shall not exceed three (3) years from the date of the
Mortgage Note unless the Mortgage Loan was modified to reduce the   
      Prepayment Penalty period to no more than three (3) years from the date of
  the related Mortgage Note and the Mortgagor was notified in writing of
     such reduction in Prepayment Penalty period. With respect to any Mortgage
Loan that contains a provision permitting imposition of a Prepayment
Penalty upon a prepayment prior to maturity: (i) the Mortgage Loan  
     provides some benefit to the Mortgagor (e.g., a rate or fee reduction) in
    exchange for accepting such Prepayment Penalty, (ii) the Mortgage Loan's
   originator had a written policy of offering the Mortgagor, or requiring
 third-party brokers to offer the Mortgagor, the option of obtaining a
   mortgage loan that did not require payment of such a penalty; provided,
    that such offer may have been evidenced by WMC's rate sheet/pricing grid
     relating to such Mortgage Loan, which provided that the Mortgage Loan had
     a full prepayment premium buy out pricing adjustment available, (iii) the
Prepayment Penalty was adequately disclosed to the Mortgagor in the 
   mortgage loan documents pursuant to applicable state, local and federal
law, and (iv) notwithstanding any state, local or federal law to the
      contrary, as of the WMC Transfer Date, WMC has not imposed such Prepayment
     Penalty in any instance when the mortgage debt is accelerated or paid off
in connection with the workout of a delinquent Mortgage Loan or as a
   result of the Mortgagor's default in making the Mortgage Loan payments.
This representation and warranty is a Deemed Material and Adverse   
Representation;                                                     

            (aaa) Predatory Lending Regulations. No Mortgage Loan is a High Cost
      Loan or Covered Loan, as applicable, and no Mortgage Loan originated on or
  after October 1, 2002 through March 6, 2003 is governed by the Georgia
   Fair Lending Act. No Mortgage Loan is covered by the Home Ownership and
     Equity Protection Act of 1994 and no Mortgage Loan is in violation of any
comparable state or local law. This representation and warranty is a
Deemed Material and Adverse Representation;                         

            (bbb) Qualified Mortgage. The Mortgage Loan is a "qualified mortgage
under Section 860G(a)(3) of the Code;                               

           (ccc) Tax Service Contract. Each Mortgage Loan is covered by a paid
   in full, life of loan, tax service contract issued by Fidelity National
Tax Service (or another tax service contract provider acceptable to 
prudent lenders in the secondary market), and such contract is      
transferable;                                                       

       (ddd) Origination. No predatory or deceptive lending practices,
    including, without limitation, the extension of credit without regard to
   the ability of the Mortgagor to repay and the extension of credit which
      has no apparent benefit to the Mortgagor, were employed in the origination
of the Mortgage Loan;                                               

      (eee) Recordation. Each original Mortgage was recorded and all
      subsequent assignments of the original Mortgage (other than the assignment
 to the Purchaser) have been recorded in the appropriate jurisdictions
wherein such recordation is necessary to perfect the lien thereof as
against creditors of WMC, or is in the process of being recorded;   

          (fff) Co-op Loans. With respect to a Mortgage Loan that is a Co-op
     Loan, (i) a search for filings of financing statements has been made by a
     company competent to make the same, which company is acceptable to Fannie
      Mae and qualified to do business in the jurisdiction where the cooperative
unit is located, and such search has not found anything which would 
  materially and adversely affect the Co-op Loan, (ii) the stock that is
pledged as security for the Mortgage Loan is held by a person as a  
  "tenant-stockholder" and the related cooperative corporation that owns
 title to the related cooperative apartment building is a "cooperative
    housing corporation," each within the meaning of Section 216 of the Code
and (iii) there is no prohibition against pledging the shares of the
cooperative corporation or assigning the Co-op Lease;               

         (ggg) Mortgagor Bankruptcy. On or prior to the date 60 days after
     the related Closing Date, the Mortgagor has not filed and will not file a
     bankruptcy petition or has not become the subject and will not become the
    subject of involuntary bankruptcy proceedings or has not consented to or
      will not consent to the filing of a bankruptcy proceeding against it or to
    a receiver being appointed in respect of the related Mortgaged Property;

       (hhh) No Prior Offer. The Mortgage Loan has not previously been
rejected by a third party purchaser;                                

        (iii) Credit Reporting. WMC has, in its capacity as servicer for
    each Mortgage Loan, caused to be fully furnished, in accordance with the
    Fair Credit Reporting Act and its implementing regulations, accurate and
  complete information (i.e., favorable and unfavorable) on its borrower
 credit files to Equifax, Experian, and Trans Union Credit Information
Company (three of the credit repositories), on a monthly basis. This
representation and warranty is a Deemed Material and Adverse        
Representation;                                                     

        (jjj) Fannie Mae Guides Anti-Predatory Lending Eligibility. Each
      Mortgage Loan is in compliance with the anti-predatory lending eligibility
   for purchase requirements of Fannie Mae Guides. This representation and
warranty is a Deemed Material and Adverse Representation;           

      (kkk) Mortgagor Selection. The Mortgagor was not encouraged or
required to select a Mortgage Loan product offered by WMC which is a
    higher cost product designed for less creditworthy mortgagors, unless at
the time of the Mortgage Loan's origination, such Mortgagor did not 
qualify taking into account such facts as, without limitation, the  
    Mortgage Loan's requirements and the Mortgagor's credit history, income,
    assets and liabilities and debt-to-income ratios for a lower-cost credit
   product then offered by WMC or any Affiliate of WMC. If, at the time of
      loan application, the Mortgagor may have qualified for a lower-cost credit
product then offered by any mortgage lending Affiliate of WMC, WMC  
referred the related Mortgagor's application to such Affiliate for  
     underwriting consideration. For a Mortgagor who seeks financing through a
  Mortgage Loan originator's higher-priced subprime lending channel, the
    Mortgagor was directed towards or offered the Mortgage Loan originator's
      standard mortgage line if the Mortgagor was able to qualify for one of the
    standard products. This representation and warranty is a Deemed Material
and Adverse Representation;                                         

            (lll) Underwriting Methodology. The methodology used in underwriting
      the extension of credit for each Mortgage Loan does not rely on the extent
of the related Mortgagor's equity in the collateral as the principal
     determining factor in approving such extension of credit. The methodology
employed objective criteria that related such facts as, without     
      limitation, the Mortgagor's credit history, income, assets or liabilities,
to the proposed mortgage payment and, based on such methodology, the
  Mortgage Loan's originator made a reasonable determination that at the
     time of origination the Mortgagor had the ability to make timely payments
     on the Mortgage Loan. Such underwriting methodology confirmed that at the
  time of origination (application/approval) the related Mortgagor had a
 reasonable ability to make timely payments on the Mortgage Loan. This
representation and warranty is a Deemed Material and Adverse        
Representation;                                                     

          (mmm) Purchase of Insurance. No Mortgagor was required to purchase
any single premium credit insurance policy (e.g., life, mortgage,   
     disability, property, accident, unemployment or health insurance product)
    or debt cancellation agreement as a condition of obtaining the extension
      of credit. No Mortgagor obtained a prepaid single-premium credit insurance
      policy (e.g., life, disability, property, accident, unemployment, mortgage
   or health insurance) in connection with the origination of the Mortgage
 Loan. No proceeds from any Mortgage Loan were used to purchase single
     premium credit insurance policies or debt cancellation agreements as part
    of the origination of, or as a condition to closing, such Mortgage Loan.
This representation and warranty is a Deemed Material and Adverse   
Representation;                                                     

          (nnn) Points and Fees. Except as set forth on the related Mortgage
     Loan Schedule, no Mortgagor was charged "points and fees" (whether or not
      financed) in an amount greater than (i) $1,000 or (ii) 5% of the principal
    amount of such Mortgage Loan, whichever is greater. For purposes of this
      representation, such 5% limitation is calculated in accordance with Fannie
    Mae's anti-predatory lending requirements as set forth in the Fannie Mae
      Guides and "points and fees" (x) include origination, underwriting, broker
    and finder fees and charges that the mortgagee imposed as a condition of
 making the Mortgage Loan, whether they are paid to the mortgagee or a
 third party, and (y) exclude bona fide discount points, fees paid for
actual services rendered in connection with the origination of the  
   Mortgage Loan (such as attorneys' fees, notaries fees and fees paid for
property appraisals, credit reports, surveys, title examinations and
      extracts, flood and tax certifications, and home inspections), the cost of
    mortgage insurance or credit-risk price adjustments, the costs of title,
   hazard, and flood insurance policies, state and local transfer taxes or
fees, escrow deposits for the future payment of taxes and insurance 
     premiums, and other miscellaneous fees and charges that, in total, do not
exceed 0.25% of the principal amount of such Mortgage Loan. This    
representation and warranty is a Deemed Material and Adverse        
Representation;                                                     

  (ooo) Disclosure of Fees and Charges. All fees and charges
     (including finance charges), whether or not financed, assessed, collected
  or to be collected in connection with the origination and servicing of
  each Mortgage Loan, have been disclosed in writing to the Mortgagor in
 accordance with applicable state and federal law and regulation. This
representation and warranty is a Deemed Material and Adverse        
Representation;                                                     

          (ppp) No Arbitration. No Mortgage Loan originated on or after July
      1, 2004 requires the related Mortgagor to submit to arbitration to resolve
  any dispute arising out of or relating in any way to the Mortgage Loan
  transaction. This representation and warranty is a Deemed Material and
Adverse Representation;                                             

     (qqq) Balloon Mortgage Loans. No Balloon Mortgage Loan has an
original stated maturity of less than seven (7) years;              

       (rrr) No Negative Amortization of Related First Lien Loan. With
  respect to each Second Lien Loan, the related First Lien Loan does not
      permit negative amortization. This representation and warranty is a Deemed
Material and Adverse Representation; and                            

         (sss) Principal Residence. With respect to each Second Lien Loan,
  the related Mortgaged Property is the Mortgagor's principal residence.
This representation and warranty is a Deemed Material and Adverse   
Representation.                                                     

EX-4
10th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 10th
SCHEDULE III-A

 Mortgage Loan Identification Number

11613107

EX-4
11th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 11th
 SCHEDULE IV

 Mortgage Pass-Through Certificates,
 Series 2006-WM4

Representations and Warranties as to the Responsible Party

          WMC Mortgage Corp. hereby makes the representations and warranties
set forth in this Schedule IV to the Depositor and the Trustee, as of the       
Closing Date. Capitalized terms used in this Schedule but not defined in this   
Schedule have the meanings given to them in the Purchase Agreement.             

         (a) Due Organization and Authority. WMC is a corporation, validly
existing, and in good standing under the laws of its jurisdiction of
     incorporation or formation and has all licenses necessary to carry on its
  business as now being conducted and is licensed, qualified and in good
      standing in the states where the Mortgaged Property is located if the laws
of such state require licensing or qualification in order to conduct
business of the type conducted by WMC. WMC has corporate power and  
authority to execute and deliver this Agreement and to perform its  
  obligations hereunder; the execution, delivery and performance of this
     Agreement (including all instruments of transfer to be delivered pursuant
to this Agreement) by WMC and the consummation of the transactions  
     contemplated hereby have been duly and validly authorized; this Agreement
  has been duly executed and delivered and constitutes the valid, legal,
      binding and enforceable obligation of WMC, except as enforceability may be
limited by (i) bankruptcy, insolvency, liquidation, receivership,   
      moratorium, reorganization or other similar laws affecting the enforcement
     of the rights of creditors and (ii) general principles of equity, whether
    enforcement is sought in a proceeding in equity or at law. All requisite
   corporate action has been taken by WMC to make this Agreement valid and
binding upon WMC in accordance with its terms;                      

       (b) No Consent Required. No consent, approval, authorization or
      order is required for the transactions contemplated by this Agreement from
  any court, governmental agency or body, or federal or state regulatory
    authority having jurisdiction over WMC is required or, if required, such
    consent, approval, authorization or order has been or will, prior to the
related Closing Date, be obtained;                                  

(c) Ordinary Course of Business. The consummation of the
     transactions contemplated by this Agreement are in the ordinary course of
business of WMC, and the transfer, assignment and conveyance of the 
      Mortgage Notes and the Mortgages by WMC pursuant to this Agreement are not
      subject to the bulk transfer or any similar statutory provisions in effect
in any applicable jurisdiction;                                     

    (d) No Conflicts. Neither the execution and delivery of this
   Agreement, the acquisition or origination of the Mortgage Loans by WMC,
    the sale of the Mortgage Loans to the Purchaser, the consummation of the
  transactions contemplated hereby, nor the fulfillment of or compliance
  with the terms and conditions of this Agreement, will conflict with or
     result in a breach of any of the terms, conditions or provisions of WMC's
charter, by-laws or other organizational documents or any legal     
     restriction or any agreement or instrument to which WMC is now a party or
      by which it is bound, or constitute a default or result in an acceleration
    under any of the foregoing, or result in the violation of any law, rule,
 regulation, order, judgment or decree to which WMC or its property is
   subject, or result in the creation or imposition of any lien, charge or
    encumbrance that would have an adverse effect upon any of its properties
   pursuant to the terms of any mortgage, contract, deed of trust or other
instrument, or impair the ability of the Purchaser to realize on the
 Mortgage Loans, impair the value of the Mortgage Loans, or impair the
ability of the Purchaser to realize the full amount of any insurance
benefits accruing pursuant to this Agreement;                       

          (e) No Litigation Pending. There is no action, suit, proceeding or
 investigation pending or, to WMC's knowledge, threatened against WMC,
   before any court, administrative agency or other tribunal asserting the
    invalidity of this Agreement, seeking to prevent the consummation of any
      of the transactions contemplated by this Agreement or which, either in any
 one instance or in the aggregate, would likely result in any material
adverse change in the business, operations, financial condition,    
      properties or assets of WMC, or in any material impairment of the right or
      ability of WMC to carry on its business substantially as now conducted, or
  in any material liability on the part of WMC, or which would draw into
   question the validity of this Agreement or the Mortgage Loans or of any
 action taken or to be taken in connection with the obligations of WMC
  contemplated herein, or which would be likely to impair materially the
ability of WMC to perform under the terms of this Agreement;        

           (f) Ability to Perform; Solvency. WMC does not believe, nor does it
      have any reason or cause to believe, that it cannot perform each and every
    covenant contained in this Agreement. WMC is solvent and the sale of the
  Mortgage Loans will not cause WMC to become insolvent. The sale of the
Mortgage Loans is not undertaken with the intent to hinder, delay or
defraud any of Seller's creditors;                                  

          (g) Seller's Origination. WMC's decision to originate any mortgage
    loan or to deny any mortgage loan application is an independent decision
     based upon the Underwriting Guidelines, and is in no way made as a result
 of Purchaser's decision to purchase, or not to purchase, or the price
  Purchaser may offer to pay for, any such mortgage loan, if originated;

            (h) Anti-Money Laundering Laws. WMC has complied with all applicable
   anti-money laundering laws, regulations and executive orders, including
without limitation the USA Patriot Act of 2001 (collectively, the   
"Anti-Money Laundering Laws"); WMC has established an anti-money    
laundering compliance program as and to the extent applicable to the
   Seller and as required by the Anti-Money Laundering Laws, has conducted
  the requisite due diligence in connection with the origination of each
      Mortgage Loan to the extent required by and for purposes of the Anti-Money
Laundering Laws, including with respect to the legitimacy of the    
applicable Mortgagor and the origin of the assets used by the said  
   Mortgagor to purchase the property in question, and maintains, and will
     maintain, sufficient information to identify the applicable Mortgagor for
      purposes of the Anti-Money Laundering Laws. Additionally, no Mortgage Loan
is subject to nullification pursuant to Executive Order 13224 (the  
      "Executive Order") or the regulations promulgated by the Office of Foreign
 Assets Control of the United States Department of Treasury (the "OFAC
     Regulations") or in violation of the Executive Order or OFAC Regulations;
    and no Mortgagor is subject to the provisions of such Executive Order or
      OFAC Regulations nor listed as a "blocked person" for purposes of the OFAC
Regulations;                                                        

    (i) Financial Statements. WMC has delivered to the Purchaser
   financial statements as to its last three complete fiscal years and any
later quarter ended more than 60 days prior to the execution of this
 Agreement. All such financial statements fairly present the pertinent
    results of operations and changes in financial position for each of such
    periods and the financial position at the end of each such period of WMC
    and its subsidiaries and have been prepared in accordance with generally
    accepted accounting principles of the United States consistently applied
      throughout the periods involved, except as set forth in the notes thereto.
   In addition, WMC has delivered information as to its loan gain and loss
     experience in respect of foreclosures and its loan delinquency experience
      for the immediately preceding three-year period, in each case with respect
     to mortgage loans owned by it and such mortgage loans serviced for others
   during such period, and all such information so delivered shall be true
 and correct in all material respects. There has been no change in the
  business, operations, financial condition, properties or assets of WMC
   since the date of WMC's financial statements that would have a material
adverse effect on its ability to perform its obligations under this 
  Agreement. WMC has completed any forms requested by the Purchaser in a
timely manner and in accordance with the provided instructions;     

          (j) Selection Process. The Mortgage Loans were selected from among
    the outstanding one- to four-family mortgage loans in WMC's portfolio at
   the related Closing Date as to which the representations and warranties
    set forth in the WMC Purchase Agreement could be made and such selection
   was not made in a manner so as to affect adversely the interests of the
Purchaser;                                                          

           (k) Delivery to the Custodian. The Mortgage Note, the Mortgage, the
   Assignment of Mortgage and any other documents required to be delivered
   with respect to each Mortgage Loan pursuant to the Custodial Agreement,
   shall be delivered to the Custodian all in compliance with the specific
  requirements of the Custodial Agreement. With respect to each Mortgage
     Loan, WMC will be in possession of a complete Mortgage File in compliance
 with the WMC Purchase Agreement, except for such documents as will be
delivered to the Custodian;                                         

     (l) Mortgage Loan Characteristics. The characteristics of the
    related Mortgage Loan Package are as set forth on the description of the
   pool characteristics for the applicable Mortgage Loan Package delivered
     pursuant to the WMC Purchase Agreement on the related Closing Date in the
form attached as Exhibit B to each related Assignment and Conveyance
Agreement;                                                          

 (m) No Untrue Information. Neither this Agreement nor any
   information, statement, tape, diskette, report, form, or other document
furnished or to be furnished pursuant to this Agreement or any      
Reconstitution Agreement or in connection with the transactions     
    contemplated hereby (including any Securitization Transfer or Whole Loan
Transfer) contains any untrue statement of a material fact;         

     (n) No Brokers. WMC has not dealt with any broker, investment
   banker, agent or other person that may be entitled to any commission or
compensation in connection with the sale of the Mortgage Loans;     

      (o) Sale Treatment. WMC intends to reflect the transfer of the
Mortgage Loans as a sale on the books and records of WMC;           

            (p) Owner of Record. WMC is the owner of record of each Mortgage and
the indebtedness evidenced by each Mortgage Note, except for the    
Assignments of Mortgage which have been sent for recording, and upon
recordation WMC will be the owner of record of each Mortgage and the
  indebtedness evidenced by each Mortgage Note, and upon the sale of the
    Mortgage Loans to the Purchaser, WMC will retain the Mortgage Files with
      respect thereto in trust only for the purpose of servicing and supervising
the servicing of each Mortgage Loan;                                

        (q) Reasonable Purchase Price. The consideration received by WMC
     upon the sale of the Mortgage Loans under this Agreement constitutes fair
 consideration and reasonably equivalent value for the Mortgage Loans;

           (r) Credit Reporting. WMC has, in its capacity as servicer for each
    Mortgage Loan, caused to be fully furnished, in accordance with the Fair
Credit Reporting Act and its implementing regulations, accurate and 
  complete information (e.g., favorable and unfavorable) on its borrower
credit files to Equifax, Experian and Trans Union Credit Information
Company (three of the credit repositories), on a monthly basis.     
      Additionally, WMC has, in its capacity as servicer for each Mortgage Loan,
      caused to be transmitted full-file credit reporting data for each Mortgage
  Loan pursuant to Fannie Mae Guide Announcement 95-19 and that for each
 Mortgage Loan, WMC has, in its capacity as servicer for each Mortgage
   Loan, caused to be reported one of the following statuses each month as
    follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
    foreclosed, or charged-off. This representation and warranty is a Deemed
Material and Adverse Representation; and                            

            (s) Nonpetition. WMC has not instituted against, or joined any other
Person in instituting against, the Purchaser any bankruptcy,        
 reorganization, arrangement, insolvency or liquidation proceeding, or
      other proceeding under any federal or state bankruptcy or similar law, for
one year and a day after the related Closing Date.                  

EX-4
12th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 12th
SCHEDULE V

 Mortgage Pass-Through Certificates,
 Series 2006-WM4

Representations and Warranties of the Depositor as to the Mortgage Loans

            The Depositor hereby makes the following representation and warranty
to the Trustee as of the Closing Date:                                          

          (a) No Mortgage Loan is a Mortgage Loan categorized as "High Cost"
 or "Covered" pursuant to Appendix E of Standard & Poor's Glossary. No
      Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
is governed by the Georgia Fair Lending Act.                        

      (b) Each loan at the time it was made complied in all material
      respects with applicable local, state and federal laws, including, but not
limited to, all applicable predatory and abusive lending laws.      

EX-4
13th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 13th
 SCHEDULE VI

 Mortgage Pass-Through Certificates,
 Series 2006-WM4

Representations and Warranties of Wells Fargo Bank, National Association

           Wells Fargo Bank, National Association ("Wells Fargo") hereby makes
the representations and warranties set forth in this Schedule VI to the         
Depositor and the Trustee, as of the Closing Date:                              

        (1) Wells Fargo is duly organized and is validly existing and in
    good standing under the laws of its jurisdiction of incorporation and is
duly authorized and qualified to transact any and all business      
contemplated by this Agreement to be conducted by Wells Fargo 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 perform any of its obligations
under this Agreement in accordance with the terms thereof.          

            (2) Wells Fargo 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 the part of Wells Fargo the execution, delivery and performance
  of this Agreement; and this Agreement, assuming the due authorization,
      execution and delivery thereof by the other parties thereto, constitutes a
   legal, valid and binding obligation of Wells Fargo, enforceable against
Wells Fargo in accordance with its terms, except that (i) the       
enforceability thereof may be limited by bankruptcy, insolvency,    
  moratorium, receivership and other similar laws relating to creditors'
rights generally and (ii) 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.                                            

            (3) The execution and delivery of this Agreement by Wells Fargo, the
consummation of any other of the transactions contemplated by this  
      Agreement, and the fulfillment of or compliance with the terms thereof are
      in the ordinary course of business of Wells Fargo and will not result in a
      material breach of any term or provision of the articles of association or
bylaws of Wells Fargo.                                              

EX-4
14th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 14th
 EXHIBIT A

Unless this Certificate is presented by an authorized representative of the     
Depository Trust Company, a New York corporation ("DTC"), to Issuer or its agent
for registration of transfer, exchange, or payment, and any certificate issued  
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY  
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.                                                                         

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN     
INTEREST IN 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, AS AMENDED (THE "CODE"), AND CERTAIN OTHER       
ASSETS.                                                                         

AS LONG AS THE INTEREST RATE SWAP AGREEMENT IS IN EFFECT, EACH BENEFICIAL OWNER 
OF THIS CERTIFICATE, OR ANY INTEREST THEREIN, SHALL BE DEEMED TO HAVE           
REPRESENTED THAT EITHER (I) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR ARRANGEMENT   
SUBJECT TO SECTION 406 OF ERISA, A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A
PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW ("SIMILAR LAW") MATERIALLY      
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, NOR A PERSON ACTING ON
BEHALF OF ANY SUCH PLAN OR ARRANGEMENT NOR USING THE ASSETS OF ANY SUCH PLAN OR 
ARRANGEMENT OR (II) THE ACQUISITION AND HOLDING OF THIS CERTIFICATE ARE ELIGIBLE
FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER AT LEAST ONE OF PROHIBITED TRANSACTION 
CLASS EXEMPTION ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 
OR A COMPARABLE EXEMPTION AVAILABLE UNDER SIMILAR LAW.                          

Certificate No:                          A-1-[__]                               
           A-2A-[__]
           A-2B-[__]
           A-2C-[__]
           A-2D-[__]
          M-1-[__]
          M-2-[__]
          M-3-[__]
          M-4-[__]
          M-5-[__]
          B-1-[__]
          B-2-[__]
          B-3-[__]

Cut-off Date:                            December 1, 2006                       

First Distribution Date:                 January 25, 2007                       

Initial Certificate Balance                                                     
of this Certificate                                                             
("Denomination"):                        $[             ]                       

Initial Certificate                                                             
Balances of all                                                                 
Certificates of this Class:              A-1      $328,343,000                  
                       A-2A     $388,440,000
                       A-2B     $107,027,000
                       A-2C     $139,234,000
                       A-2D     $113,176,000
                      M-1      $46,081,000
                      M-2      $42,019,000
                      M-3      $24,402,000
                      M-4      $44,730,000
                      M-5      $20,332,000
                      B-1      $20,332,000
                      B-2      $17,621,000
                      B-3      $12,877,000

CUSIP:                                   A-1      81377X AA 0                   
                      A-2A     81377X AB 8
                      A-2B     81377X AC 6
                      A-2C     81377X AD 4
                      A-2D     81377X AE 2
                      M-1      81377X AF 9
                      M-2      81377X AG 7
                      M-3      81377X AH 5
                      M-4      81377X AJ 1
                      M-5      81377X AK 8
                      B-1      81377X AL 6
                      B-2      81377X AM 4
                      B-3      81377X AN 2

ISIN:                                    A-1      US81377XAA00                  
                       A-2A     US81377XAB82
                       A-2B     US81377XAC65
                       A-2C     US81377XAD49
                       A-2D     US81377XAE22
                       M-1      US81377XAF96
                       M-2      US81377XAG79
                       M-3      US81377XAH52
                       M-4      US81377XAJ19
                       M-5      US81377XAK81
                       B-1      US81377XAL64
                       B-2      US81377XAM48
                       B-3      US81377XAN21

EX-4
15th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 15th
SECURITIZED ASSET BACKED RECEIVABLES LLC

 SABR Trust 2006-WM4
 Mortgage Pass-Through Certificates, Series 2006-WM4
[Class A-][Class M-][Class B-]

evidencing a percentage interest in the distributions allocable     
to the Certificates of the above-referenced Class.                  

            Principal in respect of this Certificate is distributable monthly as
set forth herein. Accordingly, the Certificate Balance at any time may be less  
than the Certificate Balance as set forth herein. This Certificate does not     
evidence an obligation of, or an interest in, and is not guaranteed by the      
Depositor, the Responsible Party, the Servicer or the Trustee referred to below 
or any of their respective affiliates. Neither this Certificate nor the Mortgage
Loans are guaranteed or insured by any governmental agency or instrumentality.  

     This certifies that CEDE & CO. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the     
denomination of this Certificate by the aggregate of the denominations of all   
Certificates of the Class to which this Certificate belongs) in certain monthly 
distributions pursuant to a Pooling and Servicing Agreement dated as of the     
Cut-off Date specified above (the "Agreement") among Securitized Asset Backed   
Receivables LLC, as depositor (the "Depositor"), HomEq Servicing, as servicer   
(the "Servicer"), WMC Mortgage Corp., as responsible party (the "Responsible    
Party"), Deutsche Bank National Trust Company, as trustee (the "Trustee"), and  
Wells Fargo Bank, National Association, as custodian (the "Custodian"). To the  
extent not defined herein, the capitalized terms used herein have the meanings  
assigned 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 the acceptance hereof assents and by    
which such Holder is bound.                                                     

  Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for 
all purposes have the same effect as if set forth at this place.                

       This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually authenticated by an       
authorized signatory of the Trustee.                                            

 * * *

EX-4
16th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 16th
         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.                                                                  

Dated:                                                                          

                          DEUTSCHE BANK NATIONAL TRUST
            COMPANY,
                         not in its individual
                           capacity, but solely as
           Trustee

                                     By:____________________________________

Authenticated:                                                                  

By:_____________________________________                                        
Authorized Signatory of                                                   
DEUTSCHE BANK NATIONAL TRUST COMPANY,                                     
not in its individual capacity,                                           
but solely as Trustee                                                     

EX-4
17th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 17th
SECURITIZED ASSET BACKED RECEIVABLES LLC        

 Securitized Asset Backed Receivables LLC Trust 2006-WM4
Mortgage Pass-Through Certificates

          This Certificate is one of a duly authorized issue of Certificates
designated as Securitized Asset Backed Receivables LLC Trust 2006-WM4 Mortgage  
Pass-Through Certificates, of the Series specified on the face hereof (herein   
collectively called the "Certificates"), and representing a beneficial ownership
interest in the Trust Fund created by the Agreement.                            

            The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the funds on deposit in the Distribution Account 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 thereby, and the rights,     
duties and immunities of the Trustee.                                           

           Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such day is not a Business Day, the        
Business Day immediately following (the "Distribution Date"), commencing on the 
first Distribution Date specified on the face hereof, to the Person in whose    
name this Certificate is registered at the close of business on the applicable  
Record Date in an amount equal to the product of the Percentage Interest        
evidenced by this Certificate and the amount required to be distributed to      
Holders of Certificates of the Class to which this Certificate belongs on such  
Distribution Date pursuant to the Agreement. The Record Date applicable to each 
Distribution Date is the Business Day immediately preceding such Distribution   
Date; provided, however, that for any Definitive Certificates, the Record Date  
shall be the last Business Day of the month next preceding the month of such    
Distribution Date.                                                              

           Distributions on this Certificate shall be made by wire transfer of
immediately available funds to the account of the Holder hereof at a bank or    
other entity having appropriate facilities therefor, if such Certificateholder  
shall have so notified the Trustee in writing at least five Business Days prior 
to the related Record Date and such Certificateholder shall satisfy the         
conditions to receive such form of payment set forth in the Agreement, or, if   
not, by check mailed by first class mail to the address of such                 
Certificateholder appearing in the Certificate Register. The final distribution 
on each Certificate will be made in like manner, but only upon presentment and  
surrender of such Certificate at the offices designated by the Trustee for such 
purposes, or such other location specified in the notice to Certificateholders  
of such final distribution.                                                     

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the     
Trustee and the rights of the Certificateholders under the Agreement at any time
by the Depositor, the Responsible Party, the Servicer, the Custodian and the    
Trustee with the consent of the Holders of Certificates affected by such        
amendment evidencing the requisite Percentage Interest, as provided in the      
Agreement. 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        
exchange therefor 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 in the       
Certificate Register of the Trustee upon surrender of this Certificate for      
registration of transfer at the offices designated by the Trustee for such      
purposes, 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 of the same   
Class in authorized denominations and evidencing the same aggregate Percentage  
Interest in the Trust Fund will be issued to the designated transferee or       
transferees.                                                                    

     The Certificates are issuable only as registered Certificates
without coupons in denominations specified in the Agreement. As provided in the 
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of the same Class in authorized denominations 
and evidencing the same aggregate Percentage Interest, as requested by the      
Holder surrendering the same.                                                   

            No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover   
any tax or other governmental charge payable in connection therewith.           

           The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, nor any  
such agent shall be affected by any notice to the contrary.                     

        On any Distribution Date on which the aggregate Stated Principal
Balance of the Mortgage Loans is less than or equal to 10% of the Cut-off Date  
Pool Principal Balance, the Servicer will have the option to repurchase, in     
whole, from the Trust Fund all remaining Mortgage Loans and all property        
acquired in respect of the Mortgage Loans at a purchase price determined as     
provided in the Agreement. The obligations and responsibilities created by the  
Agreement will terminate as provided in Section 9.01 of the Agreement.          

            Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed           
inconsistent with that meaning.                                                 

EX-4
18th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 18th
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)                                                                    

the Percentage Interest evidenced by the within Certificate and hereby          
authorizes the transfer of registration of such Percentage Interest to assignee 
on the Certificate Register of the Trust Fund.                                  

         I (We) further direct the Trustee 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

 DISTRIBUTION INSTRUCTIONS

 The 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.                                                                   

EX-4
19th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 19th
 EXHIBIT B

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE  
PROPOSED TRANSFEROR DELIVERS TO THE TRUSTEE A TRANSFEROR LETTER IN THE FORM OF  
EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER (I) THE TRUSTEE        
RECEIVES A RULE 144A LETTER IN THE FORM OF EXHIBIT I TO THE AGREEMENT REFERRED  
TO HEREIN OR (II) THE TRUSTEE RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE  
EXPENSE OF THE TRANSFEROR, THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION  
UNDER THE SECURITIES ACT OF 1933, AS AMENDED.                                   

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE  
TRANSFEREE DELIVERS TO THE TRUSTEE A REPRESENTATION LETTER TO THE EFFECT THAT   
SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE       
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, ("ERISA"), OR A    
PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO MATERIALLY SIMILAR
PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW ("SIMILAR LAW") OR A PERSON
INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH A PLAN. IN THE EVENT THAT    
SUCH REPRESENTATION IS VIOLATED, OR ANY ATTEMPT IS MADE TO TRANSFER TO A PLAN OR
ARRANGEMENT SUBJECT TO SECTION 406 OF ERISA, A PLAN SUBJECT TO SECTION 4975 OF  
THE CODE OR A PLAN SUBJECT TO SIMILAR LAW, OR A PERSON ACTING ON BEHALF OF ANY  
SUCH PLAN OR ARRANGEMENT OR USING THE ASSETS OF ANY SUCH PLAN OR ARRANGEMENT,   
SUCH ATTEMPTED TRANSFER OR ACQUISITION SHALL BE VOID AND OF NO EFFECT.          

NO TRANSFER OF ANY CLASS P CERTIFICATES SHALL BE MADE UNLESS THE PROPOSED       
TRANSFEREE OF SUCH CLASS P CERTIFICATE PROVIDES TO THE TRUSTEE THE APPROPRIATE  
TAX CERTIFICATION FORM (I.E., IRS FORM W-9 OR IRS FORM W-8BEN, W-8IMY, W-8EXP OR
W-8ECI, AS APPLICABLE (OR ANY SUCCESSOR FORM THERETO)) AND AGREES TO UPDATE SUCH
FORMS (I) UPON EXPIRATION OF ANY SUCH FORM, (II) AS REQUIRED UNDER THEN         
APPLICABLE U.S. TREASURY REGULATIONS AND (III) PROMPTLY UPON LEARNING THAT SUCH 
FORM HAS BECOME OBSOLETE OR INCORRECT, AS A CONDITION TO SUCH TRANSFER. UNDER   
THE AGREEMENT, UPON RECEIPT OF ANY SUCH TAX CERTIFICATION FORM FROM A TRANSFEREE
OF ANY CLASS P CERTIFICATE, THE TRUSTEE SHALL FORWARD SUCH TAX CERTIFICATION    
FORM PROVIDED TO IT TO THE SWAP PROVIDER. EACH HOLDER OF A CLASS P CERTIFICATE  
AND EACH TRANSFEREE THEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE TRUSTEE    
FORWARDING TO THE SWAP PROVIDER ANY SUCH TAX CERTIFICATION FORM IT HAS PROVIDED 
AND UPDATED IN ACCORDANCE WITH THESE TRANSFER RESTRICTIONS. ANY PURPORTED SALES 
OR TRANSFERS OF ANY CLASS P CERTIFICATE TO A TRANSFEREE WHICH DOES NOT COMPLY   
WITH THESE REQUIREMENTS SHALL BE DEEMED NULL AND VOID UNDER THIS AGREEMENT.     

Certificate No.           :           P-1                                       

Cut-off Date              :           December 1, 2006                          

First Distribution Date   :           January 25, 2007                          

Percentage Interest of                                                          
this Certificate                                                                
("Denomination")          :           [___]%                                    

EX-4
20th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 20th
SECURITIZED ASSET BACKED RECEIVABLES LLC

 SABR Trust 2006-WM4
 Mortgage Pass-Through Certificates, Series 2006-WM4

 Class P

evidencing a percentage interest in the distributions allocable     
to the Certificates of the above-referenced Class.                  

      Distributions in respect of this Certificate are distributable
monthly as set forth herein. This Certificate does not evidence an obligation   
of, or an interest in, and is not guaranteed by the Depositor, the Responsible  
Party, the Servicer or the Trustee referred to below or any of their respective 
affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or   
insured by any governmental agency or instrumentality.                          

         This certifies that __________________ is the registered owner of
the Percentage Interest evidenced by this Certificate (obtained by dividing the 
denomination of this Certificate by the aggregate of the denominations of all   
Certificates of the Class to which this Certificate belongs) in certain monthly 
distributions pursuant to a Pooling and Servicing Agreement dated as of the     
Cut-off Date specified above (the "Agreement") among Securitized Asset Backed   
Receivables LLC, as depositor (the "Depositor"), HomEq Servicing, as servicer   
(the "Servicer"), WMC Mortgage Corp., as responsible party (the "Responsible    
Party"), Deutsche Bank National Trust Company, as trustee (the "Trustee") and   
Wells Fargo Bank, National Association, as custodian (the "Custodian"). To the  
extent not defined herein, the capitalized terms used herein have the meanings  
assigned 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 the acceptance hereof assents and by    
which such Holder is bound.                                                     

      This Certificate does not have a Pass-Through Rate and will be
entitled to distributions only to the extent set forth in the Agreement. In     
addition, any distribution of the proceeds of any remaining assets of the Trust 
will be made only upon presentment and surrender of this Certificate at the     
offices designated by the Trustee for such purpose, or such other location      
specified in the notice to Certificateholders.                                  

            No transfer of a Certificate of this Class shall be made unless such
disposition is exempt from the registration requirements of the Securities Act  
of 1933, as amended (the "1933 Act"), and any applicable state securities laws  
or is made in accordance with the 1933 Act and such laws. In the event of any   
such transfer, the Trustee shall require the transferor to execute a transferor 
certificate (in substantially the form attached to the Pooling and Servicing    
Agreement) and deliver either (i) a Rule 144A Letter, in either case            
substantially in the form attached to the Agreement, or (ii) a written Opinion  
of Counsel to the Trustee that such transfer may be made pursuant to an         
exemption, describing the applicable exemption and the basis therefor, from the 
1933 Act or is being made pursuant to the 1933 Act, which Opinion of Counsel    
shall be an expense of the transferor.                                          

           No transfer of a Certificate of this Class shall be made unless the
Trustee shall have received a representation letter from the transferee of such 
Certificate, acceptable to and in form and substance satisfactory to the        
Trustee, to the effect that such transferee is not an employee benefit plan     
subject to Section 406 of ERISA, Section 4975 of the Code or any materially     
similar provisions of applicable federal, state or local law ("Similar Law"), or
a person acting on behalf of or investing plan assets of any such plan, which   
representation letter shall not be an expense of the Trustee.                   

  Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for 
all purposes have the same effect as if set forth at this place.                

       This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually authenticated by an       
authorized signatory of the Trustee.                                            

 * * *

EX-4
21st “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 21st
         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.                                                                  

Dated:                                                                          

                          DEUTSCHE BANK NATIONAL TRUST
            COMPANY,
                         not in its individual
                           capacity, but solely as
           Trustee

                                     By:____________________________________

Authenticated:                                                                  

By:______________________________________                                       
Authorized Signatory of                                                   
DEUTSCHE BANK NATIONAL TRUST COMPANY,                                     
not in its individual capacity,                                           
but solely as Trustee                                                     

EX-4
22nd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 22nd
SECURITIZED ASSET BACKED RECEIVABLES LLC

 Securitized Asset Backed Receivables LLC Trust 2006-WM4
Mortgage Pass-Through Certificates

          This Certificate is one of a duly authorized issue of Certificates
designated as Securitized Asset Backed Receivables LLC Trust 2006-WM4 Mortgage  
Pass-Through Certificates, of the Series specified on the face hereof (herein   
collectively called the "Certificates"), and representing a beneficial ownership
interest in the Trust Fund created by the Agreement.                            

            The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the funds on deposit in the Distribution Account 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 thereby, and the rights,     
duties and immunities of the Trustee.                                           

           Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the   
Business Day immediately following (the "Distribution Date"), commencing on the 
first Distribution Date specified on the face hereof, to the Person in whose    
name this Certificate is registered at the close of business on the applicable  
Record Date in an amount equal to the product of the Percentage Interest        
evidenced by this Certificate and the amount required to be distributed to      
Holders of Certificates of the Class to which this Certificate belongs on such  
Distribution Date pursuant to the Agreement. The Record Date applicable to each 
Distribution Date is the last Business Day of the month next preceding the month
of such Distribution Date.                                                      

           Distributions on this Certificate shall be made by wire transfer of
immediately available funds to the account of the Holder hereof at a bank or    
other entity having appropriate facilities therefor, if such Certificateholder  
shall have so notified the Trustee in writing at least five Business Days prior 
to the related Record Date and such Certificateholder shall satisfy the         
conditions to receive such form of payment set forth in the Agreement, or, if   
not, by check mailed by first class mail to the address of such                 
Certificateholder appearing in the Certificate Register. The final distribution 
on each Certificate will be made in like manner, but only upon presentment and  
surrender of such Certificate at the offices designated by the Trustee for such 
purposes or such other location specified in the notice to Certificateholders of
such final distribution.                                                        

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the     
Trustee and the rights of the Certificateholders under the Agreement at any time
by the Depositor, the Servicer, the Responsible Party, the Custodian and the    
Trustee with the consent of the Holders of Certificates affected by such        
amendment evidencing the requisite Percentage Interest, as provided in the      
Agreement. 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        
exchange therefor 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 in the       
Certificate Register of the Trustee upon surrender of this Certificate for      
registration of transfer at the offices designated by the Trustee for such      
purposes, 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 of the same   
Class in authorized denominations and evidencing the same aggregate Percentage  
Interest in the Trust Fund will be issued to the designated transferee or       
transferees.                                                                    

     The Certificates are issuable only as registered Certificates
without coupons in denominations specified in the Agreement. As provided in the 
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of the same Class in authorized denominations 
and evidencing the same aggregate Percentage Interest, as requested by the      
Holder surrendering the same.                                                   

            No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover   
any tax or other governmental charge payable in connection therewith.           

           The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, nor any  
such agent shall be affected by any notice to the contrary.                     

        On any Distribution Date on which the aggregate Stated Principal
Balance of the Mortgage Loans is less than or equal to 10% of the Cut-off Date  
Pool Principal Balance, the Servicer will have the option to repurchase, in     
whole, from the Trust Fund all remaining Mortgage Loans and all property        
acquired in respect of the Mortgage Loans at a purchase price determined as     
provided in the Agreement. The obligations and responsibilities created by the  
Agreement will terminate as provided in Section 9.01 of the Agreement.          

            Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed           
inconsistent with that meaning.                                                 

EX-4
23rd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 23rd
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)                                                                    

the Percentage Interest evidenced by the within Certificate and hereby          
authorizes the transfer of registration of such Percentage Interest to assignee 
on the Certificate Register of the Trust Fund.                                  

         I (We) further direct the Trustee 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

 DISTRIBUTION INSTRUCTIONS

 The 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.                                                                   

EX-4
24th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 24th
 EXHIBIT C-1

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, AS AMENDED (THE "CODE").                                                  

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE  
PROPOSED TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE  
WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.                        

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED (I) TO A    
PERSON OTHER THAN A PERMITTED TRANSFEREE IN COMPLIANCE WITH SECTION 5.02(C) OF  
THE AGREEMENT OR (II) UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE A           
REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE     
BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT  
OF 1974, AS AMENDED ("ERISA"), OR A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR 
A PLAN SUBJECT TO MATERIALLY SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR 
LOCAL LAW ("SIMILAR LAW") OR A PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS
OF SUCH A PLAN. IN THE EVENT THAT SUCH REPRESENTATION IS VIOLATED, OR ANY       
ATTEMPT IS MADE TO TRANSFER TO A PLAN OR ARRANGEMENT SUBJECT TO SECTION 406 OF  
ERISA, A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO SIMILAR  
LAW, OR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE  
ASSETS OF ANY SUCH PLAN OR ARRANGEMENT, SUCH ATTEMPTED TRANSFER OR ACQUISITION  
SHALL BE VOID AND OF NO EFFECT.                                                 

Certificate No.             :         R-I-[_]                                   

Cut-off Date                :         December 1, 2006                          

First Distribution Date     :         January 25, 2007                          

Percentage Interest of                                                          
this Certificate                                                                
("Denomination")            :         100%                                      

EX-4
25th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 25th
SECURITIZED ASSET BACKED RECEIVABLES LLC

 Securitized Asset Backed Receivables LLC Trust 2006-WM4
 Mortgage Pass-Through Certificates, Series 2006-WM4

 Class R-I

evidencing a percentage interest in the distributions allocable     
to the Certificates of the above-referenced Class.                  

     Distributions in respect of this Certificate is distributable
monthly as set forth herein. This Class R-I Certificate has no Certificate      
Balance and is not entitled to distributions in respect of principal or         
interest. This Certificate does not evidence an obligation of, or an interest   
in, and is not guaranteed by the Depositor, the Servicer, the Responsible Party 
or the Trustee referred to below or any of their respective affiliates. Neither 
this Certificate nor the Mortgage Loans are guaranteed or insured by any        
governmental agency or instrumentality.                                         

            This certifies that ________________________ is the registered owner
of the Percentage Interest specified above of any monthly distributions due to  
the Class R-I Certificates pursuant to a Pooling and Servicing Agreement dated  
as of the Cut-off Date specified above (the "Agreement") among Securitized Asset
Backed Receivables LLC, as depositor (the "Depositor"), HomEq Servicing, as     
servicer (the "Servicer"), WMC Mortgage Corp., as responsible party (the        
"Responsible Party"), Deutsche Bank National Trust Company, as trustee (the     
"Trustee") and Wells Fargo Bank, National Association, as custodian (the        
"Custodian"). To the extent not defined herein, the capitalized terms used      
herein have the meanings assigned 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 the acceptance   
hereof assents and by which such Holder is bound.                               

       Any distribution of the proceeds of any remaining assets of the
Trust Fund will be made only upon presentment and surrender of this Class R-I   
Certificate at the offices designated by the Trustee for such purposes or such  
other location specified in the notice to Certificateholders.                   

       No transfer of a Class R-I Certificate shall be made unless the
Trustee shall have received a representation letter from the transferee of such 
Certificate, acceptable to and in form and substance satisfactory to the        
Trustee, to the effect that such transferee is not an employee benefit plan or  
arrangement subject to Section 406 of ERISA, a plan or arrangement subject to   
Section 4975 of the Code or a plan subject to Similar Law, or a person acting on
behalf of any such plan or arrangement nor using the assets of any such plan or 
arrangement to effect such transfer, which representation letter shall not be an
expense of the Trustee, the Servicer or the Trust Fund. In the event that such  
representation is violated, or any attempt is made to transfer to a plan or     
arrangement subject to Section 406 of ERISA or a plan subject to Section 4975 of
the Code or a plan subject to Similar Law, or a person acting on behalf of any  
such plan or arrangement or using the assets of any such plan or arrangement,   
such attempted transfer or acquisition shall be void and of no effect.          

        Each Holder of this Class R-I Certificate shall be deemed by the
acceptance or acquisition an Ownership Interest in this Class R-I Certificate to
have agreed to be bound by the following provisions, and the rights of each     
Person acquiring any Ownership Interest in this Class R-I Certificate are       
expressly subject to the following provisions: (i) each Person holding or       
acquiring any Ownership Interest in this Class R-I 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 this Class R-I Certificate may be registered on the Closing Date or 
thereafter transferred, and the Trustee shall not register the Transfer of this 
Certificate unless, in addition to the certificates required to be delivered to 
the Trustee under Section 5.02(b) of the Agreement, the Trustee shall have been 
furnished with a Transfer Affidavit of the initial owner or the proposed        
transferee in the form attached as Exhibit G to the Agreement, (iii) each Person
holding or acquiring any Ownership Interest in this Class R-I Certificate shall 
agree (A) to obtain a Transfer Affidavit from any other Person to whom such     
Person attempts to Transfer its Ownership Interest this Class R-I 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 this     
Class R-I Certificate, (C) not to cause income with respect to the Class R-I    
Certificate to be attributable to a foreign permanent establishment or fixed    
base, within the meaning of an applicable income tax treaty, of such Person or  
any other U.S. Person and (D) not to Transfer the Ownership Interest in this    
Class R-I Certificate or to cause the Transfer of the Ownership Interest in this
Class R-I Certificate to any other Person if it has actual knowledge that such  
Person is a Non-Permitted Transferee and (iv) any attempted or purported        
Transfer of the Ownership Interest in this Class R-I Certificate in violation of
the provisions herein shall be absolutely null and void and shall vest no rights
in the purported Transferee.                                                    

  Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for 
all purposes have the same effect as if set forth at this place.                

       This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually authenticated by an       
authorized signatory of the Trustee.                                            

 * * *

EX-4
26th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 26th
         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.                                                                  

Dated:                                                                          

                          DEUTSCHE BANK NATIONAL TRUST
            COMPANY,
                         not in its individual
                           capacity, but solely as
           Trustee

                                     By:____________________________________

Authenticated:                                                                  

By:______________________________________                                       
Authorized Signatory of                                                   
DEUTSCHE BANK NATIONAL TRUST COMPANY,                                     
not in its individual capacity,                                           
but solely as Trustee                                                     

EX-4
27th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 27th
SECURITIZED ASSET BACKED RECEIVABLES LLC

 Securitized Asset Backed Receivables LLC Trust 2006-WM4
Mortgage Pass-Through Certificates

          This Certificate is one of a duly authorized issue of Certificates
designated as Securitized Asset Backed Receivables LLC Trust 2006-WM4 Mortgage  
Pass-Through Certificates, of the Series specified on the face hereof (herein   
collectively called the "Certificates"), and representing a beneficial ownership
interest in the Trust Fund created by the Agreement.                            

            The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the funds on deposit in the Distribution Account 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 thereby, and the rights,     
duties and immunities of the Trustee.                                           

           Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such day is not a Business Day, the        
Business Day immediately following (the "Distribution Date"), commencing on the 
first Distribution Date specified on the face hereof, to the Person in whose    
name this Certificate is registered at the close of business on the applicable  
Record Date in an amount equal to the product of the Percentage Interest        
evidenced by this Certificate and the amount required to be distributed to      
Holders of Certificates of the Class to which this Certificate belongs on such  
Distribution Date pursuant to the Agreement. The Record Date applicable to each 
Distribution Date is the last Business Day of the month next preceding the month
of such Distribution Date.                                                      

           Distributions on this Certificate shall be made by wire transfer of
immediately available funds to the account of the Holder hereof at a bank or    
other entity having appropriate facilities therefor, if such Certificateholder  
shall have so notified the Trustee in writing at least five Business Days prior 
to the related Record Date and such Certificateholder shall satisfy the         
conditions to receive such form of payment set forth in the Agreement, or, if   
not, by check mailed by first class mail to the address of such                 
Certificateholder appearing in the Certificate Register. The final distribution 
on each Certificate will be made in like manner, but only upon presentment and  
surrender of such Certificate at the offices designated by the Trustee for such 
purposes or such other location specified in the notice to Certificateholders of
such final distribution.                                                        

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the     
Trustee and the rights of the Certificateholders under the Agreement at any time
by the Depositor, the Servicer, the Responsible Party, the Custodian and the    
Trustee with the consent of the Holders of Certificates affected by such        
amendment evidencing the requisite Percentage Interest, as provided in the      
Agreement. 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        
exchange therefor 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 in the       
Certificate Register of the Trustee upon surrender of this Certificate for      
registration of transfer at the offices designated by the Trustee for such      
purposes, 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 of the same   
Class in authorized denominations and evidencing the same aggregate Percentage  
Interest in the Trust Fund will be issued to the designated transferee or       
transferees.                                                                    

     The Certificates are issuable only as registered Certificates
without coupons in denominations specified in the Agreement. As provided in the 
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of the same Class in authorized denominations 
and evidencing the same aggregate Percentage Interest, as requested by the      
Holder surrendering the same.                                                   

            No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover   
any tax or other governmental charge payable in connection therewith.           

           The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, nor any  
such agent shall be affected by any notice to the contrary.                     

        On any Distribution Date on which the aggregate Stated Principal
Balance of the Mortgage Loans is less than or equal to 10% of the Cut-off Date  
Pool Principal Balance, the Servicer will have the option to repurchase, in     
whole, from the Trust Fund all remaining Mortgage Loans and all property        
acquired in respect of the Mortgage Loans at a purchase price determined as     
provided in the Agreement. The obligations and responsibilities created by the  
Agreement will terminate as provided in Section 9.01 of the Agreement.          

            Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed           
inconsistent with that meaning.                                                 

EX-4
28th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 28th
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)                                                                    

the Percentage Interest evidenced by the within Certificate and hereby          
authorizes the transfer of registration of such Percentage Interest to assignee 
on the Certificate Register of the Trust Fund.                                  

         I (We) further direct the Trustee 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

 DISTRIBUTION INSTRUCTIONS

 The 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.                                                                   

EX-4
29th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 29th
 EXHIBIT C-2

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL    
INTEREST" IN THREE "REAL ESTATE MORTGAGE INVESTMENT CONDUITS," AS THOSE TERMS   
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE    
CODE OF 1986, AS AMENDED (THE "CODE").                                          

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE  
PROPOSED TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE  
WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.                        

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED (I) TO A    
PERSON OTHER THAN A PERMITTED TRANSFEREE IN COMPLIANCE WITH SECTION 5.02(C) OF  
THE AGREEMENT OR (II) UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE A           
REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE     
BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT  
OF 1974, AS AMENDED ("ERISA"), OR A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR 
A PLAN SUBJECT TO MATERIALLY SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR 
LOCAL LAW ("SIMILAR LAW") OR A PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS
OF SUCH A PLAN. IN THE EVENT THAT SUCH REPRESENTATION IS VIOLATED, OR ANY       
ATTEMPT IS MADE TO TRANSFER TO A PLAN OR ARRANGEMENT SUBJECT TO SECTION 406 OF  
ERISA, A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO SIMILAR  
LAW, OR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING THE  
ASSETS OF ANY SUCH PLAN OR ARRANGEMENT, SUCH ATTEMPTED TRANSFER OR ACQUISITION  
SHALL BE VOID AND OF NO EFFECT.                                                 

Certificate No.             :         R-II-[_]                                  

Cut-off Date                :         December 1, 2006                          

First Distribution Date     :         January 25, 2007                          

Percentage Interest of                                                          
this Certificate                                                                
("Denomination")            :         100%                                      

EX-4
30th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 30th
SECURITIZED ASSET BACKED RECEIVABLES LLC

 Securitized Asset Backed Receivables LLC Trust 2006-WM4
 Mortgage Pass-Through Certificates, Series 2006-WM4

Class R-II

evidencing a percentage interest in the distributions allocable     
to the Certificates of the above-referenced Class.                  

     Distributions in respect of this Certificate is distributable
monthly as set forth herein. This Class R-II Certificate has no Certificate     
Balance and is not entitled to distributions in respect of principal or         
interest. This Certificate does not evidence an obligation of, or an interest   
in, and is not guaranteed by the Depositor, the Servicer, the Responsible Party 
or the Trustee referred to below or any of their respective affiliates. Neither 
this Certificate nor the Mortgage Loans are guaranteed or insured by any        
governmental agency or instrumentality.                                         

            This certifies that ________________________ is the registered owner
of the Percentage Interest specified above of any monthly distributions due to  
the Class R-II Certificates pursuant to a Pooling and Servicing Agreement dated 
as of the Cut-off Date specified above (the "Agreement") among Securitized Asset
Backed Receivables LLC, as depositor (the "Depositor"), HomEq Servicing, as     
servicer (the "Servicer"), WMC Mortgage Corp., as responsible party (the        
"Responsible Party"), Deutsche Bank National Trust Company, as trustee (the     
"Trustee") and Wells Fargo Bank, National Association, as custodian (the        
"Custodian"). To the extent not defined herein, the capitalized terms used      
herein have the meanings assigned 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 the acceptance   
hereof assents and by which such Holder is bound.                               

       Any distribution of the proceeds of any remaining assets of the
Trust Fund will be made only upon presentment and surrender of this Class R-II  
Certificate at the offices designated by the Trustee for such purposes or the   
office or such other location specified in the notice to Certificateholders.    

        No transfer of a Class R-II Certificate shall be made unless the
Trustee shall have received a representation letter from the transferee of such 
Certificate, acceptable to and in form and substance satisfactory to the        
Trustee, to the effect that such transferee is not an employee benefit plan or  
arrangement subject to Section 406 of ERISA, a plan or arrangement subject to   
Section 4975 of the Code or a plan subject to Similar Law, or a person acting on
behalf of any such plan or arrangement nor using the assets of any such plan or 
arrangement to effect such transfer, which representation letter shall not be an
expense of the Trustee, the Servicer or the Trust Fund. In the event that such  
representation is violated, or any attempt is made to transfer to a plan or     
arrangement subject to Section 406 of ERISA or a plan subject to Section 4975 of
the Code or a plan subject to Similar Law, or a person acting on behalf of any  
such plan or arrangement or using the assets of any such plan or arrangement,   
such attempted transfer or acquisition shall be void and of no effect.          

         Each Holder of this Class R-II Certificate shall be deemed by the
acceptance or acquisition an Ownership Interest in this Class R-II Certificate  
to have agreed to be bound by the following provisions, and the rights of each  
Person acquiring any Ownership Interest in this Class R-II Certificate are      
expressly subject to the following provisions: (i) each Person holding or       
acquiring any Ownership Interest in this Class R-II 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 this Class R-II Certificate may be registered on the Closing Date or
thereafter transferred, and the Trustee shall not register the Transfer of this 
Certificate unless, in addition to the certificates required to be delivered to 
the Trustee under Section 5.02(b) of the Agreement, the Trustee shall have been 
furnished with a Transfer Affidavit of the initial owner or the proposed        
transferee in the form attached as Exhibit G to the Agreement, (iii) each Person
holding or acquiring any Ownership Interest in this Class R-II Certificate shall
agree (A) to obtain a Transfer Affidavit from any other Person to whom such     
Person attempts to Transfer its Ownership Interest this Class R-II 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 this     
Class R-II Certificate, (C) not to cause income with respect to the Class R-II  
Certificate to be attributable to a foreign permanent establishment or fixed    
base, within the meaning of an applicable income tax treaty, of such Person or  
any other U.S. Person and (D) not to Transfer the Ownership Interest in this    
Class R-II Certificate or to cause the Transfer of the Ownership Interest in    
this Class R-II Certificate to any other Person if it has actual knowledge that 
such Person is a Non-Permitted Transferee and (iv) any attempted or purported   
Transfer of the Ownership Interest in this Class R-II Certificate in violation  
of the provisions herein shall be absolutely null and void and shall vest no    
rights in the purported Transferee.                                             

  Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for 
all purposes have the same effect as if set forth at this place.                

       This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually authenticated by an       
authorized signatory of the Trustee.                                            

 * * *

EX-4
31st “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 31st
         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.                                                                  

Dated:                                                                          

                          DEUTSCHE BANK NATIONAL TRUST
            COMPANY,
                         not in its individual
                           capacity, but solely as
           Trustee

                                     By:____________________________________

Authenticated:                                                                  

By:______________________________________                                       
Authorized Signatory of                                                   
DEUTSCHE BANK NATIONAL TRUST COMPANY,                                     
not in its individual capacity,                                           
but solely as Trustee                                                     

EX-4
32nd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 32nd
SECURITIZED ASSET BACKED RECEIVABLES LLC

 Securitized Asset Backed Receivables LLC Trust 2006-WM4
Mortgage Pass-Through Certificates

          This Certificate is one of a duly authorized issue of Certificates
designated as Securitized Asset Backed Receivables LLC Trust 2006-WM4 Mortgage  
Pass-Through Certificates, of the Series specified on the face hereof (herein   
collectively called the "Certificates"), and representing a beneficial ownership
interest in the Trust Fund created by the Agreement.                            

            The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the funds on deposit in the Distribution Account 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 thereby, and the rights,     
duties and immunities of the Trustee.                                           

           Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such day is not a Business Day, the        
Business Day immediately following (the "Distribution Date"), commencing on the 
first Distribution Date specified on the face hereof, to the Person in whose    
name this Certificate is registered at the close of business on the applicable  
Record Date in an amount equal to the product of the Percentage Interest        
evidenced by this Certificate and the amount required to be distributed to      
Holders of Certificates of the Class to which this Certificate belongs on such  
Distribution Date pursuant to the Agreement. The Record Date applicable to each 
Distribution Date is the last Business Day of the month next preceding the month
of such Distribution Date.                                                      

           Distributions on this Certificate shall be made by wire transfer of
immediately available funds to the account of the Holder hereof at a bank or    
other entity having appropriate facilities therefor, if such Certificateholder  
shall have so notified the Trustee in writing at least five Business Days prior 
to the related Record Date and such Certificateholder shall satisfy the         
conditions to receive such form of payment set forth in the Agreement, or, if   
not, by check mailed by first class mail to the address of such                 
Certificateholder appearing in the Certificate Register. The final distribution 
on each Certificate will be made in like manner, but only upon presentment and  
surrender of such Certificate at the offices designated by the Trustee for such 
purposes or such other location specified in the notice to Certificateholders of
such final distribution.                                                        

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the     
Trustee and the rights of the Certificateholders under the Agreement at any time
by the Depositor, the Servicer, the Responsible Party, the Custodian and the    
Trustee with the consent of the Holders of Certificates affected by such        
amendment evidencing the requisite Percentage Interest, as provided in the      
Agreement. 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        
exchange therefor 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 in the       
Certificate Register of the Trustee upon surrender of this Certificate for      
registration of transfer at the offices designated by the Trustee for such      
purposes, 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 of the same   
Class in authorized denominations and evidencing the same aggregate Percentage  
Interest in the Trust Fund will be issued to the designated transferee or       
transferees.                                                                    

     The Certificates are issuable only as registered Certificates
without coupons in denominations specified in the Agreement. As provided in the 
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of the same Class in authorized denominations 
and evidencing the same aggregate Percentage Interest, as requested by the      
Holder surrendering the same.                                                   

            No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover   
any tax or other governmental charge payable in connection therewith.           

           The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, nor any  
such agent shall be affected by any notice to the contrary.                     

        On any Distribution Date on which the aggregate Stated Principal
Balance of the Mortgage Loans is less than or equal to 10% of the Cut-off Date  
Pool Principal Balance, the Servicer will have the option to repurchase, in     
whole, from the Trust Fund all remaining Mortgage Loans and all property        
acquired in respect of the Mortgage Loans at a purchase price determined as     
provided in the Agreement. The obligations and responsibilities created by the  
Agreement will terminate as provided in Section 9.01 of the Agreement.          

            Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed           
inconsistent with that meaning.                                                 

EX-4
33rd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 33rd
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)                                                                    

the Percentage Interest evidenced by the within Certificate and hereby          
authorizes the transfer of registration of such Percentage Interest to assignee 
on the Certificate Register of the Trust Fund.                                  

         I (We) further direct the Trustee 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

 DISTRIBUTION INSTRUCTIONS

 The 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.                                                                   

EX-4
34th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 34th
 EXHIBIT D

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN     
INTEREST IN TWO "REGULAR INTERESTS" 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, AS AMENDED (THE "CODE") AND CERTAIN OTHER    
ASSETS.                                                                         

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE  
PROPOSED TRANSFEROR DELIVERS TO THE TRUSTEE A TRANSFEROR LETTER IN THE FORM OF  
EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER (I) THE TRUSTEE        
RECEIVES A RULE 144A LETTER IN THE FORM OF EXHIBIT I TO THE AGREEMENT REFERRED  
TO HEREIN OR (II) THE TRUSTEE RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE  
EXPENSE OF THE TRANSFEROR, THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION  
UNDER THE SECURITIES ACT OF 1933, AS AMENDED.                                   

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE  
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT 
THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE  
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR A PLAN
SUBJECT TO SECTION 4975 OF THE CODE, OR A PLAN SUBJECT TO APPLICABLE FEDERAL,   
STATE OR LOCAL LAW ("SIMILAR LAW") MATERIALLY SIMILAR TO THE FOREGOING          
PROVISIONS OF ERISA OR THE CODE OR A PERSON INVESTING ON BEHALF OF OR WITH PLAN 
ASSETS OF SUCH A PLAN, OR, IF THE TRANSFEREE IS AN INSURANCE COMPANY, A         
REPRESENTATION LETTER THAT IT IS USING THE ASSETS OF ITS GENERAL ACCOUNT AND    
THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I  
AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 OR AN OPINION OF COUNSEL
SATISFACTORY TO THE TRUSTEE AND THE SERVICER, TO THE EFFECT THAT THE PURCHASE OR
HOLDING OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT       
PROHIBITED TRANSACTION WITHIN THE MEANING OF ERISA, SECTION 4975 OF THE CODE OR 
SIMILAR LAW AND WILL NOT SUBJECT THE DEPOSITOR, THE TRUSTEE OR THE SERVICER TO  
ANY OBLIGATION IN ADDITION TO THOSE EXPRESSLY UNDERTAKEN IN THE AGREEMENT OR TO 
ANY LIABILITY. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY        
PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT   
PLAN SUBJECT TO TITLE I OF ERISA, SECTION 4975 OF THE CODE OR SIMILAR LAW       
WITHOUT THE REPRESENTATION LETTER OR OPINION OF COUNSEL SATISFACTORY TO THE     
TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.                      

NO TRANSFER OF ANY CLASS X CERTIFICATES SHALL BE MADE UNLESS THE PROPOSED       
TRANSFEREE OF SUCH CLASS X CERTIFICATE PROVIDES TO THE TRUSTEE THE APPROPRIATE  
TAX CERTIFICATION FORM (I.E., IRS FORM W-9 OR IRS FORM W-8BEN, W-8IMY, W-8EXP OR
W-8ECI, AS APPLICABLE (OR ANY SUCCESSOR FORM THERETO)) AND AGREES TO UPDATE SUCH
FORMS (I) UPON EXPIRATION OF ANY SUCH FORM, (II) AS REQUIRED UNDER THEN         
APPLICABLE U.S. TREASURY REGULATIONS AND (III) PROMPTLY UPON LEARNING THAT SUCH 
FORM HAS BECOME OBSOLETE OR INCORRECT, AS A CONDITION TO SUCH TRANSFER. UNDER   
THE AGREEMENT, UPON RECEIPT OF ANY SUCH TAX CERTIFICATION FORM FROM A TRANSFEREE
OF ANY CLASS X CERTIFICATE, THE TRUSTEE SHALL FORWARD SUCH TAX CERTIFICATION    
FORM PROVIDED TO IT TO THE SWAP PROVIDER. EACH HOLDER OF A CLASS X CERTIFICATE  
AND EACH TRANSFEREE THEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE TRUSTEE    
FORWARDING TO THE SWAP PROVIDER ANY SUCH TAX CERTIFICATION FORM IT HAS PROVIDED 
AND UPDATED IN ACCORDANCE WITH THESE TRANSFER RESTRICTIONS. ANY PURPORTED SALES 
OR TRANSFERS OF ANY CLASS X CERTIFICATE TO A TRANSFEREE WHICH DOES NOT COMPLY   
WITH THESE REQUIREMENTS SHALL BE DEEMED NULL AND VOID UNDER THIS AGREEMENT.     

Certificate No.              :        X-1                                       

Cut-off Date                 :        December 1, 2006                          

First Distribution Date      :        January 25, 2007                          

Percentage Interest of this                                                     
Certificate ("Denomination") :        [___]%                                    

EX-4
35th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 35th
SECURITIZED ASSET BACKED RECEIVABLES LLC

 Securitized Asset Backed Receivables LLC Trust 2006-WM4
 Mortgage Pass-Through Certificates, Series 2006-WM4

 Class X

evidencing a percentage interest in the distributions allocable     
to the Certificates of the above-referenced Class.                  

      Distributions in respect of this Certificate are distributable
monthly as set forth herein. This Certificate does not evidence an obligation   
of, or an interest in, and is not guaranteed by the Depositor, the Servicer, the
Responsible Party or the Trustee referred to below or any of their respective   
affiliates. Neither this Certificate nor the Mortgage Loans are guaranteed or   
insured by any governmental agency or instrumentality.                          

           This certifies that ____________________ is the registered owner of
the Percentage Interest evidenced by this Certificate (obtained by dividing the 
denomination of this Certificate by the aggregate of the denominations of all   
Certificates of the Class to which this Certificate belongs) in certain monthly 
distributions pursuant to a Pooling and Servicing Agreement dated as of the     
Cut-off Date specified above (the "Agreement") among Securitized Asset Backed   
Receivables LLC, as depositor (the "Depositor"), WMC Mortgage Corp., as         
responsible party (the "Responsible Party"), HomEq Servicing, as servicer (the  
"Servicer"), Deutsche Bank National Trust Company, as trustee (the "Trustee")   
and Wells Fargo Bank, National Association, as custodian (the "Custodian"). To  
the extent not defined herein, the capitalized terms used herein have the       
meanings assigned 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 the acceptance hereof     
assents and by which such Holder is bound.                                      

      This Certificate does not have a Pass-Through Rate and will be
entitled to distributions only to the extent set forth in the Agreement. In     
addition, any distribution of the proceeds of any remaining assets of the Trust 
will be made only upon presentment and surrender of this Certificate at the     
offices designated by the Trustee for such purposes or such other location      
specified in the notice to Certificateholders.                                  

            No transfer of a Certificate of this Class shall be made unless such
disposition is exempt from the registration requirements of the Securities Act  
of 1933, as amended (the "1933 Act"), and any applicable state securities laws  
or is made in accordance with the 1933 Act and such laws. In the event of any   
such transfer, the Trustee shall require the transferor to execute a transferor 
certificate (in substantially the form attached to the Pooling and Servicing    
Agreement) and deliver either (i) a Rule 144A Letter, in either case            
substantially in the form attached to the Agreement, or (ii) a written Opinion  
of Counsel to the Trustee that such transfer may be made pursuant to an         
exemption, describing the applicable exemption and the basis therefor, from the 
1933 Act or is being made pursuant to the 1933 Act, which Opinion of Counsel    
shall be an expense of the transferor.                                          

  Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for 
all purposes have the same effect as if set forth at this place.                

       This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually authenticated by an       
authorized signatory of the Trustee.                                            

 * * *

EX-4
36th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 36th
         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.                                                                  

Dated:                                                                          

                          DEUTSCHE BANK NATIONAL TRUST
            COMPANY,
                         not in its individual
                           capacity, but solely as
           Trustee

                                     By:____________________________________

Authenticated:                                                                  

By:_____________________________________                                        
Authorized Signatory of                                                   
DEUTSCHE BANK NATIONAL TRUST COMPANY,                                     
not in its individual capacity,                                           
but solely as Trustee                                                     

EX-4
37th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 37th
SECURITIZED ASSET BACKED RECEIVABLES LLC

 Securitized Asset Backed Receivables LLC Trust 2006-WM4
Mortgage Pass-Through Certificates

          This Certificate is one of a duly authorized issue of Certificates
designated as Securitized Asset Backed Receivables LLC Trust 2006-WM4 Mortgage  
Pass-Through Certificates, of the Series specified on the face hereof (herein   
collectively called the "Certificates"), and representing a beneficial ownership
interest in the Trust Fund created by the Agreement.                            

            The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the funds on deposit in the Distribution Account 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 thereby, and the rights,     
duties and immunities of the Trustee.                                           

           Pursuant to the terms of the Agreement, a distribution will be made
on the 25th day of each month or, if such 25th day is not a Business Day, the   
Business Day immediately following (the "Distribution Date"), commencing on the 
first Distribution Date specified on the face hereof, to the Person in whose    
name this Certificate is registered at the close of business on the applicable  
Record Date in an amount equal to the product of the Percentage Interest        
evidenced by this Certificate and the amount required to be distributed to      
Holders of Certificates of the Class to which this Certificate belongs on such  
Distribution Date pursuant to the Agreement. The Record Date applicable to each 
Distribution Date is the last Business Day of the month next preceding the month
of such Distribution Date.                                                      

           Distributions on this Certificate shall be made by wire transfer of
immediately available funds to the account of the Holder hereof at a bank or    
other entity having appropriate facilities therefor, if such Certificateholder  
shall have so notified the Trustee in writing at least five Business Days prior 
to the related Record Date and such Certificateholder shall satisfy the         
conditions to receive such form of payment set forth in the Agreement, or, if   
not, by check mailed by first class mail to the address of such                 
Certificateholder appearing in the Certificate Register. The final distribution 
on each Certificate will be made in like manner, but only upon presentment and  
surrender of such Certificate at the offices designated by the Trustee for such 
purposes or such other location specified in the notice to Certificateholders of
such final distribution.                                                        

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the     
Trustee and the rights of the Certificateholders under the Agreement at any time
by the Depositor, the Servicer, the Responsible Party, the Custodian and the    
Trustee with the consent of the Holders of Certificates affected by such        
amendment evidencing the requisite Percentage Interest, as provided in the      
Agreement. 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        
exchange therefor 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 in the       
Certificate Register of the Trustee upon surrender of this Certificate for      
registration of transfer at the offices designated by the Trustee for such      
purposes, 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 of the same   
Class in authorized denominations and evidencing the same aggregate Percentage  
Interest in the Trust Fund will be issued to the designated transferee or       
transferees.                                                                    

     The Certificates are issuable only as registered Certificates
without coupons in denominations specified in the Agreement. As provided in the 
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of the same Class in authorized denominations 
and evidencing the same aggregate Percentage Interest, as requested by the      
Holder surrendering the same.                                                   

            No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover   
any tax or other governmental charge payable in connection therewith.           

           The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and neither the Depositor, the Trustee, nor any  
such agent shall be affected by any notice to the contrary.                     

        On any Distribution Date on which the aggregate Stated Principal
Balance of the Mortgage Loans is less than or equal to 10% of the Cut-off Date  
Pool Principal Balance, the Servicer will have the option to repurchase, in     
whole, from the Trust Fund all remaining Mortgage Loans and all property        
acquired in respect of the Mortgage Loans at a purchase price determined as     
provided in the Agreement. The obligations and responsibilities created by the  
Agreement will terminate as provided in Section 9.01 of the Agreement.          

            Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed           
inconsistent with that meaning.                                                 

EX-4
38th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 38th
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)                                                                    

the Percentage Interest evidenced by the within Certificate and hereby          
authorizes the transfer of registration of such Percentage Interest to assignee 
on the Certificate Register of the Trust Fund.                                  

         I (We) further direct the Trustee 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

 DISTRIBUTION INSTRUCTIONS

 The 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.                                                                   

EX-4
39th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 39th
 EXHIBIT E

FORM OF INITIAL CERTIFICATION OF CUSTODIAN

[date]

Securitized Asset Backed Receivables LLC                                        
200 Park Avenue                                                                 
New York, New York  10166                                                       

HomEq Servicing                                                                 
4837 Watt Avenue                                                                
North Highlands, California  95660-5101                                         

Wells Fargo Bank, National Association                                          
24 Executive Park, Suite 100                                                    
Irvine, California  92614                                                       

Deutsche Bank National Trust Company                                            
1761 East St. Andrew Place                                                      
Santa Ana, California  92705                                                    

   Re:   Pooling and Servicing Agreement, dated as of December 1, 2006, by
         and among Securitized Asset Backed Receivables LLC, as Depositor,
     WMC Mortgage Corp., as Responsible Party, HomEq Servicing, as
            Servicer, Deutsche Bank National Trust Company, as Trustee and Wells
         Fargo Bank, National Association, as Custodian, Securitized Asset
   Backed Receivables LLC Trust 2006-WM4 Mortgage Pass-Through
Certificates, Series 2006-WM4                           

Ladies and Gentlemen:                                                           

          In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), for each Mortgage  
Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan listed  
in the attached schedule), it has received:                                     

     a.    the original Mortgage Note, endorsed as provided in the
          following form: "Pay to the order of ________, without
recourse"; and                              

      b.    a duly executed assignment of the Mortgage (which may be
     included in a blanket assignment or assignments).

        Based on its review and examination and only as to the foregoing
documents, such documents appear regular on their face and related to such      
Mortgage Loan.                                                                  

          The Custodian has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the  
Pooling and Servicing Agreement. The Custodian makes no representations as to:  
(i) the validity, legality, sufficiency, enforceability or genuineness of any of
the documents contained in each Mortgage File of any of the Mortgage Loans      
identified on the Mortgage Loan Schedule, or (ii) the collectability,           
insurability, effectiveness or suitability of any such Mortgage Loan.           

EX-4
40th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 40th
           Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Pooling and Servicing Agreement.               

                        WELLS FARGO BANK, NATIONAL
                ASSOCIATION,
                as Custodian

                                     By:____________________________________
         Name:
          Title:

EX-4
41st “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 41st
 EXHIBIT F

FORM OF DOCUMENT CERTIFICATION
 AND EXCEPTION REPORT OF CUSTODIAN

[date]

Securitized Asset Backed Receivables LLC                                        
200 Park Avenue                                                                 
New York, New York  10166                                                       

HomEq Servicing                                                                 
4837 Watt Avenue                                                                
North Highlands, California 95660-5101                                          

Deutsche Bank National Trust Company                                            
1761 East St. Andrew Place                                                      
Santa Ana, California 92705                                                     

      Re:   Pooling and Servicing Agreement, dated as of December 1, 2006, among
     Securitized Asset Backed Receivables LLC, as Depositor, HomEq
         Servicing, as Servicer, WMC Mortgage Corp., as Responsible Party,
         Deutsche Bank National Trust Company, as Trustee, and Wells Fargo
          Bank, National Association, as Custodian, Securitized Asset Backed
          Receivables LLC Trust 2006-WM4 Mortgage Pass-Through Certificates,
Series 2006-WM4                                         

Ladies and Gentlemen:                                                           

          In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), the undersigned, as
Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
Loan Schedule (other than any Mortgage Loan paid in full or listed on the       
attached Document Exception Report) it has received:                            

       a. The original Mortgage Note, endorsed in the form provided in
           Section 2.01 of the Pooling and Servicing Agreement, with all
              intervening endorsements showing a complete chain of endorsement
from the originator to the last endorsee.         

b. The original recorded Mortgage.                      

          c. A duly executed assignment of the Mortgage in the form provided
            in Section 2.01 of the Pooling and Servicing Agreement; or, if
             the Responsible Party has certified or the Custodian has actual
            knowledge that the related Mortgage has not been returned from
              the applicable recording office, a copy of the assignment of the
             Mortgage (excluding information to be provided by the recording
office).                                          

    d. The original or duplicate original recorded assignment or
     assignments of the Mortgage showing a complete chain of
  assignment from the originator to the last endorsee.

           e. The original or duplicate original lender's title policy and all
        riders thereto or, any one of an original title binder, an
    original preliminary title report or an original title
           commitment, or a copy thereof certified by the title company.

        Based on its review and examination and only as to the foregoing
documents, (a) such documents appear regular on their face and related to such  
Mortgage Loan, and (b) the information set forth in items (1), (2), (3), (15),  
(22) and (29) of the Data Tape Information accurately reflects information set  
forth in the Custodial File.                                                    

          The Custodian has made no independent examination of any documents
contained in each Mortgage File beyond the review of the Custodial File         
specifically required in the Pooling and Servicing Agreement. The Custodian     
makes no representations as to: (i) the validity, legality, sufficiency,        
enforceability or genuineness of any of the documents contained in each Mortgage
File of any of the Mortgage Loans identified on the Mortgage Loan Schedule, or  
(ii) the collectability, insurability, effectiveness or suitability of any such 
Mortgage Loan. Notwithstanding anything herein to the contrary, the Custodian   
has made no determination and makes no representations as to whether (i) any    
endorsement is sufficient to transfer all right, title and interest of the party
so endorsing, as Noteholder or assignee thereof, in and to that Mortgage Note or
(ii) any assignment is in recordable form or sufficient to effect the assignment
of and transfer to the assignee thereof, under the Mortgage to which the        
assignment relates.                                                             

           Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Pooling and Servicing Agreement.               

                        WELLS FARGO BANK, NATIONAL
                ASSOCIATION,
                as Custodian

                                     By:____________________________________
         Name:
          Title:

EX-4
42nd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 42nd
 EXHIBIT G

 RESIDUAL TRANSFER AFFIDAVIT

Securitized Asset Backed Receivables LLC Trust 2006-WM4,
 Mortgage Pass-Through Certificates, Series 2006-WM4

STATE OF                )                                                       
)  ss.:                         
COUNTY OF               )                                                       

    The undersigned, being first duly sworn, deposes and says as
follows:                                                                        

    1. The undersigned is an officer of ___________________, the
proposed Transferee of an Ownership Interest in a Class [R-I] [R-II] Certificate
(the "Certificate") issued pursuant to the Pooling and Servicing Agreement (the 
"Agreement"), relating to the above-referenced Series, by and among Securitized 
Asset Backed Receivables LLC, as depositor (the "Depositor"), HomEq Servicing,  
as Servicer, WMC Mortgage Corp., as Responsible Party, Deutsche Bank National   
Trust Company, as Trustee and Wells Fargo Bank, National Association, as        
Custodian. Capitalized terms used, but not defined herein, shall have the       
meanings ascribed to such terms in the Agreement. The Transferee has authorized 
the undersigned to make this affidavit on behalf of the Transferee for the      
benefit of the Depositor and the Trustee.                                       

           2. The Transferee is, as of the date hereof, and will be, as of the
date of the Transfer, a Permitted Transferee. The Transferee is acquiring its   
Ownership Interest in the Certificate for its own account. The Transferee has no
knowledge that any such affidavit is false.                                     

         3. The Transferee has been advised of, and understands that (i) a
tax will be imposed on Transfers of the Certificate to Persons that are         
Non-Permitted Transferees; (ii) such tax will be imposed on the transferor, or, 
if such Transfer is through an agent (which includes a broker, nominee or       
middleman) for a Person that is a Non-Permitted Transferee, on the agent; and   
(iii) the Person otherwise liable for the tax shall be relieved of liability for
the tax if the subsequent Transferee furnished to such Person an affidavit that 
such subsequent Transferee is a Permitted Transferee and, at the time of        
Transfer, such Person does not have actual knowledge that the affidavit is      
false.                                                                          

         4. The Transferee has been advised of, and understands that a tax
will be imposed on a "pass-through entity" holding the Certificate if at any    
time during the taxable year of the pass-through entity a Person that is a      
Non-Permitted Transferee is the record holder of an interest in such entity. The
Transferee understands that such tax will not be imposed for any period with    
respect to which the record holder furnishes to the pass-through entity an      
affidavit that such record holder is a Permitted Transferee and the pass-through
entity does not have actual knowledge that such affidavit is false. (For this   
purpose, a "pass-through entity" includes a regulated investment company, a real
estate investment trust or common trust fund, a partnership, trust or estate,   
and certain cooperatives and, except as may be provided in Treasury Regulations,
persons holding interests in pass-through entities as a nominee for another     
Person.)                                                                        

           5. The Transferee has reviewed the provisions of Section 5.02(c) of
the Agreement and understands the legal consequences of the acquisition of an   
Ownership Interest in the Certificate including, without limitation, the        
restrictions on subsequent Transfers and the provisions regarding voiding the   
Transfer and mandatory sales. The Transferee expressly agrees to be bound by and
to abide by the provisions of Section 5.02(c) of the Agreement and the          
restrictions noted on the face of the Certificate. The Transferee understands   
and agrees that any breach of any of the representations included herein shall  
render the Transfer to the Transferee contemplated hereby null and void.        

         6. The Transferee agrees to require a Transfer Affidavit from any
Person to whom the Transferee attempts to Transfer its Ownership Interest in the
Certificate, and in connection with any Transfer by a Person for whom the       
Transferee is acting as nominee, trustee or agent, and the Transferee will not  
Transfer its Ownership Interest or cause any Ownership Interest to be           
Transferred to any Person that the Transferee knows is a Non-Permitted          
Transferee. In connection with any such Transfer by the Transferee, the         
Transferee agrees to deliver to the Trustee a certificate substantially in the  
form set forth as Exhibit H to the Agreement (a "Transferor Certificate") to the
effect that, among other things, such Transferee has no actual knowledge that   
the Person to which the Transfer is to be made is a Non-Permitted Transferee.   

   7. The Transferee does not have the intention to impede the
assessment or collection of any tax legally required to be paid with respect to 
the Certificate. The Transferee has historically paid its debts as they have    
come due and intends to pay its debts as they come due in the future. The       
Transferee intends to pay all taxes due with respect to the Certificate as they 
become due.                                                                     

         8. The Transferee's taxpayer identification number is __________.

          9. The Transferee is not a Disqualified Non-U.S. Person as defined
in the Agreement.                                                               

 10. The Transferee is aware that the Certificate may be a
"noneconomic residual interest" within the meaning of proposed Treasury         
regulations promulgated pursuant to the Code and that the transferor of a       
noneconomic residual interest will remain liable for any taxes due with respect 
to the income on such residual interest, unless no significant purpose of the   
transfer was to impede the assessment or collection of tax.                     

  11. The Transferee will not cause income from the Residual
Certificate to be attributable to a foreign permanent establishment or fixed    
base, within the meaning of an applicable income tax treaty, of the Transferee  
or any other U.S. Person.                                                       

12. Check the applicable paragraph:                     

           [_] The present value of the anticipated tax liabilities associated
with holding the Certificate, as applicable, does not exceed the sum of:        

            a.    the present value of any consideration given to the Transferee
to acquire such Certificate;                

            b.    the present value of the expected future distributions on such
Certificate; and                            

         c.    the present value of the anticipated tax savings associated
                with holding such Certificate as the related REMIC generates
losses.                                     

          For purposes of this calculation, (i) the Transferee is assumed to
pay tax at the highest rate currently specified in Section 11(b) of the Code    
(but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the 
highest rate specified in Section 11(b) of the Code if the Transferee has been  
subject to the alternative minimum tax under Section 55 of the Code in the      
preceding two years and will compute its taxable income in the current taxable  
year using the alternative minimum tax rate) and (ii) present values are        
computed using a discount rate equal to the short-term Federal rate prescribed  
by Section 1274(d) of the Code for the month of the transfer and the compounding
period used by the Transferee.                                                  

       [_] The transfer of the Certificate complies with U.S. Treasury
Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,                   

           (i) the Transferee is an "eligible corporation," as defined in U.S.
   Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income from
the Certificate will only be taxed in the United States;            

 (ii) at the time of the transfer, and at the close of the
 Transferee's two fiscal years preceding the year of the transfer, the
   Transferee had gross assets for financial reporting purposes (excluding
      any obligation of a person related to the Transferee within the meaning of
   U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100
million and net assets in excess of $10 million;                    

          (iii) the Transferee will transfer the Certificate only to another
   "eligible corporation," as defined in U.S. Treasury Regulations Section
  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of
    Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5) of
the U.S. Treasury Regulations; and                                  

      (iv) the Transferee determined the consideration paid to it to
      acquire the Certificate based on reasonable market assumptions (including,
   but not limited to, borrowing and investment rates, prepayment and loss
  assumptions, expense and reinvestment assumptions, tax rates and other
     factors specific to the Transferee) that it has determined in good faith.

[_] None of the above.                                  

          13. The Transferee is not an employee benefit plan that is subject
to Title I of ERISA or a plan that is subject to Section 4975 of the Code or a  
plan subject to any Federal, state or local law that is substantially similar to
Title I of ERISA or Section 4975 of the Code, and the Transferee is not acting  
on behalf of or investing plan assets of such a plan.                           

 * * *

EX-4
43rd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 43rd
           IN WITNESS WHEREOF, the Transferee has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its 
duly authorized officer and its corporate seal to be hereunto affixed, duly     
attested, this ___ day of _______, 20__.                                        

                                       _________________________________________
                      Print Name of Transferee

                                       By:______________________________________
         Name:
          Title:

[Corporate Seal]                                                                

ATTEST:                                                                         

_____________________________________                                           
[Assistant] Secretary                                                           

          Personally appeared before me the above-named __________, known or
proved to me to be the same person who executed the foregoing instrument and to 
be the ___________ of the Transferee, and acknowledged that he executed the same
as his free act and deed and the free act and deed of the Transferee.           

        Subscribed and sworn before me this______day of ________ , 20__.

                                       _________________________________________
                               NOTARY PUBLIC

                              My Commission expires the __ day
                of _________, 20__

EX-4
44th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 44th
 EXHIBIT H

FORM OF TRANSFEROR CERTIFICATE

                                                                __________, 20__

Securitized Asset Backed Receivables LLC                                        
200 Park Avenue                                                                 
New York, New York  10166                                                       
Attention: [_________]                                                          

Deutsche Bank National Trust Company                                            
as Trustee                                                                      
1761 East St. Andrew Place                                                      
Santa Ana, California 92705-4934                                                
Attn: Trust Administration - SABR 2006-WM4                                      

  Re:   Securitized Asset Backed Receivables LLC Trust 2006-WM4 Mortgage
Pass-Through Certificates, Series 2006-WM4, Class [__ ] 

Ladies and Gentlemen:                                                           

       In connection with our disposition of the above Certificates we
certify that (a) we understand that the Certificates have not been registered   
under the Securities Act of 1933, as amended (the "Act"), and are being disposed
by us in a transaction that is exempt from the registration requirements of the 
Act, (b) we have not offered or sold any Certificates to, or solicited offers to
buy any Certificates from, any person, or otherwise approached or negotiated    
with any person with respect thereto, in a manner that would be deemed, or taken
any other action which would result in, a violation of Section 5 of the Act and 
(c) to the extent we are disposing of a Residual Certificate, (i) we have no    
knowledge the Transferee is a Non-Permitted Transferee and (ii) after conducting
a reasonable investigation of the financial condition of the Transferee, we have
no knowledge and no reason to believe that the Transferee will not pay all taxes
with respect to the Residual Certificates as they become due and (iii) we have  
no reason to believe that the statements made in paragraphs 7, 10 and 11 of the 
Transferee's Residual Transfer Affidavit are false.                             

               Very truly yours,

                                       _________________________________________
                      Print Name of Transferor

                                     By:____________________________________
                      Authorized Officer

EX-4
45th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 45th
 EXHIBIT I

FORM OF RULE 144A LETTER

                                                              ____________, 20__

Securitized Asset Backed Receivables LLC                                        
200 Park Avenue                                                                 
New York, New York 10166                                                        
Attention: [_________]                                                          

Deutsche Bank National Trust Company                                            
as Trustee                                                                      
1761 East St. Andrew Place                                                      
Santa Ana, California 92705-4934                                                
Attn: Trust Administration - SABR 2006-WM4                                      

Barclays Bank PLC                                                               
200 Park Avenue                                                                 
New York, New York  10166                                                       
Attention: [_________]                                                          

  Re:   Securitized Asset Backed Receivables LLC Trust 2006-WM4 Mortgage
Pass-Through Certificates, Series 2006-WM4 [__ ]        

Ladies and Gentlemen:                                                           

       In connection with our acquisition of the above Certificates we
certify that (a) we understand that the Certificates are not being registered   
under the Securities Act of 1933, as amended (the "Act"), or any state          
securities laws and are being transferred to us in a transaction that is exempt 
from the registration requirements of the Act and any such laws, (b) we have    
such knowledge and experience in financial and business matters that we are     
capable of evaluating the merits and risks of investments in the Certificates,  
(c) we have had the opportunity to ask questions of and receive answers from the
Depositor concerning the purchase of the Certificates and all matters relating  
thereto or any additional information deemed necessary to our decision to       
purchase the Certificates, (d) either we are purchasing a Class A-1, Class A-2A,
Class A-2B, Class A-2C, Class A-2D, Class M-1, Class M-2, Class M-3, Class M-4, 
Class M-5, Class B-1, Class B-2 or Class B-3 Certificate or we are not an       
employee benefit plan that is subject to Title I of the Employee Retirement     
Income Security Act of 1974, as amended ("ERISA"), or a plan or arrangement that
is subject to Section 4975 of the Internal Revenue Code of 1986, as amended, or 
a plan subject to materially similar provisions of applicable federal, state or 
local law, nor are we acting on behalf of any such plan or arrangement nor using
the assets of any such plan or arrangement to effect such acquisition or, with  
respect to a Class X Certificate, the purchaser is an insurance company that is 
purchasing this certificate with funds contained in an "insurance company       
general account" (as such term is defined in Section V(e) of Prohibited         
Transaction Class Exemption 95-60 ("PTCE 95-60")) and the purchase and holding  
of such Certificates are covered under Sections I and III of PTCE 95-60, (e) we 
have not, nor has anyone acting on our behalf offered, transferred, pledged,    
sold or otherwise disposed of the Certificates, any interest in the Certificates
or any other similar security to, or solicited any offer to buy or accept a     
transfer, pledge or other disposition of the Certificates, any interest in the  
Certificates or any other similar security from, or otherwise approached or     
negotiated with respect to the Certificates, any interest in the Certificates or
any other similar security with, any person in any manner, or made any general  
solicitation by means of general advertising or in any other manner, or taken   
any other action, that would constitute a distribution of the Certificates under
the Securities Act or that would render the disposition of the Certificates a   
violation of Section 5 of the Securities Act or require registration pursuant   
thereto, nor will act, nor has authorized or will authorize any person to act,  
in such manner with respect to the Certificates, and (f) we are a "qualified    
institutional buyer" as that term is defined in Rule 144A under the Securities  
Act and have completed either of the forms of certification to that effect      
attached hereto as Annex 1 or Annex 2. We are aware that the sale to us is being
made in reliance on Rule 144A. We are acquiring the Certificates for our own    
account or for resale pursuant to Rule 144A and further, understand that such   
Certificates may be resold, pledged or transferred only (i) to 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 on Rule  
144A, or (ii) pursuant to another exemption from registration under the         
Securities Act.                                                                 

          The Transferee's taxpayer identification number is __________. The
Transferee attaches hereto IRS Form W-8ECI, W-8BEN, W-8IMY (and all appropriate 
attachments) or W-9. The Transferee hereby consents to the attached Form being  
provided to the Swap Provider.                                                  

EX-4
46th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 46th
                                                            ANNEX 1 TO EXHIBIT I

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A        

[For Transferees Other Than Registered Investment Companies]        

        The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this            
certification relates with respect to the Certificates described therein:       

      1. As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the      
Buyer.                                                                          

    2. In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the  
Securities Act of 1933, as amended ("Rule 144A"), because (i) the Buyer owned   
and/or invested on a discretionary basis $____________(1) in securities (except 
for the excluded securities referred to below) as of the end of the Buyer's most
recent fiscal year (such amount being calculated in accordance with Rule 144A   
and (ii) the Buyer satisfies the criteria in the category marked below.         

        ____  Corporation, etc. The Buyer is a corporation (other than a
               bank, savings and loan association or similar institution),
            Massachusetts or similar business trust, partnership, or
                 charitable organization described in Section 501(c)(3) of the
Internal Revenue Code of 1986, as amended.  

           ____  Bank. The Buyer (a) is a national bank or banking institution
           organized under the laws of any State, territory or the
                District of Columbia, the business of which is substantially
         confined to banking and is supervised by the State or
              territorial banking commission or similar official or is a
                  foreign bank or equivalent institution, and (b) has an audited
            net worth of at least $25,000,000 as demonstrated in its
          latest annual financial statements, a copy of which is
attached hereto.                            

   ____  Savings and Loan. The Buyer (a) is a savings and loan
                 association, building and loan association, cooperative bank,
          homestead association or similar institution, which is
                  supervised and examined by a State or Federal authority having
                  supervision over any such institutions or is a foreign savings
                 and loan association or equivalent institution and (b) has an
                audited net worth of at least $25,000,000 as demonstrated in
              its latest annual financial statements, a copy of which is
attached hereto.                            

         ____  Broker-dealer. The Buyer is a dealer registered pursuant to
      Section 15 of the Securities Exchange Act of 1934.

        ____  Insurance Company. The Buyer is an insurance company whose
               primary and predominant business activity is the writing of
                  insurance or the reinsuring of risks underwritten by insurance
                  companies and which is subject to supervision by the insurance
            commissioner or a similar official or agency of a State,
territory or the District of Columbia.      

      ____  State or Local Plan. The Buyer is a plan established and
             maintained by a State, its political subdivisions, or any
           agency or instrumentality of the State or its political
   subdivisions, for the benefit of its employees.

          ____  ERISA Plan. The Buyer is an employee benefit plan within the
                 meaning of Title I of the Employee Retirement Income Security
Act of 1974.                                

    ____  Investment Advisor. The Buyer is an investment advisor
         registered under the Investment Advisors Act of 1940.

          ____  Small Business Investment Company. Buyer is 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.            

           ____  Business Development Company. Buyer is a business development
              company as defined in Section 202(a)(22) of the Investment
Advisors Act of 1940.                       

    3. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that  
are part of an unsold allotment to or subscription by the Buyer, if the Buyer is
a dealer, (iii) securities issued or guaranteed by the U.S. or any              
instrumentality thereof, (iv) bank deposit notes and certificates of deposit,   
(v) loan participations, (vi) repurchase agreements, (vii) securities owned but 
subject to a repurchase agreement and (viii) currency, interest rate and        
commodity swaps.                                                                

         4. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used the 
cost of such securities to the Buyer and did not include any of the securities  
referred to in the preceding paragraph, except (i) where the Buyer reports its  
securities holdings in its financial statements on the basis of their market    
value, and (ii) no current information with respect to the cost of those        
securities has been published. If clause (ii) in the preceding sentence applies,
the securities may be valued at market. Further, in determining such aggregate  
amount, the Buyer may have included securities owned by subsidiaries of the     
Buyer, but only if such subsidiaries are consolidated with the Buyer in its     
financial statements prepared in accordance with generally accepted accounting  
principles and if the investments of such subsidiaries are managed under the    
Buyer's direction. However, such securities were not included if the Buyer is a 
majority-owned, consolidated subsidiary of another enterprise and the Buyer is  
not itself a reporting company under the Securities Exchange Act of 1934, as    
amended.                                                                        

        5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates 
are relying and will continue to rely on the statements made herein because one 
or more sales to the Buyer may be in reliance on Rule 144A.                     

            6. Until the date of purchase of the Rule 144A Securities, the Buyer
will notify each of the parties to which this certification is made of any      
changes in the information and conclusions herein. Until such notice is given,  
the Buyer's purchase of the Certificates will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Buyer is a   
bank or savings and loan is provided above, the Buyer agrees that it will       
furnish to such parties updated annual financial statements promptly after they 
become available.                                                               

                                       _________________________________________
                      Print Name of Transferee

                                     By:____________________________________
         Name:
          Title:

   Date:

------------------------                                                        
(1) Buyer must own and/or invest on a discretionary basis at least $100,000,000 
in securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
invest on a discretionary basis at least $10,000,000 in securities.             

EX-4
47th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 47th
                                                            ANNEX 2 TO EXHIBIT I

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A        

[For Transferees That Are Registered Investment Companies]        

        The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this            
certification relates with respect to the Certificates described therein:       

      1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a   
"qualified institutional buyer" as that term is defined in Rule 144A under the  
Securities Act of 1933, as amended ("Rule 144A"), because Buyer is part of a    
Family of Investment Companies (as defined below), is such an officer of the    
Adviser.                                                                        

           2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an    
investment company registered under the Investment Company Act of 1940, as      
amended, and (ii) as marked below, the Buyer alone, or the Buyer's Family of    
Investment Companies, owned at least $100,000,000 in securities (other than the 
excluded securities referred to below) as of the end of the Buyer's most recent 
fiscal year. For purposes of determining the amount of securities owned by the  
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used, except (i) where the Buyer or the Buyer's Family of Investment        
Companies reports its securities holdings in its financial statements on the    
basis of their market value, and (ii) no current information with respect to the
cost of those securities has been published. If clause (ii) in the preceding    
sentence applies, the securities may be valued at market.                       

    ____  The Buyer owned $_______ in securities (other than the
               excluded securities referred to below) as of the end of the
                 Buyer's most recent fiscal year (such amount being calculated
in accordance with Rule 144A).              

         ____  The Buyer is part of a Family of Investment Companies which
                 owned in the aggregate $_______ in securities (other than the
               excluded securities referred to below) as of the end of the
                 Buyer's most recent fiscal year (such amount being calculated
in accordance with Rule 144A).              

         3. The term "Family of Investment Companies" as used herein means
two or more registered investment companies (or series thereof) that have the   
same investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment  
adviser is a majority owned subsidiary of the other).                           

    4. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer or are part of the     
Buyer's Family of Investment Companies, (ii) securities issued or guaranteed by 
the U.S. or any instrumentality thereof, (iii) bank deposit notes and           
certificates of deposit, (iv) loan participations, (v) repurchase agreements,   
(vi) securities owned but subject to a repurchase agreement and (vii) currency, 
interest rate and commodity swaps.                                              

        5. The Buyer is familiar with Rule 144A and understands that the
parties listed in the Rule 144A Transferee Certificate to which this            
certification relates are relying and will continue to rely on the statements   
made herein because one or more sales to the Buyer will be in reliance on Rule  
144A. In addition, the Buyer will only purchase for the Buyer's own account.    

          6. Until the date of purchase of the Certificates, the undersigned
will notify the parties listed in the Rule 144A Transferee Certificate to which 
this certification relates of any changes in the information and conclusions    
herein. Until such notice is given, the Buyer's purchase of the Certificates    
will constitute a reaffirmation of this certification by the undersigned as of  
the date of such purchase.                                                      

                                       _________________________________________
                      Print Name of Transferee

                                      By:_____________________________________
         Name:
          Title:

            IF AN ADVISER:

                                       _________________________________________
                 Print Name of Buyer

   Date:

EX-4
48th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 48th
 EXHIBIT J

 FORM OF REQUEST FOR RELEASE
 (for Custodian)

To:   Wells Fargo Bank, National Association,                                   
24 Executive Park, Suite 100                                        
Irvine, California 92614                                            
Attn: [________] - SABR 2006-WM4                                    

     Re:   In connection with the administration of the Mortgage Loans held by
            you as the Custodian on behalf of the Certificateholders pursuant to
          the Pooling and Servicing Agreement, dated as of December 1, 2006,
           among Securitized Asset Backed Receivables LLC, as depositor, HomEq
         Servicing, as servicer, WMC Mortgage Corp., as responsible party,
         Deutsche Bank National Trust Company, as trustee, and Wells Fargo
          Bank, National Association, as custodian, Securitized Asset-Backed
   Receivables LLC Trust 2006-WM4, we request the release, and
            acknowledge receipt, of the (Custodial File/[specify documents]) for
    the Mortgage Loan described below, for the reason indicated.

Mortgagor's Name, Address & Zip Code:                                           

Mortgage Loan Number:                                                           

Send Custodial File to:                                                         

Reason for Requesting Documents (check one)                                     

____1.      Mortgage Loan Paid in Full. (The Servicer hereby certifies that all 
          amounts received in connection therewith have been credited to the
   Collection Account as provided in the Pooling and Servicing
Agreement.)                                             

____2.      Mortgage Loan Repurchase Pursuant to Section 2.03 of the Pooling and
    Servicing Agreement. (The Servicer hereby certifies that the
       repurchase price has been credited to the Collection Account as
provided in the Pooling and Servicing Agreement.)       

____3.      Mortgage Loan Liquidated by _________________. (The Servicer hereby 
           certifies that all proceeds of foreclosure, insurance, condemnation
           or other liquidation have been finally received and credited to the
            Collection Account pursuant to the Pooling and Servicing Agreement.)

____4.      Mortgage Loan in Foreclosure.                                       

____5.      Other (explain).                                                    

    If box 1, 2 or 3 above is checked, and if all or part of the
Custodial File was previously released to us, please release to us our previous 
request and receipt on file with you, as well as any additional documents in    
your possession relating to the specified Mortgage Loan.                        

           If box 4 or 5 above is checked, upon our return of all of the above
documents to you as the Custodian, please acknowledge your receipt by signing in
the space indicated below, and returning this form if requested by us.          

Address to which Custodian should deliver the                                   
Custodian's Mortgage File:___________________                                   
_____________________________________________                                   
_____________________________________________                                   

                          BARCLAYS CAPITAL REAL ESTATE
                              INC. D/B/A HOMEQ SERVICING

                                     By:____________________________________
         Name:
          Title:
         Date:

[ACKNOWLEDGED AND AGREED:                                                       

WELLS FARGO BANK, NATIONAL                                                      
ASSOCIATION                                                               
as Custodian                                                              

By:___________________________________                                          
Name:                                                                     
Title:                                                                    
Date: ]                                                                   

EX-4
49th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 49th
 EXHIBIT K

CONTENTS OF EACH 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     
Sponsor and which shall be retained by the Servicer or delivered to and retained
by the Custodian, as applicable:                                                

          (a) The documents or instruments set forth as items (i) to (ix) in
Section 2.01(b) of the Agreement.                                   

(b) Residential loan application.                       

(c) Mortgage Loan closing statement.                    

 (d) Verification of employment and income, if applicable.

            (e) Verification of acceptable evidence of source and amount of down
payment.                                                            

(f) Credit report on Mortgagor.                         

(g) Residential appraisal report.                       

(h) Photograph of the Mortgaged Property.               

(i) Survey of the Mortgaged Property.                   

           (j) Copy of each instrument necessary to complete identification of
  any exception set forth in the exception schedule in the title policy,
i.e., map or plat, restrictions, easements, sewer agreements, home  
association declarations, etc.                                      

(k) All required disclosure statements.                 

   (l) If required in an appraisal, termite report, structural
engineer's report, water potability and septic certification.       

(m) Sales contract, if applicable.                      

          Evidence of payment of taxes and insurance, insurance claim files,
correspondence, current and historical computerized data files (which include   
records of tax receipts and payment history from the date of origination), and  
all other processing, underwriting and closing papers and records which are     
customarily contained in a mortgage loan file and which are required to document
the Mortgage Loan or to service the Mortgage Loan.                              

EX-4
50th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 50th
 EXHIBIT L

 FORM OF CERTIFICATION TO BE
 PROVIDED WITH FORM 10-K

Re:   Securitized Asset Backed Receivables LLC Trust 2006-WM4 (the  
      "Trust"), Mortgage Pass-Through Certificates, Series 2006-WM4,
           issued pursuant to the Pooling and Servicing Agreement, dated as of
        December 1, 2006 (the "Pooling and Servicing Agreement"), by and
     among Securitized Asset Backed Receivables LLC, as depositor,
         Deutsche Bank National Trust Company, as trustee (the "Trustee"),
  Wells Fargo Bank, National Association, as custodian ( the
           "Custodian"), HomEq Servicing, as servicer (the "Servicer") and WMC
Mortgage Corp., as responsible party                    

I, [identify the certifying individual], certify that:  

   1. I have reviewed this annual report on Form 10-K ("Annual
Report"), and all reports on Form 10-D (collectively with this Annual Report,   
the "Reports") required to be filed in respect of period covered by this Annual 
Report, of the Trust;                                                           

       2. Based on my knowledge, 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 
this Annual Report;                                                             

        3. Based on my knowledge, all of the distribution, servicing and
other information required to be provided under Form 10-D for the period covered
by this Annual Report is included in the Reports;                               

          4. Based on my knowledge and the compliance statements required in
this Annual Report under Item 1123 of Regulation AB, and except as disclosed in 
the Reports, the Servicer has fulfilled its obligations under the Pooling and   
Servicing Agreement in all material respects; and                               

        5. All of the reports on assessment of compliance with servicing
criteria for asset-backed securities and their related attestation reports on   
assessment of compliance with servicing criteria required to be included in this
Annual Report in accordance with Item 1122 of Regulation AB and Exchange Act    
Rules 13a-18 and 15d-18 have been included as an exhibit to this Annual Report, 
except as otherwise disclosed in this Annual Report. Any material instances of  
non-compliance described in such reports have been disclosed in this Annual     
Report.                                                                         

EX-4
51st “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 51st
       In giving the certifications above, I have reasonably relied on
information provided to me by the following unaffiliated parties: the Trustee   
and the Servicer.                                                               

Date:                                                                           

By:____________________________________                                         
Name:                                                                     
Title:                                                                    

EX-4
52nd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 52nd
 EXHIBIT M

 FORM OF CERTIFICATION TO BE
PROVIDED BY THE TRUSTEE TO DEPOSITOR

Re:   Securitized Asset Backed Receivables LLC Trust 2006-WM4 (the  
      "Trust"), Mortgage Pass-Through Certificates, Series 2006-WM4,
           issued pursuant to the Pooling and Servicing Agreement, dated as of
        December 1, 2006 (the "Pooling and Servicing Agreement"), by and
         among Securitized Asset Backed Receivables LLC, as depositor (the
           "Depositor"), Deutsche Bank National Trust Company, as trustee (the
        "Trustee"), Wells Fargo Bank, National Association, as custodian
         (the "Custodian"), HomEq Servicing, as servicer (the "Servicer"),
and WMC Mortgage Corp., as responsible party            

       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:                                                  

        1. 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 the period covered by the Annual Report (collectively with  
the Annual Report, the "Reports"), of the Trust;                                

       2. Based on my knowledge, 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, it being understood that the Trustee is not responsible for  
verifying the accuracy or completeness of information in the Reports (a)        
provided by Persons other than the Trustee or any Subcontractor utilized by the 
Trustee or (b) relating to Persons other than the Trustee or any Subcontractor  
utilized by the Trustee as to which a Responsible Officer of the Trustee does   
not have actual knowledge;                                                      

          3. Based on 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; and                        

         4. 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 its related attestation report on     
assessment of compliance with servicing criteria 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.                                            

Date:                                                                           

By:____________________________________                                         
Name:                                                                     
Title:                                                                    

EX-4
53rd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 53rd
 EXHIBIT N

FORM OF SERVICER'S CERTIFICATION
 TO BE PROVIDED TO DEPOSITOR

Re:   Securitized Asset Backed Receivables LLC Trust 2006-WM4 (the  
      "Trust"), Mortgage Pass-Through Certificates, Series 2006-WM4,
           issued pursuant to the Pooling and Servicing Agreement, dated as of
        December 1, 2006 (the "Pooling and Servicing Agreement"), by and
         among Securitized Asset Backed Receivables LLC, as depositor (the
          "Depositor"), Deutsche Bank National Trust Company as trustee (the
        "Trustee"), Wells Fargo Bank, National Association, as custodian
         (the "Custodian"), HomEq Servicing, as servicer (the "Servicer"),
and WMC Mortgage Corp., as responsible party            

         I, [identify the certifying individual], certify to the Depositor
and the Trustee, and their officers, directors and affiliates, and with the     
knowledge and intent that they will rely upon this certification, that:         

         1. I am responsible for reviewing the activities performed by the
Servicer under the Pooling and Servicing Agreement and I have reviewed the      
servicer compliance statement of the Servicer and the compliance statements of  
each Subservicer, if any, engaged by the Servicer provided to the Depositor and 
the Trustee for the Trust's fiscal year [___] in accordance with Item 1123 of   
Regulation AB (each a "Compliance Statement"), the report on assessment of the  
Servicer's compliance with the servicing criteria set forth in Item 1122(d) of  
Regulation AB (the "Servicing Criteria") and reports on assessment of compliance
with servicing criteria for asset-backed securities of the Servicer and of each 
Subservicer or Subcontractor, if any, engaged or utilized by the Servicer       
provided to the Depositor and the Trustee for the Trust's fiscal year [___] 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 (each a          
"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 related to each Servicing Assessment   
(each a "Attestation Report"), and all servicing reports, officer's certificates
and other information relating to the servicing of the Mortgage Loans by the    
Servicer during 200[_] that were delivered or caused to be delivered by the     
Servicer pursuant to the Agreement (collectively, the "Servicing Information"); 

       2. Based on my knowledge, the 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 Servicing Information;                     

          3. Based on my knowledge, the servicing information required to be
provided to the Trustee by the Servicer pursuant to the Pooling and Servicing   
Agreement has been provided to the Trustee;                                     

       4. Based on my knowledge and the compliance review conducted in
preparing the Compliance Statement of the Servicer and, if applicable, reviewing
each Compliance Statement of each Subservicer, if any, engaged by the Servicer, 
and except as disclosed in such Compliance Statement[(s)], the Servicer         
[(directly and through its Subservicers, if any)] has fulfilled its obligations 
under the Pooling and Servicing Agreement in all material respects.             

            5. Each Servicing Assessment of the Servicer and of each Subservicer
or Subcontractor, if any, engaged or utilized by the Servicer and its related   
Attestation Report 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 provided to the Depositor and the Trustee. Any material instances of       
non-compliance are described in any such Servicing Assessment or Attestation    
Report.                                                                         

Date:                                                                           

By:___________________________________                                          
Name:                                                                     
Title:                                                                    

EX-4
54th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 54th
 EXHIBIT O

 SPONSOR REPRESENTATION LETTER

 SIDE LETTER

          THIS AGREEMENT, dated as of December 28, 2006 (the "Agreement") is
entered into between Barclays Bank PLC ("BBPLC") and Securitized Asset Backed   
Receivables LLC (the "Depositor").                                              

RECITALS

          WHEREAS, pursuant to the Pooling and Servicing Agreement, dated as
of December 1, 2006 (the "Pooling Agreement"), among the Depositor, Barclays    
Capital Real Estate Inc. d/b/a HomEq Servicing, as servicer, WMC Mortgage Corp.,
as responsible party (the "Responsible Party"), Deutsche Bank National Trust    
Company, as trustee (the "Trustee"), and Wells Fargo Bank, National Association,
as custodian, the Responsible Party has made certain representations and        
warranties regarding the Mortgage Loans to the Depositor and the Trustee.       

            WHEREAS, pursuant to the Bill of Sale, dated as of December 28, 2006
(the "Bill of Sale"), between the Depositor and Sutton Funding LLC ("Sutton"),  
Sutton sold the Mortgage Loans to the Depositor.                                

WHEREAS, BBPLC is the administrator of Sutton.          

NOW, THEREFORE, the parties hereto agree as follows:    

 Definitions
 -----------

    Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Pooling Agreement.                       

Representations and Warranties of BBPLC   
---------------------------------------   

          BBPLC hereby represents to the Depositor that with respect to each
representation and warranty with respect to any Mortgage Loan made by the       
Responsible Party under the Pooling Agreement that is made as of the Servicing  
Transfer Date: (i) for the representations and warranties set forth in          
paragraphs (a), (y) and (mm) of Schedule III, to the best of its knowledge, no  
event has occurred since the Servicing Transfer Date that would render such     
representations and warranties to be untrue in any material respect as of the   
Closing Date, and (ii) notwithstanding the representation and warranty set forth
in paragraph (jj) of Schedule III, no event has occurred since the Servicing    
Transfer Date that would render such representations and warranties to be untrue
in any material respect as of the Closing Date.                                 

   In addition, BBPLC hereby represents to the Depositor that:

          (i) No Mortgage Loan is a Mortgage Loan categorized as "High Cost"
 or "Covered" pursuant to Appendix E of Standard & Poor's Glossary. No
      Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
is governed by the Georgia Fair Lending Act.                        

           Each loan at the time it was made complied in all material respects
with applicable local, state and federal laws, including, but not limited to,   
all applicable predatory and abusive lending laws.                              

Repurchase of Mortgage Loans
----------------------------

          A breach by BBPLC of its representations and warranties above will
be deemed automatically to materially and adversely affect the value of such    
Mortgage Loan and the interests of the Trustee and Certificateholders in such   
Mortgage Loan. BBPLC shall repurchase each such Mortgage Loan within 60 days of 
the earlier of discovery or receipt of notice of breach with respect to each    
such Mortgage Loan at the Repurchase Price set forth in the Pooling Agreement.  

 Third-Party Beneficiary
 -----------------------

            This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns. The       
Trustee and its successors and assigns under the Pooling Agreement shall be a   
third-party beneficiary to the provisions of this Agreement, and shall be       
entitled to rely upon and directly to enforce such provisions of this Agreement,
except as expressly limited by the terms hereof. Except as expressly stated     
otherwise herein or in the Pooling Agreement, any right of the Trustee to       
direct, appoint, consent to, approve of, or take any action under this          
Agreement, shall be a right exercised by the Trustee in its sole and absolute   
discretion.                                                                     

 Governing Law
 -------------

            THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW     
PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE  
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.                                                      

Counterparts
------------

          This Agreement may be executed in any number of counterparts, each
of which when so executed shall be deemed to be an original, but all of which   
counterparts shall together constitute but one and the same instrument.         

Amendments
----------

        This Agreement may be amended from time to time by BBPLC and the
Depositor, with the prior written consent of the Trustee.                       

[SIGNATURE PAGE FOLLOWS]

EX-4
55th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 55th
Executed as of the day and year first above written.    

               BARCLAYS BANK PLC

                      By:  /s/ John T. Carroll
                                           -------------------------------------
                            Name:  John T. Carroll
                              Title: Managing Director

                                      SECURITIZED ASSET BACKED RECEIVABLES LLC

                  By: /s/ Paul Menefee
                                           -------------------------------------
                         Name:  Paul Menefee
                     Title: Director

EX-4
56th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 56th
 EXHIBIT P

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

The assessment of compliance to be delivered by [the Trustee], [the Servicer],  
[each Subservicer] and [each Subcontractor] shall address, at a minimum, the    
criteria identified as below as "Applicable Servicing Criteria":                

                                                        [Enlarge/Download Table]

                                            SERVICING CRITERIA                           APPLICABLE SERVICING               
                                                                                                 CRITERIA                   
----------------------------------------------------------------------------------------------------------------------------
     Reference                                     Criteria                                                                 
----------------------------------------------------------------------------------------------------------------------------

                                                                                                                            

                                       General Servicing Considerations                                                     

1122(d)(1)(i)        Policies and procedures are instituted to monitor any performance       Trustee/Servicer               
                     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            Trustee/Servicer               
                     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                   N/A                     
                     back-up servicer for the mortgage loans are maintained.                                                

1122(d)(1)(iv)       A fidelity bond and errors and omissions policy is in effect on the         Servicer                   
                     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 mortgage loans are deposited into the appropriate         Servicer/Trustee, as             
                     custodial bank accounts and related bank clearing accounts no more         applicable                  
                     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      Servicer/Trustee               
                     an investor are made only by authorized personnel.                                                     

1122(d)(2)(iii)      Advances of funds or guarantees regarding collections, cash flows           Servicer                   
                     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          Servicer/Trustee               
                     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             Servicer/Trustee               
                     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.                                                            

1122(d)(2)(vi)       Unissued checks are safeguarded so as to prevent unauthorized           Servicer/Trustee               
                     access.                                                                                                

1122(d)(2)(vii)      Reconciliations are prepared on a monthly basis for all                 Servicer/Trustee               
                     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.                                                               

                                      Investor Remittances and Reporting                                                    

1122(d)(3)(i)        Reports to investors, including those to be filed with the              Trustee/Servicer               
                     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 mortgage loans serviced by the                                         
                     Servicer.                                                                                              

1122(d)(3)(ii)       Amounts due to investors are allocated and remitted in accordance       Trustee/Servicer               
                     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        Trustee/Servicer               
                     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       Trustee/Servicer               
                     cancelled checks, or other form of payment, or custodial bank                                          
                     statements.                                                                                            

                                          Pool Asset Administration                                                         

1122(d)(4)(i)         Collateral or security on mortgage loans is maintained as required    Custodian/Servicer              
                     by the transaction agreements or related mortgage loan documents.                                      

1122(d)(4)(ii)       Mortgage loan and related documents are safeguarded as required by     Custodian/Servicer              
                     the transaction agreements                                                                             

1122(d)(4)(iii)      Any additions, removals or substitutions to the asset pool are              Servicer                   
                     made, reviewed and approved in accordance with any conditions or                                       
                     requirements in the transaction agreements.                                                            

1122(d)(4)(iv)       Payments on mortgage loans, including any payoffs, made in                  Servicer                   
                     accordance with the related mortgage loan 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 mortgage                                     
                     loan documents.                                                                                        

1122(d)(4)(v)        The Servicer's records regarding the mortgage loans agree with the          Servicer                   
                     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                 Servicer                   
                     mortgage loans (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 or recovery actions (e.g., forbearance plans,               Servicer                   
                     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.                                                             

1122(d)(4)(viii)     Records documenting collection efforts are maintained during the            Servicer                   
                     period a mortgage loan 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 mortgage loans 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 mortgage loans         Servicer                   
                     with variable rates are computed based on the related mortgage loan                                    
                     documents.                                                                                             

1122(d)(4)(x)        Regarding any funds held in trust for an obligor (such as escrow            Servicer                   
                     accounts): (A) such funds are analyzed, in accordance with the                                         
                     obligor's mortgage loan 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 mortgage loan documents and state laws;                                     
                     and (C) such funds are returned to the obligor within 30 calendar                                      
                     days of full repayment of the related mortgage loans, 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 or insurance             Servicer                   
                     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.                                          

1122(d)(4)(xii)      Any late payment penalties in connection with any payment to be             Servicer                   
                     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            Servicer                   
                     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 accounts are             Servicer/Trustee as             
                     recognized and recorded in accordance with the transaction             successor Servicer              
                     agreements.                                                                                            

1122(d)(4)(xv)       Any external enhancement or other support, identified in Item              Trustee, if                 
                     1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained        applicable.                 
                     as set forth in the transaction agreements.                                                            


EX-4
57th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 57th
 EXHIBIT Q

 ADDITIONAL FORM 10-D DISCLOSURE

Item on Form 10-D                      Party Responsible  
--------------------------------------------------------------------------------
Item 1: Distribution and Pool                                         
Performance Information                                         

Information included in the [Monthly                  Servicer                
Statement]                               Trustee    

Any information required by 1121 which                Depositor                 
is NOT included on the [Monthly                                         
Statement]                                          

Item 2: Legal Proceedings                                             

Any legal proceeding pending against the                                        
following entities or their respective                                          
property, that is material to                                                   
Certificateholders, including any                                               
proceeding known to be contemplated by                                          
governmental authorities:                                                       

Issuing Entity                                         Trustee                  
                                      Servicer
                                     Depositor

Depositor                                             Depositor                 

Custodian                                             Custodian                 

Trustee                                                Trustee                  

Sponsor                                               Depositor                 

Servicer                                               Servicer                 

1110(b) Originator                                    Depositor                 

Any 1108(a)(2) Servicer (other than                    Servicer                 
the Servicer or Trustee)                                                  

Any other party contemplated by                       Depositor                 
1100(d)(1)                                                                      

Item 3: Sale of Securities and Use of                Depositor                
Proceeds                                          

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.                                                                     

Item 4: Defaults Upon Senior Securities                Trustee                  

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)                                                                         

Item 5: Submission of Matters to a                   Trustee                
Vote of Security Holders                                          

Information from Item 4 of Part II of                                           
Form 10-Q                                                                       

Item 6: Significant Obligors of Pool                    N/A                   
Assets                                          

Item 1112(b) - Significant Obligor Financial Information*                       

*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.                                                  

Item 7: Significant Enhancement                                         
Provider Information                                          

Item 1114(b)(2) - Credit Enhancement                                            
Provider Financial Information*                                                 

Determining applicable disclosure                     Depositor                 
threshold                                                                       

Requesting required financial                         Depositor                 
information (including any required                                         
accountants' consent to the use                                             
thereof) or effecting incorporation                                         
by reference                                                                

Item 1115(b) - Derivative Counterparty                                          
Financial Information*                                          

Determining current maximum probable                  Depositor                 
exposure                                                                        

Determining current significance                      Depositor                 
percentage                                                                      

Requesting required financial                         Depositor                 
information (including any required                                         
accountants' consent to the use                                             
thereof) or effecting incorporation                                         
by reference                                                                

*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.                                                 

Item 8: Other Information                                         

Disclose any information required to be       Any party to the Agreement        
reported on Form 8-K during the period        responsible for the applicable    
covered by the Form 10-D but not              Form 8-K Disclosure item          
reported                                                                        

Item 9: Exhibits                                          

Monthly Statement to Certificateholders                Trustee                  

Exhibits required by Item 601 of                   Depositor              
Regulation S-K, such as material                                          
agreements                                          

EX-4
58th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 58th
EXHIBIT R         

ADDITIONAL FORM 10-K DISCLOSURE   

Item on Form 10-K                      Party Responsible  
--------------------------------------------------------------------------------
Item 9B: Other Information             Any party to this Agreement  
Disclose any information required to     responsible for disclosure items on    
be reported on Form 8-K during the                     Form 8-K                 
fourth quarter covered by the Form                                              
10-K but not reported                                                           

Item 15: Exhibits, Financial Statement                 Trustee                  
Schedules                              Depositor  

Reg AB Item 1112(b): Significant                                          
Obligors of Pool Assets                                         

Significant Obligor Financial Information*               N/A                    

*This information need only be reported                                         
on the Form 10-K if updated information                                         
is required pursuant to Item 1112(b).                                           

Reg AB Item 1114(b)(2): Credit                                          
Enhancement Provider Financial                                          
Information                                         

Determining applicable disclosure                     Depositor                 
threshold                                                                       

Requesting required financial                         Depositor                 
information (including any required                                             
accountants' consent to the use                                                 
thereof) or effecting incorporation by                                          
reference                                                                       

* This information need only be                                                 
reported on the Form 10-K if updated                                            
information is required pursuant to                                             
the Item.                                                                       

Reg AB Item 1115(b): Derivative                                         
Counterparty Financial Information                                          

Determining current maximum probable                  Depositor                 
exposure                                                                        

Determining current significance                      Depositor                 
percentage                                                                      

Requesting required financial                         Depositor                 
information (including any required                                             
accountants' consent to the use                                                 
thereof) or effecting incorporation by                                          
reference                                                                       

* This information need only be                                                 
reported on the Form 10-K if updated                                            
information is required pursuant to                                             
the Item.                                                                       

Reg AB Item 1117: Legal Proceedings                                         

Any legal proceeding pending against the                                        
following entities or their respective                                          
property, that is material to                                                   
Certificateholders, including any                                               
proceeding known to be contemplated by                                          
governmental authorities:                                                       

Issuing Entity                             Trustee, Servicer and Depositor      

Depositor                                             Depositor                 

Custodian                                             Custodian                 

Trustee                                                Trustee                  

Sponsor                                               Depositor                 

Servicer                                               Servicer                 

1110(b) Originator                                    Depositor                 

Any 1108(a)(2) Servicer (other than                    Servicer                 
the Servicer or Trustee)                                                        

Any other party contemplated by                       Depositor                 
1100(d)(1)                                                                      

Reg AB Item 1119: Affiliations and                                          
Relationships                                         

Whether (a) the Sponsor (Seller),                Depositor as to (a)            
Depositor or Issuing Entity is an                Custodian as to (a)            
affiliate of the following parties,                                             
and (b) to the extent known and                                                 
material, any of the following parties                                          
are affiliated with one another:                                                

Servicer                                               Servicer                 

Trustee                                           Trustee as to (a)             

Any other 1108(a)(3) servicer                          Servicer                 

Any 1110 Originator                                   Depositor                 

Any 1112(b) Significant Obligor                       Depositor                 

Any 1114 Credit Enhancement Provider                  Depositor                 

Any 1115 Derivative Counterparty                      Depositor                 
Provider                                                                        

Any other 1101(d)(1) material party                   Depositor                 

Whether there are any "outside the               Depositor as to (a)            
ordinary course business arrangements"                                          
other than would be obtained in an                                              
arm's length transaction between (a)                                            
the Sponsor (Seller), Depositor or                                              
Issuing Entity on the one hand, and                                             
(b) any of the following parties (or                                            
their affiliates) on the other hand,                                            
that exist currently or within the                                              
past two years and that are material                                            
to a Certificateholder's understanding                                          
of the Certificates:                                                            

Servicer                                               Servicer                 

Trustee                                               Depositor                 

Any other 1108(a)(3) servicer                          Servicer                 

Any 1110 Originator                                   Depositor                 

Any 1112(b) Significant Obligor                       Depositor                 

Any 1114 Credit Enhancement Provider                  Depositor                 

Any 1115 Derivative Counterparty                      Depositor                 
Provider                                                                        

Any other 1101(d)(1) material party                   Depositor                 

Whether there are any specific                   Depositor as to (a)            
relationships involving the                                                     
transaction or the pool assets between                                          
(a) the Sponsor (Seller), Depositor or                                          
Issuing Entity on the one hand, and                                             
(b) any of the following parties (or                                            
their affiliates) on the other hand,                                            
that exist currently or within the                                              
past two years and that are material:                                           

Servicer                                               Servicer                 

Trustee                                               Depositor                 

Any other 1108(a)(3) servicer                          Servicer                 

Any 1110 Originator                                   Depositor                 

Any 1112(b) Significant Obligor                       Depositor                 

Any 1114 Credit Enhancement Provider                  Depositor                 

Any 1115 Derivative Counterparty                      Depositor                 
Provider                                                                        

Any other 1101(d)(1) material party                   Depositor                 

EX-4
59th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 59th
 EXHIBIT S

 FORM 8-K DISCLOSURE INFORMATION

Item on Form 8-K                       Party Responsible
--------------------------------------------------------------------------------
Item 1.01- Entry into a Material        The party to this Agreement entering
Definitive Agreement             into such material definitive
                                   agreement

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                                                     

Item 1.02- Termination of a Material        The party to this Agreement       
      Definitive Agreement            requesting termination of a material
                                      definitive agreement

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.                                                            

Item 1.03- Bankruptcy or Receivership                Depositor                

Disclosure is required regarding the                                            
bankruptcy or receivership, with respect                                        
to any of the following:                                                        

Sponsor (Seller)                                      Depositor                 

Depositor                                             Depositor                 

Servicer                                               Servicer                 

Affiliated Servicer                                    Servicer                 

Other Servicer servicing 20% or more                   Servicer                 
of the pool assets at the time of the                                           
report                                                                          

Other material servicers                               Servicer                 

Trustee                                                Trustee                  

Significant Obligor                                   Depositor                 

Credit Enhancer (10% or more)                         Depositor                 

Derivative Counterparty                               Depositor                 

Item 2.04- Triggering Events that                  Depositor              
Accelerate or Increase a Direct                    Servicer             
Financial Obligation or an Obligation                 Trustee                 
under an Off-Balance Sheet Arrangement                                          

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                                                    
statements to the certificateholders.                                           

Item 3.03- Material Modification to            Trustee/Responsible          
Rights of Security Holders               Party/Depositor/Servicer   

Disclosure is required of any material                                          
modification to documents defining the                                          
rights of Certificateholders, including                                         
the Pooling and Servicing Agreement.                                            

Item 5.03- Amendments of Articles of                 Depositor                
Incorporation or Bylaws; Change of                                          
Fiscal Year                                         

Disclosure is required of any                                                   
amendment "to the governing documents                                           
of the issuing entity."                                                         

Item 6.01- ABS Informational and                   Depositor              
Computational Material                                          

Item 6.02- Change of Servicer or          Servicer/ Depositor /Trustee    
Trustee                                           

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 or                                             
trustee.                                                                        

Reg AB disclosure about any new servicer          Servicer/Depositor            
or master servicer is also required.                                            

Reg AB disclosure about any new Trustee           successor Trustee             
is also required.                                                               

Item 6.03- Change in Credit                 Depositor/Trustee       
Enhancement or External Support                                         

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.                                            

Reg AB disclosure about any new                       Depositor                 
enhancement provider is also required.                                          

Item 6.04- Failure to Make a Required                 Trustee                 
Distribution                                          

Item 6.05- Securities Act Updating                 Depositor                
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.                                                          

If there are any new servicers or                     Depositor                 
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.                                                                   

Item 7.01- Reg FD Disclosure                     Depositor            

Item 8.01- Other Events                       Depositor         

Any event, with respect to which                                          
information is not otherwise called                                         
for in Form 8-K, that the registrant                                          
deems of importance to                                          
certificateholders.                                         

Item 9.01- Financial Statements and           Party responsible for         
           Exhibits                   reporting/disclosing the financial
                                      statement or exhibit

EX-4
60th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 60th
 EXHIBIT T

INTEREST RATE SWAP AGREEMENT

[BARCLAYS CAPITAL LETTERHEAD]                                                   
                                 Barclays Bank PLC
                                     5 The North Colonnade
                            Canary Wharf
                              London E14 4BB
                                       Tel +44 (0)20 7623 2323

DATE:                   December 28, 2006                                       

TO:                     Securitized Asset Backed Receivables LLC Trust 2006-WM4,
                        Mortgage Pass-Through Certificates, Series 2006-WM4 (the
                   "Trust"), Deutsche Bank National Trust Company, not
   individually, but solely as Trustee
1761 East St. Andrew            
 Place Santa Ana, California 92705
ATTENTION:              Trust Administration - BC06W4                           
TELEPHONE:              714-247-6000                                            
FACSIMILE:              714-656-2622                                            

FROM:                   Barclays Bank PLC                                       

SUBJECT:                Fixed Income Derivatives Confirmation                   

REFERENCE NUMBER:       1518993B                                                

The purpose of this long-form confirmation ("Confirmation") is to confirm the   
terms and conditions of the Transaction entered into on the Trade Date specified
below (the "Transaction") between Barclays Bank PLC ("Party A") and Deutsche    
Bank National Trust Company, not individually, but solely as trustee (the       
"Trustee") on behalf of the trust with respect to the Securitized Asset Backed  
Receivables LLC Trust 2006-WM4, Mortgage Pass-Through Certificates, Series      
2006-WM4 (the "Trust") ("Party B") created under the Pooling and Servicing      
Agreement, dated as of December 1, 2006, among Securitized Asset Backed         
Receivables LLC, as Depositor, Deutsche Bank National Trust Company, as Trustee,
Barclays Capital Real Estate Inc., d/b/a HomEq Servicing, as Servicer, WMC      
Mortgage Corp., as Responsible Party, and Wells Fargo Bank, National            
Association, as Custodian (the "Base Agreement"). This Confirmation evidences a 
complete and binding agreement between you and us to enter into the Transaction 
on the terms set forth below and replaces any previous agreement between us with
respect to the subject matter hereof. This Confirmation constitutes a           
"Confirmation" and also constitutes a "Schedule" as referred to in the ISDA     
Master Agreement, and Paragraph 13 of a Credit Support Annex to the Schedule.   

1.    This Confirmation shall supplement, form a part of, and be subject to an  
     agreement in the form of the ISDA Master Agreement (Multicurrency - Cross
   Border) as published and copyrighted in 1992 by the International Swaps
  and Derivatives Association, Inc. (the "ISDA Master Agreement"), as if
  Party A and Party B had executed an agreement in such form on the date
    hereof, with a Schedule as set forth in Item 3 of this Confirmation, and
     an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements Subject to
  New York Law Only version) as published and copyrighted in 1994 by the
    International Swaps and Derivatives Association, Inc., with Paragraph 13
    thereof as set forth in Annex A hereto (the "Credit Support Annex"). For
      the avoidance of doubt, the Transaction described herein shall be the sole
   Transaction governed by such ISDA Master Agreement. In the event of any
     inconsistency among any of the following documents, the relevant document
first listed shall govern: (i) this Confirmation, exclusive of the  
provisions set forth in Item 3 hereof and Annex A hereto; (ii) the  
      provisions set forth in Item 3 hereof, which are incorporated by reference
    into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
and (v) the ISDA Master Agreement.                                  

     Each reference herein to a "Section" (unless specifically referencing the
      Base Agreement) or to a "Section of this Agreement" will be construed as a
      reference to a Section of the ISDA Master Agreement; each reference herein
 to a "Part" will be construed as a reference to the provisions herein
deemed incorporated in a Schedule to the ISDA Master Agreement; each
   reference herein to a "Paragraph" will be construed as a reference to a
Paragraph of the Credit Support Annex.                              

2.    The terms of the particular Transaction to which this Confirmation relates
are as follows:                                                     

     Notional Amount:              With respect to any Calculation Period, the
                                    amount set forth for such period on Schedule
          I attached hereto.

Trade Date:                   December 28, 2006                     

Effective Date:               December 28, 2006                     

    Termination Date:             October 25, 2011, which for the purpose of
                              the final Fixed Rate Payer Calculation
                                   Period is subject to No Adjustment, and for
                                    the purpose of the final Floating Rate Payer
                                   Calculation Period is subject to adjustment
                           in accordance with the Business Day
   Convention.

Fixed Amounts:                                                      

Fixed Rate Payer:       Party B                         

Fixed Rate Payer                                        
          Period End Dates:       The 25th calendar day of each month during
                                the Term of this Transaction, commencing
                                   January 25, 2007, subject to No Adjustment.

Fixed Rate Payer                                        
           Payment Dates:          Early Payment shall be applicable. For each
                                Calculation Period, the Fixed Rate Payer
                                    Payment Date shall be the first Business Day
                                    prior to the related Fixed Rate Payer Period
 End Date.

Fixed Rate:             5.200%                          

Fixed Rate Day                                          
Count Fraction:         30/360                          

Floating Amounts:                                                   

Floating Rate Payer:    Party A                         

Floating Rate Payer                                     
          Period End Dates:       The 25th calendar day of each month during
                                the Term of this Transaction, commencing
                                  January 25, 2007, subject to adjustment in
                                    accordance with the Business Day Convention.

Floating Rate Payer                                     
           Payment Dates:          Early Payment shall be applicable. For each
                                   Calculation Period, the Floating Rate Payer
                                    Payment Date shall be the first Business Day
                                prior to the related Floating Rate Payer
        Period End Date.

Floating Rate Option:   USD-LIBOR-BBA                   

Designated Maturity:    One month                       

Floating Rate Day                                       
Count Fraction:         Actual/360                      

         Reset Dates:            The first day of each Calculation Period.

Compounding:            Inapplicable                    

Business Days:          New York                        

Business Day Convention: Modified Following             

Calculation Agent:      Party A                         

Account Details and Settlement Information:                         

         Payments to Party A:    Correspondent: BARCLAYS BANK PLC NEW YORK
       FEED: 026002574
                    Beneficiary:  BARCLAYS SWAPS
                        Beneficiary Account: 050-01922-8

    Payments to Party B:    Deutsche Bank National Trust Company
          ABA #: 021 001 033
        Acct #: 01419663
                                    Acct. Name: NYLTD Funds Control - Stars West
                                 Ref: Trust Administration - SABR 2006-WM4

EX-4
61st “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 61st
3.    Provisions Deemed Incorporated in a Schedule to the ISDA Master Agreement:

Part 1.     Termination Provisions.                                             

For the purposes of this Agreement:-                                            

(a)   "Specified Entity" will not apply to Party A or Party B for any purpose.  

(b)   "Specified Transaction" will not apply to Party A or Party B for any      
purpose.                                                            

(c)   Events of Default.                                                        

 The statement below that an Event of Default will apply to a specific
 party means that upon the occurrence of such an Event of Default with
respect to such party, the other party shall have the rights of a   
   Non-defaulting Party under Section 6 of this Agreement; conversely, the
    statement below that such event will not apply to a specific party means
that the other party shall not have such rights.                    

    (i)   The "Failure to Pay or Deliver" provisions of Section 5(a)(i) will
apply to Party A and will apply to Party B.             

     (ii)  The "Breach of Agreement" provisions of Section 5(a)(ii) will apply
         to Party A and will not apply to Party B; provided, however, that
         notwithstanding anything to the contrary in Section 5(a)(ii), any
         failure by Party A to comply with or perform any obligation to be
            complied with or performed by Party A under the Credit Support Annex
       shall not constitute an Event of Default under Section 5(a)(ii)
           unless (A) a Required Ratings Downgrade Event has occurred and been
          continuing for 30 or more Local Business Days and (B) such failure
       is not remedied on or before the third Local Business Day after
notice of such failure is given to Party A.             

   (iii) The "Credit Support Default" provisions of Section 5(a)(iii) will
          apply to Party A and will not apply to Party B except that Section
         5(a)(iii)(1) will apply to Party B solely in respect of Party B's
     obligations under Paragraph 3(b) of the Credit Support Annex;
           provided, however, that notwithstanding anything to the contrary in
      Section 5(a)(iii)(1), any failure by Party A to comply with or
          perform any obligation to be complied with or performed by Party A
       under the Credit Support Annex shall not constitute an Event of
     Default under Section 5(a)(iii) unless (A) a Required Ratings
       Downgrade Event has occurred and been continuing for 30 or more
      Local Business Days and (B) such failure is not remedied on or
           before the third Local Business Day after notice of such failure is
given to Party A.                                       

      (iv)  The "Misrepresentation" provisions of Section 5(a)(iv) will apply to
Party A and will not apply to Party B.                  

 (v)   The "Default under Specified Transaction" provisions of Section
        5(a)(v) will not apply to Party A and will not apply to Party B.

  (vi)  The "Cross Default" provisions of Section 5(a)(vi) will apply to
      Party A and will not apply to Party B. For purposes of Section
5(a)(vi), solely with respect to Party A:               

           "Specified Indebtedness" will have the meaning specified in Section
          14, except that such term shall not include obligations in respect
        of deposits received in the ordinary course of Party A's banking
business.                                               

           "Threshold Amount" means with respect to Party A an amount equal to
      3% of Party A's shareholders' equity (on a consolidated basis)
   determined in accordance with generally accepted accounting
principles in Party A's jurisdiction of incorporation or
       organization as at the end of Party A's most recently completed
fiscal year.                                            

      (vii) The "Bankruptcy" provisions of Section 5(a)(vii) will apply to Party
           A and Party B; provided that clauses (2), (7) and (9) thereof shall
            not apply to Party B; provided further that clause (4) thereof shall
     not apply to Party B with respect to proceedings or petitions
       instituted or presented by Party A or any Affiliate of Party A;
          provided further that clause (6) shall not apply to Party B to the
           extent that it refers to (i) any appointment that is effected by or
      contemplated in connection with the Base Agreement (as defined
      above) or (ii) any appointment to which Party B has not become
        subject; and provided further that clause (8) shall not apply to
           Party B to the extent that clause (8) relates to clauses of Section
5(a)(vii) that are not applicable to Party B.           

   (viii) The "Merger Without Assumption" provisions of Section 5(a)(viii)
will apply to Party A and will apply to Party B.        

(d)   Termination Events.                                                       

 The statement below that a Termination Event will apply to a specific
     party means that upon the occurrence of such a Termination Event, if such
 specific party is the Affected Party with respect to a Tax Event, the
   Burdened Party with respect to a Tax Event Upon Merger (except as noted
below) or the non-Affected Party with respect to a Credit Event Upon
   Merger, as the case may be, such specific party shall have the right to
    designate an Early Termination Date in accordance with Section 6 of this
  Agreement; conversely, the statement below that such an event will not
      apply to a specific party means that such party shall not have such right;
   provided, however, with respect to "Illegality" the statement that such
  event will apply to a specific party means that upon the occurrence of
   such a Termination Event with respect to such party, either party shall
    have the right to designate an Early Termination Date in accordance with
Section 6 of this Agreement.                                        

      (i)   The "Illegality" provisions of Section 5(b)(i) will apply to Party A
and will apply to Party B.                              

      (ii)  The "Tax Event" provisions of Section 5(b)(ii) will apply to Party A
and will apply to Party B.                              

  (iii) The "Tax Event Upon Merger" provisions of Section 5(b)(iii) will
         apply to Party A and will apply to Party B, provided that Party A
       shall not be entitled to designate an Early Termination Date by
       reason of a Tax Event upon Merger in respect of which it is the
Affected Party.                                         

    (iv)  The "Credit Event Upon Merger" provisions of Section 5(b)(iv) will
not apply to Party A and will not apply to Party B.     

(e)   The "Automatic Early Termination" provision of Section 6(a) will not apply
to Party A and will not apply to Party B.                           

(f)   Payments on Early Termination. For the purpose of Section 6(e) of this    
Agreement:                                                          

    (i)   Market Quotation will apply, provided, however, that, in the event
        of a Derivative Provider Trigger Event, the following provisions
will apply:                                             

       (A)   The definition of Market Quotation in Section 14 shall be
            deleted in its entirety and replaced with the following:

         "Market Quotation" means, with respect to one or more
                Terminated Transactions, a Firm Offer which is (1) made by a
               Reference Market-maker that is an Eligible Replacement, (2)
               for an amount that would be paid to Party B (expressed as a
           negative number) or by Party B (expressed as a positive
                number) in consideration of an agreement between Party B and
           such Reference Market-maker to enter into a Replacement
                 Transaction, and (3) made on the basis that Unpaid Amounts in
                  respect of the Terminated Transaction or group of Transactions
              are to be excluded but, without limitation, any payment or
               delivery that would, but for the relevant Early Termination
           Date, have been required (assuming satisfaction of each
                applicable condition precedent) after that Early Termination
Date is to be included.                     

         (B)   The definition of Settlement Amount shall be deleted in its
entirety and replaced with the following:   

        "Settlement Amount" means, with respect to any Early
Termination Date, an amount equal to:       

           (a)   If a Market Quotation for the relevant Terminated
                  Transaction or group of Terminated Transactions is
                      accepted by Party B so as to become legally binding on
                       or before the day falling ten Local Business Days after
              the day on which the Early Termination Date is
                       designated, or such later day as Party B may specify in
                        writing to Party A, but in either case no later than one
                      Local Business Day prior to the Early Termination Date
                      (such day, the "Latest Settlement Amount Determination
                        Day"), the Termination Currency Equivalent of the amount
                        (whether positive or negative) of such Market Quotation;

                (b)   If, on the Latest Settlement Amount Determination Day,
               no Market Quotation for the relevant Terminated
                        Transaction or group of Terminated Transactions has been
                       accepted by Party B so as to become legally binding and
                        one or more Market Quotations from Approved Replacements
                     have been made and remain capable of becoming legally
                    binding upon acceptance, the Settlement Amount shall
                       equal the Termination Currency Equivalent of the amount
                    (whether positive or negative) of the lowest of such
                  Market Quotations (for the avoidance of doubt, the
                    lowest of such Market Quotations shall be the lowest
                       Market Quotation of such Market Quotations expressed as
                      a positive number or, if any of such Market Quotations
                       is expressed as a negative number, the Market Quotation
                        expressed as a negative number with the largest absolute
value); or                      

                (c)   If, on the Latest Settlement Amount Determination Day,
               no Market Quotation for the relevant Terminated
                  Transaction or group of Terminated Transactions is
                       accepted by Party B so as to become legally binding and
                        no Market Quotation from an Approved Replacement remains
                        capable of becoming legally binding upon acceptance, the
                     Settlement Amount shall equal Party B's Loss (whether
                        positive or negative and without reference to any Unpaid
                   Amounts) for the relevant Terminated Transaction or
 group of Terminated Transactions.

           (C)   Party A may obtain Market Quotations, and if Party B requests
                 Party A in writing to obtain Market Quotations, Party A shall
         use its reasonable efforts to do so before the Latest
Settlement Amount Determination Day.        

    (D)   If the Settlement Amount is a negative number, Section
                 6(e)(i)(3) shall be deleted in its entirety and replaced with
the following:                              

                 "(3) Second Method and Market Quotation. If the Second Method
                and Market Quotation apply, (I) Party B shall pay to Party A
                  an amount equal to the absolute value of the Settlement Amount
                 in respect of the Terminated Transactions, (II) Party B shall
             pay to Party A the Termination Currency Equivalent of the
                  Unpaid Amounts owing to Party A and (III) Party A shall pay to
             Party B the Termination Currency Equivalent of the Unpaid
             Amounts owing to Party B; provided, however, that (x) the
                amounts payable under the immediately preceding clauses (II)
            and (III) shall be subject to netting in accordance with
              Section 2(c) of this Agreement and (y) notwithstanding any
                  other provision of this Agreement, any amount payable by Party
               A under the immediately preceding clause (III) shall not be
              netted-off against any amount payable by Party B under the
immediately preceding clause (I)."          

   (E)   At any time on or before the Latest Settlement Amount
                 Determination Day at which two or more Market Quotations from
            Approved Replacements remain capable of becoming legally
                binding upon acceptance, Party B shall be entitled to accept
                only the lowest of such Market Quotations (for the avoidance
               of doubt, the lowest of such Market Quotations shall be the
                  lowest Market Quotation of such Market Quotations expressed as
             a positive number or, if any of such Market Quotations is
                  expressed as a negative number, the Market Quotation expressed
          as a negative number with the largest absolute value).

(ii)  The Second Method will apply.                                 

(g)   "Termination Currency" means USD.                                         

(h)   Additional Termination Events. Additional Termination Events will apply as
provided in Part 5(c).                                              

EX-4
62nd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 62nd
Part 2.     Tax Matters.                                                        

(a)   Tax Representations.                                                      

(i)   Payer Representations. For the purpose of Section 3(e) of this
Agreement:                                              

(A) Party A makes the following representation(s):      

None.                                       

(B) Party B makes the following representation(s):      

None.                                       

(ii)  Payee Representations. For the purpose of Section 3(f) of this
Agreement:                                              

(A) Party A makes the following representation(s):      

None.                                       

(B) Party B makes the following representation(s):      

None.                                       

(b)   Tax Provisions.                                                           

     (i)   Indemnifiable Tax. Notwithstanding the definition of "Indemnifiable
      Tax" in Section 14 of this Agreement, all Taxes in relation to
        payments by Party A shall be Indemnifiable Taxes unless (i) such
           Taxes are assessed directly against Party B and not by deduction or
           withholding by Party A or (ii) arise as a result of a Change in Tax
         Law (in which case such Tax shall be an Indemnifiable Tax only if
          such Tax satisfies the definition of Indemnifiable Tax provided in
           Section 14). In relation to payments by Party B, no Tax shall be an
           Indemnifiable Tax, unless the Tax is due to a Change in Tax Law and
           otherwise satisfies the definition of Indemnifiable Tax provided in
Section 14.                                             

EX-4
63rd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 63rd
Part  3. Agreement to Deliver Documents.                                        

(a)   For the purpose of Section 4(a)(i), tax forms, documents, or certificates 
to be delivered are:                                                

Party required          Form/Document/                    Date by which to      
to deliver document     Certificate                       be delivered          
--------------------------------------------------------------------------------

Party A        Any form or document required or  Promptly upon reasonable       
  reasonably requested to allow     demand by Party B.
Party B to make payments under                    
the Agreement without any                         
deduction or withholding for or                   
on account of any Tax, or with                    
such deduction or withholding at                  
a reduced rate.                                   

Party B        (i) A correct, complete and duly  In each case (i) upon entering 
            executed IRS Form W-9 (or any     into this Agreement, (ii) in
             successor thereto) of the Trust   the case of a W-8ECI, W-8IMY,
        that eliminates U.S. federal      and W-8BEN that does not
       withholding and backup            include a U.S. taxpayer
             withholding tax on payments       identification number in line
             under this Agreement, (ii) if     6, before December 31 of each
               requested by Party A, a correct,  third succeeding calendar year,
              complete and executed Form        (iii) promptly upon reasonable
           W-8IMY of the Trust, and (iii) a  demand by Party A, and (iv)
              complete and executed IRS Form    promptly upon actual knowledge
             W-9, W-8BEN, W-8ECI, or W-8IMY    that any such Form previously
              (with attachments) (as            provided by Party B has become
      appropriate) from each            obsolete or incorrect.
Certificateholder that is not an                  
"exempt recipient" as that term                   
is defined in Treasury                            
regulations section                               
1.6049-4(c)(1)(ii), that                          
eliminates U.S. federal                           
withholding and backup                            
withholding tax on payments                       
under this Agreement.                             

(b)   For the purpose of Section 4(a)(ii), other documents to be delivered are: 

                                                        [Enlarge/Download Table]

Party required                                                                                                 Covered by    
to deliver                         Form/Document/                            Date by which to                  Section 3(d)  
document                           Certificate                               be delivered                      Representation
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                                             
Party A and                      Any documents reasonably required by     Upon the execution and delivery of       Yes       
Party B                          the receiving party to evidence the      this Agreement                                     
                                 authority of the delivering party or                                                        
                                 its Credit Support Provider, if any,                                                        
                                 for it to execute and deliver the                                                           
                                 Agreement, this Confirmation, and any                                                       
                                 Credit Support Documents to which it is                                                     
                                 a party, and to evidence the authority                                                      
                                 of the delivering party or its Credit                                                       
                                 Support Provider to perform its                                                             
                                 obligations under the Agreement, this                                                       
                                 Confirmation and any Credit Support                                                         
                                 Document, as the case may be                                                                

Party A and                      A certificate of an authorized officer   Upon the execution and delivery of       Yes       
Party B                          of the party (except, with respect to    this Agreement                                     
                                 Party B, of the Trustee), as to the                                                         
                                 incumbency and authority of the                                                             
                                 respective officers of the party                                                            
                                 signing the Agreement, this                                                                 
                                 Confirmation, and any relevant Credit                                                       
                                 Support Document, as the case may be                                                        

Party A                          An opinion of counsel to Party A         Upon the execution and delivery of       No        
                                 reasonably satisfactory to Party B.      this Agreement                                     

Party B                          An opinion of counsel to Party B         Upon the execution and delivery of       No        
                                 reasonably satisfactory to Party A.      this Agreement                                     

Party B                          An executed copy of the Base Agreement   Within 30 days after the date of this    No        
                                                                          Agreement.                                         

Part 4.  Miscellaneous.                                                         

(a)   Address for Notices: For the purposes of Section 12(a) of this Agreement: 

Address for notices or communications to Party A:                   

Address:     5 The North Colonnade                                  
Canary Wharf                              
London E14 4BB                            
Facsimile:   44(20) 777 36461                                       
Phone:       44(20) 777 36810                                       

(For all purposes)                                                  

Address for notices or communications to Party B:                   

Address:     1761 East St. Andrew Place                             
Santa Ana, California 92705               
Attention:   Trust Administration - BC06W4                          
Facsimile:   (714) 656-2622                                         
Phone:       (714) 247 6000                                         

(For all purposes)                                                  

(b)   Process Agent. For the purpose of Section 13(c):                          

Party A appoints as its Process Agent: Not applicable.              

Party B appoints as its Process Agent:  Not applicable.             

(c)   Offices. The provisions of Section 10(a) will apply to this Agreement.    

(d)   Multibranch Party. For the purpose of Section 10(c) of this Agreement:    

Party A is not a Multibranch Party.                                 

Party B is not a Multibranch Party.                                 

(e)   Calculation Agent. The Calculation Agent is Party A.                      

(f)   Credit Support Document.                                                  

 Party A:    The Credit Support Annex, and any guarantee in support of
Party A's obligations under this Agreement. 

Party B:    The Credit Support Annex, solely in respect of Party B's
                 obligations under Paragraph 3(b) of the Credit Support Annex.

(g)   Credit Support Provider.                                                  

 Party A:    The guarantor under any guarantee in support of Party A's
obligations under this Agreement.           

Party B:    None.                                                   

(h)   Governing Law. The parties to this Agreement hereby agree that the law of 
the State of New York shall govern their rights and duties in whole 
  (including any claim or controversy arising out of or relating to this
      Agreement), without regard to the conflict of law provisions thereof other
than New York General Obligations Law Sections 5-1401 and 5-1402.   

(i)   Netting of Payments. The parties agree that subparagraph (ii) of Section  
2(c) will apply to each Transaction hereunder.                      

(j)   Affiliate. "Affiliate" shall have the meaning assigned thereto in Section 
     14; provided, however, that Party B shall be deemed to have no Affiliates
for purposes of this Agreement, including for purposes of Section   
6(b)(ii).                                                           

EX-4
64th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 64th
Part  5. Others Provisions.                                                     

(a)   Definitions. Unless otherwise specified in a Confirmation, this Agreement 
  and each Transaction under this Agreement are subject to the 2000 ISDA
 Definitions as published and copyrighted in 2000 by the International
    Swaps and Derivatives Association, Inc. (the "Definitions"), and will be
governed in all relevant respects by the provisions set forth in the
      Definitions, without regard to any amendment to the Definitions subsequent
to the date hereof. The provisions of the Definitions are hereby    
      incorporated by reference in and shall be deemed a part of this Agreement,
 except that (i) references in the Definitions to a "Swap Transaction"
shall be deemed references to a "Transaction" for purposes of this  
     Agreement, and (ii) references to a "Transaction" in this Agreement shall
be deemed references to a "Swap Transaction" for purposes of the    
      Definitions. Each term capitalized but not defined in this Agreement shall
have the meaning assigned thereto in the Base Agreement.            

(b)   Amendments to ISDA Master Agreement.                                      

    (i)   Single Agreement. Section 1(c) is hereby amended by the adding the
        words "including, for the avoidance of doubt, the Credit Support
Annex" after the words "Master Agreement".              

      (ii)  Change of Account. Section 2(b) is hereby amended by the addition of
          the following after the word "delivery" in the first line thereof:

         "to another account in the same legal and tax jurisdiction as the
original account".                                      

   (iv)  Representations. Section 3 is hereby amended by adding at the end
thereof the following subsection (g):                   

"(g) Relationship Between Parties.                      

                  (1)   Non-Reliance. Party A is acting for its own account, and
                      with respect to Party B, the Trustee is executing this
                 Agreement on behalf of Party B in its capacity as
                 trustee of the Trust. Each party has made its own
                        independent decisions to enter into that Transaction and
                       as to whether that Transaction is appropriate or proper
                       for it based upon its own judgment and upon advice from
                   such advisors as it has deemed necessary. It is not
                     relying on any communication (written or oral) of the
                       other party as investment advice or as a recommendation
                        to enter into that Transaction, it being understood that
                     information and explanations related to the terms and
                  conditions of a Transaction will not be considered
                        investment advice or a recommendation to enter into that
                        Transaction. No communication (written or oral) received
                      from the other party will be deemed to be an assurance
               or guarantee as to the expected results of that
Transaction.                    

                  (2)   Assessment and Understanding. It is capable of assessing
                     the merits of and understanding (on its own behalf or
             through independent professional advice), and
                        understands and accepts, the terms, conditions and risks
                        of that Transaction. It is also capable of assuming, and
       assumes, the risks of that Transaction.

              (3)   Purpose. It is entering into the Transaction for the
                   purposes of managing its borrowings or investments,
                  hedging its underlying assets or liabilities or in
   connection with a line of business.

             (4)   Status of Parties. The other party is not acting as
                fiduciary for or advisor to it in respect of the
Transaction.                    

           (5)   Eligible Contract Participant. It is an "eligible
                       contract participant" as defined in Section 1(a)(12) of
        the Commodity Exchange Act, as amended."

 (v)   Transfer to Avoid Termination Event. Section 6(b)(ii) is hereby
           amended by deleting the words "or if a Tax Event Upon Merger occurs
and the Burdened Party is the Affected Party."          

   (vi)  Jurisdiction. Section 13(b) is hereby amended by: (i) deleting in
            the second line of subparagraph (i) thereof the word "non-" and (ii)
deleting the final paragraph thereof.                   

(c)   Additional Termination Events. The following Additional Termination Events
will apply:                                                         

   (i)   First Rating Trigger Collateral. If (A) it is not the case that a
  Moody's Second Trigger Ratings Event has occurred and been
         continuing for 30 or more Local Business Days and (B) Party A has
           failed to comply with or perform any obligation to be complied with
            or performed by Party A in accordance with the Credit Support Annex,
     then an Additional Termination Event shall have occurred with
            respect to Party A and Party A shall be the sole Affected Party with
respect to such Additional Termination Event.           

(ii)  Second Rating Trigger Replacement. If (A) a Required Ratings  
       Downgrade Event has occurred and been continuing for 30 or more
         Local Business Days and (B) (i) at least one Eligible Replacement
      has made a Firm Offer to be the transferee of all of Party A's
        rights and obligations under this Agreement (and such Firm Offer
            remains an offer that will become legally binding upon such Eligible
           Replacement upon acceptance by the offeree) and/or (ii) an Eligible
        Guarantor has made a Firm Offer to provide an Eligible Guarantee
      (and such Firm Offer remains an offer that will become legally
           binding upon such Eligible Guarantor immediately upon acceptance by
     the offeree), then an Additional Termination Event shall have
      occurred with respect to Party A and Party A shall be the sole
         Affected Party with respect to such Additional Termination Event.

    (iii) Amendment of Base Agreement. If, without the prior written consent
           of Party A where such consent is required under the Base Agreement,
        an amendment is made to the Base Agreement which amendment could
       reasonably be expected to have a material adverse effect on the
        interests of Party A (excluding, for the avoidance of doubt, any
           amendment to the Base Agreement that is entered into solely for the
    purpose of appointing a successor servicer, master servicer,
          securities administrator, trustee or other service provider) under
           this Agreement, an Additional Termination Event shall have occurred
            with respect to Party B and Party B shall be the sole Affected Party
with respect to such Additional Termination Event.      

   (iv)  Termination of Trust. If, the Trust is terminated pursuant to the
          Base Agreement and all rated certificates or notes, as applicable,
          have been paid in accordance with the terms of the Base Agreement,
           an Additional Termination Event shall have occurred with respect to
            Party B and Party B shall be the sole Affected Party with respect to
such Additional Termination Event.                      

   (v)   Securitization Unwind. If a Securitization Unwind (as hereinafter
            defined) occurs, an Additional Termination Event shall have occurred
            with respect to Party B and Party B shall be the sole Affected Party
    with respect to such Additional Termination Event. The Early
        Termination Date in respect of such Additional Termination Event
         shall not be earlier than 20 days prior to the date the Notice of
Final Distribution is to be mailed to the affected      
         Certificateholders. As used herein, "Securitization Unwind" means
         notice of the requisite amount of a party's intention to exercise
         its option to purchase the underlying mortgage loans pursuant the
       Base Agreement is given by the Trustee to certificateholders or
   noteholders, as applicable, pursuant to the Base Agreement.

(d)   Required Ratings Downgrade Event. In the event that no Relevant Entity has
   credit ratings at least equal to the Required Ratings Threshold of each
  relevant Swap Rating Agency (such event, a "Required Ratings Downgrade
      Event"), then Party A shall, as soon as reasonably practicable and so long
   as a Required Ratings Downgrade Event is in effect, at its own expense,
 use commercially reasonable efforts to procure either (A) a Permitted
Transfer or (B) an Eligible Guarantee from an Eligible Guarantor.   

(e)   Transfers.                                                                

 (i)   Section 7 is hereby amended to read in its entirety as follows:

    "Subject to Section 6(b)(ii), neither Party A nor Party B is
           permitted to assign, novate or transfer (whether by way of security
          or otherwise) as a whole or in part any of its rights, obligations
           or interests under the Agreement or any Transaction without (a) the
            prior written consent of the other party and (b) satisfaction of the
Rating Agency Condition, except that:                   

            (a)   a party may make such a transfer of this Agreement pursuant to
                 a consolidation or amalgamation with, or merger with or into,
                  or transfer of all or substantially all its assets to, another
              entity (but without prejudice to any other right or remedy
under this Agreement);                      

        (b)   a party may make such a transfer of all or any part of its
                interest in any amount payable to it from a Defaulting Party
under Section 6(e); and                     

          (c)   Party A may transfer or assign this Agreement to any Person,
                including, without limitation, another of Party A's offices,
              branches or affiliates (any such Person, office, branch or
              affiliate, a "Transferee") on at least five Business Days'
             prior written notice to Party B and the Trustee; provided
                that, with respect to this clause (c), (A) as of the date of
                 such transfer the Transferee will not be required to withhold
              or deduct on account of a Tax from any payments under this
            Agreement unless the Transferee will be required to make
                 payments of additional amounts pursuant to Section 2(d)(i)(4)
              of this Agreement in respect of such Tax (B) a Termination
                 Event or Event of Default does not occur under this Agreement
                as a result of such transfer; (C) such notice is accompanied
            by a written instrument pursuant to which the Transferee
                 acquires and assumes the rights and obligations of Party A so
                 transferred; (D) Party A will be responsible for any costs or
              expenses incurred in connection with such transfer and (E)
         Party A obtains in respect of such transfer a written
                  acknowledgement of satisfaction of the Rating Agency Condition
                 (except for Moody's). Party B will execute such documentation
               provided to it as is reasonably deemed necessary by Party A
for the effectuation of any such transfer." 

    (ii)  If an Eligible Replacement has made a Firm Offer (which remains an
          offer that will become legally binding upon acceptance by Party B)
      to be the transferee pursuant to a Permitted Transfer, Party B
     shall, at Party A's written request and at Party A's expense,
         execute such documentation provided to it as is reasonably deemed
necessary by Party A to effect such transfer.           

(iii) Upon any transfer of this Agreement by Party A, each of the   
   transferee and the transferor must be a "dealer in notional
         principal contracts" for purposes of Treasury regulations section
   1.1001-4(a). For the avoidance of doubt, the Trustee is not
     obligated to determine whether each of the transferee and the
      transferor are such "dealers in notional principal contracts."

(f)   Non-Recourse. Party A acknowledges and agree that, notwithstanding any    
   provision in this Agreement to the contrary, the obligations of Party B
      hereunder are limited recourse obligations of Party B, payable solely from
  the Trust and the proceeds thereof, in accordance with the priority of
    payments and other terms of the Base Agreement and that Party A will not
have any recourse to any of the directors, officers, employees,     
     shareholders or affiliates of Party B with respect to any claims, losses,
     damages, liabilities, indemnities or other obligations in connection with
     any transactions contemplated hereby. In the event that the Trust and the
      proceeds thereof, should be insufficient to satisfy all claims outstanding
  and following the realization of the account held by the Trust and the
    proceeds thereof, any claims against or obligations of Party B under the
ISDA Master Agreement or any other confirmation thereunder still    
    outstanding shall be extinguished and thereafter not revive. The Trustee
 shall not have liability for any failure or delay in making a payment
    hereunder to Party A due to any failure or delay in receiving amounts in
     the account held by the Trust from the Trust created pursuant to the Base
     Agreement. This provision will survive the termination of this Agreement.

(g)   Rating Agency Notifications. Notwithstanding any other provision of this  
Agreement, no Early Termination Date shall be effectively designated
   hereunder by Party B and no transfer of any rights or obligations under
this Agreement shall be made by either party unless each Swap Rating
Agency has been given prior written notice of such designation or   
transfer.                                                           

(h)   No Set-off. Except as expressly provided for in Section 2(c), Section 6 or
   Part 1(f)(i)(D) hereof, and notwithstanding any other provision of this
Agreement or any other existing or future agreement, each party     
     irrevocably waives any and all rights it may have to set off, net, recoup
   or otherwise withhold or suspend or condition payment or performance of
any obligation between it and the other party hereunder against any 
 obligation between it and the other party under any other agreements.
  Section 6(e) shall be amended by deleting the following sentence: "The
amount, if any, payable in respect of an Early Termination Date and 
 determined pursuant to this Section will be subject to any Set-off.".

(i)   Amendment. Notwithstanding any provision to the contrary in this          
     Agreement, no amendment of either this Agreement or any Transaction under
     this Agreement shall be permitted by either party unless each of the Swap
  Rating Agencies has been provided prior written notice of the same and
     each relevant Swap Rating Agency (other than Moody's) confirms in writing
      (including by facsimile transmission) that it will not downgrade, withdraw
   or otherwise modify its then-current ratings of the Certificates or the
Notes.                                                              

(j)   Notice of Certain Events or Circumstances. Each Party agrees, upon        
  learning of the occurrence or existence of any event or condition that
     constitutes (or that with the giving of notice or passage of time or both
      would constitute) an Event of Default or Termination Event with respect to
such party, promptly to give the other Party and to each Swap Rating
      Agency notice of such event or condition; provided that failure to provide
  notice of such event or condition pursuant to this Part 5(j) shall not
constitute an Event of Default or a Termination Event.              

(k)   Proceedings. No Relevant Entity shall institute against, or cause any     
      other person to institute against, or join any other person in instituting
against Party B, the Trust, or the trust formed pursuant to the Base
    Agreement, in any bankruptcy, reorganization, arrangement, insolvency or
   liquidation proceedings or other proceedings under any federal or state
  bankruptcy or similar law for a period of one year (or, if longer, the
      applicable preference period) and one day following payment in full of the
      Certificates and any Notes; provided, however, that nothing will preclude,
 or be deemed to stop, Party A (i) from taking any action prior to the
      expiration of the aforementioned one year and one day period, or if longer
the applicable preference period then in effect, in (A) any case or 
proceeding voluntarily filed or commenced by Party B or (B) any     
  involuntary insolvency proceeding filed or commenced by a Person other
than Party A, or (ii) from commencing against Party B or any of the 
  Collateral any legal action which is not a bankruptcy, reorganization,
   arrangement, insolvency, moratorium, liquidation or similar proceeding.
This provision will survive the termination of this Agreement.      

(l)   Trustee Liability Limitations. It is expressly understood and agreed by   
   the parties hereto that (a) this Agreement is executed by Deutsche Bank
National Trust Company ("DBNTC") not in its individual capacity, but
    solely as Trustee under the Base Agreement in the exercise of the powers
     and authority conferred and invested in it thereunder; (b) DBNTC has been
    directed pursuant to the Base Agreement to enter into this Agreement and
  to perform its obligations hereunder; (c) each of the representations,
      undertakings and agreements herein made on behalf of the Trust is made and
      intended not as personal representations of DBNTC but is made and intended
     for the purpose of binding only the Trust; and (d) under no circumstances
shall DBNTC in its individual capacity be personally liable for any 
payments hereunder or for the breach or failure of any obligation,  
representation, warranty or covenant made or undertaken under this  
Agreement.                                                          

(m)   Severability. If any term, provision, covenant, or condition of this      
     Agreement, or the application thereof to any party or circumstance, shall
be held to be invalid or unenforceable (in whole or in part) in any 
      respect, the remaining terms, provisions, covenants, and conditions hereof
 shall continue in full force and effect as if this Agreement had been
     executed with the invalid or unenforceable portion eliminated, so long as
this Agreement as so modified continues to express, without material
      change, the original intentions of the parties as to the subject matter of
      this Agreement and the deletion of such portion of this Agreement will not
substantially impair the respective benefits or expectations of the 
     parties; provided, however, that this severability provision shall not be
    applicable if any provision of Section 2, 5, 6, or 13 (or any definition
    or provision in Section 14 to the extent it relates to, or is used in or
  in connection with any such Section) shall be so held to be invalid or
unenforceable.                                                      

      The parties shall endeavor to engage in good faith negotiations to replace
      any invalid or unenforceable term, provision, covenant or condition with a
     valid or enforceable term, provision, covenant or condition, the economic
effect of which comes as close as possible to that of the invalid or
unenforceable term, provision, covenant or condition.               

(n)   Consent to Recording. Each party hereto consents to the monitoring or     
   recording, at any time and from time to time, by the other party of any
and all communications between trading, marketing, and operations   
    personnel of the parties and their Affiliates, waives any further notice
   of such monitoring or recording, and agrees to notify such personnel of
such monitoring or recording.                                       

(o)   Waiver of Jury Trial. Each party waives any right it may have to a trial  
  by jury in respect of any in respect of any suit, action or proceeding
relating to this Agreement or any Credit Support Document.          

(p)   Regarding Party A. Party B acknowledges and agrees that Party A, in its   
   capacity as swap provider, has had and will have no involvement in and,
     accordingly Party A accepts no responsibility for: (i) the establishment,
structure, or choice of assets of Party B; (ii) the selection of any
    person performing services for or acting on behalf of Party B; (iii) the
selection of Party A as the Counterparty; (iv) the terms of the     
 Certificates; (v) the preparation of or passing on the disclosure and
 other information (other than disclosure and information furnished by
      Party A) contained in any offering circular for the Certificates, the Base
  Agreement, or any other agreements or documents used by Party B or any
      other party in connection with the marketing and sale of the Certificates;
    (vi) the ongoing operations and administration of Party B, including the
furnishing of any information to Party B which is not specifically  
 required under this Agreement; or (vii) any other aspect of Party B's
existence.                                                          

(q)   Additional Definitions.                                                   

     Capitalized terms used herein and not otherwise defined herein shall have
      the meanings assigned to such terms in the Base Agreement. In addition, as
   used in this Agreement, the following terms shall have the meanings set
forth below, unless the context clearly requires otherwise:         

           "Approved Ratings Threshold" means each of the S&P Approved Ratings
            Threshold, the Moody's First Trigger Ratings Threshold and the Fitch
First Trigger Ratings Threshold.                        

            "Approved Replacement" means, with respect to a Market Quotation, an
       entity making such Market Quotation, which entity would satisfy
            conditions (a), (b), and (c) of the definition of Permitted Transfer
         if such entity were a Transferee, as defined in the definition of
Permitted Transfer.                                     

         "Derivative Provider Trigger Event" means (i) an Event of Default
   with respect to which Party A is a Defaulting Party, (ii) a
           Termination Event (other than Illegality or Tax Event) with respect
          to which Party A is the sole Affected Party or (iii) an Additional
            Termination Event with respect to which Party A is the sole Affected
Party.                                                  

   "Eligible Guarantee" means an unconditional and irrevocable
          guarantee of all present and future obligations (for the avoidance
      of doubt, not limited to payment obligations) of Party A or an
    Eligible Replacement to Party B under this Agreement that is
         provided by an Eligible Guarantor as principal debtor rather than
        surety and that is directly enforceable by Party B, the form and
     substance of which guarantee are subject to the Rating Agency
      Condition, and either (A) a law firm has given a legal opinion
         confirming that none of the guarantor's payments to Party B under
         such guarantee will be subject to Tax collected by withholding or
       (B) such guarantee provides that, in the event that any of such
       guarantor's payments to Party B are subject to Tax collected by
      withholding, such guarantor is required to pay such additional
     amount as is necessary to ensure that the net amount actually
   received by Party B (free and clear of any Tax collected by
           withholding) will equal the full amount Party B would have received
had no such withholding been required.                  

           "Eligible Guarantor" means an entity that (A) has credit ratings at
       least equal to the Approved Ratings Threshold or (B) has credit
           ratings at least equal to the Required Ratings Threshold, provided,
    for the avoidance of doubt, that an Eligible Guarantee of an
         Eligible Guarantor with credit ratings below the Approved Ratings
      Threshold will not cause a Collateral Event (as defined in the
Credit Support Annex) not to occur or continue.         

          "Eligible Replacement" means an entity (A) that has credit ratings
        at least equal to the Approved Ratings Threshold, (B) has credit
           ratings at least equal to the Required Ratings Threshold, provided,
    for the avoidance of doubt, that an Eligible Guarantee of an
         Eligible Guarantor with credit ratings below the Approved Ratings
      Threshold will not cause a Collateral Event (as defined in the
          Credit Support Annex) not to occur or continue, or (C) the present
          and future obligations (for the avoidance of doubt, not limited to
            payment obligations) of which entity to Party B under this Agreement
    (or any replacement agreement, as applicable) are guaranteed
            pursuant to an Eligible Guarantee provided by an Eligible Guarantor.

         "Firm Offer" means (A) with respect to an Eligible Replacement, a
          quotation from such Eligible Replacement (i) in an amount equal to
         the actual amount payable by or to Party B in consideration of an
          agreement between Party B and such Eligible Replacement to replace
            Party A as the counterparty to this Agreement by way of novation or,
          if such novation is not possible, an agreement between Party B and
         such Eligible Replacement to enter into a Replacement Transaction
   (assuming that all Transactions hereunder become Terminated
          Transactions), and (ii) that constitutes an offer by such Eligible
            Replacement to replace Party A as the counterparty to this Agreement
           or enter a Replacement Transaction that will become legally binding
          upon such Eligible Replacement upon acceptance by Party B, and (B)
        with respect to an Eligible Guarantor, an offer by such Eligible
           Guarantor to provide an Eligible Guarantee that will become legally
            binding upon such Eligible Guarantor upon acceptance by the offeree.

   "Fitch" means Fitch Ratings Ltd., or any successor thereto.

            "Fitch First Trigger Ratings Threshold" means, with respect to Party
   A, the guarantor under an Eligible Guarantee or an Eligible
         Replacement, a long-term unsecured and unsubordinated debt rating
            from Fitch of "A" and a short-term unsecured and unsubordinated debt
rating from Fitch of "F1".                              

       "Fitch Second Trigger Ratings Threshold" means, with respect to
         Party A, the guarantor under an Eligible Guarantee or an Eligible
         Replacement, a long-term unsecured and unsubordinated debt rating
         from Fitch of "BBB-" or a short-term unsecured and unsubordinated
debt rating from Fitch of "F3", if applicable.          

         "Moody's" means Moody's Investors Service, Inc., or any successor
thereto.                                                

        "Moody's First Trigger Ratings Threshold" means, with respect to
         Party A, the guarantor under an Eligible Guarantee or an Eligible
      Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody's, a long-term unsecured and
         unsubordinated debt rating or counterparty rating from Moody's of
           "A2" and a short-term unsecured and unsubordinated debt rating from
    Moody's of "Prime-1", or (ii) if such entity does not have a
           short-term unsecured and unsubordinated debt rating from Moody's, a
          long-term unsecured and unsubordinated debt rating or counterparty
rating from Moody's of "A1".                            

            "Moody's Second Trigger Ratings Event" means that no Relevant Entity
            has credit ratings from Moody's at least equal to the Moody's Second
Trigger Rating Threshold.                               

         "Moody's Second Trigger Ratings Threshold" means, with respect to
         Party A, the guarantor under an Eligible Guarantee or an Eligible
      Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody's, a long-term unsecured and
         unsubordinated debt rating or counterparty rating from Moody's of
           "A3" and a short-term unsecured and unsubordinated debt rating from
    Moody's of "Prime-2", or (ii) if such entity does not have a
           short-term unsecured and unsubordinated debt rating from Moody's, a
          long-term unsecured and unsubordinated debt rating or counterparty
rating from Moody's of "A3".                            

         "Permitted Transfer" means a transfer by novation by Party A to a
       transferee (the "Transferee") of all, but not less than all, of
        Party A's rights, liabilities, duties and obligations under this
       Agreement, with respect to which transfer each of the following
  conditions is satisfied: (a) the Transferee is an Eligible
           Replacement that is a recognized dealer in interest rate swaps, (b)
            as of the date of such transfer the Transferee would not be required
            to withhold or deduct on account of Tax from any payments under this
     Agreement or would be required to gross up for such Tax under
        Section 2(d)(i)(4), (c) an Event of Default or Termination Event
       would not occur as a result of such transfer, (d) pursuant to a
     written instrument (the "Transfer Agreement"), the Transferee
            acquires and assumes all rights and obligations of Party A under the
           Agreement and the relevant Transaction, (e) such Transfer Agreement
         is effective to transfer to the Transferee all, but not less than
            all, of Party A's rights and obligations under the Agreement and all
            relevant Transactions; (f) Party A will be responsible for any costs
            or expenses incurred in connection with such transfer (including any
         replacement cost of entering into a replacement transaction); (g)
            Moody's has been given prior written notice of such transfer and the
          Rating Agency Condition (except for Moody's) is satisfied; and (h)
   such transfer otherwise complies with the terms of the Base
Agreement.                                              

       "Rating Agency Condition" means, with respect to any particular
          proposed act or omission to act hereunder that the party acting or
         failing to act must consult with each of the relevant Swap Rating
      Agencies and receive from each such Swap Rating Agency a prior
           written confirmation that the proposed action or inaction would not
         cause a downgrade or withdrawal of the then-current rating of any
          Certificates or Notes; provided, however, with respect to Moody's,
          the Rating Agency Condition will be satisfied upon the delivery of
         written notice to Moody's of such proposed act or omission to act
            where consultation with each of the relevant Swap Rating Agencies is
required.                                               

        "Relevant Entity" means Party A and, to the extent applicable, a
guarantor under an Eligible Guarantee.                  

       "Replacement Transaction" means, with respect to any Terminated
         Transaction or group of Terminated Transactions, a transaction or
          group of transactions that (i) would have the effect of preserving
      for Party B the economic equivalent of any payment or delivery
         (whether the underlying obligation was absolute or contingent and
            assuming the satisfaction of each applicable condition precedent) by
       the parties under Section 2(a)(i) in respect of such Terminated
           Transaction or group of Terminated Transactions that would, but for
        the occurrence of the relevant Early Termination Date, have been
            required after that Date, and (ii) has terms which are substantially
         the same as this Agreement, including, without limitation, rating
triggers, Regulation AB compliance, and credit support  
       documentation, save for the exclusion of provisions relating to
Transactions that are not Terminated Transaction.       

          "Required Ratings Downgrade Event" shall have the meaning assigned
thereto in Part 5(d).                                   

           "Required Ratings Threshold" means each of the S&P Required Ratings
       Threshold, the Moody's Second Trigger Ratings Threshold and the
Fitch Second Trigger Ratings Threshold.                 

            "S&P" means  Standard & Poor's  Rating  Services,  a division of The
McGraw-Hill Companies, Inc., or any successor thereto.  

            "S&P Approved Ratings Threshold" means, with respect to Party A, the
           guarantor under an Eligible Guarantee or an Eligible Replacement, a
       short-term unsecured and unsubordinated debt rating from S&P of
          "A-1", or, if such entity does not have a short-term unsecured and
      unsubordinated debt rating from S&P, a long-term unsecured and
unsubordinated debt rating from S&P of "A+".            

            "S&P Required Ratings Threshold" means, with respect to Party A, the
           guarantor under an Eligible Guarantee or an Eligible Replacement, a
      long-term unsecured and unsubordinated debt rating from S&P of
"BBB+".                                                 

 "Swap Rating Agencies" means, with respect to any date of
       determination, each of S&P, Moody's, and Fitch, but only to the
          extent that each such rating agency is then providing a rating for
         any of the certificates or notes issued under the Base Agreement.

[Remainder of this page intentionally left blank.]

EX-4
65th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 65th
The time of dealing will be confirmed by Party A upon written request. Barclays 
is regulated by the Financial Services Authority. Barclays is acting for its own
account in respect of this Transaction.                                         

Please confirm that the foregoing correctly sets forth all the terms and        
conditions of our agreement with respect to the Transaction by responding within
three (3) Business Days by promptly signing in the space provided below and both
(i) faxing the signed copy to Incoming Transaction Documentation, Barclays      
Capital Global OTC Transaction Documentation & Management, Global Operations,   
Fax +(44) 20-7773-6810/6857, Tel +(44) 20-7773-6901/6904/6965, and (ii) mailing 
the signed copy to Barclays Bank PLC, 5 The North Colonnade, Canary Wharf,      
London E14 4BB, Attention of Incoming Transaction Documentation, Barclays       
Capital Global OTC Transaction Documentation & Management, Global Operation.    
Your failure to respond within such period shall not affect the validity or     
enforceability of the Transaction against you. This facsimile shall be the only 
documentation in respect of the Transaction and accordingly no hard copy        
versions of this Confirmation for this Transaction shall be provided unless     
Party B requests such a copy.                                                   

-----------------------------------------------------------------------------   

For and on behalf of                  For and on behalf of                      
BARCLAYS BANK PLC                     Securitized Asset Backed Receivables LLC  
          Trust 2006-WM4

                               By:    Deutsche Bank National Trust
                                  Company,  not individually, but solely
                   as trustee of the Trust
-----------------------------------------------------------------------------   

/s/ Jason Hatley                      /s/ Amy Stoddard          

Name:   Jason Hatley                  Name:   Amy Stoddard                      
Title:  Authorised Signatory          Title:  Authorized Signer                 
Date:   December 28, 2006             Date:   December 28, 2006                 

-----------------------------------------------------------------------------   

Barclays Bank PLC and its Affiliates, including Barclays Capital Inc., may share
with each other information, including non-public credit information, concerning
its clients and prospective clients. If you do not want such information to be  
shared, you must write to the Director of Compliance, Barclays Bank PLC, 200    
Park Avenue, New York, NY 10166.                                                

EX-4
66th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 66th
SCHEDULE I

  From and including           To but excluding        Notional Amount (USD)
  ------------------           ----------------        ---------------------
28-Dec-06                   25-Jan-07           1,304,616,000.00
25-Jan-07                   25-Feb-07           1,277,556,845.10
25-Feb-07                   25-Mar-07           1,239,182,027.64
25-Mar-07                   25-Apr-07           1,199,778,041.86
25-Apr-07                   25-May-07           1,159,471,569.40
25-May-07                   25-Jun-07           1,118,392,741.28
25-Jun-07                   25-Jul-07           1,076,674,476.82
25-Jul-07                   25-Aug-07           1,034,013,602.83
25-Aug-07                   25-Sep-07            991,002,472.80 
25-Sep-07                   25-Oct-07            947,778,723.89 
25-Oct-07                   25-Nov-07            904,479,640.94 
25-Nov-07                   25-Dec-07            861,242,464.60 
25-Dec-07                   25-Jan-08            818,680,388.86 
25-Jan-08                   25-Feb-08            778,247,291.22 
25-Feb-08                   25-Mar-08            739,834,284.78 
25-Mar-08                   25-Apr-08            703,338,138.14 
25-Apr-08                   25-May-08            668,661,083.95 
25-May-08                   25-Jun-08            635,710,403.08 
25-Jun-08                   25-Jul-08            604,398,262.98 
25-Jul-08                   25-Aug-08            574,000,281.00 
25-Aug-08                   25-Sep-08            535,863,040.41 
25-Sep-08                   25-Oct-08            476,389,949.62 
25-Oct-08                   25-Nov-08            424,335,752.39 
25-Nov-08                   25-Dec-08            378,694,837.84 
25-Dec-08                   25-Jan-09            338,631,494.95 
25-Jan-09                   25-Feb-09            303,911,484.27 
25-Feb-09                   25-Mar-09            274,968,735.17 
25-Mar-09                   25-Apr-09            250,472,125.04 
25-Apr-09                   25-May-09            229,467,982.31 
25-May-09                   25-Jun-09            211,254,253.32 
25-Jun-09                   25-Jul-09            195,304,623.46 
25-Jul-09                   25-Aug-09            181,216,881.05 
25-Aug-09                   25-Sep-09            168,678,686.71 
25-Sep-09                   25-Oct-09            157,440,647.38 
25-Oct-09                   25-Nov-09            147,294,264.30 
25-Nov-09                   25-Dec-09            138,083,114.17 
25-Dec-09                   25-Jan-10            129,680,037.84 
25-Jan-10                   25-Feb-10            121,920,725.16 
25-Feb-10                   25-Mar-10            114,574,329.96 
25-Mar-10                   25-Apr-10            107,618,424.70 
25-Apr-10                   25-May-10            101,032,002.26 
25-May-10                   25-Jun-10             94,794,878.14 
25-Jun-10                   25-Jul-10             88,888,152.06 
25-Jul-10                   25-Aug-10             83,644,470.02 
25-Aug-10                   25-Sep-10             78,676,887.31 
25-Sep-10                   25-Oct-10             73,970,629.75 
25-Oct-10                   25-Nov-10             69,511,584.47 
25-Nov-10                   25-Dec-10             65,286,514.18 
25-Dec-10                   25-Jan-11             61,282,887.71 
25-Jan-11                   25-Feb-11             57,488,858.47 
25-Feb-11                   25-Mar-11             53,893,226.40 
25-Mar-11                   25-Apr-11             50,485,392.62 
25-Apr-11                   25-May-11             47,255,405.66 
25-May-11                   25-Jun-11             44,193,739.24 
25-Jun-11                   25-Jul-11             41,291,440.26 
25-Jul-11                   25-Aug-11             38,802,911.45 
25-Aug-11                   25-Sep-11             36,442,588.92 
25-Sep-11                   25-Oct-11             34,203,666.14 

EX-4
67th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 67th
 Annex A

Paragraph 13 of the Credit Support Annex  

EX-4
68th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 68th
                                                                         ANNEX A

 ISDA(R)
CREDIT SUPPORT ANNEX
to the Schedule to the
 ISDA Master Agreement
 dated as of December 28, 2006 between
 Barclays Bank PLC (hereinafter referred to as "Party A" or "Pledgor")

 and

 Securitized Asset Backed Receivables LLC Trust 2006-WM4, Mortgage
 Pass-Through Certificates, Series 2006-WM4 (the "Trust") (hereinafter
referred to as "Party B" or "Secured Party") by Deutsche Bank National Trust
Company, not individually, but solely as trustee (the "Trustee")

This Annex supplements, forms part of, and is subject to, the above-referenced  
Agreement, is part of its Schedule and is a Credit Support Document under this  
Agreement with respect to each party.                                           

Paragraph 13.  Elections and Variables.                                         

(a)   Security Interest for "Obligations". The term "Obligations" as used in    
this Annex includes the following additional obligations:           

With respect to Party A: not applicable.                            

With respect to Party B: not applicable.                            

(b)   Credit Support Obligations.                                               

(i)   Delivery Amount, Return Amount and Credit Support Amount.     

           (A)   "Delivery Amount" has the meaning specified in Paragraph 3(a)
               as amended (I) by deleting the words "upon a demand made by
                the Secured Party on or promptly following a Valuation Date"
               and inserting in lieu thereof the words "not later than the
                close of business on the next Local Business Day following a
            Valuation Date" and (II) by deleting in its entirety the
               sentence beginning "Unless otherwise specified in Paragraph
               13" and ending "(ii) the Value as of that Valuation Date of
             all Posted Credit Support held by the Secured Party." and
inserting in lieu thereof the following:    

           The "Delivery Amount" applicable to the Pledgor for any
Valuation Date will equal the greatest of   

               (1)   the amount by which (a) the S&P Credit Support Amount
                       for such Valuation Date exceeds (b) the S&P Value as of
                        such Valuation Date of all Posted Credit Support held by
the Secured Party,              

                 (2)   the amount by which (a) the Fitch Credit Support Amount
                      for such Valuation Date exceeds (b) the Fitch Value as
                        of such Valuation Date of all Posted Credit Support held
by the Secured Party,           

                  (3)   the amount by which (a) the Moody's First Trigger Credit
                      Support Amount for such Valuation Date exceeds (b) the
                        Moody's First Trigger Value as of such Valuation Date of
                        all Posted Credit Support held by the Secured Party, and

            (4)   the amount by which (a) the Moody's Second Trigger
                     Credit Support Amount for such Valuation Date exceeds
               (b) the Moody's Second Trigger Value as of such
                       Valuation Date of all Posted Credit Support held by the
Secured Party.                  

            (B)   "Return Amount" has the meaning specified in Paragraph 3(b) as
              amended by deleting in its entirety the sentence beginning
                 "Unless otherwise specified in Paragraph 13" and ending "(ii)
                 the Credit Support Amount." and inserting in lieu thereof the
following:                                  

               The "Return Amount" applicable to the Secured Party for any
Valuation Date will equal the least of      

          (1)   the amount by which (a) the S&P Value as of such
                       Valuation Date of all Posted Credit Support held by the
                       Secured Party exceeds (b) the S&P Credit Support Amount
for such Valuation Date,        

            (2)   the amount by which (a) the Fitch Value as of such
                       Valuation Date of all Posted Credit Support held by the
                  Secured Party exceeds (b) the Fitch Credit Support
Amount for such Valuation Date, 

                 (3)   the amount by which (a) the Moody's First Trigger Value
                      as of such Valuation Date of all Posted Credit Support
                       held by the Secured Party exceeds (b) the Moody's First
                      Trigger Credit Support Amount for such Valuation Date,
and                             

                  (4)   the amount by which (a) the Moody's Second Trigger Value
                      as of such Valuation Date of all Posted Credit Support
                        held by the Secured Party exceeds (b) the Moody's Second
                      Trigger Credit Support Amount for such Valuation Date.

      (C)   "Credit Support Amount" shall not apply. For purposes of
            calculating any Delivery Amount or Return Amount for any
             Valuation Date, reference shall be made to the S&P Credit
                Support Amount, the Fitch Credit Support Amount, the Moody's
              First Trigger Credit Support Amount, or the Moody's Second
                  Trigger Credit Support Amount, in each case for such Valuation
                Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
above.                                      

(ii)  Eligible Collateral.                                          

  On any date, the following items will qualify as "Eligible
           Collateral" (for the avoidance of doubt, all Eligible Collateral to
be denominated in USD):                                 

EX-4
69th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 69th
                                                        [Enlarge/Download Table]

                                                                     Moody's     Moody's  
                                                                      First       Second  
                                               S&P        Fitch      Trigger     Trigger  
                                            Valuation   Valuation   Valuation   Valuation 
     Collateral                             Percentage  Percentage  Percentage  Percentage
     ----------                             ----------  ----------  ----------  ----------
                                                                                          
(A)     Cash                                    100%        100%        100%        100%  

(B)   Fixed-rate negotiable debt                                                          
      obligations issued by the U.S.                                                      
      Treasury Department having a                                                        
      remaining maturity on such date of                                                  
      not more than one year                   98.9%       97.5%        100%        100%  

(C)   Fixed-rate negotiable debt                                                          
      obligations issued by the U.S.                                                      
      Treasury Department having a                                                        
      remaining maturity on such date of                                                  
      more than one year but not more than                                                
      ten years                                92.5%       86.3%        100%        94%   

(D)   Fixed-rate negotiable debt                                                          
      obligations issued by the U.S.                                                      
      Treasury Department having a                                                        
      remaining maturity on such date of                                                  
      more than ten years                      88.6%       79.0%        100%        88%   

Notwithstanding the Valuation Percentages set forth in the preceding
   table, upon the first Transfer of Eligible Collateral under this Annex,
      the Pledgor may, at the Pledgor's expense, agree the Valuation Percentages
    in relation to (B) through (D) above with the relevant rating agency (to
      the extent such rating agency is providing a rating for the Certificates),
and upon such agreement as evidenced in writing, such Valuation     
Percentages shall supersede those set forth in the preceding table. 

(iii) Other Eligible Support.                                       

            The following items will qualify as "Other Eligible Support" for the
party specified:                                        

           Such Other Eligible Support as the Pledgor may designate; provided,
       at the expense of the Pledgor, the prior written consent of the
   relevant rating agency (to the extent such rating agency is
          providing a rating for the Certificates) shall have been obtained.
            For the avoidance of doubt, there are no items that qualify as Other
Eligible Support as of the date of this Annex.          

(iv)  Threshold.                                                    

         (A)   "Independent Amount" means zero with respect to Party A and
Party B.                                    

          (B)   "Threshold" means, with respect to Party A and any Valuation
                Date, zero if (i) no Relevant Entity has credit ratings from
               S&P at least equal to the S&P Required Ratings Threshold or
                (ii) a Collateral Event has occurred and has been continuing
                  (x) for at least 30 days or (y) since this Annex was executed;
otherwise, infinity.                        

                "Threshold" means, with respect to Party B and any Valuation
Date, infinity.                             

         (C)   "Minimum Transfer Amount" means USD 100,000 with respect to
                 Party A and Party B; provided, however, that if the aggregate
              Class Certificate Balance of the Certificates rated by S&P
            ceases to be more than USD 50,000,000, "Minimum Transfer
                Amount" means USD 50,000, and provided further, with respect
                to the Secured Party at any time when the Secured Party is a
           Defaulting Party, "Minimum Transfer Amount" means zero.

      (D)   Rounding: The Delivery Amount will be rounded up and the
                 Return Amount will be rounded down to the nearest multiple of
USD 1,000, respectively.                    

(c)   Valuation and Timing.                                                     

     (i)   "Valuation Agent" means Party A. The Valuation Agent's calculations
        shall be made in accordance with standard market practices using
           commonly accepted third party sources such as Bloomberg or Reuters.

(ii)  "Valuation Date" means each Local Business Day.               

 (iii) "Valuation Time" means the close of business in the city of the
           Valuation Agent on the Local Business Day immediately preceding the
           Valuation Date or date of calculation, as applicable; provided that
 the calculations of Value and Exposure will be made as of
approximately the same time on the same date.           

 (iv)  "Notification Time" means 11:00 a.m., New York time, on a Local
Business Day.                                           

    (v)   External Verification. Notwithstanding anything to the contrary in
            the definitions of Valuation Agent or Valuation Date, at any time at
       which neither Party A nor, to the extent applicable, its Credit
          Support Provider has a long-term unsubordinated and unsecured debt
         rating of at least "BBB+" from S&P, the Valuation Agent shall (A)
          calculate the Secured Party's Exposure and the S&P Value of Posted
          Credit Suppport on each Valuation Date based on internal marks and
   (B) verify such calculations with external marks monthly by
           obtaining on the last Local Business Day of each calendar month two
           external marks for each Transaction to which this Annex relates and
      for all Posted Credit Suport; such verification of the Secured
         Party's Exposure shall be based on the higher of the two external
      marks. Each external mark in respect of a Transaction shall be
         obtained from an independent Reference Market-maker that would be
          eligible and willing to enter into such Transaction in the absence
          of the current derivative provider, provided that an external mark
          may not be obtained from the same Reference Market-maker more than
           four times in any 12-month period. The Valuation Agent shall obtain
            these external marks directly or through an independent third party,
       in either case at no cost to Party B. The Valuation Agent shall
         calculate on each Valuation Date (for purposes of this paragraph,
            the last Local Business Day in each calendar month referred to above
          shall be considered a Valuation Date) the Secured Party's Exposure
            based on the greater of the Valuation Agent's internal marks and the
            external marks received. If the S&P Value on any such Valuation Date
           of all Posted Credit Support then held by the Secured Party is less
          than the S&P Credit Support Amount on such Valuation Date (in each
      case as determined pursuant to this paragraph), Party A shall,
            within three Local Business Days of such Valuation Date, Transfer to
           the Secured Party Eligible Credit Support having an S&P Value as of
the date of Transfer at least equal to such deficiency. 

 (vi)  Notice to S&P. At any time at which neither Party A nor, to the
      extent applicable, its Credit Support Provider has a long-term
        unsubordinated and unsecured debt rating of at least "BBB+" from
        S&P, the Valuation Agent shall provide to S&P not later than the
            Notification Time on the Local Business Day following each Valuation
         Date its calculations of the Secured Party's Exposure and the S&P
         Value of any Eligible Credit Support or Posted Credit Support for
          that Valuation Date. The Valuation Agent shall also provide to S&P
        any external marks received pursuant to the preceding paragraph.

(d)   Conditions Precedent and Secured Party's Rights and Remedies. The         
      following Termination Events will be a "Specified Condition" for the party
   specified (that party being the Affected Party if the Termination Event
occurs with respect to that party): None.                           

(e)   Substitution.                                                             

      (i)   "Substitution Date" has the meaning specified in Paragraph 4(d)(ii).

 (ii)  Consent. If specified here as applicable, then the Pledgor must
           obtain the Secured Party's consent for any substitution pursuant to
Paragraph 4(d): Inapplicable.                           

(f)   Dispute Resolution.                                                       

(i)   "Resolution Time" means 1:00 p.m. New York time on the Local  
          Business Day following the date on which the notice of the dispute
is given under Paragraph 5.                             

      (ii)  Value. Notwithstanding anything to the contrary in Paragraph 12, for
         the purpose of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Fitch
      Value, Moody's First Trigger Value, and Moody's Second Trigger
        Value, on any date, of Eligible Collateral will be calculated as
follows:                                                

           For Eligible Collateral comprised of Cash, the amount of such Cash.

         For Eligible Collateral comprising securities, the sum of (A) the
      product of (1)(x) the bid price at the Valuation Time for such
         securities on the principal national securities exchange on which
            such securities are listed, or (y) if such securities are not listed
            on a national securities exchange, the bid price for such securities
           quoted at the Valuation Time by any principal market maker for such
         securities selected by the Valuation Agent, or (z) if no such bid
        price is listed or quoted for such date, the bid price listed or
          quoted (as the case may be) at the Valuation Time for the day next
           preceding such date on which such prices were available and (2) the
         applicable Valuation Percentage for such Eligible Collateral, and
         (B) the accrued interest on such securities (except to the extent
    Transferred to the Pledgor pursuant to Paragraph 6(d)(ii) or
       included in the applicable price referred to in the immediately
preceding clause (A)) as of such date.                  

  (iii) Alternative. The provisions of Paragraph 5 will apply; provided,
   that the obligation of the appropriate party to deliver the
        undisputed amount to the other party will not arise prior to the
           time that would otherwise have applied to the Transfer pursuant to,
   or deemed made, under Paragraph 3 if no dispute had arisen.

(g)   Holding and Using Posted Collateral.                                      

(i)   Eligibility to Hold Posted Collateral; Custodians.            

          Party B is not and will not be entitled to hold Posted Collateral.
      Party B's Custodian will be entitled to hold Posted Collateral
           pursuant to Paragraph 6(b); provided that the Custodian for Party B
          shall be the same banking institution that acts as Trustee for the
         Certificates. The Custodian or its parent shall have a short-term
            unsecured and unsubordinated debt rating from S&P of at least "A-1."

Initially, the Custodian for Party B is:  the Trustee.  

     (ii)  Use of Posted Collateral. The provisions of Paragraph 6(c) will not
            apply to Party B; therefore, Party B will not have any of the rights
            specified in Paragraph 6(c)(i) or 6 (c)(ii); provided, however, that
   the Trustee shall invest Cash Posted Credit Support in such
        investments as designated by Party A, with losses (net of gains)
        incurred in respect of such investments to be for the account of
            Party A; provided further, that such investments designated by Party
            A shall be limited to money market funds rated "AAAm" or "AAAm-G" by
          S&P and from which such invested Cash Posted Credit Support may be
      withdrawn upon no more than 2 Local Business Day's notice of a
request for withdrawal.                                 

(h)   Distributions and Interest Amount.                                        

     (i)   Interest Rate. The "Interest Rate" will be the actual interest rate
   earned on Posted Collateral in the form of Cash pursuant to
Paragraph 13(g)(ii).                                    

  (ii)  Transfer of Interest Amount. The Transfer of the Interest Amount
          will be made on the second Local Business Day following the end of
        each calendar month and on any other Local Business Day on which
           Posted Collateral in the form of Cash is Transferred to the Pledgor
          pursuant to Paragraph 3(b); provided, however, that the obligation
      of Party B to Transfer any Interest Amount to Party A shall be
       limited to the extent that Party B has earned and received such
funds and such funds are available to Party B.          

      (iii) Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii)
will apply.                                             

(i)   Additional Representation(s). There are no additional representations by  
either party.                                                       

(j)   Other Eligible Support and Other Posted Support.                          

 (i)   "Value" with respect to Other Eligible Support and Other Posted
     Support shall have such meaning as the parties shall agree in
   writing from time to time pursuant to Paragraph 13(b)(iii).

    (ii)  "Transfer" with respect to Other Eligible Support and Other Posted
     Support shall have such meaning as the parties shall agree in
   writing from time to time pursuant to Paragraph 13(b)(iii).

(k)   Demands and Notices.All demands, specifications and notices under this    
 Annex will be made pursuant to the Notices Section of this Agreement,
     except that any demand, specification or notice shall be given to or made
      at the following addresses, or at such other address as the relevant party
    may from time to time designate by giving notice (in accordance with the
terms of this paragraph) to the other party:                        

If to Party A:                                                      

5 The North Colonnade                                   
Canary Wharf                                            
London  E14 4BB, England                                
Attention:  Swaps Documentation                         
Facsimile No.:    0207-773-6857/6858                    
Telephone No.:    0207-773-6915/6904                    

with a copy to:                                         

General Counsel's Office                                
200 Park Avenue                                         
New York, NY  10166                                     

            Notices to Party A shall not be deemed effective unless delivered to
the London address set forth above.                     

If to Party B or Custodian:                                         

Securitized Asset Backed Receivables LLC Trust 2006-WM4 
c/o Deutsche Bank National Trust Company                
1761 East St. Andrew Place                              
Santa Ana, California 92705                             
Trust Administration - BC06W4                           

(l)   Address for Transfers. Each Transfer hereunder shall be made to the       
      address specified below or to an address specified in writing from time to
time by the party to which such Transfer will be made.              

If to Party A:                                                      

For Cash:                                                           

Barclays Bank PLC, NY                                               
ABA #026-002-574                                                    
F/O Barclays Swaps & Options Group NY                               
A/C #: 050019228                                                    
REF:  Collateral                                                    

For Treasury Securities:                                            

Bank of NYC/BBPLCLDN                                                
ABA #021-000-018                                                    

If to Party B:                                                      

Deutsche Bank National Trust Company                                
ABA #: 021 001 033                                                  
Acct #: 01419663                                                    
Acct. Name: NYLTD Funds Control - Stars West                        
Ref: Trust Administration - SABR 2006-WM4                           

(m)   Other Provisions.                                                         

 (i)   Collateral Account. The Secured Party shall cause any Custodian
           appointed hereunder to open and maintain a segregated trust account
          and to hold, record and identify all the Posted Collateral in such
            segregated trust account and, subject to Paragraph 8(a), such Posted
       Collateral shall at all times be and remain the property of the
      Pledgor and shall at no time constitute the property of, or be
            commingled with the property of, the Secured Party or the Custodian.

      (ii)  Agreement as to Single Secured Party and Single Pledgor. Party A and
           Party B hereby agree that, notwithstanding anything to the contrary
         in this Annex, (a) the term "Secured Party" as used in this Annex
        means only Party B, (b) the term "Pledgor" as used in this Annex
          means only Party A, (c) only Party A makes the pledge and grant in
           Paragraph 2, the acknowledgement in the final sentence of Paragraph
8(a) and the representations in Paragraph 9.            

    (iii) Calculation of Value. Paragraph 4(c) is hereby amended by deleting
        the word "Value" and inserting in lieu thereof "S&P Value, Fitch
          Value, Moody's First Trigger Value, Moody's Second Trigger Value".
         Paragraph 4(d)(ii) is hereby amended by (A) deleting the words "a
        Value" and inserting in lieu thereof "an S&P Value, Fitch Value,
          Moody's First Trigger Value, and Moody's Second Trigger Value" and
        (B) deleting the words "the Value" and inserting in lieu thereof
         "S&P Value, Fitch Value, Moody's First Trigger Value, and Moody's
     Second Trigger Value". Paragraph 5 (flush language) is hereby
          amended by deleting the word "Value" and inserting in lieu thereof
        "S&P Value, Fitch Value, Moody's First Trigger Value, or Moody's
        Second Trigger Value". Paragraph 5(i) (flush language) is hereby
          amended by deleting the word "Value" and inserting in lieu thereof
         "S&P Value, Fitch Value, Moody's First Trigger Value, and Moody's
     Second Trigger Value". Paragraph 5(i)(C) is hereby amended by
            deleting the word "the Value, if" and inserting in lieu thereof "any
        one or more of the S&P Value, Fitch Value, Moody's First Trigger
           Value, or Moody's Second Trigger Value, as may be". Paragraph 5(ii)
         is hereby amended by (1) deleting the first instance of the words
         "the Value" and inserting in lieu thereof "any one or more of the
       S&P Value, Fitch Value, Moody's First Trigger Value, or Moody's
         Second Trigger Value" and (2) deleting the second instance of the
          words "the Value" and inserting in lieu thereof "such disputed S&P
          Value, Fitch Value, Moody's First Trigger Value, or Moody's Second
            Trigger Value". Each of Paragraph 8(b)(iv)(B) and Paragraph 11(a) is
         hereby amended by deleting the word "Value" and inserting in lieu
           thereof "least of the S&P Value, Fitch Value, Moody's First Trigger
Value, and Moody's Second Trigger Value".               

  (iv)  Form of Annex. Party A and Party B hereby agree that the text of
           Paragraphs 1 through 12, inclusive, of this Annex is intended to be
            the printed form of ISDA Credit Support Annex (Bilateral Form - ISDA
         Agreements Subject to New York Law Only version) as published and
      copyrighted in 1994 by the International Swaps and Derivatives
Association, Inc.                                       

     (v)   Events of Default. Paragraph 7 will not apply to cause any Event of
           Default to exist with respect to Party B except that Paragraph 7(i)
        will apply to Party B solely in respect of Party B's obligations
         under Paragraph 3(b) of the Credit Support Annex. Notwithstanding
          anything to the contrary in Paragraph 7, any failure by Party A to
    comply with or perform any obligation to be complied with or
            performed by Party A under the Credit Support Annex shall only be an
      Event of Default if (A) a Required Ratings Downgrade Event has
           occurred and been continuing for 30 or more Local Business Days and
     (B) such failure is not remedied on or before the third Local
      Business Day after notice of such failure is given to Party A.

     (vi)  Expenses. Notwithstanding anything to the contrary in Paragraph 10,
           the Pledgor will be responsible for, and will reimburse the Secured
           Party for, all transfer and other taxes and other costs involved in
any Transfer of Eligible Collateral.                    

(vii) Withholding. Paragraph 6(d)(ii) is hereby amended by inserting
          immediately after "the Interest Amount" in the fourth line thereof
the words "less any applicable withholding taxes."      

(viii) Additional Definitions. As used in this Annex:               

           "Collateral Event" means that no Relevant Entity has credit ratings
at least equal to the Approved Ratings Threshold.       

         "Exposure" has the meaning specified in Paragraph 12, except that
         after the word "Agreement" the words "(assuming, for this purpose
            only, that Part 1(f) of the Schedule is deleted)" shall be inserted.

        "Fitch Credit Support Amount" means, for any Valuation Date, the
excess, if any, of                                      

          (I)   (A) for any Valuation Date on which a Fitch Rating Threshold
                Event has occurred and been continuing for at least 30 days,
           an amount equal to the sum of (1) 100.0% of the Secured
                Party's Exposure for such Valuation Date and (2) the product
                 of the Fitch Volatility Cushion for each Transaction to which
           this Annex relates and the Notional Amount of each such
              Transaction for the Calculation Period which includes such
Valuation Date, or                          

  (B)   for any other Valuation Date, zero, over

(II)  the Threshold for Party A for such Valuation Date.

      "Fitch Rating Threshold Event" means, on any date, no Relevant
        Entity has credit ratings from Fitch at least equal to the Fitch
First Trigger Ratings Threshold.                        

         "Fitch Value" means, on any date and with respect to any Eligible
    Collateral other than Cash, the product of (A) the bid price
            obtained by the Valuation Agent for such Eligible Collateral and (B)
       the Fitch Valuation Percentage for such Eligible Collateral set
forth in paragraph 13(b)(ii).                           

          "Fitch Volatility Cushion" means, for any Transaction, the related
percentage set forth in the following table.            

                                                        [Enlarge/Download Table]

----------------------------------------------------------------------------------------------------
The higher of the Fitch                        Remaining Weighted Average Maturity                  
credit rating of (i) Party                               (years)                                    
A and (ii) the Credit        -----------------------------------------------------------------------
Support Provider of Party A,    1        2        3        4        5        6        7        8    
if applicable                                                                                       
---------------------------- -------- -------- -------- -------- -------- -------- -------- --------
                                                                                                    
At least "AA-"                0.8%     1.7%     2.5%     3.3%     4.0%     4.7%     5.3%     5.9%   
---------------------------- -------- -------- -------- -------- -------- -------- -------- --------

"A+/A"                        0.6%     1.2%     1.8%     2.3%     2.8%     3.3%     3.8%     4.2%   
---------------------------- -------- -------- -------- -------- -------- -------- -------- --------

"A-/BBB+" or lower            0.5%     1.0%     1.6%     2.0%     2.5%     2.9%     3.3%     3.6%   

----------------------------------------------------------------------------------------------------
The higher of the Fitch                        Remaining Weighted Average Maturity                  
credit rating of (i) Party                               (years)                                    
A and (ii) the Credit        -----------------------------------------------------------------------
Support Provider of Party       9       10       11       12       13       14     Greater than or  
A, if applicable                                                                     equal to 15    
---------------------------- -------- -------- -------- -------- -------- -------- -------- --------
                                                                                                    

At least "AA-"                6.5%     7.0%     7.5%     8.0%     8.5%     9.0%          9.5%       
---------------------------- -------- -------- -------- -------- -------- -------- -----------------

"A+/A"                        4.6%     5.0%     5.3%     5.7%     6.0%     6.4%          6.7%       
---------------------------- -------- -------- -------- -------- -------- -------- -----------------

"A-/BBB+" or lower            4.0%     4.3%     4.7%     5.0%     5.3%     5.6%          5.9%       
----------------------------------------------------------------------------------------------------

         "Local Business Day" means: any day on which (A) commercial banks
         are open for business (including dealings in foreign exchange and
          foreign currency deposits) in London, New York and the location of
    the Custodian, and (B) in relation to a Transfer of Eligible
            Collateral, any day on which the clearance system agreed between the
   parties for the delivery of Eligible Collateral is open for
           acceptance and execution of settlement instructions (or in the case
    of a Transfer of Cash or other Eligible Collateral for which
         delivery is contemplated by other means a day on which commercial
           banks are open for business (including dealings in foreign exchange
      and foreign deposits) in New York and such other places as the
parties shall agree.                                    

            "Moody's First Trigger Additional Collateralized Amount" means, with
         respect to any Transaction and any Valuation Date, the product of
            the applicable Moody's First Trigger Factor set forth in Table 1 and
           the Notional Amount for such Transaction for the Calculation Period
which includes such Valuation Date.                     

       "Moody's First Trigger Event" means that no Relevant Entity has
       credit ratings from Moody's at least equal to the Moody's First
Trigger Ratings Threshold.                              

    "Moody's First Trigger Credit Support Amount" means, for any
Valuation Date, the excess, if any, of                  

     (I)   (A) for any Valuation Date on which (I) a Moody's First
                  Trigger Event has occurred and has been continuing (x)
                 for at least 30 Local Business Days or (y) since this
                 Annex was executed and (II) it is not the case that a
                 Moody's Second Trigger Ratings Event has occurred and
                   been continuing for at least 30 Local Business Days, an
                  amount equal to the greater of (a) zero and (b) sum of
                    (i) the Secured Party's Exposure for such Valuation Date
           and (ii) the aggregate of Moody's First Trigger
                      Additional Collateralized Amounts for all Transactions; or

(B) for any other Valuation Date, zero, over

(II)  the Threshold for Party A for such Valuation Date.

            "Moody's First Trigger Value" means, on any date and with respect to
          any Eligible Collateral other than Cash, the bid price obtained by
   the Valuation Agent multiplied by the Moody's First Trigger
      Valuation Percentage for such Eligible Collateral set forth in
Paragraph 13(b)(ii).                                    

        "Moody's Second Trigger Additional Collateralized Amount" means,
           with respect to any Transaction and any Valuation Date, (A) if such
           Transaction is not a Transaction-Specific Hedge, the product of the
         applicable Moody's Second Trigger Factor set forth in Table 2 and
           the Notional Amount for such Transaction for the Calculation Period
           which includes such Valuation Date and (B) if such Transaction is a
         Transaction-Specific Hedge, the product of the applicable Moody's
          Second Trigger Factor set forth in Table 3 and the Notional Amount
           for such Transaction for the Calculation Period which includes such
Valuation Date.                                         

            "Moody's Second Trigger Ratings Event" means that no Relevant Entity
            has credit ratings from Moody's at least equal to the Moody's Second
Trigger Ratings Threshold.                              

     "Moody's Second Trigger Credit Support Amount" means, for any
Valuation Date, the excess, if any, of                  

       (I)   (A) for any Valuation Date on which it is the case that a
                 Moody's Second Trigger Ratings Event has occurred and
                   been continuing for at least 30 Local Business Days, an
                    amount equal to the greatest of (a) zero, (b) the sum of
                   the amounts of the next payment due to be paid by Party
                 A under each Transaction to which this Annex relates,
                   and (c) the sum of (x) the Secured Party's Exposure for
                such Valuation Date and (y) the aggregate of Moody's
                    Second Trigger Additional Collateralized Amounts for all
Transactions; or                    

(B) for any other Valuation Date, zero, over

(II)  the Threshold for Party A for such Valuation Date.

          "Moody's Second Trigger Value" means, on any date and with respect
          to any Eligible Collateral other than Cash, the bid price obtained
       by the Valuation Agent multiplied by the Moody's Second Trigger
      Valuation Percentage for such Eligible Collateral set forth in
Paragraph 13(b)(ii).                                    

      "S&P Credit Support Amount" means, for any Valuation Date, the
excess, if any, of                                      

            (I)   (A) for any Valuation Date on which (i) no Relevant Entity has
             credit ratings from S&P at least equal to the S&P
            Required Ratings Threshold or (ii) an S&P Rating
                   Threshold Event has occurred and been continuing for at
                   least 30 days, an amount equal to the sum of (1) 100.0%
                   of the Secured Party's Exposure for such Valuation Date
                and (2) the product of the S&P Volatility Buffer for
                each Transaction to which this Annex relates and the
            Notional Amount of each such Transaction for the
                     Calculation Period which includes such Valuation Date, or

(B) for any other Valuation Date, zero, over

(II)  the Threshold for Party A for such Valuation Date.

           "S&P Rating Threshold Event" means, on any date, no Relevant Entity
      has credit ratings from S&P at least equal to the S&P Approved
Ratings Threshold.                                      

       "S&P Value" means, on any date and with respect to any Eligible
    Collateral other than Cash, the product of (A) the bid price
            obtained by the Valuation Agent for such Eligible Collateral and (B)
           the S&P Valuation Percentage for such Eligible Collateral set forth
in paragraph 13(b)(ii).                                 

       "S&P Volatility Buffer" means, for any Transaction, the related
percentage set forth in the following table.            

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------
                                    Remaining      Remaining       Remaining       Remaining   
The higher of the S&P credit        Weighted        Weighted        Weighted        Weighted   
rating of (i) Party A and (ii)       Average        Average         Average         Average    
the Credit Support Provider of      Maturity        Maturity        Maturity        Maturity   
Party A, if applicable            up to 3 years  up to 5 years   up to 10 years  up to 30 years
-----------------------------------------------------------------------------------------------
                                                                                               
At least "A-2"                          2.75%          3.25%           4.00%           4.75%   
"A-3"                                   3.25%          4.00%           5.00%           6.25%   
"BB+" or lower                          3.50%          4.50%           6.75%           7.50%   
-----------------------------------------------------------------------------------------------

         "Transaction-Specific Hedge" means any Transaction that is a cap,
       floor or swaption, or a Transaction in respect of which (x) the
          notional amount is "balance guaranteed" or (y) the notional amount
            for any Calculation Period otherwise is not a specific dollar amount
that is fixed at the inception of the Transaction.      

          "Valuation Percentage" shall mean, for purposes of determining the
       S&P Value, Fitch Value, Moody's First Trigger Value, or Moody's
       Second Trigger Value with respect to any Eligible Collateral or
         Posted Collateral, the applicable S&P Valuation Percentage, Fitch
            Valuation Percentage, Moody's First Trigger Valuation Percentage, or
     Moody's Second Trigger Valuation Percentage for such Eligible
          Collateral or Posted Collateral, respectively, in each case as set
forth in Paragraph 13(b)(ii).                           

          "Value" shall mean, in respect of any date, the related S&P Value,
     Fitch Value, the related Moody's First Trigger Value, and the
related Moody's Second Trigger Value.                   

[Remainder of this page intentionally left blank]   

EX-4
70th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 70th
 Table 1
 -------

-----------------------------------------------------------------------------   

Remaining                                                     
Weighted Average Life                              Moody's First Trigger  
of Hedge in Years                                       Factor        
-----------------------------------------------------------------------------   
Equal to or less than 1                                        0.15%            
Greater than 1 but less than or equal to 2                     0.30%            
Greater than  2 but less than or equal to 3                    0.40%            
Greater than  3 but less than or equal to 4                    0.60%            
Greater than  4 but less than or equal to 5                    0.70%            
Greater than  5 but less than or equal to 6                    0.80%            
Greater than  6 but less than or equal to 7                    1.00%            
Greater than  7 but less than or equal to 8                    1.10%            
Greater than  8 but less than or equal to 9                    1.20%            
Greater than  9 but less than or equal to 10                   1.30%            
Greater than  10 but less than or equal to 11                  1.40%            
Greater than  11 but less than or equal to 12                  1.50%            
Greater than  12 but less than or equal to 13                  1.60%            
Greater than  13 but less than or equal to 14                  1.70%            
Greater than 14 but less than or equal to 15                   1.80%            
Greater than 15 but less than or equal to 16                   1.90%            
Greater than 16 but less than or equal to 17                   2.00%            
Greater than 17 but less than or equal to 18                   2.00%            
Greater than 18 but less than or equal to 19                   2.00%            
Greater than 19 but less than or equal to 20                   2.00%            
Greater than 20 but less than or equal to 21                   2.00%            
Greater than 21 but less than or equal to 22                   2.00%            
Greater than 22 but less than or equal to 23                   2.00%            
Greater than 23 but less than or equal to 24                   2.00%            
Greater than 24 but less than or equal to 25                   2.00%            
Greater than 25 but less than or equal to 26                   2.00%            
Greater than 26 but less than or equal to 27                   2.00%            
Greater than 27 but less than or equal to 28                   2.00%            
Greater than 28 but less than or equal to 29                   2.00%            
Greater than 29                                                2.00%            

EX-4
71st “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 71st
 Table 2
 -------

------------------------------------------------------------------------        
Remaining                                                       
Weighted Average Life                                Moody's Second         
of Hedge in Years                                  Trigger Factor       
------------------------------------------------------------------------        
Equal to or less than 1                                    0.50%                
Greater than 1 but less than or equal to 2                 1.00%                
Greater than 2 but less than or equal to 3                 1.50%                
Greater than 3 but less than or equal to 4                 1.90%                
Greater than 4 but less than or equal to 5                 2.40%                
Greater than 5 but less than or equal to 6                 2.80%                
Greater than 6 but less than or equal to 7                 3.20%                
Greater than 7 but less than or equal to 8                 3.60%                
Greater than 8 but less than or equal to 9                 4.00%                
Greater than 9 but less than or equal to 10                4.40%                
Greater than 10 but less than or equal to 11               4.70%                
Greater than 11 but less than or equal to 12               5.00%                
Greater than 12 but less than or equal to 13               5.40%                
Greater than 13 but less than or equal to 14               5.70%                
Greater than 14 but less than or equal to 15               6.00%                
Greater than 15 but less than or equal to 16               6.30%                
Greater than 16 but less than or equal to 17               6.60%                
Greater than 17 but less than or equal to 18               6.90%                
Greater than 18 but less than or equal to 19               7.20%                
Greater than 19 but less than or equal to 20               7.50%                
Greater than 20 but less than or equal to 21               7.80%                
Greater than 21 but less than or equal to 22               8.00%                
Greater than 22 but less than or equal to 23               8.00%                
Greater than 23 but less than or equal to 24               8.00%                
Greater than 24 but less than or equal to 25               8.00%                
Greater than 25 but less than or equal to 26               8.00%                
Greater than 26 but less than or equal to 27               8.00%                
Greater than 27 but less than or equal to 28               8.00%                
Greater than 28 but less than or equal to 29               8.00%                
Greater than 29                                            8.00%                

EX-4
72nd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 72nd
 Table 3
 -------

----------------------------------------------------------------------          
Remaining                                                     
Weighted Average Life                             Moody's Second          
of Hedge in Years                               Trigger Factor        
----------------------------------------------------------------------          
Equal to or less than 1                                 0.65%                   
Greater than 1 but less than or equal to 2              1.30%                   
Greater than 2 but less than or equal to 3              1.90%                   
Greater than 3 but less than or equal to 4              2.50%                   
Greater than 4 but less than or equal to 5              3.10%                   
Greater than 5 but less than or equal to 6              3.60%                   
Greater than 6 but less than or equal to 7              4.20%                   
Greater than 7 but less than or equal to 8              4.70%                   
Greater than 8 but less than or equal to 9              5.20%                   
Greater than 9 but less than or equal to 10             5.70%                   
Greater than 10 but less than or equal to 11            6.10%                   
Greater than 11 but less than or equal to 12            6.50%                   
Greater than 12 but less than or equal to 13            7.00%                   
Greater than 13 but less than or equal to 14            7.40%                   
Greater than 14 but less than or equal to 15            7.80%                   
Greater than 15 but less than or equal to 16            8.20%                   
Greater than 16 but less than or equal to 17            8.60%                   
Greater than 17 but less than or equal to 18            9.00%                   
Greater than 18 but less than or equal to 19            9.40%                   
Greater than 19 but less than or equal to 20            9.70%                   
Greater than 20 but less than or equal to 21           10.00%                   
Greater than 21 but less than or equal to 22           10.00%                   
Greater than 22 but less than or equal to 23           10.00%                   
Greater than 23 but less than or equal to 24           10.00%                   
Greater than 24 but less than or equal to 25           10.00%                   
Greater than 25 but less than or equal to 26           10.00%                   
Greater than 26 but less than or equal to 27           10.00%                   
Greater than 27 but less than or equal to 28           10.00%                   
Greater than 28 but less than or equal to 29           10.00%                   
Greater than 29                                        10.00%                   
-                                                                               

EX-4
73rd “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 73rd
 EXHIBIT U

ADDITIONAL DISCLOSURE NOTIFICATION

**SEND VIA EMAIL TO DBSec.Notifications@db.com AND VIA OVERNIGHT MAIL           
TO THE ADDRESS IMMEDIATELY BELOW AND TO THE ADDRESS NOTED AT THE BOTTOM         
OF THIS FORM                                                                    

Deutsche Bank National Trust Company,                                           
as Trustee                                                                      
1761 East St. Andrew Place                                                      
Santa Ana, California 92705-4934                                                
Email: DBSec.Notifications@db.com                                               
Attn: Trust & Securities Services - BC[___]                                     

Re:   **Additional Form [10-D][10-K][8-K] Disclosure** Required     

Ladies and Gentlemen:                                                           

   In accordance with Section [_] of the Pooling and Servicing
Agreement, dated as of [____] [__], 2006, among [____], as [____], [____], as   
[____], [____], as [____] and [____], as [____]. The undersigned, as [____],    
hereby notifies you that certain events have come to our attention that [will]  
[may] need to be disclosed on Form [10-D][10-K][8-K].                           

Description of Additional Form [10-D][10-K][8-K] Disclosure:                    

List of any Attachments hereto to be included in the Additional Form            
[10-D][10-K][8-K] Disclosure:                                                   

Any inquiries related to this notification should be    
directed to [____], phone number: [____]; email address: [____].                

              [NAME OF PARTY],
             as [role]

                                     By:____________________________________
         Name:
          Title:

with a copy to:                                                                 
Securitized Asset Backed Receivables LLC                                        
200 Park Avenue                                                                 
New York, New York  10166                                                       
Attention: [_________]                                                          

EX-4
74th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 74th
 EXHIBIT V

 FORM OF TRUSTEE'S LIMITED POWER OF ATTORNEY

         KNOW ALL MEN BY THESE PRESENTS, that Deutsche Bank National Trust
Company, a national banking association organized and existing under the laws of
the United States, having its principal place of business at 1761 East St.      
Andrew Place, Santa Ana, California, 92705, as Trustee (the "Trustee") pursuant 
to that ____________ ____ Agreement dated as of _______ (the "Agreement") by and
between _________ and_________ (the "Servicer"), [INSERT ADDITIONAL PARTIES     
AND/OR AGREEMENTS AS NECESSARY] hereby constitutes and appoints the Servicer, by
and through the Servicer's officers, the Trustee's true and lawful              
Attorney-in-Fact, in the Trustee's name, place and stead and for the Trustee's  
benefit, in connection with all mortgage loans serviced by the Servicer pursuant
to the Agreement solely for the purpose of performing such acts and executing   
such documents in the name of the Trustee necessary and appropriate to          
effectuate the following enumerated transactions in respect of any of the       
mortgages or deeds of trust (the "Mortgages" and the "Deeds of Trust"           
respectively) and promissory notes secured thereby (the "Mortgage Notes") for   
which the undersigned is acting as Trustee for various certificateholders       
(whether the undersigned is named therein as mortgagee or beneficiary or has    
become mortgagee by virtue of endorsement of the Mortgage Note secured by any   
such Mortgage or Deed of Trust) and for which _________ is acting as the        
Servicer.                                                                       

     This Appointment shall apply only to the following enumerated
transactions and nothing herein or in the Agreement shall be construed to the   
contrary:                                                                       

  1.    The modification or re-recording of a Mortgage or Deed of Trust,
            where said modification or re-recording is solely for the purpose of
       correcting the Mortgage or Deed of Trust to conform same to the
         original intent of the parties thereto or to correct title errors
           discovered after such title insurance was issued; provided that (i)
       said modification or re-recording, in either instance, does not
     adversely affect the lien of the Mortgage or Deed of Trust as
    insured and (ii) otherwise conforms to the provisions of the
Agreement.                                              

    2.    The subordination of the lien of a Mortgage or Deed of Trust to an
            easement in favor of a public utility company of a government agency
          or unit with powers of eminent domain; this section shall include,
            without limitation, the execution of partial satisfactions/releases,
         partial reconveyances or the execution or requests to trustees to
accomplish same.                                        

  3.    The conveyance of the properties to the mortgage insurer, or the
          closing of the title to the property to be acquired as real estate
owned, or conveyance of title to real estate owned.     

4.    The completion of loan assumption agreements.                 

      5.    The full satisfaction/release of a Mortgage or Deed of Trust or full
          conveyance upon payment and discharge of all sums secured thereby,
           including, without limitation, cancellation of the related Mortgage
Note.                                                   

 6.    The assignment of any Mortgage or Deed of Trust and the related
        Mortgage Note, in connection with the repurchase of the mortgage
loan secured and evidenced thereby.                     

     7.    The full assignment of a Mortgage or Deed of Trust upon payment and
     discharge of all sums secured thereby in conjunction with the
          refinancing thereof, including, without limitation, the assignment
of the related Mortgage Note.                           

   8.    With respect to a Mortgage or Deed of Trust, the foreclosure, the
     taking of a deed in lieu of foreclosure, or the completion of
            judicial or non-judicial foreclosure or termination, cancellation or
          rescission of any such foreclosure, including, without limitation,
any and all of the following acts:                      

           a.    the substitution of trustee(s) serving under a Deed of Trust,
       in accordance with state law and the Deed of Trust;

     b.    the preparation and issuance of statements of breach or
non-performance;                            

     c.    the preparation and filing of notices of default and/or
notices of sale;                            

      d.    the cancellation/rescission of notices of default and/or
notices of sale;                            

e.    the taking of deed in lieu of foreclosure; and    

       f.    the preparation and execution of such other documents and
               performance of such other actions as may be necessary under
            the terms of the Mortgage, Deed of Trust or state law to
               expeditiously complete said transactions in paragraphs 8.a.
through 8.e. above.                         

     9.    With respect to the sale of property acquired through a foreclosure
          or deed-in lieu of foreclosure, including, without limitation, the
execution of the following documentation:               

a.    listing agreements;                               

b.    purchase and sale agreements;                     

           c.    grant/warranty/quit claim deeds or any other deed causing the
              transfer of title of the property to a party contracted to
purchase same;                              

d.    escrow instructions; and                          

       e.    any and all documents necessary to effect the transfer of
property.                                   

    10.   The modification or amendment of escrow agreements established for
        repairs to the mortgaged property or reserves for replacement of
personal property.                                      

            The undersigned gives said Attorney-in-Fact full power and authority
to execute such instruments and to do and perform all and every act and thing   
necessary and proper to carry into effect the power or powers granted by or     
under this Limited Power of Attorney as fully as the undersigned might or could 
do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall  
be effective as of _________.                                                   

        This appointment is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers    
herein is not intended to, nor does it give rise to, and it is not to be        
construed as a general power of attorney.                                       

  Nothing contained herein shall (i) limit in any manner any
indemnification provided by the Servicer to the Trustee under the Agreement, or 
(ii) be construed to grant the Servicer the power to initiate or defend any     
suit, litigation or proceeding in the name of Deutsche Bank National Trust      
Company except as specifically provided for herein. If the Servicer receives any
notice of suit, litigation or proceeding in the name of Deutsche Bank National  
Trust Company, then the Servicer shall promptly forward a copy of same to the   
Trustee.                                                                        

           This limited power of attorney is not intended to extend the powers
granted to the Servicer under the Agreement or to allow the Servicer to take any
action with respect to Mortgages, Deeds of Trust or Mortgage Notes not          
authorized by the Agreement.                                                    

            The Servicer hereby agrees to indemnify and hold the Trustee and its
directors, officers, employees and agents harmless from and against any and all 
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever incurred by   
reason or result of or in connection with the exercise by the Servicer of the   
powers granted to it hereunder. The foregoing indemnity shall survive the       
termination of this Limited Power of Attorney and the Agreement or the earlier  
resignation or removal of the Trustee under the Agreement.                      

            This Limited Power of Attorney is entered into and shall be governed
by the laws of the State of New York, without regard to conflicts of law        
principles of such state.                                                       

         Third parties without actual notice may rely upon the exercise of
the power granted under this Limited Power of Attorney; and may be satisfied    
that this Limited Power of Attorney shall continue in full force and effect and 
has not been revoked unless an instrument of revocation has been made in writing
by the undersigned.                                                             

EX-4
75th “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 75th
            IN WITNESS WHEREOF, Deutsche Bank National Trust Company, as Trustee
has caused its corporate seal to be hereto affixed and these presents to be     
signed and acknowledged in its name and behalf by a duly elected and authorized 
signatory this ___________ day of ____________.                                 

                          DEUTSCHE BANK NATIONAL TRUST
                       COMPANY, as Trustee

                                     By:____________________________________
          Title:

Acknowledged and Agreed                                                         

[INSERT NAME OF THE SERVICER]                                                   

By:____________________________________                                         
Name:                                                                     
Title:                                                                    

EX-4
Last “Page” of 76
TOC
1st
Previous
Next
↓Bottom
Just 76th
STATE OF CALIFORNIA     )                                                       
)  ss.:                         
COUNTY OF               )                                                       

        On ________________, _____, before me, the undersigned, a Notary
Public in and for said state, personally appeared                               
________________________________ of Deutsche Bank National Trust Company, as    
Trustee for [INSERT REFERENCE TO ISSUANCE], personally known to me to be the    
person whose name is subscribed to the within instrument and acknowledged to me 
that he/she executed that same in his/her authorized capacity, and that by      
his/her signature on the instrument the entity upon behalf of which the person  
acted and executed the instrument.                                              

WITNESS my hand and official seal.                                          
(SEAL)                                                      

My commission expires:                                                          

_________________________________________                                       

                                 _____________________________________________
                               Notary Public, State of
                              California

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		10/25/11		60
		1/25/07		14		60
Filed on:		1/22/07
For Period End:		12/28/06		5		68			424B5,  8-K
		12/27/06		5
		12/1/06		1		60
		10/30/06		5		9
		10/29/06		5
		9/30/06		5		9
		9/29/06		5
		9/28/06		9
		8/31/06		9
		7/1/06		5
		1/7/05		5
		7/7/04		5
		7/1/04		9
		11/26/03		5
		3/6/03		9		54
		10/1/02		9		54
		8/20/96		5
									List all Filings