Common use of Payments to Certificateholders Clause in Contracts

Payments to Certificateholders. 66 Section 4.01. Certificate Account..................................................66 Section 4.02. Distributions........................................................66 Section 4.03. Statements to Certificateholders.....................................66 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 Section 4.05. Allocation of Realized Losses........................................69 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 Section 4.08. Surety Bond..........................................................69 Article V THE CERTIFICATES.........................................................71 Section 5.01. The Certificates.....................................................71 Section 5.02. Registration of Transfer and Exchange of Certificates................73 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 Section 5.04. Persons Deemed Owners................................................79 Section 5.05. Appointment of Paying Agent..........................................79 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Section 6.04. Company and Master Servicer Not to Resign............................82

Payments to Certificateholders. 66 Section 4.01. Certificate Account..................................................66 Section 4.02. Distributions........................................................66 Section 4.03. Statements to Certificateholders.....................................66 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 Section 4.05. Allocation of Realized Losses........................................69 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 Section 4.08. Surety Bond..........................................................69 Article V THE CERTIFICATES.........................................................71 Section 5.01. The Certificates.....................................................71 Section 5.02. Registration of Transfer and Exchange of Certificates................73 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 Section 5.04. Persons Deemed Owners................................................79 Section 5.05. Appointment of Paying Agent..........................................79 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... ..................................................................81 Section 6.04. Company and Master Servicer Not to Resign............................82

Payments to Certificateholders. 66 70 Section 4.01. Certificate Payment Account..................................................66 70 Section 4.02. Distributions........................................................66 ....................................................71 Section 4.03. Statements to Certificateholders.....................................66 .................................77 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 .........................................78 Section 4.05. Allocation of Realized Losses........................................69 ....................................79 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 ....80 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 Section 4.08. Surety Bond..........................................................69 Article ....................80 ARTICLE V THE CERTIFICATES.........................................................71 82 Section 5.01. The Certificates.....................................................71 .................................................82 Section 5.02. Registration of Transfer and Exchange of Certificates................73 ............83 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 ................88 Section 5.04. Persons Deemed Owners................................................79 ............................................88 Section 5.05. Appointment of Paying Agent..........................................79 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 88 Section 6.015.06. Respective Liabilities Optional Purchase of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Section 6.04. Company and Master Servicer Not to Resign............................82Certificates................................89

Payments to Certificateholders. 66 Section 4.01. Certificate Account..................................................4.01.Certificate Account .......................................................66 Section 4.02. Distributions........................................................4.02.Distributions .............................................................66 Section 4.03. Statements 4.03.Statements to Certificateholders.....................................Certificateholders ..........................................66 Section 4.04. Distribution 4.04.Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................Servicer ................................................67 Section 4.05. Allocation 4.05.Allocation of Realized Losses........................................Losses .............................................69 Section 4.06. Reports 4.06.Reports of Foreclosures and Abandonment of Mortgaged Property........Property .............69 Section 4.07. Optional 4.07.Optional Purchase of Defaulted Mortgage Loans........................Loans .............................69 Section 4.08. Surety Bond..........................................................4.08.Surety Bond ...............................................................69 Article V THE CERTIFICATES.......................................................................................................................71 Section 5.01. The Certificates.....................................................5.01.The Certificates ..........................................................71 Section 5.02. Registration 5.02.Registration of Transfer and Exchange of Certificates................Certificates .....................73 Section 5.03. Mutilated5.03.Mutilated, Destroyed, Lost or Stolen Certificates....................Certificates .........................78 Section 5.04. Persons 5.04.Persons Deemed Owners................................................Owners .....................................................79 Section 5.05. Appointment 5.05.Appointment of Paying Agent..........................................Agent ...............................................79 Section 5.06.Optional Purchase of Certificates .........................................79 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 ...........................................82 Section 6.01. Respective 6.01.Respective Liabilities of the Company and the Master Servicer........80 Servicer .............82 Section 6.02. Merger 6.02.Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Section 6.04. Company and Master Servicer Not to Resign....................................82

Payments to Certificateholders. 66 36 Section 4.01. 4.01 Certificate Account..................................................66 ....................................36 Section 4.02. 4.02 Distributions........................................................66 ..........................................36 Section 4.03. 4.03 Statements to Certificateholders.....................................66 ; Statements to the Rating Agencies; Exchange Act Reporting................43 Section 4.04. 4.04 Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 ...............43 Section 4.05. 4.05 Allocation of Realized Losses........................................69 ..........................43 Section 4.06. 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property........69 .....................................44 Section 4.07. 4.07 Optional Purchase of Defaulted Mortgage Loans........................69 ..........44 Section 4.08. 4.08 Surety Bond..........................................................69 Article ............................................44 Section 4.09 Yield Maintenance Agreement Reserve Fund...............44 Section 4.10 Class P Reserve Account................................44 Section 4.11 Carryover Shortfall Reserve Fund.......................44 ARTICLE V THE CERTIFICATES.........................................................71 .......................................45 Section 5.01. 5.01 The Certificates.....................................................71 .......................................45 Section 5.02. 5.02 Registration of Transfer and Exchange of Certificates................73 ...........................................46 Section 5.03. 5.03 Mutilated, Destroyed, Lost or Stolen Certificates....................78 ......46 Section 5.04. 5.04 Persons Deemed Owners................................................79 ..................................46 Section 5.05. 5.05 Appointment of Paying Agent..........................................79 Article ............................46 Section 5.06 U.S.A. Patriot Act Compliance..........................46 ARTICLE VI THE COMPANY AND THE MASTER SERVICER......................................80 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Section 6.04. Company and Master Servicer Not to Resign............................82....................47 ARTICLE VII DEFAULT................................................48 ARTICLE VIII

Payments to Certificateholders. 66 71 Section 4.01. Certificate Payment Account..................................................66 71 Section 4.02. Distributions........................................................66 ....................................................72 Section 4.03. Statements to Certificateholders.....................................66 .................................78 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 .........................................79 Section 4.05. Allocation of Realized Losses........................................69 ....................................80 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 ....81 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 Section 4.08. Surety Bond..........................................................69 Article ....................81 ARTICLE V THE CERTIFICATES.........................................................71 83 Section 5.01. The Certificates.....................................................71 .................................................83 Section 5.02. Registration of Transfer and Exchange of Certificates................73 ............84 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 ................89 Section 5.04. Persons Deemed Owners................................................79 ............................................89 Section 5.05. Appointment of Paying Agent..........................................79 Article ......................................89 Section 5.06. Optional Purchase of Certificates................................90 ARTICLE VI THE COMPANY AND THE MASTER SERVICER......................................80 .............................................91 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 ...........91 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 ........91 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 ...........................................................92 Section 6.04. Company and Master Servicer Not to Resign............................82...............................93

Payments to Certificateholders. 66 Section 4.01. Certificate Account..................................................................................................66 Section 4.02. Distributions..............................................................................................................66 Section 4.03. Statements to Certificateholders........................................................................66 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 Section 4.05. Allocation of Realized Losses..............................................................................69 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property..............69 Section 4.07. Optional Purchase of Defaulted Mortgage Loans..............................................69 Section 4.08. Surety Bond..................................................................................................................69 Article V THE CERTIFICATES.........................................................71 Section 5.01. The Certificates........................................................................................................71 Section 5.02. Registration of Transfer and Exchange of Certificates..............................73 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates......................................78 Section 5.04. Persons Deemed Owners..............................................................................................79 Section 5.05. Appointment of Paying Agent..................................................................................79 Section 5.06. Optional Purchase of Certificates..................................79 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 82 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Section 6.04. Company and Master Servicer Not to Resign..................................82

Payments to Certificateholders. 66 67 Section 4.01. Certificate Account..................................................66 ..............................................67 Section 4.02. Distributions........................................................66 ....................................................67 Section 4.03. Statements to Certificateholders.....................................66 ; Statements to the Rating Agencies; Exchange Act Reporting.................................73 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 ..................................73 Section 4.05. Allocation of Realized Losses........................................69 ....................................74 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 ....76 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 ....................76 Section 4.08. Surety Bond..........................................................69 Article ......................................................76 Section 4.09. Swap Agreement...................................................76 ARTICLE V THE CERTIFICATES.........................................................71 79 Section 5.01. The Certificates.....................................................71 .................................................79 Section 5.02. Registration of Transfer and Exchange of Certificates................73 ............79 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 ................84 -ii- TABLE OF CONTENTS (continued) PAGE Section 5.04. Persons Deemed Owners................................................79 ............................................84 Section 5.05. Appointment of Paying Agent..........................................79 Article ......................................84 Section 5.06. U.S.A. Patriot Act Compliance....................................84 ARTICLE VI THE COMPANY AND THE MASTER SERVICER......................................80 85 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Section 6.04. Company and Master Servicer Not to Resign............................8285

Payments to Certificateholders. 66 Section 4.01. Certificate Account..................................................66 Section 4.02. Distributions........................................................66 Section 4.03. Statements to Certificateholders.....................................66 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 Section 4.05. Allocation of Realized Losses........................................69 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 Section 4.08. Surety Bond..........................................................69 Article V THE CERTIFICATES.........................................................71 Section 5.01. The Certificates.....................................................71 Section 5.02. Registration of Transfer and Exchange of Certificates................73 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 Section 5.04. Persons Deemed Owners................................................79 Section 5.05. Appointment of Paying Agent..........................................79 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... ................................................................ 81 Section 6.04. Company and Master Servicer Not to Resign............................82

Payments to Certificateholders. 66 75 Section 4.01. Certificate Account..................................................66 ...................................75 Section 4.02. Distributions........................................................66 . ...................................76 Section 4.03. Statements to Certificateholders.....................................66 ; Statements to Rating Agencies; Exchange Act Reporting.............76 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 ............78 Section 4.05. Allocation of Realized Losses........................................69 .........................79 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 ..................................80 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 .........80 Section 4.08. Surety Bond..........................................................69 ...........................................80 Article V THE CERTIFICATES.........................................................71 .................................................81 Section 5.01. The Certificates.....................................................71 ......................................81 Section 5.02. Registration of Transfer and Exchange of Certificates................73 ........................................83 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 .....89 TABLE OF CONTENTS (continued) Page Section 5.04. Persons Deemed Owners................................................79 .................................89 Section 5.05. Appointment of Paying Agent..........................................79 ...........................90 Section 5.06. U.S.A. Patriot Act Compliance.........................90 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 ..............................91 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 .....................................91 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 .............91 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 .................................92 Section 6.04. Company and Master Servicer Not to Resign............................82.............93

Payments to Certificateholders. 66 VI-1 Section 4.016.01. Certificate Account..................................................66 Distributions on the Certificates................................................ VI-1 Section 4.026.02. Distributions........................................................66 [Reserved]....................................................................... VI-4 Section 4.036.03. Allocation of Losses............................................................. VI-4 Section 6.04. [Reserved]....................................................................... VI-6 Section 6.05. Payments......................................................................... VI-6 Section 6.06. Statements to Certificateholders.....................................66 ................................................. VI-7 Section 4.046.07. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 ................................... VI-8 Section 4.056.08. Allocation of Realized Losses........................................69 Monthly Advances................................................................. VI-10 Section 4.066.09. Compensating Interest Payments................................................... VI-10 Section 6.10. Reports of Foreclosures and Abandonment of Mortgaged Property........69 .................... VI-10 ARTICLE VII The Master Servicer................................................ VII-1 Section 4.077.01. Optional Purchase of Defaulted Mortgage Loans........................69 Section 4.08. Surety Bond..........................................................69 Article V THE CERTIFICATES.........................................................71 Section 5.01. The Certificates.....................................................71 Section 5.02. Registration of Transfer and Exchange of Certificates................73 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 Section 5.04. Persons Deemed Owners................................................79 Section 5.05. Appointment of Paying Agent..........................................79 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 ............................................... VII-1 Section 6.027.02. Merger or Consolidation of the Company or the Master Servicer; Assignment ................................... VII-1 Section 7.03. Indemnification of Rights and Delegation of Duties by Master Servicer............80 the Trustee................................................... VII-1 Section 6.037.04. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 ........................ VII-1 Section 6.047.05. Company and Master Servicer Not to Resign............................82.................................................... VII-2 Section 7.06. [Reserved]....................................................................... VII-2 Section 7.07. Sale and Assignment of Master Servicing.......................................... VII-2 ARTICLE VIII Default.......................................................VIII-1 Section 8.01. Events of Default................................................................VIII-1 Section 8.02. Trustee to Act; Appointment of Successor.........................................VIII-2 Section 8.03. Notification to Certificateholders...............................................VIII-2 Section 8.04. Waiver of Defaults...............................................................VIII-2 Section 8.05. List of Certificateholders.......................................................VIII-3 ARTICLE IX Concerning the Trustee.............................................. IX-1

Payments to Certificateholders. 66 Section 4.01. 4.01 Certificate Account........................................................................................................66 Section 4.02. 4.02 Distributions........................................................66 ............................................................67 Section 4.03. 4.03 Statements to Certificateholders.....................................66 .........................................70 Section 4.04. 4.04 Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 ...................74 Section 4.05. 4.05 Allocation of Realized Losses........................................69 ............................................75 Section 4.06. 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property........69 ............75 Section 4.07. 4.07 Optional Purchase of Defaulted Mortgage Loans........................69 Section 4.08. Surety Bond..........................................................69 Article ............................76 ARTICLE V THE CERTIFICATES.........................................................71 78 Section 5.01. 5.01 The Certificates.....................................................71 .........................................................78 Section 5.02. 5.02 Registration of Transfer and Exchange of Certificates................73 ....................80 Section 5.03. 5.03 Mutilated, Destroyed, Lost or Stolen Certificates....................78 ........................86 Section 5.04. 5.04 Persons Deemed Owners................................................79 ....................................................86 Section 5.05. 5.05 Appointment of Paying Agent..........................................79 Article ..............................................86 ARTICLE VI THE COMPANY AND THE MASTER SERVICER......................................80 87 Section 6.01. 6.01 Respective Liabilities of the Company and the Master Servicer........80 ............87 Section 6.02. 6.02 Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 .........87 Section 6.03. 6.03 Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 ...................................................................88 Section 6.04. 6.04 Company and Master Servicer Not to Resign............................82................................89

Payments to Certificateholders. 66 24 Section 4.01. Certificate Account..................................................66 . ...............................................24 Section 4.02. Distributions........................................................66 . ......................................................24 Section 4.03. Statements to Certificateholders.....................................66 ; Exchange Act Reporting.............37 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 .............................................................37 Section 4.05. Allocation of Realized Losses........................................69 . ......................................37 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 . (See Section 4.06 of the Standard Terms)..........................................38 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 . (See Section 4.07 of the Standard Terms)......................................................38 Section 4.08. Surety Bond..........................................................69 . (See Section 4.08 of the Standard Terms)................38 Section 4.09. Reserve Funds........................................................40 Section 4.10. Rounding Account.....................................................40 Section 4.11. Principal Distributions on the Retail Certificates...................41 Article V THE CERTIFICATES.........................................................71 ................................................................39 Section 5.01. The Certificates.....................................................71 . (See Section 5.01 of the Standard Terms)..........39 Section 5.02. Registration of Transfer and Exchange of Certificates................73 39 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 . (See Section 5.03 of the Standard Terms)......................................................39 Section 5.04. Persons Deemed Owners................................................79 . (See Section 5.05. Appointment of Paying Agent..........................................79 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 Section 6.01. Respective Liabilities 5.04 of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Section 6.04. Company and Master Servicer Not to Resign............................82Standard Terms)......39

Payments to Certificateholders. 66 78 Section 4.01. Certificate Account4.01 DISTRIBUTION ACCOUNT; DISTRIBUTIONS..........................................78 Section 4.02 STATEMENTS TO CERTIFICATEHOLDERS.............................................83 Section 4.03 REMITTANCE REPORTS; ADVANCES BY THE MASTER SERVICER..........................86 Section 4.04 ALLOCATION OF REALIZED LOSSES................................................87 Section 4.05 INFORMATION REPORTS TO BE FILED BY THE MASTER SERVICER.......................88 Section 4.06 COMPLIANCE WITH WITHHOLDING REQUIREMENTS.....................................88 Section 4.07 [RESERVED]...................................................................89 Section 4.08 LIMITED PURPOSE SURETY BOND..................................................66 Section 4.02. Distributions........................................................66 Section 4.03. Statements to Certificateholders.....................................66 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 Section 4.05. Allocation of Realized Losses........................................69 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 Section 4.08. Surety Bond..........................................................69 Article 89 ARTICLE V THE CERTIFICATES.........................................................71 ........................................................................................90 Section 5.015.01 THE CERTIFICATES.............................................................90 Section 5.02 REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES........................90 Section 5.03 MUTILATED. The Certificates.....................................................71 DESTROYED. LOST OR STOLEN CERTIFICATES............................95 Section 5.02. Registration of Transfer and Exchange of Certificates................73 5.04 PERSONS DEEMED OWNERS........................................................95 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 Section 5.04. Persons Deemed Owners................................................79 Section 5.05. Appointment of Paying Agent..........................................79 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Section 6.04. Company and Master Servicer Not to Resign............................825.05 APPOINTMENT OF PAYING AGENT..................................................96

Payments to Certificateholders. 66 63 Section 4.01. Certificate Payment Account..................................................66 63 Section 4.02. Distributions........................................................66 ....................................................64 Section 4.03. Statements to Certificateholders.....................................66 .................................71 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 .........................................72 Section 4.05. Allocation of Realized Losses........................................69 ....................................73 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 ....74 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 Section 4.08. Surety Bond..........................................................69 Article ....................74 ARTICLE V THE CERTIFICATES.........................................................71 75 Section 5.01. The Certificates.....................................................71 .................................................75 Section 5.02. Registration of Transfer and Exchange of Certificates................73 ............76 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 ................81 Section 5.04. Persons Deemed Owners................................................79 ............................................81 Section 5.05. Appointment of Paying Agent..........................................79 Article ......................................82 Section 5.06. Optional Purchase of Certificates................................82 ARTICLE VI THE COMPANY AND THE MASTER SERVICER......................................80 .............................................83 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 ...........83 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 ........83 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 ...........................................................84 Section 6.04. Company and Master Servicer Not to Resign............................82...............................85 ARTICLE VII DEFAULT..................................................................85 Section 7.01. Events of Default................................................85 Section 7.02. Trustee to Act; Appointment of Successor.........................87 Section 7.03. Notification to Certificateholders...............................88 Section 7.04. Waiver of Events of Default......................................88 ARTICLE VIII

Payments to Certificateholders. 66 70 Section 4.01. Certificate Account..................................................66 ............................................................ 70 Section 4.02. Distributions........................................................66 .................................................................. 71 Section 4.03. Statements to Certificateholders.....................................66 ; Statements to Rating Agencies; Exchange Act Reporting......................................................... 71 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 ................................................................ 73 Section 4.05. Allocation of Realized Losses........................................69 .................................................. 74 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 .................. 75 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 .................................. 75 Section 4.08. Surety Bond..........................................................69 Article .................................................................... 75 ARTICLE V THE CERTIFICATES.........................................................71 ............................................................................... 76 Section 5.01. The Certificates.....................................................71 ............................................................... 76 Section 5.02. Registration of Transfer and Exchange of Certificates................73 .......................... 78 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 .............................. 84 Section 5.04. Persons Deemed Owners................................................79 .......................................................... 84 TABLE OF CONTENTS (continued) Page Section 5.05. Appointment of Paying Agent..........................................79 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Section 6.04. Company and Master Servicer Not to Resign............................82.................................................... 85

Payments to Certificateholders. 66 70 Section 4.01. Certificate Account..................................................66 ..............................................70 Section 4.02. Distributions........................................................66 ....................................................71 Section 4.03. Statements to Certificateholders.....................................66 ; Statements to Rating Agencies; Exchange Act Reporting.................................71 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 ..................................73 Section 4.05. Allocation of Realized Losses........................................69 ....................................74 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 ....75 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 ....................75 Section 4.08. Surety Bond..........................................................69 Article ......................................................75 ARTICLE V THE CERTIFICATES.........................................................71 ............................................................76 Section 5.01. The Certificates.....................................................71 .................................................76 Section 5.02. Registration of Transfer and Exchange of Certificates................73 ............78 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 ................84 Section 5.04. Persons Deemed Owners................................................79 ............................................84 Section 5.05. Appointment of Paying Agent..........................................79 Article ......................................85 ARTICLE VI THE COMPANY AND THE MASTER SERVICER......................................80 .........................................85 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Section 6.04. Company and Master Servicer Not to Resign............................82....85

Payments to Certificateholders. 66 74 Section 4.01. Certificate Account..................................................66 Account ..................................... 74 Section 4.02. Distributions........................................................66 Distributions ........................................... 75 Section 4.03. Statements to Certificateholders.....................................66 ; Statements to Rating Agencies; Exchange Act Reporting .............. 75 Section 4.04. Distribution of Reports to the Trustee and the Company; Advances by the Master Servicer.............................................67 Servicer ................ 77 Section 4.05. Allocation of Realized Losses........................................69 Losses ........................... 79 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 Property ...................................... 79 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 Loans ........... 79 Section 4.08. Surety Bond..........................................................69 Article Bond ............................................. 80 ARTICLE V THE CERTIFICATES.........................................................71 CERTIFICATES ................................................. 80 Section 5.01. The Certificates.....................................................71 Certificates ........................................ 80 Section 5.02. Registration of Transfer and Exchange of Certificates................73 Certificates ... 83 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 Certificates ....... 88 Section 5.04. Persons Deemed Owners................................................79 Owners ................................... 89 Section 5.05. Appointment of Paying Agent..........................................79 Article Agent ............................. 89 -ii- TABLE OF CONTENTS (continued) Page ARTICLE VI THE COMPANY AND THE MASTER SERVICER......................................80 SERVICER ............................. 89 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 Servicer ..................................... 89 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Servicer ................. 90 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Others .............................. 91 Section 6.04. Company and Master Servicer Not to Resign............................82Resign ............... 91 ARTICLE VII DEFAULT ........................................................ 92 Section 7.01. Events of Default ....................................... 92 Section 7.02. Trustee or Company to Act; Appointment of Successor ............................................ 94

Payments to Certificateholders. 66 101 Section 4.01. Certificate Account..................................................66 .............................................................101 Section 4.02. Distributions........................................................66 ...................................................................101 Section 4.03. Statements to Certificateholders.....................................66 ; Statements to Rating Agencies; Exchange Act Reporting...................................................................105 Section 4.04. Distribution of Reports to the Trustee and the CompanyDepositor; Advances by the Master Servicer.............................................67 .................................................................109 Section 4.05. Allocation of Realized Losses........................................69 ...................................................110 Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69 ...................112 Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69 ...................................112 Section 4.08. Surety Bond..........................................................69 Article [Reserved]......................................................................113 Section 4.09. [Reserved]......................................................................113 Section 4.10. Supplemental Interest Trust; Swap Agreement.....................................113 Section 4.11. Posted Collateral Account.......................................................115 ARTICLE V THE CERTIFICATES.........................................................71 .....................................................................................115 Section 5.01. The Certificates.....................................................71 ................................................................115 Section 5.02. Registration of Transfer and Exchange of Certificates................73 ...........................117 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78 ...............................122 Section 5.04. Persons Deemed Owners................................................79 ...........................................................122 Section 5.05. Appointment of Paying Agent..........................................79 Article VI THE COMPANY AND THE MASTER SERVICER......................................80 Section 6.01. Respective Liabilities of the Company and the Master Servicer........80 Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of Rights and Delegation of Duties by Master Servicer............80 Section 6.03. Limitation on Liability of the Company, the Master Servicer and Others.................................................................... 81 Section 6.04. Company and Master Servicer Not to Resign............................82.....................................................122