ARTICLE I DEFINITIONS

14

Section 1.01.

Defined Terms.

14

Section 1.02.

Accounting.

79

Section 1.03.

Rights of the NIMS Insurer.

79

Section 1.04.

Fiscal Year

80

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

80

Section 2.01.

Conveyance of Mortgage Loans.

80

Section 2.02.

Acceptance by Trustee.

82

Section 2.03.

Repurchase or Substitution of Mortgage Loans by the Originator or the Seller.

83

Section 2.04.

[Reserved].

87

Section 2.05.

Representations, Warranties and Covenants of the Servicer.

87

Section 2.06.

Representations and Warranties of the Depositor.

90

Section 2.07.

Issuance of Certificates and the Uncertificated Regular Interests.

92

ARTICLE III ADMINISTRATION AND SERVICING OF THE TRUST FUND

92

Section 3.01.

Servicer to Act as Servicer.

92

Section 3.02.

Collection of Mortgage Loan Payments.

94

Section 3.03.

Realization Upon Defaulted Mortgage Loans.

95

Section 3.04.

Collection Account and Distribution Account.

96

Section 3.05.

Permitted Withdrawals From the Collection Account.

100

Section 3.06.

Establishment of Escrow Accounts; Deposits in Escrow Accounts.

101

Section 3.07.

Permitted Withdrawals From Escrow Account.

101

Section 3.08.

Payment of Taxes, Insurance and Other Charges; Collections Thereunder.

102

Section 3.09.

Transfer of Accounts.

102

Section 3.10.

Maintenance of Hazard Insurance.

102

Section 3.11.

Maintenance of Mortgage Impairment Insurance Policy.

103

Section 3.12.

Fidelity Bond, Errors and Omissions Insurance.

104

Section 3.13.

Title, Management and Disposition of REO Property.

104

Section 3.14.

Due on Sale Clauses; Assumption and Substitution Agreements.

106

Section 3.15.

Notification of Adjustments.

107

Section 3.16.

Subservicing; Enforcement of the Obligations of the Servicer

107

Section 3.17.

Trustee to Cooperate; Release of Files.

109

Section 3.18.

Servicing Compensation.

110

Section 3.19.

Annual Statement as to Compliance.

110

Section 3.20.

Assessments of Compliance; Attestation Reports.

111

Section 3.21.

Access to Certain Documentation and Information Regarding the Mortgage Loans.

112

Section 3.22.

Duties of Credit Risk Manager.

113

Section 3.23.

Obligations of the Servicer in Respect of Compensating Interest.

113

Section 3.24.

Obligations of the Servicer in Respect of Mortgage Interest Rates and Monthly Payments.

113

Section 3.25.

Investment of Funds in the Collection Account and the Distribution Account.

114

Section 3.26.

Liability of Servicer; Indemnification.

115

Section 3.27.

Reports of Foreclosure and Abandonment of Mortgaged Properties.

116

Section 3.28.

Protection of Assets.

116

Section 3.29.

Limitation of Liability of the Credit Risk Manager.

117

Section 3.30.

No Personal Solicitation.

117

Section 3.31.

Periodic Filings.

118

Section 3.32.

Optional Purchase of Mortgage Loans.

124

ARTICLE IV FLOW OF FUNDS

125

Section 4.01.

Interest Distributions.

125

Section 4.02.

Distributions of Principal and Monthly Excess Cashflow Amounts.

128

Section 4.03.

Allocation of Losses.

135

Section 4.04.

Method of Distribution.

136

Section 4.05.

Distributions on Book-Entry Certificates.

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