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My Interests Help Sign In Please Sign In Bear Stearns Asset Backed Securities I LLC Trust 2006-EC2 8-K For 2/28/06 EX-4.1Filed On 3/15/06, 5:18pm ET Accession Number 882377-6-801 SEC File 333-125422-45

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3/15/06 Bear Stearns ABSs I LLC..2006-EC2 8-K:9 2/28/06 3:2.4M Thacher Proffitt..LLP/FA

Current Report Form 8-KFiling Table of Contents

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1: 8-K Bear Stearns Asset Backed Securities I LLC HTML 23K 2: EX-1.1 Terms Agreement HTML 27K 3: EX-4.1 Pooling and Servicing Agreement HTML 2.67M

EX-4.1 Pooling and Servicing AgreementExhibit Table of ContentsPage (sequential) | (alphabetic) Top

Alternative Formats (Word, et al.) Additional Disclosure Additional Form 10-D Disclosure Additional Form 10-K Disclosure Agreement Assessment of Compliance Asset-Backed Certificates, Series 2006-EC2 Attestation Report Back-Up Certification Bear Stearns Asset Backed Securities I Trust 2006-EC2 Certificates, The Certification Parties Certifying Person Class A-1 Certificate Class A-2 Certificate Class A-3 Certificate Class A-4 Certificate Class CE Certificate Class IO Distribution Amount Class M-10 Certificate Class M-1 Certificate Class M-2 Certificate

Class M-3 Certificate Class M-4 Certificate Class M-5 Certificate Class M-6 Certificate Class M-7 Certificate Class M-8 Certificate Class M-9 Certificate Class P Certificate Class R-1 Certificate Class R-2 Certificate Class R-3 Certificate Class RX Certificate Code Current Interest Custodian Definitions Definitive Certificates Deleted Mortgage Loan Delinquent Depositor Depository Participant Derivative Administrator Distribution Date Emc Erisa Event of Default Exchange Act Form 8-K Disclosure Information Institutional Accredited Investor LaSalle Latest Possible Maturity Date Loss Allocation Limitation Marker Rate Master Funding Master Servicer Maximum Uncertificated Accrued Interest Deferral Amount Moody's Mortgage File Mortgage Loan Purchase Price Mortgage Loans Mortgage Loan Schedule Net Rate Cap Nonrecoverable Advance One-Month LIBOR Pass-Through Rate Pass-Through Rate Permitted Investments Pooling and Servicing Agreement Qib Rating Agency Regular Interest Regulation AB Remic I Remic Ii Remic Iii Remic Iv REMIC Termination Payment Remic V Remic Vi Reportable Event Request for Release

Residual Certificates Residual Interest Sarbanes-Oxley Certification Section 10.01 Termination upon Liquidation or Repurchase of all Mortgage Loans Section 10.02 Final Distribution on the Certificates Section 10.03 Additional Termination Requirements Section 1.01 Defined Terms Section 1.02 Allocation of Certain Interest Shortfalls Section 11.01 Amendment Section 11.02 Recordation of Agreement; Counterparts Section 11.03 Governing Law Section 11.04 Intention of Parties Section 11.05 Notices Section 11.06 Severability of Provisions Section 11.07 Assignment Section 11.08 Limitation on Rights of Certificateholders Section 11.09 Inspection and Audit Rights Section 11.10 Certificates Nonassessable and Fully Paid Section 11.11 Third Party Rights Section 2.01 Conveyance of Trust Fund Section 2.02 Acceptance of the Mortgage Loans Section 2.03 Representations, Warranties and Covenants of the Master Servicer and The Sponsor Section 2.04 Representations and Warranties of the Depositor Section 2.05 Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases Section 2.06 Countersignature and Delivery of Certificates Section 2.07 Purposes and Powers of the Trust Section 3.01 The Master Servicer to act as Master Servicer Section 3.02 Due-on-Sale Clauses; Assumption Agreements Section 3.03 Subservicers Section 3.04 Documents, Records and Funds in Possession of the Master Servicer To Be Held for Trustee Section 3.05 Maintenance of Hazard Insurance Section 3.06 Presentment of Claims and Collection of Proceeds Section 3.07 Maintenance of the Primary Mortgage Insurance Policies Section 3.08 Fidelity Bond, Errors and Omissions Insurance Section 3.09 Realization Upon Defaulted Mortgage Loans; Determination of Excess Liquidation Proceeds and Realized Losses; Repurchases of Certain Mortgage Loans Section 3.10 Servicing Compensation Section 3.11 REO Property Section 3.12 Liquidation Reports Section 3.13 Annual Statement as to Compliance Section 3.14 Assessments of Compliance and Attestation Reports Section 3.15 Books and Records Section 3.16 Reports Filed with Securities and Exchange Commission Section 3.17 Intention of the Parties and Interpretation Section 3.18 UCC Section 3.19 Optional Purchase of Certain Mortgage Loans Section 3.20 Obligations of the Master Servicer in Respect of Mortgage Rates and Scheduled Payments Section 3.21 Reserve Fund; Payments to and from Derivative Administrator; Supplemental Interest Trust Section 3.22 Tax Treatment of Class IO Distribution Amounts in the Event of Resecuritization of Class A Certificates or Class M Certificates Section 3.23 Advancing Facility Section 3.24 Special Servicer Section 4.01 Collection of Mortgage Loan Payments; Protected Account

Section 4.02 Permitted Withdrawals From the Protected Account Section 4.03 Collection of Taxes; Assessments and Similar Items; Escrow Accounts Section 4.04 Distribution Account Section 4.05 Permitted Withdrawals and Transfers from the Distribution Account Section 4.06 Class P Certificate Account Section 5.01 Advances Section 5.02 Compensating Interest Payments Section 5.03 REMIC Distributions Section 5.04 Distributions Section 5.05 Allocation of Realized Losses Section 5.06 Monthly Statements to Certificateholders Section 5.07 REMIC Designations and REMIC Distributions Section 6.01 The Certificates Section 6.02 Certificate Register; Registration of Transfer and Exchange of Certificates Section 6.03 Mutilated, Destroyed, Lost or Stolen Certificates Section 6.04 Persons Deemed Owners Section 6.05 Access to List of Certificateholders' Names and Addresses Section 6.06 Book-Entry Certificates Section 6.07 Notices to Depository Section 6.08 Definitive Certificates Section 6.09 Maintenance of Office or Agency Section 7.01 Liabilities of the Depositor and the Master Servicer Section 7.02 Merger or Consolidation of the Depositor or the Master Servicer Section 7.03 Indemnification of the Trustee and the Master Servicer Section 7.04 Limitations on Liability of the Depositor, the Master Servicer and Others Section 7.05 Master Servicer Not to Resign Section 7.06 Successor Master Servicer Section 7.07 Sale and Assignment of Master Servicing Section 8.01 Events of Default Section 8.02 Trustee to Act; Appointment of Successor Section 8.03 Notification to Certificateholders Section 8.04 Waiver of Defaults Section 9.01 Duties of Trustee Section 9.02 Certain Matters Affecting the Trustee Section 9.03 Trustee Not Liable for Certificates or Mortgage Loans Section 9.04 Trustee May Own Certificates Section 9.05 Trustee's Fees and Expenses Section 9.06 Eligibility Requirements for Trustee Section 9.07 Insurance Section 9.08 Resignation and Removal of Trustee Section 9.09 Successor Trustee Section 9.10 Merger or Consolidation of Trustee Section 9.11 Appointment of Co-Trustee or Separate Trustee Section 9.12 Tax Matters Securities Act Seller Servicing Criteria Significance Percentage S&P Sponsor Substitution Adjustment Amount Successor Master Servicer Supplemental Interest Trust Supplemental Interest Trust Trustee Swap Optional Termination Payment Tax Matters Person

The Certificates Transfer Affidavit Trustee Trust Fund Uncertificated Notional Amount Uncertificated REMIC II Pass-Through Rate Uncertificated REMIC I Pass-Through Rate

1 1st Page - Filing Submission" Trustee" Pooling and Servicing Agreement" Bear Stearns Asset Backed Securities I Trust 2006-EC2" Asset-Backed Certificates, Series 2006-EC2" Definitions" The Certificates" Remic I" Remic Ii" Remic Iii" Remic Iv" Remic V" Remic Vi" Section 1.01 Defined Terms" Additional Disclosure" Additional Form 10-D Disclosure" Additional Form 10-K Disclosure" Agreement" Assessment of Compliance" Attestation Report" Back-Up Certification" Certification Parties" Certifying Person" Class A-1 Certificate" Class A-2 Certificate" Class A-3 Certificate" Class A-4 Certificate" Class CE Certificate" Class IO Distribution Amount" Class M-1 Certificate" Class M-2 Certificate" Class M-3 Certificate" Class M-4 Certificate" Class M-5 Certificate" Class M-6 Certificate" Class M-7 Certificate" Class M-8 Certificate" Class M-9 Certificate" Class M-10 Certificate" Class P Certificate" Class R-1 Certificate" Class R-2 Certificate" Class R-3 Certificate" Class RX Certificate" Code" Current Interest" Custodian" Definitive Certificates" Deleted Mortgage Loan" Delinquent" Depositor" Depository Participant

" Derivative Administrator" Distribution Date" Emc" Erisa" Event of Default" Exchange Act" Form 8-K Disclosure Information" Institutional Accredited Investor" LaSalle" Latest Possible Maturity Date" Loss Allocation Limitation" Marker Rate" Master Funding" Master Servicer" Maximum Uncertificated Accrued Interest Deferral Amount" Moody's" Mortgage File" Mortgage Loans" Mortgage Loan Purchase Price" Mortgage Loan Schedule" Net Rate Cap" Nonrecoverable Advance" One-Month LIBOR Pass-Through Rate" Pass-Through Rate" Permitted Investments" Qib" Rating Agency" Regular Interest" Regulation AB" REMIC Termination Payment" Reportable Event" Request for Release" Residual Certificates" Residual Interest" S&P" Sarbanes-Oxley Certification" Securities Act" Seller" Servicing Criteria" Significance Percentage" Sponsor" Substitution Adjustment Amount" Successor Master Servicer" Supplemental Interest Trust" Supplemental Interest Trust Trustee" Swap Optional Termination Payment" Tax Matters Person" Transfer Affidavit" Trust Fund" Uncertificated Notional Amount" Uncertificated REMIC I Pass-Through Rate" Uncertificated REMIC II Pass-Through Rate" Section 1.02 Allocation of Certain Interest Shortfalls" Section 2.01 Conveyance of Trust Fund" Section 2.02 Acceptance of the Mortgage Loans" Section 2.03 Representations, Warranties and Covenants of the Master Servicer and The Sponsor" Section 2.04 Representations and Warranties of the Depositor" Section 2.05 Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases

" Section 2.06 Countersignature and Delivery of Certificates" Section 2.07 Purposes and Powers of the Trust" Section 3.01 The Master Servicer to act as Master Servicer" Section 3.02 Due-on-Sale Clauses; Assumption Agreements" Section 3.03 Subservicers" Section 3.04 Documents, Records and Funds in Possession of the Master Servicer To Be Held for Trustee" Section 3.05 Maintenance of Hazard Insurance" Section 3.06 Presentment of Claims and Collection of Proceeds" Section 3.07 Maintenance of the Primary Mortgage Insurance Policies" Section 3.08 Fidelity Bond, Errors and Omissions Insurance" Section 3.09 Realization Upon Defaulted Mortgage Loans; Determination of Excess Liquidation Proceeds and Realized Losses; Repurchases of Certain Mortgage Loans" Section 3.10 Servicing Compensation" Section 3.11 REO Property" Section 3.12 Liquidation Reports" Section 3.13 Annual Statement as to Compliance" Section 3.14 Assessments of Compliance and Attestation Reports" Section 3.15 Books and Records" Section 3.16 Reports Filed with Securities and Exchange Commission" Section 3.17 Intention of the Parties and Interpretation" Section 3.18 UCC" Section 3.19 Optional Purchase of Certain Mortgage Loans" Section 3.20 Obligations of the Master Servicer in Respect of Mortgage Rates and Scheduled Payments" Section 3.21 Reserve Fund; Payments to and from Derivative Administrator; Supplemental Interest Trust" Section 3.22 Tax Treatment of Class IO Distribution Amounts in the Event of Resecuritization of Class A Certificates or Class M Certificates" Section 3.23 Advancing Facility" Section 3.24 Special Servicer" Section 4.01 Collection of Mortgage Loan Payments; Protected Account" Section 4.02 Permitted Withdrawals From the Protected Account" Section 4.03 Collection of Taxes; Assessments and Similar Items; Escrow Accounts" Section 4.04 Distribution Account" Section 4.05 Permitted Withdrawals and Transfers from the Distribution Account" Section 4.06 Class P Certificate Account" Section 5.01 Advances" Section 5.02 Compensating Interest Payments" Section 5.03 REMIC Distributions" Section 5.04 Distributions" Section 5.05 Allocation of Realized Losses" Section 5.06 Monthly Statements to Certificateholders" Section 5.07 REMIC Designations and REMIC Distributions" Section 6.01 The Certificates" Section 6.02 Certificate Register; Registration of Transfer and Exchange of Certificates" Section 6.03 Mutilated, Destroyed, Lost or Stolen Certificates" Section 6.04 Persons Deemed Owners" Section 6.05 Access to List of Certificateholders' Names and Addresses" Section 6.06 Book-Entry Certificates" Section 6.07 Notices to Depository" Section 6.08 Definitive Certificates" Section 6.09 Maintenance of Office or Agency" Section 7.01 Liabilities of the Depositor and the Master Servicer" Section 7.02 Merger or Consolidation of the Depositor or the Master Servicer

" Section 7.03 Indemnification of the Trustee and the Master Servicer" Section 7.04 Limitations on Liability of the Depositor, the Master Servicer and Others" Section 7.05 Master Servicer Not to Resign" Section 7.06 Successor Master Servicer" Section 7.07 Sale and Assignment of Master Servicing" Section 8.01 Events of Default" Section 8.02 Trustee to Act; Appointment of Successor" Section 8.03 Notification to Certificateholders" Section 8.04 Waiver of Defaults" Section 9.01 Duties of Trustee" Section 9.02 Certain Matters Affecting the Trustee" Section 9.03 Trustee Not Liable for Certificates or Mortgage Loans" Section 9.04 Trustee May Own Certificates" Section 9.05 Trustee's Fees and Expenses" Section 9.06 Eligibility Requirements for Trustee" Section 9.07 Insurance" Section 9.08 Resignation and Removal of Trustee" Section 9.09 Successor Trustee" Section 9.10 Merger or Consolidation of Trustee" Section 9.11 Appointment of Co-Trustee or Separate Trustee" Section 9.12 Tax Matters" Section 10.01 Termination upon Liquidation or Repurchase of all Mortgage Loans" Section 10.02 Final Distribution on the Certificates" Section 10.03 Additional Termination Requirements" Section 11.01 Amendment" Section 11.02 Recordation of Agreement; Counterparts" Section 11.03 Governing Law" Section 11.04 Intention of Parties" Section 11.05 Notices" Section 11.06 Severability of Provisions" Section 11.07 Assignment" Section 11.08 Limitation on Rights of Certificateholders" Section 11.09 Inspection and Audit Rights" Section 11.10 Certificates Nonassessable and Fully Paid" Section 11.11 Third Party RightsThis exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

BEAR STEARNS ASSET BACKED SECURITIES I LLC,

Depositor,

EMC MORTGAGE CORPORATION,

Sponsor and Master Servicer,

and

LASALLE BANK NATIONAL ASSOCIATION,

Trustee

--------------------

POOLING AND SERVICING AGREEMENT

Dated as of February 1, 2006

----------------------------------------

BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2006-EC2

ASSET-BACKED CERTIFICATES, SERIES 2006-EC2

TABLE OF CONTENTS

ARTICLE I

DEFINITIONS

Section 1.01 Defined Terms..............................................................................Section 1.02 Allocation of Certain Interest Shortfalls..................................................

ARTICLE II

CONVEYANCE OF TRUST FUND

Section 2.01 Conveyance of Trust Fund...................................................................Section 2.02 Acceptance of the Mortgage Loans...........................................................Section 2.03 Representations, Warranties and Covenants of the Master Servicer and The Sponsor...........Section 2.04 Representations and Warranties of the Depositor............................................Section 2.05 Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases............Section 2.06 Countersignature and Delivery of Certificates..............................................Section 2.07 Purposes and Powers of the Trust...........................................................

ARTICLE III

ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

Section 3.01 The Master Servicer to act as Master Servicer..............................................Section 3.02 Due-on-Sale Clauses; Assumption Agreements.................................................Section 3.03 Subservicers...............................................................................Section 3.04 Documents, Records and Funds in Possession of the Master Servicer To Be Held for Trustee....................................................................................Section 3.05 Maintenance of Hazard Insurance............................................................Section 3.06 Presentment of Claims and Collection of Proceeds...........................................Section 3.07 Maintenance of the Primary Mortgage Insurance Policies.....................................Section 3.08 Fidelity Bond, Errors and Omissions Insurance..............................................Section 3.09 Realization Upon Defaulted Mortgage Loans; Determination of Excess Liquidation

Proceeds and Realized Losses; Repurchases of Certain Mortgage Loans........................Section 3.10 Servicing Compensation.....................................................................Section 3.11 REO Property...............................................................................Section 3.12 Liquidation Reports........................................................................Section 3.13 Annual Statement as to Compliance..........................................................Section 3.14 Assessments of Compliance and Attestation Reports..........................................Section 3.15 Books and Records..........................................................................Section 3.16 Reports Filed with Securities and Exchange Commission......................................Section 3.17 Intention of the Parties and Interpretation................................................Section 3.18 UCC........................................................................................Section 3.19 Optional Purchase of Certain Mortgage Loans................................................Section 3.20 Obligations of the Master Servicer in Respect of Mortgage Rates and Scheduled Payments.....Section 3.21 Reserve Fund; Payments to and from Derivative Administrator; Supplemental Interest Trust......................................................................................Section 3.22 Tax Treatment of Class IO Distribution Amounts in the Event of Resecuritization of Class A Certificates or Class M Certificates...............................................Section 3.23 Advancing Facility.........................................................................Section 3.24 Special Servicer...........................................................................

ARTICLE IV

ACCOUNTS

Section 4.01 Collection of Mortgage Loan Payments; Protected Account....................................Section 4.02 Permitted Withdrawals From the Protected Account...........................................Section 4.03 Collection of Taxes; Assessments and Similar Items; Escrow Accounts........................Section 4.04 Distribution Account.......................................................................Section 4.05 Permitted Withdrawals and Transfers from the Distribution Account..........................Section 4.06 Class P Certificate Account................................................................

ARTICLE V

DISTRIBUTIONS AND ADVANCES

Section 5.01 Advances...................................................................................

Section 5.02 Compensating Interest Payments.............................................................Section 5.03 REMIC Distributions........................................................................Section 5.04 Distributions..............................................................................Section 5.05 Allocation of Realized Losses..............................................................Section 5.06 Monthly Statements to Certificateholders...................................................Section 5.07 REMIC Designations and REMIC Distributions.................................................

ARTICLE VI

THE CERTIFICATES

Section 6.01 The Certificates...........................................................................Section 6.02 Certificate Register; Registration of Transfer and Exchange of Certificates................Section 6.03 Mutilated, Destroyed, Lost or Stolen Certificates..........................................Section 6.04 Persons Deemed Owners......................................................................Section 6.05 Access to List of Certificateholders' Names and Addresses..................................Section 6.06 Book-Entry Certificates....................................................................Section 6.07 Notices to Depository......................................................................Section 6.08 Definitive Certificates....................................................................Section 6.09 Maintenance of Office or Agency............................................................

ARTICLE VII

THE DEPOSITOR AND THE MASTER SERVICER

Section 7.01 Liabilities of the Depositor and the Master Servicer.......................................Section 7.02 Merger or Consolidation of the Depositor or the Master Servicer............................Section 7.03 Indemnification of the Trustee and the Master Servicer.....................................Section 7.04 Limitations on Liability of the Depositor, the Master Servicer and Others..................Section 7.05 Master Servicer Not to Resign..............................................................Section 7.06 Successor Master Servicer..................................................................Section 7.07 Sale and Assignment of Master Servicing....................................................

ARTICLE VIII

DEFAULT; TERMINATION OF MASTER SERVICER

Section 8.01 Events of Default.............................................

.............................Section 8.02 Trustee to Act; Appointment of Successor...................................................Section 8.03 Notification to Certificateholders.........................................................Section 8.04 Waiver of Defaults.........................................................................

ARTICLE IX

CONCERNING THE TRUSTEE

Section 9.01 Duties of Trustee..........................................................................Section 9.02 Certain Matters Affecting the Trustee......................................................Section 9.03 Trustee Not Liable for Certificates or Mortgage Loans......................................Section 9.04 Trustee May Own Certificates...............................................................Section 9.05 Trustee's Fees and Expenses................................................................Section 9.06 Eligibility Requirements for Trustee.......................................................Section 9.07 Insurance..................................................................................Section 9.08 Resignation and Removal of Trustee.........................................................Section 9.09 Successor Trustee..........................................................................Section 9.10 Merger or Consolidation of Trustee.........................................................Section 9.11 Appointment of Co-Trustee or Separate Trustee..............................................Section 9.12 Tax Matters................................................................................

ARTICLE X

TERMINATION

Section 10.01 Termination upon Liquidation or Repurchase of all Mortgage Loans...........................Section 10.02 Final Distribution on the Certificates.....................................................Section 10.03 Additional Termination Requirements........................................................

ARTICLE XI

MISCELLANEOUS PROVISIONS

Section 11.01 Amendment..................................................................................Section 11.02 Recordation of Agreement; Counterparts.....................................................Section 11.03 Governing Law..............................................................................Section 11.04 Intention of Parties.......................................................................

Section 11.05 Notices....................................................................................Section 11.06 Severability of Provisions.................................................................Section 11.07 Assignment.................................................................................Section 11.08 Limitation on Rights of Certificateholders.................................................Section 11.09 Inspection and Audit Rights................................................................Section 11.10 Certificates Nonassessable and Fully Paid..................................................Section 11.11 Third Party Rights.........................................................................

EXHIBITS

Exhibit A-1.......Form of Class A CertificatesExhibit A-2.......Form of Class M CertificatesExhibit A-3.......Form of Class P CertificatesExhibit A-4.......Form of Class CE CertificatesExhibit A-5.......Form of Class R CertificatesExhibit B.........Mortgage Loan ScheduleExhibit C.........Form of Transfer AffidavitExhibit D.........Form of Transferor CertificateExhibit E.........Form of Investment Letter (Non-Rule 144A)Exhibit F.........Form of Rule 144A and Related Matters CertificateExhibit G.........Form of Request for ReleaseExhibit H.........DTC Letter of RepresentationsExhibit I.........Schedule of Mortgage Loans with Lost NotesExhibit J.........Form of Custodial AgreementExhibit K.........Form of Back-Up CertificationExhibit L.........Form of Mortgage Loan Purchase AgreementExhibit M.........Swap AgreementExhibit N.........Special Servicer Delinquency TriggersExhibit O.........Yield Maintenance AgreementExhibit P ........Servicing Criteria to Be Addressed in Assessment of ComplianceExhibit Q.........Form 10-D, Form 8-K and Form 10-K Reporting ResponsibilityExhibit R.........Additional Disclosure Notification

POOLING AND SERVICING AGREEMENT, dated as of February 1, 2006, amongBEAR STEARNS ASSET BACKED SECURITIES I LLC, a Delaware limited liabilitycompany, as depositor (the "Depositor"), EMC MORTGAGE CORPORATION, a Delawarecorporation, as sponsor (in such capacity, the "Sponsor") and as master servicer(in such capacity, the "Master Servicer") and LASALLE BANK NATIONAL ASSOCIATION,a national banking association (the "Trustee").

PRELIMINARY STATEMENT

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

REMIC I

As provided herein, the Trustee will elect to treat the segregated poolof assets consisting of the Mortgage Loans and certain other related assetssubject to this Agreement (other than the Reserve Fund, any Prepayment ChargeWaiver Amounts and, for the avoidance of doubt, the Supplemental Interest Trust,the Swap Agreement, the Yield Maintenance Agreement, the Derivative Account andany rights or obligations in respect of the Derivative Administration Agreement)

as a REMIC (as defined herein) for federal income tax purposes, and suchsegregated pool of assets will be designated as "REMIC I". The Class R-1Certificates will be the sole class of Residual Interests (as defined herein) inREMIC I for purposes of the REMIC Provisions (as defined herein). The followingtable irrevocably sets forth the designation, the Uncertificated REMIC IPass-Through Rate, the initial Uncertificated Principal Balance and, forpurposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the"latest possible maturity date" for each of the REMIC I Regular Interests (asdefined herein). None of the REMIC I Regular Interests will be certificated.

Uncertificated REMIC I Initial Uncertificated Latest Possible Maturity Designation Pass-Through Rate Principal Balance Date (1)--------------------------- ---------------------- ---------------------- ------------------------ I-Non-Swap Variable(2) $ 33,496,398.96 February 25, 2036 I-5-A Variable(2) $ 5,888,033.09 February 25, 2036 I-5-B Variable(2) $ 5,888,033.09 February 25, 2036 I-6-A Variable(2) $ 6,525,130.04 February 25, 2036 I-6-B Variable(2) $ 6,525,130.04 February 25, 2036 I-7-A Variable(2) $ 7,128,700.75 February 25, 2036 I-7-B Variable(2) $ 7,128,700.75 February 25, 2036 I-8-A Variable(2) $ 7,690,943.39 February 25, 2036 I-8-B Variable(2) $ 7,690,943.39 February 25, 2036 I-9-A Variable(2) $ 8,182,710.56 February 25, 2036 I-9-B Variable(2) $ 8,182,710.56 February 25, 2036 I-10-A Variable(2) $ 7,863,551.13 February 25, 2036 I-10-B Variable(2) $ 7,863,551.13 February 25, 2036 I-11-A Variable(2) $ 7,497,603.56 February 25, 2036 I-11-B Variable(2) $ 7,497,603.56 February 25, 2036 I-12-A Variable(2) $ 7,149,657.87 February 25, 2036 I-12-B Variable(2) $ 7,149,657.87 February 25, 2036 I-13-A Variable(2) $ 6,817,927.31 February 25, 2036 I-13-B Variable(2) $ 6,817,927.31 February 25, 2036 I-14-A Variable(2) $ 6,501,654.16 February 25, 2036 I-14-B Variable(2) $ 6,501,654.16 February 25, 2036 I-15-A Variable(2) $ 6,200,116.15 February 25, 2036

I-15-B Variable(2) $ 6,200,116.15 February 25, 2036 I-16-A Variable(2) $ 5,912,484.42 February 25, 2036 I-16-B Variable(2) $ 5,912,484.42 February 25, 2036 I-17-A Variable(2) $ 5,638,238.56 February 25, 2036 I-17-B Variable(2) $ 5,638,238.56 February 25, 2036 I-18-A Variable(2) $ 5,376,928.51 February 25, 2036 I-18-B Variable(2) $ 5,376,928.51 February 25, 2036 I-19-A Variable(2) $ 5,127,785.39 February 25, 2036 I-19-B Variable(2) $ 5,127,785.39 February 25, 2036 I-20-A Variable(2) $ 4,890,268.39 February 25, 2036 I-20-B Variable(2) $ 4,890,268.39 February 25, 2036 I-21-A Variable(2) $ 4,663,778.69 February 25, 2036 I-21-B Variable(2) $ 4,663,778.69 February 25, 2036 I-22-A Variable(2) $ 4,432,526.48 February 25, 2036 I-22-B Variable(2) $ 4,432,526.48 February 25, 2036 I-23-A Variable(2) $ 4,227,467.23 February 25, 2036 I-23-B Variable(2) $ 4,227,467.23 February 25, 2036 I-24-A Variable(2) $ 77,358,062.55 February 25, 2036 I-24-B Variable(2) $ 77,358,062.55 February 25, 2036 I-25-A Variable(2) $ 393,783.95 February 25, 2036 I-25-B Variable(2) $ 393,783.95 February 25, 2036 I-26-A Variable(2) $ 378,871.57 February 25, 2036 I-26-B Variable(2) $ 378,871.57 February 25, 2036 I-27-A Variable(2) $ 364,545.98 February 25, 2036 I-27-B Variable(2) $ 364,545.98 February 25, 2036 I-28-A Variable(2) $ 350,783.19 February 25, 2036 I-28-B Variable(2) $ 350,783.19 February 25, 2036 I-29-A Variable(2) $ 337,560.23 February 25, 2036 I-29-B Variable(2) $ 337,560.23 February 25, 2036 I-30-A Variable(2) $ 324,855.13 February 25, 2036

I-30-B Variable(2) $ 324,855.13 February 25, 2036 I-31-A Variable(2) $ 312,646.79 February 25, 2036 I-31-B Variable(2) $ 312,646.79 February 25, 2036 I-32-A Variable(2) $ 300,915.03 February 25, 2036 I-32-B Variable(2) $ 300,915.03 February 25, 2036 I-33-A Variable(2) $ 289,412.90 February 25, 2036 I-33-B Variable(2) $ 289,412.90 February 25, 2036 I-34-A Variable(2) $ 278,420.82 February 25, 2036 I-34-B Variable(2) $ 278,420.82 February 25, 2036 I-35-A Variable(2) $ 268,041.46 February 25, 2036 I-35-B Variable(2) $ 268,041.46 February 25, 2036 I-36-A Variable(2) $ 2,143,640.29 February 25, 2036 I-36-B Variable(2) $ 2,143,640.29 February 25, 2036 I-37-A Variable(2) $ 159,507.81 February 25, 2036 I-37-B Variable(2) $ 159,507.81 February 25, 2036 I-38-A Variable(2) $ 154,477.30 February 25, 2036 I-38-B Variable(2) $ 154,477.30 February 25, 2036 I-39-A Variable(2) $ 149,604.62 February 25, 2036 I-39-B Variable(2) $ 149,604.62 February 25, 2036 I-40-A Variable(2) $ 144,884.83 February 25, 2036 I-40-B Variable(2) $ 144,884.83 February 25, 2036 I-41-A Variable(2) $ 140,313.14 February 25, 2036 I-41-B Variable(2) $ 140,313.14 February 25, 2036 I-42-A Variable(2) $ 135,884.94 February 25, 2036 I-42-B Variable(2) $ 135,884.94 February 25, 2036 I-43-A Variable(2) $ 131,595.74 February 25, 2036 I-43-B Variable(2) $ 131,595.74 February 25, 2036 I-44-A Variable(2) $ 127,441.18 February 25, 2036 I-44-B Variable(2) $ 127,441.18 February 25, 2036 I-45-A Variable(2) $ 123,417.07 February 25, 2036

I-45-B Variable(2) $ 123,417.07 February 25, 2036 I-46-A Variable(2) $ 119,519.33 February 25, 2036 I-46-B Variable(2) $ 119,519.33 February 25, 2036 I-47-A Variable(2) $ 115,744.00 February 25, 2036 I-47-B Variable(2) $ 115,744.00 February 25, 2036 I-48-A Variable(2) $ 112,087.25 February 25, 2036 I-48-B Variable(2) $ 112,087.25 February 25, 2036 I-49-A Variable(2) $ 108,545.39 February 25, 2036 I-49-B Variable(2) $ 108,545.39 February 25, 2036 I-50-A Variable(2) $ 105,114.81 February 25, 2036 I-50-B Variable(2) $ 105,114.81 February 25, 2036 I-51-A Variable(2) $ 101,792.03 February 25, 2036 I-51-B Variable(2) $ 101,792.03 February 25, 2036 I-52-A Variable(2) $ 98,573.68 February 25, 2036 I-52-B Variable(2) $ 98,573.68 February 25, 2036 I-53-A Variable(2) $ 95,456.50 February 25, 2036 I-53-B Variable(2) $ 95,456.50 February 25, 2036 I-54-A Variable(2) $ 92,437.31 February 25, 2036 I-54-B Variable(2) $ 92,437.31 February 25, 2036 I-55-A Variable(2) $ 89,513.06 February 25, 2036 I-55-B Variable(2) $ 89,513.06 February 25, 2036 I-56-A Variable(2) $ 86,732.89 February 25, 2036 I-56-B Variable(2) $ 86,732.89 February 25, 2036 I-57-A Variable(2) $ 83,986.75 February 25, 2036 I-57-B Variable(2) $ 83,986.75 February 25, 2036 I-58-A Variable(2) $ 81,485.44 February 25, 2036 I-58-B Variable(2) $ 81,485.44 February 25, 2036 I-59-A Variable(2) $ 78,937.27 February 25, 2036 I-59-B Variable(2) $ 78,937.27 February 25, 2036 I-60-A Variable(2) $ 2,386,301.79 February 25, 2036

I-60-B Variable(2) $ 2,386,301.79 February 25, 2036 P 0.00% $ 100.00 February 25, 2036

---------------------------(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the "latest possible maturity date" for each REMIC I Regular Interest.(2) Calculated in accordance with the definition of "Uncertificated REMIC I Pass-Through Rate" herein.

REMIC II

As provided herein, the Trustee will elect to treat the segregated poolof assets consisting of the REMIC I Regular Interests as a REMIC for federalincome tax purposes, and such segregated pool of assets will be designated as"REMIC II". The Class R-2 Certificates will be the sole class of ResidualInterests in REMIC II for purposes of the REMIC Provisions. The following tableirrevocably sets forth the designation, the Uncertificated REMIC II Pass-ThroughRate, the initial Uncertificated Principal Balance and, for purposes ofsatisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the "latest possiblematurity date" for each of the REMIC II Regular Interests (as defined herein).None of the REMIC II Regular Interests will be certificated.

Uncertificated REMIC II Initial Uncertificated Latest Possible Maturity Designation Pass-Through Rate Principal Balance Date (1)--------------------------- ---------------------- ---------------------- ------------------------ AA Variable(2) $ 436,273,654.26 February 25, 2036 A-1 Variable(2) $ 1,750,890.00 February 25, 2036 A-2 Variable(2) $ 1,055,460.00 February 25, 2036 A-3 Variable(2) $ 268,670.00 February 25, 2036 A-4 Variable(2) $ 141,380.00 February 25, 2036 M-1 Variable(2) $ 273,780.00 February 25, 2036 M-2 Variable(2) $ 227,040.00 February 25, 2036 M-3 Variable(2) $ 100,170.00 February 25, 2036 M-4 Variable(2) $ 91,260.00 February 25, 2036 M-5 Variable(2) $ 84,580.00 February 25, 2036 M-6 Variable(2) $ 75,680.00 February 25, 2036 M-7 Variable(2) $ 71,230.00 February 25, 2036 M-8 Variable(2) $ 62,320.00 February 25, 2036 M-9 Variable(2) $ 53,

420.00 February 25, 2036 M-10 Variable(2) $ 55,650.00 February 25, 2036 ZZ Variable(2) $ 4,592,013.96 February 25, 2036 IO (2) (3) February 25, 2036 P 0.00% $ 100.00 February 25, 2036

---------------------------(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the "latest possible maturity date" for each REMIC II Regular Interest.(2) Calculated in accordance with the definition of "Uncertificated REMIC II Pass-Through Rate" herein. (3) REMIC II Regular Interest IO will not have an Uncertificated Principal Balance but will accrue interest on its uncertificated notional amount calculated in accordance with the definition of "Uncertificated Notional Amount" herein.

REMIC III

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

The following table irrevocably sets forth the designation,Pass-Through Rate, Initial Certificate Principal Balance (or initialUncertificated Principal Balance, in the case of the Class CE, P and IOInterests) and, for purposes of satisfying Treasury Regulation Section1.860G-1(a)(4)(iii), the "latest possible maturity date" for each class ofCertificates and interests that represents ownership of one or more of theRegular Interests in REMIC III created hereunder.

Each Certificate, other than the Class P, Class CE and Class RCertificates, represents ownership of a Regular Interest in REMIC III and alsorepresents (i) the right to receive payments with respect to the Basis RiskShortfall Carry Forward Amount (as defined herein) and (ii) the obligation topay Class IO Distribution Amounts (as defined herein). The entitlement toprincipal of the Regular Interest which corresponds to each Certificate shall beequal in amount and timing to the entitlement to principal of such Certificate.

Initial Certificate or Uncertificated Latest Possible Maturity Designation Pass-Through Rate Principal Balance Date(1)--------------------------- ---------------------- ---------------------- ------------------------ A-1(2) Variable(3) $ 175,089,000.00 February 25, 2036 A-2(2) Variable(3) $ 105,546,000.00 February 25, 2036 A-3(2) Variable(3) $ 26,867,000.00 February 25, 2036

A-4(2) Variable(3) $ 14,138,000.00 February 25, 2036 M-1(2) Variable(3) $ 27,378,000.00 February 25, 2036 M-2(2) Variable(3) $ 22,704,000.00 February 25, 2036 M-3(2) Variable(3) $ 10,017,000.00 February 25, 2036 M-4(2) Variable(3) $ 9,126,000.00 February 25, 2036 M-5(2) Variable(3) $ 8,458,000.00 February 25, 2036 M-6(2) Variable(3) $ 7,568,000.00 February 25, 2036 M-7(2) Variable(3) $ 7,123,000.00 February 25, 2036 M-8(2) Variable(3) $ 6,232,000.00 February 25, 2036 M-9(2) Variable(3) $ 5,342,000.00 February 25, 2036 M-10(2) Variable(3) $ 5,565,000.00 February 25, 2036 Class CE Interest Variable(3)(4) $ 14,024,198.22 February 25, 2036 Class P Interest 0.00%(5) $ 100.00 February 25, 2036 Class IO Interest (6) (7) February 25, 2036---------------------------(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the "latest possible maturity date" for each REMIC III Regular Interest.(2) This Class of Certificates represents ownership of a Regular Interest in REMIC III. Any amount distributed on this Class of Certificates on any Distribution Date in excess of the amount distributable on the related Regular Interest in REMIC III on such Distribution Date shall be treated for federal income tax purposes as having been paid from the Reserve Fund or the Supplemental Interest Trust, as applicable, and any amount distributable on the related Regular Interest in REMIC III on such Distribution Date in excess of the amount distributable on such Class of Certificates on such Distribution Date shall be treated for such purposes as having been distributed to the Holders of such Certificates and then paid by such Holders to the Supplemental Interest Trust, all pursuant to and as further provided in Section 3.21 hereof.(3) Calculated in accordance with the definition of "Pass-Through Rate" herein. Each Regular Interest in REMIC III (other than the Class CE, P and IO Interests) which corresponds to a Class A Certificate or Class M Certificate will have the same Pass-Through Rate as such Certificate, except with respect to the Net Rate Cap. The Net Rate Cap for each such Regular Interest in REMIC III and Certificate is specified in the definition of "Net Rate Cap".(4) The Class CE Interest will accrue interest at its variable Pass-Through Rate on the Uncertificated Notional Amount of the Class CE Interest outstanding from time to time which shall equal the aggregate Uncertificated Principal Balance of the REMIC II Regular Interests (other than REMIC II Regular Interest P). The Class CE Interest will not accrue interest on its Uncertificated Principal Balance.(5) The Class P Interest is not entitled to distributions in respect of

interest.(6) For federal income tax purposes, the Class IO Interest will not have a Pass-Through Rate, but will be entitled to 100% of the amounts distributed on REMIC II Regular Interest IO.(7) For federal income tax purposes, the Class IO Interest will not have an Uncertificated Principal Balance, but will have a notional amount equal to the Uncertificated Notional Amount of REMIC II Regular Interest IO.

REMIC IV

As provided herein, the Trustee shall elect to treat the segregatedpool of assets consisting of the Class CE Interest as a REMIC for federal incometax purposes, and such segregated pool of assets will be designated as "REMICIV". The Class R-4 Interest represents the sole class of Residual Interests inREMIC IV for purposes of the REMIC Provisions.

The following table sets forth the Class designation, Pass-ThroughRate, Initial Certificate Principal Balance and, for purposes of satisfyingTreasury Regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturitydate" for the indicated Class of Certificates that represents a Regular Interestin REMIC IV created hereunder:

Initial Certificate Latest Possible Class Designation Pass-Through Rate Principal Balance Maturity Date(1)--------------------------- ---------------------- ---------------------- ------------------------ CE Variable(2) $ 14,024,198.22 February 25, 2036---------------------------(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the "latest possible maturity date" for the Class CE Certificates.(2) The Class CE Certificates will receive 100% of amounts received in respect of the Class CE Interest.

REMIC V

As provided herein, the Trustee shall elect to treat the segregatedpool of assets consisting of the Class P Interest as a REMIC for federal incometax purposes, and such segregated pool of assets will be designated as "REMICV". The Class R-5 Interest represents the sole class of Residual Interests inREMIC V for purposes of the REMIC Provisions.

The following table sets forth the Class designation, Pass-ThroughRate, Initial Certificate Principal Balance and, for purposes of satisfyingTreasury Regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturitydate" for the indicated Class of Certificates that represents a Regular Interestin REMIC V created hereunder:

Initial Certificate Latest Possible Class Designation Pass-Through Rate Principal Balance Maturity Date(1)--------------------------- ---------------------- ---------------------- ------------------------ P 0.00%(2) $

100.00 February 25, 2036---------------------------(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the "latest possible maturity date" for the Class P Certificates.(2) The Class P Certificates will receive 100% of amounts received in respect of the Class P Interest.

REMIC VI

As provided herein, the Trustee shall elect to treat the segregatedpool of assets consisting of the Class IO Interest as a REMIC for federal incometax purposes, and such segregated pool of assets will be designated as "REMICVI". The Class R-6 Interest represents the sole class of Residual Interests inREMIC VI for purposes of the REMIC Provisions.

The following table sets forth the designation, Pass-Through Rate,initial Uncertificated Principal Balance and, for purposes of satisfyingTreasury Regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturitydate" for the indicated class of interests that represents a Regular Interest inREMIC VI created hereunder:

Initial Uncertificated Latest Possible Designation Pass-Through Rate Principal Balance Maturity Date(1)--------------------------- ---------------------- ---------------------- ------------------------ IO(2) (3) (4) February 25, 2036---------------------------(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the "latest possible maturity date" for REMIC VI Regular Interest IO.(2) REMIC VI Regular Interest IO will be held as an asset of the Supplemental Interest Trust.(3) REMIC VI Regular Interest IO will not have a Pass-Through Rate, but will receive 100% of amounts received in respect of the Class IO Interest.(4) REMIC VI Regular Interest IO will not have an Uncertificated Principal Balance, but will have a notional amount equal to the Uncertificated Notional Amount of the Class IO Interest.

The Trust Fund shall be named, and may be referred to as, the "BearStearns Asset Backed Securities I Trust 2006-EC2." The Certificates issuedhereunder may be referred to as "Asset-Backed Certificates, Series 2006-EC2"(including for purposes of any endorsement or assignment of a Mortgage Note orMortgage).

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

ARTICLE I

DEFINITIONS

Section 1.01 DEFINED TERMS.

Whenever used in this Agreement, the following words and phrases,unless otherwise expressly provided or unless the context otherwise requires,shall have the meanings specified in this Article:

ACCEPTED SERVICING PRACTICES: With respect to each Mortgage Loan, thosemortgage servicing practices and procedures, including prudent collection andloan administration procedures, and the standard of care (i) employed by prudentmortgage servicers which service mortgage loans of the same type as the MortgageLoans in the jurisdictions in which the related Mortgage Properties are locatedor (ii) in accordance with the Fannie Mae Guide or Freddie Mac Guide, subject toany variances negotiated with Fannie Mae or Freddie Mac and subject to theexpress provisions of this Agreement. Such standard of care shall not be lowerthan that the Master Servicer customarily employs and exercises in servicing andadministering similar mortgage loans for its own account and shall be in fullcompliance with all federal, state, and local laws, ordinances, rules andregulations.

ACCOUNT: The Distribution Account, the Reserve Fund, the DerivativeAccount, the Class P Certificate Account and the Protected Account.

ACCRUAL PERIOD: With respect to the Certificates (other than the ClassCE, Class P and the Residual Certificates) and any Distribution Date, the periodfrom and including the immediately preceding Distribution Date (or with respectto the first Accrual Period, the Closing Date) to and including the day prior tosuch Distribution Date. With respect to the Class CE Certificates and the ClassCE Interest and any Distribution Date, the calendar month immediately precedingsuch Distribution Date. All calculations of interest on the Certificates (otherthan the Class CE, Class P and the Residual Certificates) will be made on thebasis of the actual number of days elapsed in the related Accrual Period. Allcalculations of interest on the Class CE Interest and the Class CE Certificateswill be made on the basis of a 360-day year consisting of twelve 30-day months.

ADDITIONAL DISCLOSURE: As defined in Section 3.16(a)(v).

ADDITIONAL FORM 10-D DISCLOSURE: As defined in Section 3.16(a)(ii).

ADDITIONAL FORM 10-K DISCLOSURE: As defined in Section 3.16(a)(iv).

ADVANCE: An advance of delinquent payments of principal or interest inrespect of a Mortgage Loan required to be made by the Master Servicer asprovided in Section 5.01 hereof.

AFFECTED PARTY: As defined in the Swap Agreement.

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

ADJUSTABLE RATE MORTGAGE LOAN: Each of the Mortgage Loans identified inthe Mortgage Loan Schedule as having a Mortgage Rate that is subject toadjustment.

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

AMOUNT HELD FOR FUTURE DISTRIBUTION: As to any Distribution Date, the

aggregate amount held in the Protected Account at the close of business on theimmediately preceding Determination Date on account of (i) all ScheduledPayments or portions thereof received in respect of the Mortgage Loans due afterthe related Due Period and (ii) Principal Prepayments, Liquidation Proceeds,Subsequent Recoveries and Insurance Proceeds received in respect of suchMortgage Loans after the last day of the related Prepayment Period.

APPLIED REALIZED LOSS AMOUNT: With respect to any Distribution Date anda Class of Class A Certificates and Class M Certificates, the sum of theRealized Losses with respect to the Mortgage Loans which have been applied inreduction of the Certificate Principal Balance of a Class of Certificatespursuant to Section 5.05 of this Agreement which have not previously beenreimbursed or reduced by any Subsequent Recoveries applied to such AppliedRealized Loss Amount.

APPRAISED VALUE: With respect to any Mortgage Loan originated inconnection with a refinancing, the appraised value of the Mortgaged Propertybased upon the appraisal made at the time of such refinancing or, with respectto any other Mortgage Loan, the lesser of (x) the appraised value of theMortgaged Property based upon the appraisal made by a fee appraiser at the timeof the origination of the related Mortgage Loan, and (y) the sales price of theMortgaged Property at the time of such origination.

ASSESSMENT OF COMPLIANCE: As defined in Section 3.14.

ATTESTATION REPORT: As defined in Section 3.14.

BACK-UP CERTIFICATION: As defined in Section 3.16(a)(iv).

BASIS RISK SHORTFALL CARRY FORWARD AMOUNT: With respect to anyDistribution Date and any Class of Class A Certificates and Class MCertificates, an amount equal to the sum of (A) the excess, if any, of (a) theamount of Current Interest that such Class would have been entitled to receiveon such Distribution Date had the Pass-Though Rate applicable to such Class beencalculated at a per annum rate equal to One-Month LIBOR plus the relatedCertificate Margin, over (b) the amount of Current Interest that such Classreceived on such Distribution Date if the Pass-Through Rate is limited to theNet Rate Cap and (B) the amount in clause (A) for all previous DistributionDates not previously paid, together with interest thereon at a rate equal to therelated Pass-Through Rate for such Distribution Date.

BANKRUPTCY CODE: Title 11 of the United States Code.

BOOK-ENTRY CERTIFICATES: Any of the Certificates that shall beregistered in the name of the Depository or its nominee, the ownership of whichis reflected on the books of the Depository or on the books of a personmaintaining an account with the Depository (directly, as a "DepositoryParticipant", or indirectly, as an indirect participant in accordance with therules of the Depository and as described in Section 6.06). As of the ClosingDate, each Class of Regular Certificates (other than the Class M-10, Class CEand Class P Certificates) constitutes a Class of Book-Entry Certificates.

BUSINESS DAY: Any day other than (i) a Saturday or a Sunday, or (ii) aday on which banking institutions in The City of New York, New York, Chicago,Illinois, Minneapolis, Minnesota or the city in which the Corporate Trust Officeof the Trustee or the principal office of the Master Servicer is located asauthorized or obligated by law or executive order to be closed.

CAP RATE: With respect to the Yield Maintenance Agreement, the ratesset forth therefor in Exhibit O.

CERTIFICATE: Any one of the certificates of any Class executed andauthenticated by the Trustee in substantially the forms attached hereto asExhibits A-1 through A-5.

CERTIFICATE MARGIN: With respect to the Class A-1 Certificates and, forpurposes of the definition of "One-Month LIBOR Pass-Through Rate", REMIC IIRegular Interest A-1, 0.070% per annum.

With respect to the Class A-2 Certificates and, for purposes of thedefinition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular InterestA-2, 0.160% per annum in the case of each Distribution Date through andincluding the first possible Optional Termination Date and 0.320% per annum inthe case of each Distribution Date thereafter.



With respect to the Class M-1 Certificates and, for purposes of thedefinition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular InterestM-1, 0.400% per annum in the case of each Distribution Date through andincluding the first possible Optional Termination Date and 0.600% per annum inthe case of each Distribution Date thereafter.





With respect to the Class M-6 Certificates and, for purposes of thedefinition of "One-Month LIBOR Pass-Through Rate", REMIC II Regular InterestM-6, 0.700% per annum in the case of each Distribution Date through and

including the first possible Optional Termination Date and 1.050% per annum inthe case of each Distribution Date thereafter.





CERTIFICATE NOTIONAL AMOUNT: With respect to the Class CE Certificatesand any Distribution Date, an amount equal to the Stated Principal Balance ofthe Mortgage Loans as of the beginning of the related Due Period. The initial Certificate Notional Amount of the Class CE Certificates shall be$445,177,198.22. For federal income tax purposes, the Certificate NotionalAmount for any Distribution Date shall be an amount equal to the UncertificatedNotional Amount for the Class CE Interest for such Distribution Date.

CERTIFICATE OWNER: With respect to a Book-Entry Certificate, the Personthat is the beneficial owner of such Book-Entry Certificate.

CERTIFICATE PRINCIPAL BALANCE: As to any Certificate (other than theClass CE Certificates or Class R Certificates) and as of any Distribution Date,the Initial Certificate Principal Balance of such Certificate plus, in the caseof a Class A Certificate and Class M Certificate, any Subsequent Recoveriesadded to the Certificate Principal Balance of such Certificate pursuant toSection 5.04(b), less the sum of (i) all amounts distributed with respect tosuch Certificate in reduction of the Certificate Principal Balance thereof onprevious Distribution Dates pursuant to Section 5.04, and (ii) any AppliedRealized Loss Amounts allocated to such Certificate on previous DistributionDates. As to the Class CE Certificates and as of any Distribution Date, anamount equal to the Uncertificated Principal Balance of the Class CE Interest.

CERTIFICATE REGISTER: The register maintained pursuant to Section 6.02hereof.

CERTIFICATEHOLDER OR HOLDER: The person in whose name a Certificate isregistered in the Certificate Register (initially, Cede & Co., as nominee forthe Depository, in the case of any Book-Entry Certificates).

CERTIFICATION PARTIES: As defined in Section 3.16(a)(iv).

CERTIFYING PERSON: As defined in Section 3.16(a)(iv).

CLASS: All Certificates bearing the same Class designation as set forthin Section 6.01 hereof.

CLASS A CERTIFICATES: Any of the Class A-1, Class A-2, Class A-3 andClass A-4 Certificates.

CLASS A PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, anamount equal to the lesser of (x) the Principal Distribution Amount for suchDistribution Date and (y) the excess, if any, of (i) the aggregate CertificatePrincipal Balance of the Class A Certificates immediately prior to suchDistribution Date, over (ii) the lesser of (a) the product of (1) 44.50% and (2)the aggregate Stated Principal Balance of the Mortgage Loans as of the last dayof the related Due Period (after giving effect to scheduled payments ofprincipal due during the related Due Period, to the extent received or advanced,and unscheduled collections of principal received during the related PrepaymentPeriod, and after reduction for Realized Losses incurred during the related DuePeriod), and (b) the aggregate Stated Principal Balance of the Mortgage Loans asof the last day of the related Due Period (after giving effect to scheduledpayments of principal due during the related Due Period, to the extent receivedor advanced, and unscheduled collections of principal received during therelated Prepayment Period, and after reduction for Realized Losses incurredduring the related Due Period) minus $2,225,886.

CLASS A-1 CERTIFICATE: Any Certificate designated as a "Class A-1Certificate" on the face thereof, in the form of Exhibit A-1 hereto,representing the right to the Percentage Interest of distributions provided forthe Class A-1 Certificates as set forth herein and evidencing (i) a RegularInterest in REMIC III, (ii) the right to receive Basis Risk Shortfall CarryForward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.




CLASS A-4 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date,with respect to the Class A-4 Certificates and any Distribution Date, is theproduct of the Class A Principal Distribution Amount and a fraction, thenumerator of which is the Principal Funds for such Distribution Date and thedenominator of which is the Principal Funds for such Distribution Date.

CLASS CE CERTIFICATE: Any Certificate designated as a "Class CECertificate" on the face thereof, in the form of Exhibit A-4 hereto,

representing the right to its Percentage Interest of distributions provided forthe Class CE Certificates herein and evidencing (i) a Regular Interest in REMICIV, (ii) the obligation to pay Basis Risk Shortfall Carry Forward Amounts and(iii) the right to receive Class IO Distribution Amounts.

CLASS CE DISTRIBUTION AMOUNT: With respect to any Distribution Date,the sum of (i) the Current Interest for the Class CE Interest for suchDistribution Date, (ii) any Overcollateralization Release Amount for suchDistribution Date and (iii) without duplication, any Subsequent Recoveries notdistributed to the Class A Certificates and Class M Certificates on suchDistribution Date; provided, however that on any Distribution Date after theDistribution Date on which the Certificate Principal Balances of the Class ACertificates and Class M Certificates have been reduced to zero, the Class CEDistribution Amount shall include the Overcollateralization Amount.

CLASS CE INTEREST: An uncertificated interest in the Trust Fund held bythe Trustee on behalf of the Holders of the Class CE Certificates, evidencing aRegular Interest in REMIC III for purposes of the REMIC Provisions.

CLASS IO DISTRIBUTION AMOUNT: As defined in Section 3.21 hereof. Forpurposes of clarity, the Class IO Distribution Amount for any Distribution Dateshall equal the amount payable to the Derivative Administrator on suchDistribution Date in excess of the amount payable on REMIC VI Regular InterestIO on such Distribution Date, all as further provided in Section 3.21 hereof.

CLASS IO INTEREST: An uncertificated interest in the Trust Fund held bythe Trustee on behalf of the Holders of REMIC VI Regular Interest IO, evidencinga Regular Interest in REMIC III for purposes of the REMIC Provisions.

CLASS M CERTIFICATES: Any of the Class M-1, Class M-2, Class M-3, ClassM-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10Certificates.

CLASS M-1 CERTIFICATE: Any Certificate designated as a "Class M-1Certificate" on the face thereof, in the form of Exhibit A-2 hereto,representing the right to its Percentage Interest of distributions provided forthe Class M-1 Certificates as set forth herein and evidencing (i) a RegularInterest in REMIC III, (ii) the right to receive Basis Risk Shortfall CarryForward Amounts and (iii) the obligation to pay Class IO Distribution Amounts.

CLASS M-1 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, anamount equal to the lesser of (x) the remaining Principal Distribution Amountfor such Distribution Date after distribution of the Class A PrincipalDistribution Amount and (y) the excess, if any, of (a) the sum of (1) theaggregate Certificate Principal Balance of the Class A Certificates (aftertaking into account the distribution of the Class A Principal DistributionAmount on such Distribution Date) and (2) the Certificate Principal Balance ofthe Class M-1 Certificates immediately prior to such Distribution Date, over (b)the lesser of (1) the product of (x) 56.80% and (y) the aggregate StatedPrincipal Balance of the Mortgage Loans as of the last day of the related DuePeriod (after giving effect to scheduled payments of principal due during therelated Due Period, to the extent received or advanced, and unscheduledcollections of principal received during the related Prepayment Period, andafter reduction for Realized Losses incurred during the related Due Period), and(2) the aggregate Stated Principal Balance of the Mortgage Loans as of the lastday of the related Due Period (after giving effect to scheduled payments ofprincipal due during the related Due Period, to the extent received or advanced,and unscheduled collections of principal received during the related PrepaymentPeriod, and after reduction for Realized Losses incurred during the related DuePeriod) minus $2,225,886.


CLASS M-2 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, anamount equal to the lesser of (x) the remaining Principal Distribution Amountfor such Distribution Date after distribution of the Class A PrincipalDistribution Amount and the Class M-1 Principal Distribution Amount and (y) theexcess, if any, of (a) the sum of (1) the aggregate Certificate PrincipalBalance of the Class A Certificates (after taking into account the distributionof the Class A Principal Distribution Amount on such Distribution Date), (2) theCertificate Principal Balance of the Class M-1 Certificates (after taking intoaccount the distribution of the Class M-1 Principal Distribution Amount on suchDistribution Date) and (3) the Certificate Principal Balance of the Class M-2Certificates immediately prior to such Distribution Date, over (b) the lesser of(1) the product of (x) 67.00% and (y) the aggregate Stated Principal Balance ofthe Mortgage Loans as of the last day of the related Due Period (after givingeffect to scheduled payments of principal due during the related Due Period, tothe extent received or advanced, and unscheduled collections of principalreceived during the related Prepayment Period, and after reduction for RealizedLosses incurred during the related Due Period), and (2) the aggregate StatedPrincipal Balance of the Mortgage Loans as of the last day of the related DuePeriod (after giving effect to scheduled payments of principal due during therelated Due Period, to the extent received or advanced, and unscheduledcollections of principal received during the related Prepayment Period, andafter reduction for Realized Losses incurred during the related Due Period)minus $2,225,886.


CLASS M-3 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, anamount equal to the lesser of (x) the remaining Principal Distribution Amountfor such Distribution Date after distribution of the Class A PrincipalDistribution Amount, the Class M-1 Principal Distribution Amount and the ClassM-2 Principal Distribution Amount and (y) the excess, if any, of (a) the sum of(1) the aggregate Certificate Principal Balance of the Class A Certificates(after taking into account the distribution of the Class A PrincipalDistribution Amount on such Distribution Date), (2) the Certificate PrincipalBalance of the Class M-1 Certificates (after taking into account thedistribution of the Class M-1 Principal Distribution Amount on such DistributionDate), (3) the Certificate Principal Balance of the Class M-2 Certificates(after taking into account the distribution of the Class M-2 PrincipalDistribution Amount on such Distribution Date) and (4) the Certificate PrincipalBalance of the Class M-3 Certificates immediately prior to such DistributionDate, over (b) the lesser of (1) the product of (x) 71.50% and (y) the aggregateStated Principal Balance of the Mortgage Loans as of the last day of the relatedDue Period (after giving effect to scheduled payments of principal due duringthe related Due Period, to the extent received or advanced, and unscheduledcollections of principal received during the related Prepayment Period, andafter reduction for Realized Losses incurred during the related Due Period), and(2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last

day of the related Due Period (after giving effect to scheduled payments ofprincipal due during the related Due Period, to the extent received or advanced,and unscheduled collections of principal received during the related PrepaymentPeriod, and after reduction for Realized Losses incurred during the related DuePeriod) minus $2,225,886.


CLASS M-4 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, anamount equal to the lesser of (x) the remaining Principal Distribution Amountfor such Distribution Date after distribution of the Class A PrincipalDistribution Amount, the Class M-1 Principal Distrib