POOLING AND SERVICING AGREEMENT

Pooling and Servicing Agreement

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IMPAC SECURED ASSETS CORP | IMPAC FUNDING CORPORATION | DEUTSCHE BANK NATIONAL TRUST COMPANY

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Title: POOLING AND SERVICING AGREEMENT
Governing Law: New York Date: 4/27/2006

IMPAC SECURED ASSETS CORP.,

Depositor,

IMPAC FUNDING CORPORATION

Master Servicer,

and

DEUTSCHE BANK NATIONAL TRUST COMPANY

Trustee

POOLING AND SERVICING AGREEMENT

Dated as of March 1, 2006

________________________

Mortgage Pass-Through Certificates

Series 2006-1

TABLE OF CONTENTS

Page

ARTICLE I DEFINITIONS

Section 1.01. Defined Terms.

Accrual Period

Adjustment Date

Advance

Affected Party

Affiliate

Aggregate Stated Principal Balance

Agreement

Allocated Realized Loss Amount

Assessment of Compliance

Assignment

Attestation Report

Available Distribution Amount

Bankruptcy Code

Basic Principal Distribution Amount

Book-Entry Certificate

Business Day

Cash Liquidation

Certificate

Certificate Account

Certificate Account Deposit Date

Certificateholder

Certificate Margin

Certificate Owner

Certificate Principal Balance

Certificate Register

Class

Class 1-A Certificates

Class 1-A Principal Allocation Fraction

Class 1-A Principal Distribution Amount

Class 1-A-1 Certificate

Class 1-A-2 Certificate

Class 1-IO Interest

Class 1-M Certificates

Class 2-A Certificate

Class 2-A Principal Distribution Amount

Class 2-IO Interest

Class 2-M Certificates

Class B Certificates

Class C Certificates

Class C-R Distribution Amount

Class C-M Distribution Amount

Class IO Interests

Class IO Distribution Amount

Class M Certificates20

Class P Certificates

Class R Certificate

Class R-1 Interest

Class R-2 Interest

Class R-3 Interest

Class R-4 Interest

Closing Date

Code

Collateral Value

Commission

Compensating Interest

Corporate Trust Office

Corresponding Certificate

Credit Enhancement Percentage

Cross Collateralized Loss Payments

Crossable Excess

Crossable Losses

Current Report

Custodial Account

Custodian

Cut-off Date

Cut-off Date Balance

Debt Service Coverage Ratio

Defaulted Mortgage Loan

Defaulting Party

Deficient Valuation

Definitive Certificate

Deleted Mortgage Loan

Depositor

Depository

Depository Participant

Determination Date

Disqualified Organization

Distribution Date

Distribution Report

Due Date

Due Period

Eligible Account

Event of Default

Excess Proceeds

Exchange Act

Extra Principal Distribution Amount

Fannie Mae

FDIC

Final Scheduled Distribution Date

Freddie Mac

GMAC

Gross Margin

Group 1-A-1 Net WAC Rate

Group 1-A-2 Interest Rate Swap Agreement

Group 1-A-2 Net Mortgage Rate

Group 1-A-2 Net WAC Rate

Group 1 Class IO Distribution Amount

Group 1 Marker Rate

Group 1 Maximum Uncertificated Accrued Interest Deferral Amount

Group 1 Overcollateralization Deficiency Amount

Group 1 Overcollateralization Floor

Group 1 Overcollateralization Release Amount

Group 1 Overcollateralization Target Amount

Group 1 Overcollateralized Amount

Group 1 Stepdown Date

Group 1 Step-Up Date

Group 1 Subordinate Class Principal Distribution Amount

Group 1 Subordinate Net WAC Rate

Group 1 Trigger Event

Group 2 Class IO Distribution Amount

Group 2 Marker Rate

Group 2 Maximum Uncertificated Accrued Interest Deferral Amount

Group 2 Interest Rate Swap Agreement

Group 2 Net WAC Rate

Group 2 Overcollateralization Deficiency Amount

Group 2 Overcollateralization Floor

Group 2 Overcollateralization Release Amount

Group 2 Overcollateralization Target Amount

Group 2 Overcollateralized Amount

Group 2 Stepdown Date

Group 2 Step-Up Date

Group 2 Subordinate Class Principal Distribution Amount

Group 2 Trigger Event

Index

Initial Certificate Principal Balance

Initial Notional Amount

Insurance Policy

Insurance Proceeds

Interest Remittance Amount

Interest Rate Swap Agreement

Late Collections

LIBOR

LIBOR Business Day

LIBOR Rate Adjustment Date

Liquidated Mortgage Loan

Liquidation Proceeds

Loan-to-Value Ratio

Loan Group

Loan Group 1

Loan Group 2

Lost Note Affidavit

Majority Class C Certificateholder

Master Servicer

Master Servicer Prepayment Charge Payment Amount

Master Servicing Fees

Master Servicing Fee Rate

MERS

MERS® System

MIN

MOM Loan

Monthly Interest Distributable Amount

Monthly Payment

Moody's

Mortgage

Mortgage File

Mortgage Loan

Mortgage Loan Purchase Agreement

Mortgage Loan Schedule

Mortgage Note

Mortgage Rate

Mortgaged Property

Mortgagor

Net Liquidation Proceeds

Net Monthly Excess Cashflow

Net Mortgage Rate

Net Prepayment Interest Shortfall

Net Swap Payment

Net WAC Rate

Net WAC Shortfall Amount

Net WAC Shortfall Reserve Fund

Net WAC Shortfall Reserve Fund Deposit

Nonrecoverable Advance

Non-United States Person

Notional Balance

Officers’ Certificate

One Month LIBOR

Opinion of Counsel

Optional Termination Date

OTS

Outstanding Mortgage Loan

Overcollateralization Deficiency Amount

Overcollateralization Floor

Overcollateralization Release Amount

Overcollateralization Target Amount

Overcollateralized Amount

Ownership Interest

Pass-Through Rate

Percentage Interest

Permitted Investment

Permitted Transferee

Person

PMI Insurer

PMI Insurer Policy

PMI Mortgage Loan

PMI Insurer Fee Rate

Prepayment Assumption

Prepayment Charge

Prepayment Interest Excess

Prepayment Interest Shortfall

Prepayment Period

Primary Hazard Insurance Policy

Primary Insurance Policy

Principal Distribution Amount

Principal Prepayment

Principal Prepayment in Full

Principal Remittance Amount

Prospectus Supplement

Purchase Price

Qualified Insurer

Qualified Substitute Mortgage Loan

Rating Agency

Realized Loss

Record Date

Regular Certificate

Regulation AB

Relief Act

Relief Act Interest Shortfall

REMIC

REMIC 1

REMIC 1 Regular Interest

REMIC 2

REMIC 2 Regular Interest

REMIC 3

REMIC 3 Group 1 Interest Loss Allocation Amount

REMIC 3 Group 1 Marker Allocation Percentage

REMIC 3 Group 1 Overcollateralized Amount

REMIC 3 Group 1 Principal Loss Allocation Amount

REMIC 3 Group 1 Overcollateralization Target Amount

REMIC 3 Group 1 Regular Interest

REMIC 3 Group 1 Subordinated Balance Ratio

REMIC 3 Group 1 Sub WAC Allocation Percentage

REMIC 3 Group 2 Interest Loss Allocation Amount

REMIC 3 Group 2 Overcollateralized Amount

REMIC 3 Group 2 Principal Loss Allocation Amount

REMIC 3 Group 2 Overcollateralization Target Amount

REMIC 3 Group 2 Regular Interest

REMIC 3 Regular Interest

REMIC 4

REMIC 4 Regular Interest

REMIC Provisions

REMIC Regular Interest

Remittance Report

REO Acquisition

REO Disposition

REO Imputed Interest

REO Proceeds

REO Property

Request for Release

Residual Interest

Responsible Officer

Servicing Account

Servicing Advances

Servicing Criteria

Servicing Guide

Servicing Officer

Single Certificate

Specially Serviced Multifamily Loan

Sponsor

Standard & Poor's

Startup Day

Stated Principal Balance

Step-Up Date

Stepdown Date

Stepdown Target Subordination Percentage

Subordinate Certificates

Subordinate Class Principal Distribution Amount

Subsequent Recoveries

Sub-Servicer

Sub-Servicer Remittance Date

Sub-Servicing Account

Sub-Servicing Agreement

Sub-Servicing Fees

Sub-Servicing Fee Rate

Substitution Adjustment

Supplemental Interest Trust

Swap LIBOR

Swap Optional Termination Payment

Swap Provider

Swap Provider Trigger Event

Swap Termination Payment

Tax Matters Person

Tax Returns

Transfer

Transferor

Trust Fund

Trustee

Uncertificated Accrued Interest

Uncertificated Notional Balance

Uncertificated Pass-Through Rate

Uncertificated Principal Balance

Uncertificated REMIC 1 Pass-Through Rate

Uncertificated REMIC 2 Pass-Through Rate

Uncertificated REMIC 3 Pass-Through Rate

Uninsured Cause

United States Person

Unpaid Interest Shortfall Amount

Voting Rights

Weighted Average Net Mortgage Rate

Section 1.02. Determination of LIBOR.

Section 1.03. Allocation of Certain Interest Shortfalls.

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01. Conveyance of Mortgage Loans.

Section 2.02. Acceptance of the Trust Fund by the Trustee.

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

Section 2.04. Representations and Warranties of the Sponsor.

Section 2.05. Issuance of Certificates; Conveyance of REMIC 1 Regular Interests, Class C Interest, Class P Interest and Acceptance of REMIC 2, REMIC 3 and REMIC 4 by the Trustee.

Section 2.06. Purposes and Powers of the Trust.

ARTICLE III ADMINISTRATION AND SERVICING OF THE TRUST FUND

Section 3.01. Master Servicer to Act as Master Servicer.

Section 3.02. Sub-Servicing Agreements Between Master Servicer and Sub-Servicers.

Section 3.03. Successor Sub-Servicers.

Section 3.04. Liability of the Master Servicer.

Section 3.05. No Contractual Relationship Between Sub-Servicers and Trustee or Certificateholders.

Section 3.06. Assumption or Termination of Sub-Servicing Agreements by Trustee.

Section 3.07. Collection of Certain Mortgage Loan Payments.

Section 3.08. Sub-Servicing Accounts.

Section 3.09. Collection of Taxes, Assessments and Similar Items; Servicing Accounts.

Section 3.10. Custodial Account.

Section 3.11. Permitted Withdrawals From the Custodial Account.

Section 3.12. Permitted Investments.

Section 3.13. Maintenance of Primary Hazard Insurance.

Section 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements.

Section 3.15. Realization Upon Defaulted Mortgage Loans.

Section 3.16. Trustee to Cooperate; Release of Mortgage Files.

Section 3.17. Servicing Compensation.

Section 3.18. Maintenance of Certain Servicing Policies.

Section 3.19. Annual Statement as to Compliance.

Section 3.20. Assessments of Compliance and Attestation Reports.

Section 3.21. Access to Certain Documentation.

Section 3.22. Title, Conservation and Disposition of REO Property.

Section 3.23. Additional Obligations of the Master Servicer.

Section 3.24. Additional Obligations of the Depositor.

Section 3.25. Exchange Act Reporting.

Section 3.26. Intention of the Parties and Interpretation.

ARTICLE IV PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01. Distributions.

Section 4.02. Statements to Certificateholders.

Section 4.03. Remittance Reports; Advances by the Master Servicer.

Section 4.04. Distributions on the REMIC Regular Interests.

Section 4.05. Allocation of Realized Losses.

Section 4.06. Information Reports to Be Filed by the Master Servicer.

Section 4.07. Compliance with Withholding Requirements.

Section 4.08. Net WAC Shortfall Reserve Fund.

Section 4.09. Supplemental Interest Trust.

Section 4.10. Tax Treatment of Class IO Distribution Amounts in the Event of Resecuritization of Class 1-A-2, Class M or Class B Certificates.

ARTICLE V THE CERTIFICATES

Section 5.01. The Certificates.

Section 5.02. Registration of Transfer and Exchange of Certificates.

Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.

Section 5.04. Persons Deemed Owners.

Section 5.05. Rule 144A Information.

ARTICLE VI THE Depositor AND THE MASTER SERVICER

Section 6.01. Liability of the Depositor and the Master Servicer.

Section 6.02. Merger, Consolidation or Conversion of the Depositor or the Master Servicer.

Section 6.03. Limitation on Liability of the Depositor, the Master Servicer and Others.

Section 6.04. Limitation on Resignation of the Master Servicer.

Section 6.05. Sale and Assignment of Master Servicing.

ARTICLE VII DEFAULT

Section 7.01. Events of Default.

Section 7.02. Trustee to Act; Appointment of Successor.

Section 7.03. Notification to Certificateholders.

Section 7.04. Waiver of Events of Default.

Section 7.05. List of Certificateholders.

ARTICLE VIII CONCERNING THE TRUSTEE

Section 8.01. Duties of Trustee.

Section 8.02. Certain Matters Affecting the Trustee.

Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans.

Section 8.04. Trustee May Own Certificates.

Section 8.05. Trustee’s Fees.

Section 8.06. Eligibility Requirements for Trustee.

Section 8.07. Resignation and Removal of the Trustee.

Section 8.08. Successor Trustee.

Section 8.09. Merger or Consolidation of Trustee.

Section 8.10. Appointment of Co-Trustee or Separate Trustee.

ARTICLE IX TERMINATION

Section 9.01. Termination Upon Repurchase or Liquidation of All Mortgage Loans or upon Purchase of Certificates.

Section 9.02. Termination of REMIC 4 and Retirement of Class R Certificates.

Section 9.03. Additional Termination Requirements.

ARTICLE X REMIC PROVISIONS

Section 10.01. REMIC Administration.

Section 10.02. Prohibited Transactions and Activities.

Section 10.03. Master Servicer and Trustee Indemnification.

ARTICLE XI MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

Section 11.02. Recordation of Agreement; Counterparts.

Section 11.03. Limitation on Rights of Certificateholders.

Section 11.04. Governing Law.

Section 11.05. Notices.

Section 11.06. Severability of Provisions.

Section 11.07. Successors and Assigns.

Section 11.08. Article and Section Headings.

Section 11.09. Notice to Rating Agencies.

Section 11.10. Third Party Rights.

Signatures

Acknowledgments

Exhibit A	Form of Class A Certificate
Exhibit B-1	Form of Class [M][B] Certificate
Exhibit B-2	Form of Class C Certificate
Exhibit B-3	Form of Class P Certificate
Exhibit B-4	Form of Class R Certificate
Exhibit C	Form of Custodian Initial Certification
Exhibit D	Form of Custodian Final Certification
Exhibit E	Form of Remittance Report
Exhibit F-1	Request for Release
Exhibit F-2	Request for Release for Mortgage Loans Paid in Full
Exhibit G-1	Form of Investor Representation Letter
Exhibit G-2	Form of Transferor Representation Letter
Exhibit G-3	Form of Rule 144A Investment Representation
Exhibit G-4	Transferor Certificate for Transfers of Residual Certificates
Exhibit G-5	Transfer Affidavit and Agreement for Transfers of Residual Certificates
Exhibit H	Mortgage Loan Schedule
Exhibit I	Sponsor Representations and Warranties
Exhibit J	Form of Notice Under Section 3.24
Exhibit K	Impac Funding Corporation Servicing Guide
Exhibit L-1	Form 10-K Certification
Exhibit L-2	Form 10-K Back-up Certification (Master Servicer)
Exhibit L-3	Form 10-K Back-up Certification (Trustee)
Exhibit L-4	Form of Back-up Certification to Form 10-K Certificate
Exhibit M	Form of Interest Rate Swap Agreement
Exhibit N	Servicing Criteria to be Addressed in Assessment of Compliance
Exhibit O	Form 10-D, Form 8-K and Form 10-K Reporting Responsibility

This Pooling and Servicing Agreement, dated and effective as of March 1, 2006, is entered into among Impac Secured Assets Corp., as depositor (the “Depositor”), Impac Funding Corporation, as master servicer (the “Master Servicer”), and Deutsche Bank National Trust Company, as trustee (the “Trustee”).

PRELIMINARY STATEMENT:

The Depositor intends to sell pass-through certificates (collectively, the “Certificates”), to be issued hereunder in multiple classes, which in the aggregate will evidence the entire beneficial ownership interest in the Trust Fund created hereunder. The Certificates will consist of twenty-five classes of certificates, designated as (i) the Class 1-A-1-1 Certificates, (ii) the Class 1-A-1-2 Certificates, (iii) the Class 1-A-2A Certificates, (iv) the Class 1-A-2B Certificates, (v) the Class 1-A-2C Certificates,(vi) the Class 2-A-1 Certificates, (vii) the Class 2-A-2 Certificates, (viii) the Class 1-M-1 Certificates, (ix) the Class 1-M-2 Certificates, (x) the Class 1-M-3 Certificates, (xi) the Class 1-M-4 Certificates, (xii) the Class 1-M-5 Certificates, (xiii) the Class 1-M-6 Certificates, (xiv) the Class 1-M-7 Certificates, (x) the Class 1-M-8 Certificates, (xi) the Class 2-M-1 Certificates, (xii) the Class 2-M-2 Certificates, (xiii) the Class 2-M-3 Certificates, (xix) the Class 1-B Certificates, (xx) the Class 2-B Certificates, (xxi) the Class C-R Certificates, (xxii) the Class C-M Certificates, (xxiii) the Class P-R Certificats, (xxiv) the Class P-M Certificates, and (xxv) the Class R Certificates.

REMIC 1

As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of Loan Group 1 and certain other related assets (other than the Net WAC Shortfall Reserve Fund, any related Master Servicer Prepayment Charge Payment Amounts and, for the avoidance of doubt, the Supplemental Interest Trust, the Swap Account and the Group 1-A-2 Interest Rate Swap Agreement) subject to this Agreement as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 1.” The Class R-1 Interest will be the sole class of Residual Interests in REMIC 1 for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the Uncertificated REMIC 1 Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 1 Regular Interests (as defined herein). None of the REMIC 1 Regular Interests will be certificated.

Designation	Uncertificated REMIC 1 Pass-Through Rate		Initial Uncertificated Principal Balance		Latest Possible Maturity Date ⁽¹⁾
1-A-1		Variable ⁽²⁾	$	130,047,000.00		May 2036
1-A-1-OC		Variable ⁽²⁾	$	9,654,854.61		May 2036
1-A-1-P		Variable ⁽²⁾	$	100.00		May 2036
1-1-A		Variable ⁽²⁾	$	1,219,478.33		May 2036
1-1-B		Variable ⁽²⁾	$	1,219,478.33		May 2036
1-2-A		Variable ⁽²⁾	$	1,689,392.90		May 2036
1-2-B		Variable ⁽²⁾	$	1,689,392.90		May 2036
1-3-A		Variable ⁽²⁾	$	2,161,020.85		May 2036
1-3-B		Variable ⁽²⁾	$	2,161,020.85		May 2036
1-4-A		Variable ⁽²⁾	$	2,631,457.93		May 2036
1-4-B		Variable ⁽²⁾	$	2,631,457.93		May 2036
1-5-A		Variable ⁽²⁾	$	3,097,708.88		May 2036
1-5-B		Variable ⁽²⁾	$	3,097,708.88		May 2036
1-6-A		Variable ⁽²⁾	$	3,556,747.08		May 2036
1-6-B		Variable ⁽²⁾	$	3,556,747.08		May 2036
1-7-A		Variable ⁽²⁾	$	4,005,464.50		May 2036
1-7-B		Variable ⁽²⁾	$	4,005,464.50		May 2036
1-8-A		Variable ⁽²⁾	$	4,440,538.91		May 2036
1-8-B		Variable ⁽²⁾	$	4,440,538.91		May 2036
1-9-A		Variable ⁽²⁾	$	4,859,095.41		May 2036
1-9-B		Variable ⁽²⁾	$	4,859,095.41		May 2036
1-10-A		Variable ⁽²⁾	$	5,137,294.00		May 2036
1-10-B		Variable ⁽²⁾	$	5,137,294.00		May 2036
1-11-A		Variable ⁽²⁾	$	5,358,136.54		May 2036
1-11-B		Variable ⁽²⁾	$	5,358,136.54		May 2036
1-12-A		Variable ⁽²⁾	$	5,425,595.41		May 2036
1-12-B		Variable ⁽²⁾	$	5,425,595.41		May 2036
1-13-A		Variable ⁽²⁾	$	5,261,614.90		May 2036
1-13-B		Variable ⁽²⁾	$	5,261,614.90		May 2036
1-14-A		Variable ⁽²⁾	$	5,102,598.27		May 2036
1-14-B		Variable ⁽²⁾	$	5,102,598.27		May 2036
1-15-A		Variable ⁽²⁾	$	4,948,414.66		May 2036
1-15-B		Variable ⁽²⁾	$	4,948,414.66		May 2036
1-16-A		Variable ⁽²⁾	$	4,798,797.43		May 2036
1-16-B		Variable ⁽²⁾	$	4,798,797.43		May 2036
1-17-A		Variable ⁽²⁾	$	4,653,731.96		May 2036
1-17-B		Variable ⁽²⁾	$	4,653,731.96		May 2036
1-18-A		Variable ⁽²⁾	$	4,512,951.51		May 2036
1-18-B		Variable ⁽²⁾	$	4,512,951.51		May 2036
1-19-A		Variable ⁽²⁾	$	4,376,430.06		May 2036
1-19-B		Variable ⁽²⁾	$	4,376,430.06		May 2036
1-20-A		Variable ⁽²⁾	$	4,244,140.25		May 2036
1-20-B		Variable ⁽²⁾	$	4,244,140.25		May 2036
1-21-A		Variable ⁽²⁾	$	19,707,148.45		May 2036
1-21-B		Variable ⁽²⁾	$	19,707,148.45		May 2036
1-22-A		Variable ⁽²⁾	$	7,767,674.53		May 2036
1-22-B		Variable ⁽²⁾	$	7,767,674.53		May 2036
1-23-A		Variable ⁽²⁾	$	7,531,609.12		May 2036
1-23-B		Variable ⁽²⁾	$	7,531,609.12		May 2036
1-24-A		Variable ⁽²⁾	$	3,050,425.72		May 2036
1-24-B		Variable ⁽²⁾	$	3,050,425.72		May 2036
1-25-A		Variable ⁽²⁾	$	2,958,088.08		May 2036
1-25-B		Variable ⁽²⁾	$	2,958,088.08		May 2036
1-26-A		Variable ⁽²⁾	$	2,868,424.69		May 2036
1-26-B		Variable ⁽²⁾	$	2,868,424.69		May 2036
1-27-A		Variable ⁽²⁾	$	2,781,616.07		May 2036
1-27-B		Variable ⁽²⁾	$	2,781,616.07		May 2036
1-28-A		Variable ⁽²⁾	$	2,697,296.69		May 2036
1-28-B		Variable ⁽²⁾	$	2,697,296.69		May 2036
1-29-A		Variable ⁽²⁾	$	2,615,584.21		May 2036
1-29-B		Variable ⁽²⁾	$	2,615,584.21		May 2036
1-30-A		Variable ⁽²⁾	$	2,536,331.10		May 2036
1-30-B		Variable ⁽²⁾	$	2,536,331.10		May 2036
1-31-A		Variable ⁽²⁾	$	2,459,422.13		May 2036
1-31-B		Variable ⁽²⁾	$	2,459,422.13		May 2036
1-32-A		Variable ⁽²⁾	$	2,384,937.54		May 2036
1-32-B		Variable ⁽²⁾	$	2,384,937.54		May 2036
1-33-A		Variable ⁽²⁾	$	4,266,259.46		May 2036
1-33-B		Variable ⁽²⁾	$	4,266,259.46		May 2036
1-34-A		Variable ⁽²⁾	$	3,159,440.38		May 2036
1-34-B		Variable ⁽²⁾	$	3,159,440.38		May 2036
1-35-A		Variable ⁽²⁾	$	5,017,115.56		May 2036
1-35-B		Variable ⁽²⁾	$	5,017,115.56		May 2036
1-36-A		Variable ⁽²⁾	$	36,172,180.59		May 2036
1-36-B		Variable ⁽²⁾	$	36,172,180.59		May 2036
1-37-A		Variable ⁽²⁾	$	827,402.50		May 2036
1-37-B		Variable ⁽²⁾	$	827,402.50		May 2036
1-38-A		Variable ⁽²⁾	$	802,330.00		May 2036
1-38-B		Variable ⁽²⁾	$	802,330.00		May 2036
1-39-A		Variable ⁽²⁾	$	777,930.00		May 2036
1-39-B		Variable ⁽²⁾	$	777,930.00		May 2036
1-40-A		Variable ⁽²⁾	$	754,337.50		May 2036
1-40-B		Variable ⁽²⁾	$	754,337.50		May 2036
1-41-A		Variable ⁽²⁾	$	731,402.50		May 2036
1-41-B		Variable ⁽²⁾	$	731,402.50		May 2036
1-42-A		Variable ⁽²⁾	$	709,172.50		May 2036
1-42-B		Variable ⁽²⁾	$	709,172.50		May 2036
1-43-A		Variable ⁽²⁾	$	687,667.50		May 2036
1-43-B		Variable ⁽²⁾	$	687,667.50		May 2036
1-44-A		Variable ⁽²⁾	$	666,715.00		May 2036
1-44-B		Variable ⁽²⁾	$	666,715.00		May 2036
1-45-A		Variable ⁽²⁾	$	646,492.50		May 2036
1-45-B		Variable ⁽²⁾	$	646,492.50		May 2036
1-46-A		Variable ⁽²⁾	$	626,802.50		May 2036
1-46-B		Variable ⁽²⁾	$	626,802.50		May 2036
1-47-A		Variable ⁽²⁾	$	607,775.00		May 2036
1-47-B		Variable ⁽²⁾	$	607,775.00		May 2036
1-48-A		Variable ⁽²⁾	$	589,260.00		May 2036
1-48-B		Variable ⁽²⁾	$	589,260.00		May 2036
1-49-A		Variable ⁽²⁾	$	571,322.50		May 2036
1-49-B		Variable ⁽²⁾	$	571,322.50		May 2036
1-50-A		Variable ⁽²⁾	$	553,955.00		May 2036
1-50-B		Variable ⁽²⁾	$	553,955.00		May 2036
1-51-A		Variable ⁽²⁾	$	537,065.00		May 2036
1-51-B		Variable ⁽²⁾	$	537,065.00		May 2036
1-52-A		Variable ⁽²⁾	$	520,720.00		May 2036
1-52-B		Variable ⁽²⁾	$	520,720.00		May 2036
1-53-A		Variable ⁽²⁾	$	504,870.00		May 2036
1-53-B		Variable ⁽²⁾	$	504,870.00		May 2036
1-54-A		Variable ⁽²⁾	$	489,502.50		May 2036
1-54-B		Variable ⁽²⁾	$	489,502.50		May 2036
1-55-A		Variable ⁽²⁾	$	474,592.50		May 2036
1-55-B		Variable ⁽²⁾	$	474,592.50		May 2036
1-56-A		Variable ⁽²⁾	$	460,107.50		May 2036
1-56-B		Variable ⁽²⁾	$	460,107.50		May 2036
1-57-A		Variable ⁽²⁾	$	3,682,367.50		May 2036
1-57-B		Variable ⁽²⁾	$	3,682,367.50		May 2036
1-58-A		Variable ⁽²⁾	$	1,719,787.50		May 2036
1-58-B		Variable ⁽²⁾	$	1,719,787.50		May 2036
1-59-A		Variable ⁽²⁾	$	8,139,465.00		May 2036
1-59-B		Variable ⁽²⁾	$	8,139,465.00		May 2036
1-60-A		Variable ⁽²⁾	$	954,020.00		May 2036
1-60-B		Variable ⁽²⁾	$	954,020.00		May 2036
1-A-2-OC		Variable ⁽²⁾	$	87,073,388.47	May 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 in Loan Group 1 with the latest possible maturity date has been designated as the “latest possible maturity date” for each REMIC 1 Regular Interest.

(2)	Calculated in accordance with the definition of “Uncertificated REMIC 1 Pass-Through Rate” in this Agreement.

REMIC 2

As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of Loan Group 2 and certain other related assets (other than the Net WAC Shortfall Reserve Fund, any related Master Servicer Prepayment Charge Payment Amounts and, for the avoidance of doubt, the Supplemental Interest Trust, the Swap Account and the Group 2 Interest Rate Swap Agreement) subject to this Agreement as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 2.” The Class R-2 Interest will be the sole class of Residual Interests in REMIC 2 for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the Uncertificated REMIC 2 Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 2 Regular Interests (as defined herein). None of the REMIC 2 Regular Interests will be certificated.

Designation	Uncertificated REMIC 2 Pass-Through Rate		Initial Uncertificated Principal Balance	Latest Possible Maturity Date ⁽¹⁾
2-1-A	Variable ⁽²⁾	$	248,840.00	May 2036
2-1-B	Variable ⁽²⁾	$	248,840.00	May 2036
2-2-A	Variable ⁽²⁾	$	269,530.00	May 2036
2-2-B	Variable ⁽²⁾	$	269,530.00	May 2036
2-3-A	Variable ⁽²⁾	$	290,270.00	May 2036
2-3-B	Variable ⁽²⁾	$	290,270.00	May 2036
2-4-A	Variable ⁽²⁾	$	310,420.00	May 2036
2-4-B	Variable ⁽²⁾	$	310,420.00	May 2036
2-5-A	Variable ⁽²⁾	$	331,010.00	May 2036
2-5-B	Variable ⁽²⁾	$	331,010.00	May 2036
2-6-A	Variable ⁽²⁾	$	351,220.00	May 2036
2-6-B	Variable ⁽²⁾	$	351,220.00	May 2036
2-7-A	Variable ⁽²⁾	$	371,020.00	May 2036
2-7-B	Variable ⁽²⁾	$	371,020.00	May 2036
2-8-A	Variable ⁽²⁾	$	391,200.00	May 2036
2-8-B	Variable ⁽²⁾	$	391,200.00	May 2036
2-9-A	Variable ⁽²⁾	$	410,840.00	May 2036
2-9-B	Variable ⁽²⁾	$	410,840.00	May 2036
2-10-A	Variable ⁽²⁾	$	430,330.00	May 2036
2-10-B	Variable ⁽²⁾	$	430,330.00	May 2036
2-11-A	Variable ⁽²⁾	$	449,880.00	May 2036
2-11-B	Variable ⁽²⁾	$	449,880.00	May 2036
2-12-A	Variable ⁽²⁾	$	468,940.00	May 2036
2-12-B	Variable ⁽²⁾	$	468,940.00	May 2036
2-13-A	Variable ⁽²⁾	$	488,020.00	May 2036
2-13-B	Variable ⁽²⁾	$	488,020.00	May 2036
2-14-A	Variable ⁽²⁾	$	507,000.00	May 2036
2-14-B	Variable ⁽²⁾	$	507,000.00	May 2036
2-15-A	Variable ⁽²⁾	$	525,450.00	May 2036
2-15-B	Variable ⁽²⁾	$	525,450.00	May 2036
2-16-A	Variable ⁽²⁾	$	543,850.00	May 2036
2-16-B	Variable ⁽²⁾	$	543,850.00	May 2036
2-17-A	Variable ⁽²⁾	$	562,190.00	May 2036
2-17-B	Variable ⁽²⁾	$	562,190.00	May 2036
2-18-A	Variable ⁽²⁾	$	579,770.00	May 2036
2-18-B	Variable ⁽²⁾	$	579,770.00	May 2036
2-19-A	Variable ⁽²⁾	$	593,010.00	May 2036
2-19-B	Variable ⁽²⁾	$	593,010.00	May 2036
2-20-A	Variable ⁽²⁾	$	604,460.00	May 2036
2-20-B	Variable ⁽²⁾	$	604,460.00	May 2036
2-21-A	Variable ⁽²⁾	$	610,140.00	May 2036
2-21-B	Variable ⁽²⁾	$	610,140.00	May 2036
2-22-A	Variable ⁽²⁾	$	612,640.00	May 2036
2-22-B	Variable ⁽²⁾	$	612,640.00	May 2036
2-23-A	Variable ⁽²⁾	$	612,720.00	May 2036
2-23-B	Variable ⁽²⁾	$	612,720.00	May 2036
2-24-A	Variable ⁽²⁾	$	609,860.00	May 2036
2-24-B	Variable ⁽²⁾	$	609,860.00	May 2036
2-25-A	Variable ⁽²⁾	$	606,370.00	May 2036
2-25-B	Variable ⁽²⁾	$	606,370.00	May 2036
2-26-A	Variable ⁽²⁾	$	603,080.00	May 2036
2-26-B	Variable ⁽²⁾	$	603,080.00	May 2036
2-27-A	Variable ⁽²⁾	$	600,070.00	May 2036
2-27-B	Variable ⁽²⁾	$	600,070.00	May 2036
2-28-A	Variable ⁽²⁾	$	596,470.00	May 2036
2-28-B	Variable ⁽²⁾	$	596,470.00	May 2036
2-29-A	Variable ⁽²⁾	$	593,610.00	May 2036
2-29-B	Variable ⁽²⁾	$	593,610.00	May 2036
2-30-A	Variable ⁽²⁾	$	2,751,920.00	May 2036
2-30-B	Variable ⁽²⁾	$	2,751,920.00	May 2036
2-31-A	Variable ⁽²⁾	$	2,737,330.00	May 2036
2-31-B	Variable ⁽²⁾	$	2,737,330.00	May 2036
2-32-A	Variable ⁽²⁾	$	13,963,905.00	May 2036
2-32-B	Variable ⁽²⁾	$	13,963,905.00	May 2036
2-33-A	Variable ⁽²⁾	$	4,809,560.00	May 2036
2-33-B	Variable ⁽²⁾	$	4,809,560.00	May 2036
2-34-A	Variable ⁽²⁾	$	460,090.00	May 2036
2-34-B	Variable ⁽²⁾	$	460,090.00	May 2036
2-35-A	Variable ⁽²⁾	$	457,685.00	May 2036
2-35-B	Variable ⁽²⁾	$	457,685.00	May 2036
2-36-A	Variable ⁽²⁾	$	455,390.00	May 2036
2-36-B	Variable ⁽²⁾	$	455,390.00	May 2036
2-37-A	Variable ⁽²⁾	$	452,735.00	May 2036
2-37-B	Variable ⁽²⁾	$	452,735.00	May 2036
2-38-A	Variable ⁽²⁾	$	450,620.00	May 2036
2-38-B	Variable ⁽²⁾	$	450,620.00	May 2036
2-39-A	Variable ⁽²⁾	$	447,920.00	May 2036
2-39-B	Variable ⁽²⁾	$	447,920.00	May 2036
2-40-A	Variable ⁽²⁾	$	445,745.00	May 2036
2-40-B	Variable ⁽²⁾	$	445,745.00	May 2036
2-41-A	Variable ⁽²⁾	$	443,450.00	May 2036
2-41-B	Variable ⁽²⁾	$	443,450.00	May 2036
2-42-A	Variable ⁽²⁾	$	440,795.00	May 2036
2-42-B	Variable ⁽²⁾	$	440,795.00	May 2036
2-43-A	Variable ⁽²⁾	$	438,680.00	May 2036
2-43-B	Variable ⁽²⁾	$	438,680.00	May 2036
2-44-A	Variable ⁽²⁾	$	435,980.00	May 2036
2-44-B	Variable ⁽²⁾	$	435,980.00	May 2036
2-45-A	Variable ⁽²⁾	$	433,805.00	May 2036
2-45-B	Variable ⁽²⁾	$	433,805.00	May 2036
2-46-A	Variable ⁽²⁾	$	431,510.00	May 2036
2-46-B	Variable ⁽²⁾	$	431,510.00	May 2036
2-47-A	Variable ⁽²⁾	$	429,130.00	May 2036
2-47-B	Variable ⁽²⁾	$	429,130.00	May 2036
2-48-A	Variable ⁽²⁾	$	426,765.00	May 2036
2-48-B	Variable ⁽²⁾	$	426,765.00	May 2036
2-49-A	Variable ⁽²⁾	$	424,520.00	May 2036
2-49-B	Variable ⁽²⁾	$	424,520.00	May 2036
2-50-A	Variable ⁽²⁾	$	422,325.00	May 2036
2-50-B	Variable ⁽²⁾	$	422,325.00	May 2036
2-51-A	Variable ⁽²⁾	$	420,175.00	May 2036
2-51-B	Variable ⁽²⁾	$	420,175.00	May 2036
2-52-A	Variable ⁽²⁾	$	417,810.00	May 2036
2-52-B	Variable ⁽²⁾	$	417,810.00	May 2036
2-53-A	Variable ⁽²⁾	$	415,565.00	May 2036
2-53-B	Variable ⁽²⁾	$	415,565.00	May 2036
2-54-A	Variable ⁽²⁾	$	21,313,370.00	May 2036
2-54-B	Variable ⁽²⁾	$	21,313,370.00	May 2036
2-55-A	Variable ⁽²⁾	$	2,199,020.00	May 2036
2-55-B	Variable ⁽²⁾	$	2,199,020.00	May 2036
2-56-A	Variable ⁽²⁾	$	15,867,280.00	May 2036
2-56-B	Variable ⁽²⁾	$	15,867,280.00	May 2036
2-57-A	Variable ⁽²⁾	$	12,362,020.00	May 2036
2-57-B	Variable ⁽²⁾	$	12,362,020.00	May 2036
2-58-A	Variable ⁽²⁾	$	4,126,833.50	May 2036
2-58-B	Variable ⁽²⁾	$	4,126,833.50	May 2036
2-59-A	Variable ⁽²⁾	$	694,035.45	May 2036
2-59-B	Variable ⁽²⁾	$	694,035.45	May 2036
2-60-A	Variable ⁽²⁾	$	673,014.13	May 2036
2-60-B	Variable ⁽²⁾	$	673,014.13	May 2036
2-61-A	Variable ⁽²⁾	$	652,625.14	May 2036
2-61-B	Variable ⁽²⁾	$	652,625.14	May 2036
2-62-A	Variable ⁽²⁾	$	632,849.53	May 2036
2-62-B	Variable ⁽²⁾	$	632,849.53	May 2036
2-63-A	Variable ⁽²⁾	$	613,668.97	May 2036
2-63-B	Variable ⁽²⁾	$	613,668.97	May 2036
2-64-A	Variable ⁽²⁾	$	595,057.55	May 2036
2-64-B	Variable ⁽²⁾	$	595,057.55	May 2036
2-65-A	Variable ⁽²⁾	$	577,014.64	May 2036
2-65-B	Variable ⁽²⁾	$	577,014.64	May 2036
2-66-A	Variable ⁽²⁾	$	559,514.91	May 2036
2-66-B	Variable ⁽²⁾	$	559,514.91	May 2036
2-67-A	Variable ⁽²⁾	$	542,542.10	May 2036
2-67-B	Variable ⁽²⁾	$	542,542.10	May 2036
2-68-A	Variable ⁽²⁾	$	526,080.41	May 2036
2-68-B	Variable ⁽²⁾	$	526,080.41	May 2036
2-69-A	Variable ⁽²⁾	$	510,114.61	May 2036
2-69-B	Variable ⁽²⁾	$	510,114.61	May 2036