POOLING AND SERVICING AGREEMENT

Pooling and Servicing Agreement

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MERRILL LYNCH MORTGAGE INVESTORS, INC., | WILSHIRE CREDIT CORPORATION, | JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

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Title: POOLING AND SERVICING AGREEMENT
Governing Law: Delaware Date: 9/29/2005

POOLING AND SERVICING AGREEMENT, Parties: merrill lynch mortgage investors inc. , wilshire credit corporation , jpmorgan chase bank national association

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Exhibit 4.1

EXECUTION COPY

MERRILL LYNCH MORTGAGE INVESTORS, INC.,

Depositor

WILSHIRE CREDIT CORPORATION,

Servicer

and

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

Trustee

----------

POOLING AND SERVICING AGREEMENT

Dated as of September 1, 2005

----------

SPECIALTY UNDERWRITING AND RESIDENTIAL FINANCE TRUST

MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2005-AB2

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TABLE OF CONTENTS

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ARTICLE I Definitions................................................... 1

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND

WARRANTIES.................................................... 41

SECTION 2.01. Conveyance of Mortgage Loans......................... 41

SECTION 2.02. Acceptance by Trustee of the Mortgage Loans.......... 44

SECTION 2.03. Representations, Warranties and Covenants of the

Depositor............................................ 45

SECTION 2.04. Representations and Warranties of the Servicer....... 48

SECTION 2.05. Substitutions and Repurchases of Mortgage Loans Which

Are Not "Qualified Mortgages"........................ 49

SECTION 2.06. Authentication and Delivery of Certificates.......... 49

SECTION 2.07. REMIC Elections...................................... 50

SECTION 2.08. Covenants of the Servicer............................ 53

SECTION 2.09. [RESERVED]........................................... 53

SECTION 2.10. [RESERVED]........................................... 53

SECTION 2.11. Permitted Activities of the Trust Fund............... 53

SECTION 2.12. Qualification of Special Purpose Entity.............. 53

ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS............... 53

SECTION 3.01. Servicer to Service Mortgage Loans................... 53

SECTION 3.02. Servicing and Subservicing; Enforcement of the

Obligations of Servicer.............................. 55

SECTION 3.03. Rights of the Depositor and the Trustee in Respect of

the Servicer......................................... 55

SECTION 3.04. Trustee to Act as Servicer........................... 55

SECTION 3.05. Collection of Mortgage Loan Payments; Collection

Account; Certificate Account......................... 56

SECTION 3.06. Collection of Taxes, Assessments and Similar Items;

Escrow Accounts...................................... 59

SECTION 3.07. Access to Certain Documentation and Information

Regarding the Mortgage Loans......................... 60

SECTION 3.08. Permitted Withdrawals from the Collection Account and

Certificate Account.................................. 60

SECTION 3.09. [RESERVED]........................................... 62

SECTION 3.10. Maintenance of Hazard Insurance...................... 62

SECTION 3.11. Enforcement of Due-On-Sale Clauses; Assumption

Agreements........................................... 63

SECTION 3.12. Realization Upon Defaulted Mortgage Loans;

Determination of Excess Proceeds..................... 64

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SECTION 3.13. Trustee to Cooperate; Release of Mortgage Files...... 67

SECTION 3.14. Documents Records and Funds in Possession of Servicer

to be Held for the Trustee........................... 68

SECTION 3.15. Servicing Compensation............................... 69

SECTION 3.16. Access to Certain Documentation...................... 69

SECTION 3.17. Annual Statement as to Compliance.................... 69

SECTION 3.18. Annual Independent Public Accountants' Servicing

Statement; Financial Statements...................... 69

SECTION 3.19. [RESERVED]........................................... 70

SECTION 3.20. Periodic Filings..................................... 70

SECTION 3.21. Annual Certificate by Trustee........................ 71

SECTION 3.22. Annual Certificate by Servicer....................... 71

SECTION 3.23. Prepayment Charge Reporting Requirements............. 72

SECTION 3.24. Statements to Trustee................................ 72

SECTION 3.25. Indemnification...................................... 72

SECTION 3.26. Nonsolicitation...................................... 73

SECTION 3.27. Existing Servicing Agreement......................... 73

SECTION 3.28. High Cost Mortgage Loans............................. 73

SECTION 3.29. MI Policies, Claims Under the MI Policies............ 73

ARTICLE IV DISTRIBUTIONS................................................. 74

SECTION 4.01. Advances............................................. 74

SECTION 4.02. Reduction of Servicing Compensation in Connection

with Prepayment Interest Shortfalls.................. 74

SECTION 4.03. Distributions on the REMIC Interests................. 75

SECTION 4.04. Distributions........................................ 75

SECTION 4.05. Monthly Statements to Certificateholders............. 80

ARTICLE V THE CERTIFICATES............................................... 83

SECTION 5.01. The Certificates..................................... 83

SECTION 5.02. Certificate Register; Registration of Transfer and

Exchange of Certificates............................. 84

SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.... 88

SECTION 5.04. Persons Deemed Owners................................ 88

SECTION 5.05. Access to List of Certificateholders' Names and

Addresses............................................ 88

SECTION 5.06. Book-Entry Certificates.............................. 88

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SECTION 5.07. Notices to Depository................................ 89

SECTION 5.08. Definitive Certificates.............................. 89

SECTION 5.09. Maintenance of Office or Agency...................... 90

ARTICLE VI THE DEPOSITOR AND THE SERVICER................................ 90

SECTION 6.01. Respective Liabilities of the Depositor and the

Servicer............................................. 90

SECTION 6.02. Merger or Consolidation of the Depositor or the

Servicer............................................. 90

SECTION 6.03. Limitation on Liability of the Depositor, the

Servicer and Others................................. 91

SECTION 6.04. Limitation on Resignation of Servicer................ 91

SECTION 6.05. Errors and Omissions Insurance; Fidelity Bonds....... 92

ARTICLE VII DEFAULT; TERMINATION OF SERVICER............................. 92

SECTION 7.01. Events of Default.................................... 92

SECTION 7.02. [RESERVED]........................................... 93

SECTION 7.03. Trustee to Act; Appointment of Successor............. 93

SECTION 7.04. Notification to Certificateholders................... 94

ARTICLE VIII CONCERNING THE TRUSTEE...................................... 95

SECTION 8.01. Duties of Trustee.................................... 95

SECTION 8.02. Certain Matters Affecting the Trustee................ 96

SECTION 8.03. Trustee Not Liable for Mortgage Loans................ 97

SECTION 8.04. Trustee May Own Certificates......................... 97

SECTION 8.05. Trustee's Fees....................................... 98

SECTION 8.06. Indemnification of Trustee; Expenses................. 98

SECTION 8.07. Eligibility Requirements for Trustee................. 99

SECTION 8.08. Resignation and Removal of Trustee................... 99

SECTION 8.09. Successor Trustee.................................... 100

SECTION 8.10. Merger or Consolidation of Trustee................... 100

SECTION 8.11. Appointment of Co-Trustee or Separate Trustee........ 100

SECTION 8.12. Tax Matters.......................................... 101

ARTICLE IX TERMINATION................................................... 104

SECTION 9.01. Termination upon Liquidation or Repurchase of all

Mortgage Loans...................................... 104

SECTION 9.02. Final Distribution on the Certificates............... 105

SECTION 9.03. Additional Termination Requirements.................. 106

ARTICLE X MISCELLANEOUS PROVISIONS....................................... 107

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SECTION 10.01. Amendment............................................ 107

SECTION 10.02. Counterparts......................................... 109

SECTION 10.03. Governing Law........................................ 109

SECTION 10.04. Intention of Parties................................. 109

SECTION 10.05. Notices.............................................. 109

SECTION 10.06. Severability of Provisions........................... 110

SECTION 10.07. Assignment........................................... 110

SECTION 10.08. Limitation on Rights of Certificateholders........... 110

SECTION 10.09. Inspection and Audit Rights.......................... 111

SECTION 10.10. Certificates Nonassessable and Fully Paid............ 111

SECTION 10.11. Third Party Rights................................... 112

SECTION 10.12. [RESERVED]........................................... 112

SECTION 10.13. [RESERVED]........................................... 112

SECTION 10.14. Assignment; Sales; Advance Facilities................ 112

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EXHIBIT A FORMS OF CERTIFICATES

EXHIBIT B-1 MORTGAGE LOAN SCHEDULE

EXHIBIT B-2 MI MORTGAGE LOANS

EXHIBIT C MORTGAGE INSURANCE POLICY

EXHIBIT D FORM OF TRUSTEE CERTIFICATION

EXHIBIT E-1 FORM OF TRANSFEREE'S LETTER AND AFFIDAVIT

EXHIBIT E-2 FORM OF TRANSFEROR'S AFFIDAVIT

EXHIBIT F FORM OF TRANSFEROR CERTIFICATE FOR CLASS P AND CLASS C

CERTIFICATES

EXHIBIT G FORM OF INVESTMENT LETTER

EXHIBIT H FORM OF RULE 144A INVESTMENT LETTER

EXHIBIT I REQUEST FOR RELEASE OF DOCUMENTS

EXHIBIT J FORM OF POWER OF ATTORNEY

EXHIBIT K FORM OF OFFICER'S CERTIFICATE OF TRUSTEE

EXHIBIT L FORM OF OFFICER'S CERTIFICATE OF SERVICER

EXHIBIT M FORM OF TRANSFEREE'S LETTER

EXHIBIT N FORM OF AUCTION PROCEDURES

EXHIBIT O FORM OF CAP CONTRACT

EXHIBIT P ONE MONTH LIBOR CAP TABLE - CAP CONTRACT

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POOLING AND SERVICING AGREEMENT, dated as of September 1, 2005, among

MERRILL LYNCH MORTGAGE INVESTORS, INC., a Delaware corporation, as depositor

(the "Depositor"), WILSHIRE CREDIT CORPORATION, a Nevada corporation, as

servicer (the "Servicer") and JPMORGAN CHASE BANK, N.A., a national banking

association, as trustee (the "Trustee").

The Depositor is the owner of the Trust Fund that is hereby conveyed to the

Trustee in return for the Certificates. The Trust Fund for federal income tax

purposes will consist of (i) two real estate mortgage investment conduits in a

tiered structure, (ii) the grantor trusts described in Section 2.07 hereof and

(iii) the Cap Contract and the Cap Contract Account. The Lower Tier REMIC will

consist of all of the assets constituting the Trust Fund (other than the assets

described in clauses (ii) and (iii) above and the Lower Tier REMIC Interests)

and will be evidenced by the Lower Tier REMIC Regular Interests (which will be

uncertificated and will represent the "regular interests" in the Lower Tier

REMIC) and the Class LTR Interest as the single "residual interest" in the Lower

Tier REMIC. The Trustee will hold the Lower Tier REMIC Regular Interests. The

Upper Tier REMIC will consist of the Lower Tier REMIC Regular Interests and will

be evidenced by the REMIC Regular Interests (which will represent the "regular

interests" in the Upper Tier REMIC) and the Residual Interest as the single

"residual interest" in the Upper Tier REMIC. The Class R Certificate will

represent beneficial ownership of the Class LTR Interest and the Residual

Interest. The "latest possible maturity date" for federal income tax purposes of

all interests created hereby will be the Latest Possible Maturity Date.

All covenants and agreements made by the Seller in the Sale Agreement and

by the Depositor and the Trustee herein with respect to the Mortgage Loans and

the other property constituting the Trust Fund are for the benefit of the

Holders from time to time of the Certificates.

In consideration of the mutual agreements herein contained, the Depositor,

the Servicer and the Trustee hereby agree as follows:

ARTICLE I

DEFINITIONS

Whenever used in this Agreement, the following words and phrases, unless

the context otherwise requires, shall have the following meanings:

Accepted Servicing Practices: The Servicer's normal servicing practices,

which will conform to the mortgage servicing practices of prudent mortgage

lending institutions which service for their own account mortgage loans of the

same type as the Mortgage Loans in the jurisdictions in which the related

Mortgaged Properties are located.

Accrual Period: With respect to each Class of Certificates and the Lower

Tier REMIC Regular Interests and any Distribution Date, the period commencing on

the immediately preceding Distribution Date (or, in the case of the first

Distribution Date, the Closing Date) and ending on the day immediately preceding

such Distribution Date. All calculations of interest on each Class of

Certificates and the Lower Tier REMIC Regular Interests will be made on the

basis of the actual number of days elapsed in the related Accrual Period and a

360 day year.

Adjustable Rate Mortgage Loan: A Mortgage Loan identified in the Mortgage

Loan Schedule as having a Mortgage Rate that is adjustable.

Adjustment Date: As to each Adjustable Rate Mortgage Loan, each date on

which the related Mortgage Rate is subject to adjustment, as provided in the

related Mortgage Note.

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Advance: The aggregate of the advances required to be made by the Servicer

with respect to any Distribution Date pursuant to Section 4.01, the amount of

any such advances being equal to the sum of the aggregate of payments of

principal and interest (net of the Servicing Fee Rate) on the Mortgage Loans

that were due during the applicable Due Period and not received as of the close

of business on the related Determination Date, less the aggregate amount of any

such Delinquent payments that the Servicer has determined would constitute a

Non-Recoverable Advance were an advance to be made with respect thereto.

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

10.14(a).

Advance Facility Notice: As defined in Section 10.14(b).

Advance Financing Person: As defined in Section 10.14(a).

Advance Reimbursement Amounts: As defined in Section 10.14(a).

Affiliate: With respect to any specified Person, any other Person

controlling, controlled by or under common control with such Person. For the

purposes of this definition, "control" means the power to direct the management

and policies of a Person, directly or indirectly, whether through ownership of

voting securities, by contract or otherwise; and the terms "controlling" and

"controlled" have meanings correlative to the foregoing.

Aggregate Certificate Principal Balance: For any date of determination, the

sum of the Class A-1A Certificate Principal Balance, the Class A-1B Certificate

Principal Balance, the Class A-1C Certificate Principal Balance, the Class A-1D

Certificate Principal Balance, the Class R Certificate Principal Balance, the

Class M-1 Certificate Principal Balance, the Class M-2 Certificate Principal

Balance, the Class M-3 Certificate Principal Balance, the Class M-4 Certificate

Principal Balance, the Class M-5 Certificate Principal Balance, the Class M-6

Certificate Principal Balance, the Class B-1 Certificate Principal Balance, the

Class B-2 Certificate Principal Balance and the Class B-3 Certificate Principal

Balance in each case as of such date of determination.

Agreement: This Pooling and Servicing Agreement and any and all amendments

or supplements hereto made in accordance with the terms herein.

Applied Realized Loss Amount: With respect to any Distribution Date, the

amount, if any, by which, the sum of (i) the Aggregate Certificate Principal

Balance and (ii) the Class C Certificate Principal Balance after distributions

of principal on such Distribution Date exceeds the aggregate Stated Principal

Balance of the Mortgage Loans as of such Distribution Date.

Appraised Value: With respect to a Mortgage Loan the proceeds of which were

used to purchase the related Mortgaged Property, the "Appraised Value" of a

Mortgaged Property is the lesser of (1) the appraised value based on an

appraisal made for the Seller by an independent fee appraiser at the time of the

origination of the related Mortgage Loan, and (2) the sales price of such

Mortgaged Property at such time of origination. With respect to a Mortgage Loan

the proceeds of which were used to refinance an existing mortgage loan, the

"Appraised Value" is the appraised value of the Mortgaged Property based upon

the appraisal obtained at the time of refinancing.

Assignment of Mortgage: An assignment of the Mortgage, notice of transfer

or equivalent instrument, in recordable form, sufficient under the laws of the

jurisdiction where the related Mortgaged Property is located to reflect of

record the sale and assignment of the Mortgage Loan to the Trustee, which

assignment, notice of transfer or equivalent instrument may, if permitted by

law, be in the form of

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one or more blanket assignments covering Mortgages secured by Mortgaged

Properties located in the same county.

Auction Termination: The termination of the Trust Fund hereunder pursuant

to Section 9.01(a)(i) hereof.

Auction Termination Amount: The purchase price received by the Trustee in

connection with any purchase of all of the Mortgage Loans pursuant to Section

9.01(a)(i).

Auction Termination Date: The Distribution Date on which the aggregate

Stated Principal Balance of the Mortgage Loans is equal to or less than 10% of

the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off

Date.

Auction Termination Price: In the case of an Auction Termination, as of the

initial Distribution Date on or after the Auction Termination Date, an amount

equal to the sum of (A) the aggregate Stated Principal Balance of each Mortgage

Loan (other than any Mortgage Loan that has become an REO Property), plus

accrued interest thereon at the applicable Mortgage Rate through the Due Date

preceding distribution of the proceeds, the fair market value of any REO

Property, plus accrued interest thereon, (B) any unreimbursed out-of-pocket

costs and expenses owed to the Trustee or the Servicer (including any costs and

expenses incurred in connection with the Auction Termination) and any

unreimbursed Servicing Fees, Advances and Servicing Advances and (C) any costs

and damages incurred by the Trust Fund (or the Trustee on behalf of the Trust

Fund) in connection with any violation of any anti-predatory or anti-abusive

lending laws.

Available Funds Cap: With respect to a Distribution Date, the per annum

rate equal to the product of (i) 12, (ii) the quotient of (x) the total

scheduled interest on the Mortgage Loans based on the Net Mortgage Rates in

effect on the related Due Date divided by (y) the Aggregate Certificate

Principal Balance for such Distribution Date and (iii) a fraction, the numerator

of which is 30, and the denominator of which is the actual number of days in the

related Accrual Period.

Balloon Loan: A Mortgage Loan having an original term to stated maturity of

approximately 15 years and that provides for level monthly payments of principal

and interest generally based on a 30-year amortization schedule, with a balloon

payment of the remaining outstanding principal balance due on such Mortgage Loan

at its stated maturity.

Book-Entry Certificates: Any of the Certificates that shall be registered

in the name of the Depository or its nominee, the ownership of which is

reflected on the books of the Depository or on the books of a Person maintaining

an account with the Depository (directly, as a "Depository Participant", or

indirectly, as an indirect participant in accordance with the rules of the

Depository and as described in Section 5.06). As of the Closing Date, each of

the Class A-1A, Class A-1B, Class A-1C, Class A-1D, Class M-1, Class M-2, Class

M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3

Certificates constitutes a Class of Book-Entry Certificates.

Business Day: Any day other than (1) a Saturday or a Sunday, or (2) a day

on which banking institutions in the State of Oregon or in the City of New York,

New York are authorized or obligated by law or executive order to be closed.

Cap Contract: The amended confirmation and agreement and any related

confirmation thereto, between the Trust Fund or Trustee and Bear Stearns

Financial Products, Inc. (in the form of Exhibit O hereto).

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Cap Contract Account: The separate Eligible Account created and maintained

by the Trustee pursuant to Section 4.04(j) in the name of the Trustee for the

benefit of the Trust Fund and designated "JPMorgan Chase Bank, N.A., as trustee,

in trust for registered holders of Specialty Underwriting and Residential

Finance Trust, Mortgage Loan Asset-Backed Certificates, Series 2005-AB2." Funds

in the Cap Contract Account shall be held in trust for the Trust Fund for the

uses and purposes set forth in this Agreement.

Cap Contract Notional Balance: With respect to any Distribution Date, the

Cap Contract Notional Balance set forth for such Distribution Date in the

One-Month LIBOR Cap Table attached hereto as Exhibit P.

Cap Contract Termination Date: The day after the Distribution Date in

January 2012.

Certificate: Any one of the certificates of any Class executed by the

Trustee and authenticated by the Trustee in substantially the forms attached

hereto as Exhibit A.

Certificate Account: The separate Eligible Account created and maintained

by the Trustee pursuant to Section 3.05(f) in the name of the Trustee for the

benefit of the Certificateholders and designated "JPMorgan Chase Bank, N.A., as

trustee, in trust for registered holders of Specialty Underwriting and

Residential Finance Trust, Mortgage Loan Asset-Backed Certificates, Series

2005-AB2." Funds in the Certificate Account shall be held in trust for the

Certificateholders for the uses and purposes set forth in this Agreement.

Certificate Owner: With respect to a Book-Entry Certificate, the Person

that is the beneficial owner of such Book-Entry Certificate.

Certificate Principal Balance: As to any Certificate and as of any

Distribution Date, the Initial Certificate Principal Balance of such Certificate

less the sum of (1) all amounts distributed with respect to such Certificate in

reduction of the Certificate Principal Balance thereof on previous Distribution

Dates pursuant to Section 4.04, and (2) any Applied Realized Loss Amounts

allocated to such Certificate on previous Distribution Dates pursuant to Section

4.04(h). On each Distribution Date, after all distributions of principal on such

Distribution Date, a portion of the Class C Interest Carry Forward Amount in an

amount equal to the excess of the Overcollateralization Amount on such

Distribution Date over the Overcollateralization Amount as of the preceding

Distribution Date (or, in the case of the first Distribution Date, the initial

Overcollateralization Amount (based on the Stated Principal Balance of the

Mortgage Loans as of the Cut-Off Date)) will be added to the aggregate

Certificate Principal Balance of the Class C Certificates (on a pro rata basis).

Notwithstanding the foregoing on any Distribution Date relating to a Due Period

in which a Subsequent Recovery has been received by the Servicer, the

Certificate Principal Balance of any Class of Certificates then outstanding for

which any Applied Realized Loss Amount has been allocated will be increased, in

order of seniority, by an amount equal to the lesser of (i) the Unpaid Realized

Loss Amount for such Class of Certificates and (ii) the total of any Subsequent

Recovery distributed on such date to the Certificateholders (reduced by the

amount of the increase in the Certificate Principal Balance of any more senior

Class of Certificates pursuant to this sentence on such Distribution Date).

Certificate Register: The register maintained pursuant to Section 5.02

hereof.

Certificateholder or Holder: The Person in whose name a Certificate is

registered in the Certificate Register (initially, Cede & Co., as nominee for

the Depository) in the case of any Class of Regular Certificates or the Class R

Certificate, except that solely for the purpose of giving any consent pursuant

to this Agreement, any Certificate registered in the name of the Depositor or

any Affiliate of the

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Depositor shall be deemed not to be Outstanding and the Percentage Interest

evidenced thereby shall not be taken into account in determining whether the

requisite amount of Percentage Interests necessary to effect such consent has

been obtained; provided, however, that if any such Person (including the

Depositor) owns 100% of the Percentage Interests evidenced by a Class of

Certificates, such Certificates shall be deemed to be Outstanding for purposes

of any provision hereof that requires the consent of the Holders of Certificates

of a particular Class as a condition to the taking of any action hereunder. The

Trustee is entitled to rely conclusively on a certification of the Depositor or

any Affiliate of the Depositor in determining which Certificates are registered

in the name of an Affiliate of the Depositor.

Class: All Certificates bearing the same Class designation as set forth in

Section 5.01 hereof.

Class A Certificates: Any of the Class A-1A, Class A-1B, Class A-1C and

Class A-1D Certificates.

Class A Principal Distribution Amount: With respect to any Distribution

Date (1) prior to the Stepdown Date or any Distribution Date on which a Stepdown

Trigger Event exists, 100% of the Principal Distribution Amount for such

Distribution Date and (2) on or after the Stepdown Date where a Stepdown Trigger

Event does not exist, the excess of (A) the Certificate Principal Balance of the

Class A and Class R Certificates immediately prior to such Distribution Date

over (B) the lesser of (1) 76.60% of the Stated Principal Balances of the

Mortgage Loans as of the end of the immediately preceding Due Period, and (2)

the excess of the Stated Principal Balances of the Mortgage Loans as of the end

of the immediately preceding Due Period over the Minimum Required

Overcollateralization Amount; provided, however, that in no event will the Class

A Principal Distribution Amount with respect to any Distribution Date exceed the

aggregate Certificate Principal Balance of the Class A and Class R Certificates.

Class A-1A Certificate: Any Certificate designated as a "Class A-1A

Certificate" on the face thereof, in the form of Exhibit A hereto, representing

the right to distributions as set forth herein.

Class A-1A Certificate Principal Balance: As of any date of determination,

the aggregate Certificate Principal Balance of the Class A-1A Certificates.

Class A-1A Current Interest: As of any Distribution Date, the interest

accrued during the related Accrual Period at the Class A-1A Pass-Through Rate on

the Class A-1A Certificate Principal Balance as of such Distribution Date plus

the portion of any previous distributions on such Class in respect of Current

Interest or a Class A-1A Interest Carry Forward Amount that is recovered as a

voidable preference by a trustee in bankruptcy, less any Non-Supported Interest

Shortfall allocated on such Distribution Date to the Class A-1A Certificates.

Class A-1A Interest Carry Forward Amount: As of any Distribution Date, the

sum of (1) the excess of (A) the Class A-1A Current Interest with respect to

prior Distribution Dates over (B) the amount actually distributed to the Class

A-1A Certificates with respect to Current Interest or Interest Carry Forward

Amounts on such prior Distribution Dates and (2) interest on such excess (to the

extent permitted by applicable law) at the Class A-1A Pass-Through Rate for the

related Accrual Period.

Class A-1A Margin: As of any Distribution Date up to and including the

Auction Termination Date for the Certificates, 0.110% per annum and, as of any

Distribution Date after the Auction Termination Date, 0.220% per annum.

Class A-1A Pass-Through Rate: For the first Distribution Date, 3.87813% per

annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR

plus the Class A-1A Margin, (2) the Maximum Rate Cap and (3) the Available Funds

Cap for such Distribution Date.

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Class A-1B Certificate: Any Certificate designated as a "Class A-1B

Certificate" on the face thereof, in the form of Exhibit A hereto, representing

the right to distributions as set forth herein.

Class A-1B Certificate Principal Balance: As of any date of determination,

the aggregate Certificate Principal Balance of the Class A-1B Certificates.

Class A-1B Current Interest: As of any Distribution Date, the interest

accrued during the related Accrual Period at the Class A-1B Pass-Through Rate on

the Class A-1B Certificate Principal Balance as of such Distribution Date plus

the portion of any previous distributions on such Class in respect of Current

Interest or a Class A-1B Interest Carry Forward Amount that is recovered as a

voidable preference by a trustee in bankruptcy, less any Non-Supported Interest

Shortfall allocated on such Distribution Date to the Class A-1B Certificates.

Class A-1B Interest Carry Forward Amount: As of any Distribution Date, the

sum of (1) the excess of (A) the Class A-1B Current Interest with respect to

prior Distribution Dates over (B) the amount actually distributed to the Class

A-1B Certificates with respect to Current Interest or Interest Carry Forward

Amounts on such prior Distribution Dates and (2) interest on such excess (to the

extent permitted by applicable law) at the Class A-1B Pass-Through Rate for the

related Accrual Period.

Class A-1B Margin: As of any Distribution Date up to and including the

Auction Termination Date for the Certificates, 0.270% per annum and, as of any

Distribution Date after the Auction Termination Date, 0.540% per annum.

Class A-1B Pass-Through Rate: For the first Distribution Date, 4.03813% per

annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR

plus the Class A-1B Margin, (2) the Maximum Rate Cap and (3) the Available Funds

Cap for such Distribution Date.

Class A-1C Certificate: Any Certificate designated as a "Class A-1C

Certificate" on the face thereof, in the form of Exhibit A hereto, representing

the right to distributions as set forth herein.

Class A-1C Certificate Principal Balance: As of any date of determination,

the aggregate Certificate Principal Balance of the Class A-1C Certificates.

Class A-1C Current Interest: As of any Distribution Date, the interest

accrued during the related Accrual Period at the Class A-1C Pass-Through Rate on

the Class A-1C Certificate Principal Balance as of such Distribution Date plus

the portion of any previous distributions on such Class in respect of Current

Interest or a Class A-1C Interest Carry Forward Amount that is recovered as a

voidable preference by a trustee in bankruptcy, less any Non-Supported Interest

Shortfall allocated on such Distribution Date to the Class A-1C Certificates.

Class A-1C Interest Carry Forward Amount: As of any Distribution Date, the

sum of (1) the excess of (A) the Class A-1C Current Interest with respect to

prior Distribution Dates over (B) the amount actually distributed to the Class

A-1C Certificates with respect to Current Interest or Interest Carry Forward

Amounts on such prior Distribution Dates and (2) interest on such excess (to the

extent permitted by applicable law) at the Class A-1C Pass-Through Rate for the

related Accrual Period.

Class A-1C Margin: As of any Distribution Date up to and including the

Auction Termination Date for the Certificates, 0.390% per annum and, as of any

Distribution Date after the Auction Termination Date, 0.780% per annum.

<PAGE>

Class A-1C Pass-Through Rate: For the first Distribution Date, 4.15813% per

annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR

plus the Class A-1C Margin, (2) the Maximum Rate Cap and (3) the Available Funds

Cap for such Distribution Date.

Class A-1D Certificate: Any Certificate designated as a "Class A-1D

Certificate" on the face thereof, in the form of Exhibit A hereto, representing

the right to distributions as set forth herein.

Class A-1D Certificate Principal Balance: As of any date of determination,

the aggregate Certificate Principal Balance of the Class A-1D Certificates.

Class A-1D Current Interest: As of any Distribution Date, the interest

accrued during the related Accrual Period at the Class A-1D Pass-Through Rate on

the Class A-1D Certificate Principal Balance as of such Distribution Date plus

the portion of any previous distributions on such Class in respect of Current

Interest or a Class A-1D Interest Carry Forward Amount that is recovered as a

voidable preference by a trustee in bankruptcy, less any Non-Supported Interest

Shortfall allocated on such Distribution Date to the Class A-1D Certificates.

Class A-1D Interest Carry Forward Amount: As of any Distribution Date, the

sum of (1) the excess of (A) the Class A-1D Current Interest with respect to

prior Distribution Dates over (B) the amount actually distributed to the Class

A-1D Certificates with respect to Current Interest or Interest Carry Forward

Amounts on such prior Distribution Dates and (2) interest on such excess (to the

extent permitted by applicable law) at the Class A-1D Pass-Through Rate for the

related Accrual Period.

Class A-1D Margin: As of any Distribution Date up to and including the

Auction Termination Date for the Certificates, 0.330% per annum and, as of any

Distribution Date after the Auction Termination Date, 0.660% per annum.

Class A-1D Pass-Through Rate: For the first Distribution Date, 4.09813% per

annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR

plus the Class A-1D Margin, (2) the Maximum Rate Cap and (3) the Available Funds

Cap for such Distribution Date.

Class B-1 Applied Realized Loss Amount: As of any Distribution Date, the

sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that

have been applied to the reduction of the Certificate Principal Balance of the

Class B-1 Certificates.

Class B-1 Certificate: Any Certificate designated as a "Class B-1

Certificate" on the face thereof, in the form of Exhibit A hereto, representing

the right to distributions as set forth herein.

Class B-1 Certificate Principal Balance: As of any date of determination,

the aggregate Certificate Principal Balance of the Class B-1 Certificates.

Class B-1 Current Interest: As of any Distribution Date, the interest

accrued during the related Accrual Period at the Class B-1 Pass-Through Rate on

the Class B-1 Certificate Principal Balance as of such Distribution Date plus

the portion of any previous distributions on such Class in respect of Current

Interest or a Class B-1 Interest Carry Forward Amount that is recovered as a

voidable preference by a trustee in bankruptcy, less any Non-Supported Interest

Shortfall allocated on such Distribution Date to the Class B-1 Certificates.

Class B-1 Interest Carry Forward Amount: As of any Distribution Date, the

sum of (1) the excess of (A) the Class B-1 Current Interest with respect to

prior Distribution Dates over (B) the amount actually distributed to the Class

B-1 Certificates with respect to Current Interest or Interest Carry Forward

<PAGE>

Amounts on such prior Distribution Dates and (2) interest on such excess (to the

extent permitted by applicable law) at the Class B-1 Pass-Through Rate for the

related Accrual Period.

Class B-1 Margin: As of any Distribution Date up to and including the

Auction Termination Date for the Certificates, 1.200% per annum and, as of any

Distribution Date after the Auction Termination Date, 1.800% per annum.

Class B-1 Pass-Through Rate: For the first Distribution Date, 4.96813% per

annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR

plus the Class B-1 Margin, (2) the Maximum Rate Cap and (3) the Available Funds

Cap for such Distribution Date.

Class B-1 Principal Distribution Amount: With respect to any Distribution

Date on or after the Stepdown Date, 100% of the Principal Distribution Amount

for such Distribution Date if the Certificate Principal Balances of the Class A,

Class R and Class M Certificates have been reduced to zero and a Stepdown

Trigger Event exists, or as long as a Stepdown Trigger Event does not exist, the

excess of (1) the sum of (A) the sum of the Certificate Principal Balances of

the Class A and Class R Certificates (after taking into account distributions of

the Class A Principal Distribution Amount on such Distribution Date), (B) the

Class M-1 Certificate Principal Balance (after taking into account distributions

of the Class M-1 Principal Distribution Amount on such Distribution Date), (C)

the Class M-2 Certificate Principal Balance (after taking into account

distributions of the Class M-2 Principal Distribution Amount on such

Distribution Date), (D) the Class M-3 Certificate Principal Balance (after

taking into account distributions of the Class M-3 Principal Distribution Amount

on such Distribution Date), (E) the Class M-4 Certificate Principal Balance

(after taking into account distributions of the Class M-4 Principal Distribution

Amount on such Distribution Date), (F) the Class M-5 Certificate Principal

Balance (after taking into account distributions of the Class M-5 Principal

Distribution Amount on such Distribution Date), (G) the Class M-6 Certificate

Principal Balance (after taking into account distributions of the Class M-6

Principal Distribution Amount on such Distribution Date) and (H) the Class B-1

Certificate Principal Balance immediately prior to such Distribution Date over

(2) the lesser of (A) 94.80% of the Stated Principal Balances of the Mortgage

Loans as of the end of the immediately preceding Due Period and (B) the excess

of the Stated Principal Balances of the Mortgage Loans as of the end of the

immediately preceding Due Period over the Minimum Required Overcollateralization

Amount. Notwithstanding the foregoing, (I) on any Distribution Date prior to the

Stepdown Date on which the Certificate Principal Balance of each Class of the

Class A Certificates, Class R Certificates and Class M Certificates has been

reduced to zero, the Class B-1 Principal Distribution Amount will equal the

lesser of (x) the outstanding Certificate Principal Balance of the Class B-1

Certificates and (y) 100% of the Principal Distribution Amount remaining after

any distributions on such Class A, Class R and Class M Certificates and (II) in

no event will the Class B-1 Principal Distribution Amount with respect to any

Distribution Date exceed the Class B-1 Certificate Principal Balance.

Class B-1 Unpaid Realized Loss Amount: As of any Distribution Date, the

excess of (1) the Class B-1 Applied Realized Loss Amount over (2) the sum of (x)

all distributions in reduction of the Class B-1 Unpaid Realized Loss Amounts on

all previous Distribution Dates and (y) all increases in the Certificate

Principal Balance of such Class B-1 Certificates pursuant to the last sentence

of the definition of "Certificate Principal Balance."

Class B-2 Applied Realized Loss Amount: As of any Distribution Date, the

sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that

have been applied to the reduction of the Certificate Principal Balance of the

Class B-2 Certificates.

Class B-2 Certificate: Any Certificate designated as a "Class B-2

Certificate" on the face thereof, in the form of Exhibit A hereto, representing

the right to distributions as set forth herein.

<PAGE>

Class B-2 Certificate Principal Balance: As of any date of determination,

the aggregate Certificate Principal Balance of the Class B-2 Certificates.

Class B-2 Current Interest: As of any Distribution Date, the interest

accrued during the related Accrual Period at the Class B-2 Pass-Through Rate on

the Class B-2 Certificate Principal Balance as of such Distribution Date plus

the portion of any previous distributions on such Class in respect of Current

Interest or a Class B-2 Interest Carry Forward Amount that is recovered as a

voidable preference by a trustee in bankruptcy, less any Non-Supported Interest

Shortfall allocated on such Distribution Date to the Class B-2 Certificates.

Class B-2 Interest Carry Forward Amount: As of any Distribution Date, the

sum of (1) the excess of (A) the Class B-2 Current Interest with respect to

prior Distribution Dates over (B) the amount actually distributed to the Class

B-2 Certificates with respect to Current Interest or Interest Carry Forward

Amounts on such prior Distribution Dates and (2) interest on such excess (to the

extent permitted by applicable law) at the Class B-2 Pass-Through Rate for the

related Accrual Period.

Class B-2 Margin: As of any Distribution Date up to and including the

Auction Termination Date for the Certificates, 1.730% per annum and, as of any

Distribution Date after the Auction Termination Date, 2.595% per annum.

Class B-2 Pass-Through Rate: For the first Distribution Date, 5.49813% per

annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR

plus the Class B-2 Margin, (2) the Maximum Rate Cap and (3) the Available Funds

Cap for such Distribution Date.

Class B-2 Principal Distribution Amount: With respect to any Distribution

Date on or after the Stepdown Date, 100% of the Principal Distribution Amount

for such Distribution Date if the Certificate Principal Balances of the Class A,

Class R, Class M and Class B-1 Certificates have been reduced to zero and a

Stepdown Trigger Event exists, or as long as a Stepdown Trigger Event does not

exist, the excess of (1) the sum of (A) the sum of the Certificate Principal

Balances of the Class A and Class R Certificates (after taking into account

distributions of the Class A Principal Distribution Amount on such Distribution

Date), (B) the Class M-1 Certificate Principal Balance (after taking into

account distributions of the Class M-1 Principal Distribution Amount on such

Distribution Date), (C) the Class M-2 Certificate Principal Balance (after

taking into account distributions of the Class M-2 Principal Distribution Amount

on such Distribution Date), (D) the Class M-3 Certificate Principal Balance

(after taking into account distributions of the Class M-3 Principal Distribution

Amount on such Distribution Date), (E) the Class M-4 Certificate Principal

Balance (after taking into account distributions of the Class M-4 Principal

Distribution Amount on such Distribution Date), (F) the Class M-5 Certificate

Principal Balance (after taking into account distributions of the Class M-5

Principal Distribution Amount on such Distribution Date), (G) the Class M-6

Certificate Principal Balance (after taking into account distributions of the

Class M-6 Principal Distribution Amount on such Distribution Date), (H) the

Class B-1 Certificate Principal Balance (after taking into account distributions

of the Class B-1 Principal Distribution Amount on such Distribution Date) and

(I) the Class B-2 Certificate Principal Balance immediately prior to such

Distribution Date over (2) the lesser of (A) 96.80% of the Stated Principal

Balances of the Mortgage Loans as of the end of the immediately preceding Due

Period and (B) the excess of the Stated Principal Balances of the Mortgage Loans

as of the end of the immediately preceding Due Period over the Minimum Required

Overcollateralization Amount. Notwithstanding the foregoing, (I) on any

Distribution Date prior to the Stepdown Date on which the Certificate Principal

Balance of each Class of the Class A Certificates, Class R Certificates, Class M

Certificates and Class B-1 Certificates has been reduced to zero, the Class B-2

Principal Distribution Amount will equal the lesser of (x) the outstanding

Certificate Principal Balance of the Class B-2 Certificates and (y) 100% of the

Principal Distribution Amount remaining after any distributions on such Class A,

Class R, Class M and Class B-1 Certificates and (II) in no event will the

<PAGE>

Class B-2 Principal Distribution Amount with respect to any Distribution Date

exceed the Class B-2 Certificate Principal Balance.

Class B-2 Unpaid Realized Loss Amount: As of any Distribution Date, the

excess of (1) the Class B-2 Applied Realized Loss Amount over (2) the sum of (x)

all distributions in reduction of the Class B-2 Unpaid Realized Loss Amounts on

all previous Distribution Dates and (y) all increases in the Certificate

Principal Balance of such Class B-2 Certificates pursuant to the last sentence

of the definition of "Certificate Principal Balance."

Class B-3 Applied Realized Loss Amount: As of any Distribution Date, the

sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that

have been applied to the reduction of the Certificate Principal Balance of the

Class B-3 Certificates.

Class B-3 Certificate: Any Certificate designated as a "Class B-3

Certificate" on the face thereof, in the form of Exhibit A hereto, representing

the right to distributions as set forth herein.

Class B-3 Certificate Principal Balance: As of any date of determination,

the aggregate Certificate Principal Balance of the Class B-3 Certificates.

Class B-3 Current Interest: As of any Distribution Date, the interest

accrued during the related Accrual Period at the Class B-3 Pass-Through Rate on

the Class B-3 Certificate Principal Balance as of such Distribution Date plus

the portion of any previous distributions on such Class in respect of Current

Interest or a Class B-3 Interest Carry Forward Amount that is recovered as a

voidable preference by a trustee in bankruptcy, less any Non-Supported Interest

Shortfall allocated on such Distribution Date to the Class B-3 Certificates.

Class B-3 Interest Carry Forward Amount: As of any Distribution Date, the

sum of (1) the excess of (A) the Class B-3 Current Interest with respect to

prior Distribution Dates over (B) the amount actually distributed to the Class

B-3 Certificates with respect to Current Interest or Interest Carry Forward

Amounts on such prior Distribution Dates and (2) interest on such excess (to the

extent permitted by applicable law) at the Class B-3 Pass-Through Rate for the

related Accrual Period.

Class B-3 Margin: As of any Distribution Date up to and including the

Auction Termination Date for the Certificates, 3.000% per annum and, as of any

Distribution Date after the Auction Termination Date, 4.500% per annum.

Class B-3 Pass-Through Rate: For the first Distribution Date, 4.47674% per

annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR

plus the Class B-3 Margin, (2) the Maximum Rate Cap and (3) the Available Funds

Cap for such Distribution Date.

Class B-3 Principal Distribution Amount: With respect to any Distribution

Date on or after the Stepdown Date, 100% of the Principal Distribution Amount

for such Distribution Date if the Certificate Principal Balances of the Class A,

Class R, Class M, Class B-1 and Class B-2 Certificates have been reduced to zero

and a Stepdown Trigger Event exists, or as long as a Stepdown Trigger Event does

not exist, the excess of (1) the sum of (A) the sum of the Certificate Principal