Common use of Allocation of Realized Losses Clause in Contracts

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before Prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as respect to each Mortgage Loan: (A) the total . The amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer Losses shall be evidenced by an Officers' Officer's Certificate delivered to signed by a Responsible Officer of the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Servicer. All Realized Losses, except for Excess Losses, shall be allocated as follows: (i) for losses allocable to principal (a) first, to the Prepayment Period during which any such Realized Loss was incurred. Subordinate Certificates in reverse order of seniority until each of their Class Principal Balances have been reduced to zero and (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTsecond, in reduction of interest accrued on and otherwise distributable to the Class CE Senior Certificates to (other than the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Interest Only Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDClass A-P Certificates), in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)by Pro Rata Allocation, until the Certificate Principal Balances thereof have been reduced to zero; PROVIDED, HOWEVER, that prior to the Credit Support Depletion Date if the loss is recognized with respect to (a) a Discount Loan, the Discount Fraction of such loss shall be allocated to the Class A-P Certificates and the remainder of such loss will be allocated as described in clause (i); and (ii) for losses allocable to interest (a) first, to the Subordinate Certificates in reverse order of seniority, in reduction of accrued but unpaid interest thereon and then in reduction of the Class Principal Balance of such Certificates and (b) second, to the Senior Certificates (other than the Class A-P Certificates) thereof, by Pro Rata Allocation, until the Certificate Principal Balances thereof has have been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Excess Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Senior Certificates of such Class in proportion and the Subordinate Certificates by Pro Rata Allocation. On each Distribution Date, after giving effect to the Percentage Interests evidenced thereby. principal distributions and allocations and reimbursement of losses as provided in this Agreement (without regard to this paragraph), if the Aggregate Certificate Principal Balance of all outstanding Classes of Certificates exceeds the aggregate principal balance of the Loans, after deduction of (i) All Realized Losses all principal payments due on or before the Group I Cut-Off Date in respect of each such Loan whether or not paid and (ii) all amounts of principal in respect of each such Loan that have been received or advanced and included in the Available Distribution Amount, and all losses in respect of such Loans shall that have been allocated to the Certificates, on such Distribution Date or prior Distribution Dates, then such excess will be deemed a principal loss and will be allocated on each Distribution Date (i) first, to REMIC I Regular Interest I the Subordinate Certificates in reverse order of seniority until the Uncertificated Balance each of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest their Class Principal Balances has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and (ii) second, to REMIC I Regular the Senior Certificates, other than the Interest II-1-A through REMIC I Regular Interest II-52-BOnly Certificates, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced pro rata according to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Intereststheir Certificate Principal Balances.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; Period and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC II Regular Interest pursuant to Section 4.04(c), shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10M-3 Certificates, Class M-9until the Certificate Principal Balance thereof has been reduced to zero; fourth, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, to the Class M-2 and Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-1 Certificates, in that orderuntil the Certificate Principal Balance thereof has been reduced to zero and sixth, in each case to the Class A-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of A-2 Certificate or a Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation , or in the case of Realized Losses to a Class CE Certificate shall be made Certificate, by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(x). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A A-1 Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7 up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, _____% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7 up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, ___% and ____%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT6 and REMIC I Regular Interest I-LT7, ____%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest I-LT6 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT7, ____%, __% and __%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LT5 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT4 and REMIC I Regular Interest I-LT7, ___%, __% and ____%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LT4 has been reduced to zero and secondsixth, to the Uncertificated Balances of REMIC I Regular Interest I-1I-A through LT1, REMIC I Regular Interest I-52I-B, starting with the lowest numerical denomination until such LT3 and REMIC I Regular Interest I-LT7, ___%, ___% and ___%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LT3 has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. . (d) All Realized Losses on the Group REMIC II Loans Regular Interests shall be allocated by the Trustee on each Distribution Date firstamong the REMIC II Regular Interests in the proportion that Realized Losses are allocated to the related Uncertificated Corresponding Component. As used herein, to an allocation of a Realized Loss on a "PRO RATA basis" among the REMIC I Regular Interests (other than REMIC I Regular Interest II until I-LTP) means an allocation on a PRO RATA basis among the Uncertificated Balance of such REMIC I Regular Interests (other than REMIC I Regular Interest has been reduced I-LTP) on the basis of their then outstanding Uncertificated Balances, in each case prior to zero and second, giving effect to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until distributions to be made on such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsDistribution Date.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master each Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master each Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer Servicers shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Trustee and the Certificate Insurer by the Master related Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC II Regular Interest pursuant to Section 4.04(c) on the Mortgage Loans shall be allocated by the Trustee Trust Administrator on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; SECOND, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date; and THIRD, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of among the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zeroon a PRO RATA basis. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. No allocations of Realized Losses pursuant to this Section 4.04 shall affect any liability of the Certificate Insurer with respect to such amounts under the Policy. Any such allocation of Realized Losses to a Class of Mezzanine Certificates A Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(2)(viii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances Balance of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT9 up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT9 up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, 98% to the Uncertificated Balance of REMIC I Regular Interest I-LT1, 1% to the Uncertificated Balances of REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5, REMIC I Regular Interest I-LT6, REMIC I Regular Interest I-LT7 and REMIC I Regular Interest I-LT8 on a PRO RATA basis and 1% to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. LT9. (d) All Realized Losses on the Group REMIC II Loans Regular Interests shall be allocated by the Trust Administrator on each Distribution Date first, among the REMIC II Regular Interests in the proportion that Realized Losses are allocated to the related Uncertificated Corresponding Component; Realized Losses allocated to principal on REMIC I Regular Interest II until the Uncertificated Balance of such I-LT2, REMIC I Regular Interest has been reduced to zero and secondI-LT3, to REMIC I Regular Interest II-1I-A through LT4, REMIC I Regular Interest II-52I-BLT5, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced I-LT6, REMIC I Regular Interest I-LT7 and REMIC I Regular Interest I-LT8 shall be allocated to zeroREMIC II Regular Interest II-LT2, provided thatREMIC II Regular Interest II-LT3, for REMIC II Regular Interest II-LT4, REMIC II Regular Interest II-LT5, REMIC II Regular Interest II-LT6, REMIC II Regular Interest II-LT7 and REMIC II Regular Interest II-LT8, respectively. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among the REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such (other than REMIC I Regular InterestsInterest I-LTP) means an allocation on a PRO RATA basis among the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP) on the basis of their then outstanding Uncertificated Balances, in each case prior to giving effect to distributions to be made on such Distribution Date.

Allocation of Realized Losses. (a) On or before each Determination No later than the Servicer Remittance Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination No later than the Servicer Remittance Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee by the Master Servicer on no later than the Master Servicer Reporting Remittance Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period prior calendar month during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans during or prior to the related Due Period and distributions of principal with respect to the LIBOR Certificates on such Distribution Date, the aggregate Certificate Principal Balance of the LIBOR Certificates and Class P Certificates exceeds the Aggregate Principal Balance on such date, the amount of such excess shall be allocated by the Trustee on each such Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)M11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; second, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M10 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All ; third, to the Class M9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth to the Class M3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and eleventh, to the Class M1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. (c) Any allocation of Realized Losses to be allocated to the a Mezzanine Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (id) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, With respect to REMIC I Regular Interest I until the Uncertificated Balance any Class of such REMIC I Regular Interest Certificates to which an Applied Loss Amount has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with allocated (including any such Class for which the lowest numerical denomination until such REMIC I Regular Interest related Certificate Principal Balance has been reduced to zero), provided that, for REMIC I Regular Interests with the same numerical denomination, Certificate Principal Balance of such Realized Losses shall Class will be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated increased on each Distribution Date firstby the amount of related Recoveries for such Distribution Date, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting beginning with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests Class of Mezzanine Certificates with the same numerical denominationhighest relative payment priority, such in each case up to the amount of the Allocated Realized Losses Loss Amount for that Class. Any increase in a Certificate Principal Balance on a Distribution Date pursuant to this Section 4.04(d) shall be allocated PRO RATA between such REMIC I Regular Interestsmade prior to giving effect to distributions on that Distribution Date.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Officer’s Certificate delivered to the NIMS Insurer and the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable during or prior to the Class CE Certificates related Due Period and distributions of principal with respect to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDon such Distribution Date, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Uncertificated Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on C Interest is equal to zero, Realized Losses equal to the Certificates Undercollateralized Amount shall be allocated by the Trustee on such Distribution Date)Date as follows: first, to the Class M‑11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallysecond, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-10 Certificates, in that orderuntil the Certificate Principal Balance thereof has been reduced to zero, in each case third, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fourth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M‑7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M‑6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, seventh, to the Class M‑5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, eighth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, ninth, to the Class M-3 Certificates until the Certificate Principal Balance thereof has been reduced to zero, tenth, to the Class M‑2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, and eleventh, to the Class M‑1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes the Mezzanine Certificates on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided abovein Section 4.01. All references above to the Certificate Principal Balance of the Mezzanine Certificates shall be to the Certificate Principal Balance of the Mezzanine Certificates immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses or increase thereof by any Subsequent Recoveries, in each case to be allocated to such Mezzanine Certificates on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Any Realized Losses and all other losses allocated to a that reduce the distributions in respect of and/or the Uncertificated Principal Balance of the Class of Certificates hereunder C Interest, shall be allocated among by the Certificates Trustee to reduce the distributions in respect of such and/or the Certificate Principal Balance of the Class in proportion to the Percentage Interests evidenced therebyC Certificates. (c) (i) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date first, to REMIC 1 Regular Interest IX. If the Uncertificated Principal Balance of REMIC 1 Regular Interest IX has been reduced to zero, Realized Losses on the Group I Mortgage Loans shall be allocated to the remaining REMIC 1 Group I Regular Interest I Interests in ascending numerical order, in each case until the Uncertificated Principal Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I 1 Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated by the Trustee on each Distribution Date first, to REMIC I 1 Regular Interest IIX. If the Uncertificated Principal Balance of REMIC 1 Regular Interest IIX has been reduced to zero, Realized Losses on the Group II Mortgage Loans shall be allocated to the remaining REMIC 1 Group II Regular Interests in ascending numerical order, in each case until the Uncertificated Principal Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I 1 Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee Securities Administrator by the Master Servicer on the Master Servicer Reporting no later than four (4) Business Days prior to each Distribution Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable during or prior to the Class CE Certificates related Due Period and distributions of principal with respect to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Class Principal Balance Amount of the Class A Certificates, the Mezzanine Certificates and the Class P LIBOR Certificates exceeds the sum of the Stated Principal Aggregate Collateral Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period)on such date, the amount of such excess shall be allocated, sequentiallyallocated by the Securities Administrator on such Distribution Date as follows: first, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-11 Certificates, in that order, in each case until the Certificate Class Principal Balance Amount thereof has been reduced to zero. All , second, to the Class M-10 Certificates, until the Class Principal Amount thereof has been reduced to zero; third, to the Class M-9 Certificates, until the Class Principal Amount thereof has been reduced to zero; fourth, to the Class M-8 Certificates, until the Class Principal Amount thereof has been reduced to zero; fifth, to the Class M-7 Certificates, until the Class Principal Amount thereof has been reduced to zero; sixth, to the Class M-6 Certificates, until the Class Principal Amount thereof has been reduced to zero; seventh, to the Class M-5 Certificates, until the Class Principal Amount thereof has been reduced to zero; eighth, to the Class M-4 Certificates, until the Class Principal Amount thereof has been reduced to zero; ninth, to the Class M-3 Certificates, until the Class Principal Amount thereof has been reduced to zero; tenth, to the Class M-2 Certificates, until the Class Principal Amount thereof has been reduced to zero; and eleventh, to the Class M-1 Certificates, until the Class Principal Amount thereof has been reduced to zero. (c) Any allocation of Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Class Principal Balance Amount thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (id) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, With respect to REMIC I Regular Interest I until the Uncertificated Balance any Class of such REMIC I Regular Interest Certificates to which an Applied Loss Amount has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with allocated (including any such Class for which the lowest numerical denomination until such REMIC I Regular Interest related Class Principal Amount has been reduced to zero), provided that, for REMIC I Regular Interests with the same numerical denomination, Class Principal Amount of such Realized Losses shall Class will be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated increased on each Distribution Date firstby the amount of related Recoveries for such Distribution Date, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting beginning with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests Class of Mezzanine Certificates with the same numerical denominationhighest relative payment priority, such up to the amount of the Allocated Realized Losses Loss Amount for that Class. Any increase in a Class Principal Amount on a Distribution Date pursuant to this Section 4.04(d) shall be allocated PRO RATA between such REMIC I Regular Interestsmade prior to giving effect to distributions on that Distribution Date.

Allocation of Realized Losses. (a) On or before each Determination No later than the Servicer Remittance Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination No later than the Servicer Remittance Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee by the Master Servicer on no later than the Master Servicer Reporting Remittance Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period prior calendar month during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans during or prior to the related Due Period and distributions of principal with respect to the LIBOR Certificates on such Distribution Date, the aggregate Certificate Principal Balance of the LIBOR Certificates exceeds the Aggregate Principal Balance on such date, the amount of such excess shall be allocated by the Trustee on each such Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)M11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; second, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M10 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All ; third, to the Class M9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth to the Class M3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and eleventh, to the Class M1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. (c) Any allocation of Realized Losses to be allocated to the a Mezzanine Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (id) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, With respect to REMIC I Regular Interest I until the Uncertificated Balance any Class of such REMIC I Regular Interest Certificates to which an Applied Loss Amount has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with allocated (including any such Class for which the lowest numerical denomination until such REMIC I Regular Interest related Certificate Principal Balance has been reduced to zero), provided that, for REMIC I Regular Interests with the same numerical denomination, Certificate Principal Balance of such Realized Losses shall Class will be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated increased on each Distribution Date firstby the amount of related Recoveries for such Distribution Date, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting beginning with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests Class of Mezzanine Certificates with the same numerical denominationhighest relative payment priority, such in each case up to the amount of the Allocated Realized Losses Loss Amount for that Class. Any increase in a Certificate Principal Balance on a Distribution Date pursuant to this Section 4.04(d) shall be allocated PRO RATA between such REMIC I Regular Interestsmade prior to giving effect to distributions on that Distribution Date.

Allocation of Realized Losses. (a) On or before Prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' ’ Certificate delivered to the Trustee Trust Administrator by the Master Servicer not later than the 18th of the calendar month in which such Distribution Date occurs (or, if such 18th day is not a Business Day (other than a Saturday), then on the Master Servicer Reporting Date next succeeding Business Day, or, if such 18th day is a Saturday, then on the preceding Business Day), immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee Trust Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to Net Swap Payments received under the Interest Rate Swap Agreement, third, to payments received under the Cap Contract, fourth, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; fifth, to the Class M-10M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-9M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-8M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-7M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-6M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-5M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-4M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelvth, to the Class M-3M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and fourteenth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(5)(iv). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All With respect to the REMIC I Regular Interests, all Realized Losses on the Group I Mortgage Loans shall be allocated shall be allocated by the Trust Administrator on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-43-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. (d) With respect to the REMIC II Regular Interests, all Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM9 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM9 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM8 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM8 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM7 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM7 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM6 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM6 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM5 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM5 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM2 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM2 has been reduced to zero; and twelfth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee by the Master Servicer on the Master Servicer Reporting no later than four (4) Business Days prior to each Distribution Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable during or prior to the Class CE Certificates related Due Period and distributions of principal with respect to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDon such Distribution Date, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the aggregate Certificate Principal Balance of the Class CE LIBOR Certificates (determined after taking into account all distributions made exceeds the Aggregate Collateral Balance on such date, the Certificates amount of such excess shall be allocated by the Trustee on such Distribution Date)Date as follows: first, to the Class M6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; second, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M5 Certificates, in that orderuntil the Certificate Principal Balance thereof has been reduced to zero; third, in each case to the Class M4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and sixth, to the Class M1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes the Mezzanine Certificates on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. in Section 4.01. (c) Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee by the Master Servicer on the Master Servicer Reporting no later than four (4) Business Days prior to each Distribution Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any calendar month preceding the month of such Realized Loss was incurredDistribution Date. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable during or prior to the Class CE Certificates related Due Period and distributions of principal with respect to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDon such Distribution Date, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the aggregate Certificate Principal Balance of the Class CE LIBOR Certificates (determined after taking into account all distributions made exceeds the Aggregate Collateral Balance on such date, the Certificates amount of such excess shall be allocated by the Trustee on such Distribution Date)Date as follows: first, to the Class M6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; second, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M5 Certificates, in that orderuntil the Certificate Principal Balance thereof has been reduced to zero; third, in each case to the Class M4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and sixth, to the Class M1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes the Mezzanine Certificates on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. in Section 4.01. (c) Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before Prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' ’ Certificate delivered to the Trustee Trust Administrator by the Master Servicer not later than the 18th of the calendar month in which such Distribution Date occurs (or, if such 18th day is not a Business Day (other than a Saturday), then on the Master Servicer Reporting Date next succeeding Business Day, or, if such 18th day is a Saturday, then on the preceding Business Day), immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee Trust Administrator on each Distribution Date as follows: FIRST, in reduction the following order of interest accrued on and otherwise distributable priority: (i) to Net Monthly Excess Cashflow; (ii) to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date; (iii) to the Class M-11 Certificates, after all distributions are made by until the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period thereof has been reduced to zero; (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, iv) to the Class M-10M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (v) to the Class M-9M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (vi) to the Class M-8M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (vii) to the Class M-7M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (viii) to the Class M-6M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (ix) to the Class M-5M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (x) to the Class M-4M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (xi) to the Class M-3M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (xii) to the Class M-2 and Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and (xiii) to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(5)(iv). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-60-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52II-60-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. (d) The REMIC II Marker Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: (i) to Uncertificated Interest payable to the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; (ii) to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; (iii) to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM11 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM11 has been reduced to zero; (iv) to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM10 has been reduced to zero; (v) to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM9 has been reduced to zero; (vi) to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM8 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM8 has been reduced to zero; (vii) to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM7 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM7 has been reduced to zero; (viii) to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM6 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM6 has been reduced to zero; (ix) to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM5 and REMIC II Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM5 has been reduced to zero; (x) to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM4 has been reduced to zero; (xi) to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM3 has been reduced to zero; (xii) to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM2 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM2 has been reduced to zero and (xiii) to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Accrued Certificate Interest for the Class CE Certificates for the related Interest Accrual Period; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Interest, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10M-5 Interest until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-9M-4 Interest, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-8M-3 Interest, Class M-7until the Certificate Principal Balance thereof has been reduced to zero; sixth, Class M-6, Class M-5, Class M-4, Class M-3, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and seventh, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; allocated and any allocation of Realized Losses to a Class CE Certificate Interest shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(xiv). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P CertificatesInterest. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM5 has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first; fourth, to the Uncertificated Balances of REMIC I Regular Interest II I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1I-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM4 has been reduced to zero, provided that, for ; fifth to the Uncertificated Balances of REMIC I Regular Interests with the same numerical denominationInterest I-LTAA, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsInterest I-LTM3 and REMIC I Regular Interest I- LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; sixth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; and seventh to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Accrued Certificate Interest for the Class CE Certificates for the related Interest Accrual Period; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10M-6 Certificates until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-9M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-8M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-7M-3 Certificates, Class M-6until the Certificate Principal Balance thereof has been reduced to zero; seventh, Class M-5, Class M-4, Class M-3, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and eighth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; allocated and any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(xxii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: (i) The REMIC I Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I- LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balances of REMIC I Regular Interest I-LTM6 has been reduced to zero; fourth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1%, and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; fifth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I- LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; sixth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; seventh to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and eighth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero. (ii) The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsLTXX.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Officer’s Certificate delivered to the NIMS Insurer and the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable during or prior to the Class CE Certificates related Due Period and distributions of principal with respect to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDon such Distribution Date, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Uncertificated Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on C Interest is equal to zero, Realized Losses equal to the Certificates Undercollateralized Amount shall be allocated by the Trustee on such Distribution Date)Date as follows: (i) to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date; (ii) to the Class M-8 Certificates, after all distributions are made by until the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period thereof has been reduced to zero, (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, iii) to the Class M-10M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (iv) to the Class M-9M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (v) to the Class M-8M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (vi) to the Class M-7M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (vii) to the Class M-6, Class M-5, Class M-4, Class M-3, M-3 Certificates until the Certificate Principal Balance thereof has been reduced to zero; (viii) to the Class M-2 and Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and (ix) to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes the Mezzanine Certificates on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided abovein Section 4.01. All references above to the Certificate Principal Balance of the Mezzanine Certificates shall be to the Certificate Principal Balance of the Mezzanine Certificates immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses or increase thereof by any Subsequent Recoveries, in each case to be allocated to such Mezzanine Certificates on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Any Realized Losses and all other losses allocated to a that reduce the distributions in respect of and/or the Uncertificated Principal Balance of the Class of Certificates hereunder C Interest, shall be allocated among by the Certificates Trustee to reduce the distributions in respect of such and/or the Certificate Principal Balance of the Class in proportion to the Percentage Interests evidenced therebyC Certificates. (c) (i) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date first, to REMIC 1 Regular Interest IX. If the Uncertificated Principal Balance of REMIC 1 Regular Interest IX has been reduced to zero, Realized Losses on the Group I Mortgage Loans shall be allocated to the remaining REMIC 1 Group I Regular Interest I Interests in ascending numerical order, in each case until the Uncertificated Principal Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I 1 Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated by the Trustee on each Distribution Date first, to REMIC I 1 Regular Interest IIX. If the Uncertificated Principal Balance of REMIC 1 Regular Interest IIX has been reduced to zero, Realized Losses on the Group II Mortgage Loans shall be allocated to the remaining REMIC 1 Group II Regular Interests in ascending numerical order, in each case until the Uncertificated Principal Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I 1 Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before Prior to each Determination Distribution Date, the Master each Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Distribution Date, the Master each Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master each Servicer shall be either included in the related Remittance Report (in form and format reasonably required and mutually agreed upon by the Servicers and the Master Servicer) or evidenced by an Officers' ’ Certificate delivered to the Trust Administrator and the Trustee by the Master related Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee Trust Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Interest Distribution Amount for the Class CE-1 Certificates for the related Interest Accrual Period; second, to payments received under the Interest Rate Cap Agreement, third, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)CE-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; fourth, to the Class M-10M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-9M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-8M-8 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-7M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-6M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-5M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-4M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-3M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and thirteenth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; allocated and any allocation of Realized Losses to a Class CE CE-1 Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All The REMIC I Marker Allocation Percentage of all Realized Losses on the Group I Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM10 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM8 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and twelfth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero. (d) The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsLTXX.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' ’ Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Accrued Certificate Interest for the Class CE Certificates for the related Interest Accrual Period; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10M-9 Certificates until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-8 Certificates until the Certificate Principal Balance has been reduced to zero; fifth to the Class M-7 Certificates until the Certificate Principal Balance has been reduced to zero; sixth, Class M-9M-6 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-8M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-7M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-6M-3 Certificates, Class M-5until the Certificate Principal Balance thereof has been reduced to zero, Class M-4tenth, Class M-3, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and eleventh, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; allocated and any allocation of Realized Losses to a Class CE Certificate Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM9 has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first; fourth, to the Uncertificated Balances of REMIC I Regular Interest II I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1I-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM8 has been reduced to zero; fifth, provided that, for to the Uncertificated Balances of REMIC I Regular Interests with the same numerical denominationInterest I-LTAA, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsInterest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; eighth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; ninth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; tenth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; and eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of to Net Monthly Excess Cashflow, second, to interest accrued on and otherwise distributable the Class CE-1 Certificates, third, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDCE-1 Certificates, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of until the Certificate Principal Balance of the Class CE CE-1 Certificates (determined after taking into account all distributions made on has been reduced to zero, fourth, to the Certificates on such Distribution Date)Class CE-2 Certificates, until the Certificate Principal Balance thereof of the Class CE-2 Certificates has been reduced to zero. If on any Distribution Date, after all distributions are made by fifth, to the Trustee pursuant to Section 4.01 hereof, Class M-10 Certificates until the aggregate Certificate Principal Balance of the Class A CertificatesM-10 Certificates has been reduced to zero, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallysixth, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case M-9 Certificates until the Certificate Principal Balance thereof of the Class M-9 Certificates has been reduced to zero, seventh, to the Class M-8 Certificates until the Certificate Principal Balance of the Class M-8 Certificates has been reduced to zero, eighth, to the Class M-7 Certificates until the Certificate Principal Balance of the Class M-7 Certificates has been reduced to zero, ninth, to the Class M-6 Certificates until the Certificate Principal Balance of the Class M-6 Certificates has been reduced to zero, tenth, to the Class M-5 Certificates until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero, eleventh, to the Class M-4 Certificates, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero, twelfth, to the Class M-3 Certificates, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero, thirteenth, to the Class M-2 Certificates, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero and thirteenth, to the Class M-1 Certificates, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; allocated and any allocation of Realized Losses to a Class CE CE-1 Certificate or Class CE-2 Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(vii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ia) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-48-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52II-48-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Officer’s Certificate delivered to the NIMS Insurer and the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans during or prior to the related Due Period and distributions of principal with respect to the Class A Certificates, the Mezzanine Certificates and the Class B Certificates on such Distribution Date, the Uncertificated Principal Balance of the Class C Interest is equal to zero, Realized Losses equal to the Undercollateralized Amount shall be allocated by the Trustee on each such Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)B Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallysecond, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-10 Certificates, in that orderuntil the Certificate Principal Balance thereof has been reduced to zero, in each case third, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fourth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M‑7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M‑6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, seventh, to the Class M‑5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, eighth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, ninth, to the Class M-3 Certificates until the Certificate Principal Balance thereof has been reduced to zero, tenth, to the Class M‑2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, and eleventh, to the Class M‑1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes the Mezzanine Certificates and the Class B Certificates on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided abovein Section 4.01. All references above to the Certificate Principal Balance of the Mezzanine Certificates and the Class B Certificates shall be to the Certificate Principal Balance of the Mezzanine Certificates and the Class B Certificates immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses or increase thereof by any Subsequent Recoveries, in each case to be allocated to such Mezzanine Certificates and the Class B Certificates on such Distribution Date. Any such allocation of Realized Losses to a Mezzanine Certificate or Class of Mezzanine Certificates B Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Any Realized Losses and all other losses allocated to a that reduce the distributions in respect of and/or the Uncertificated Principal Balance of the Class of Certificates hereunder C Interest, shall be allocated among by the Certificates Trustee to reduce the distributions in respect of such and/or the Certificate Principal Balance of the Class in proportion to the Percentage Interests evidenced therebyC Certificates. (c) (i) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date first, to REMIC 1 Regular Interest IX. If the Uncertificated Principal Balance of REMIC 1 Regular Interest IX has been reduced to zero, Realized Losses on the Group I Mortgage Loans shall be allocated to the remaining REMIC 1 Group I Regular Interest I Interests in ascending numerical order, in each case until the Uncertificated Principal Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I 1 Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated by the Trustee on each Distribution Date first, to REMIC I 1 Regular Interest IIX. If the Uncertificated Principal Balance of REMIC 1 Regular Interest IIX has been reduced to zero, Realized Losses on the Group II Mortgage Loans shall be allocated to the remaining REMIC 1 Group II Regular Interests in ascending numerical order, in each case until the Uncertificated Principal Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I 1 Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before each Prior to the Determination Date, the Master Servicer shall determine as to each Mortgage Loan serviced by the Servicer and any related REO PropertyProperty and include in the monthly remittance report provided to the Master Servicer and the Securities Administrator pursuant to the Servicing Agreement such information as is reasonably available to the Servicer as the Master Servicer or the Securities Administrator may reasonably require so as to enable the Master Servicer to master service the Mortgage Loans and oversee the servicing by the Servicer and the Securities Administrator to fulfill its obligations hereunder with respect to securities and tax reporting, which shall include, but not be limited to: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; and (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the Trustee Securities Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on to Net Monthly Excess Cashflow and otherwise distributable to Net Swap Payments received from the Swap Provider under the Swap Agreement for that purpose; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereofCertificates; SECONDthird, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRDM-11 Certificates, in reduction of until the Certificate Principal Balance of the Class CE M-11 Certificates (determined after taking into account all distributions made on has been reduced to zero; fourth, to the Certificates on such Distribution Date)Class M-10 Certificates, until the Certificate Principal Balance thereof of the Class M-10 Certificates has been reduced to zero. If on any Distribution Date; fifth, after all distributions are made by to the Trustee pursuant to Section 4.01 hereofClass M-9 Certificates, until the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine M-9 Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallyhas been reduced to zero; sixth, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-8 Certificates, in that order, in each case until the Certificate Principal Balance thereof of the Class M-8 Certificates has been reduced to zero; seventh, to the Class M-7 Certificates, until the Certificate Principal Balance of the Class M-7 Certificates has been reduced to zero; eighth, to the Class M-6 Certificates, until the Certificate Principal Balance of the Class M-6 Certificates has been reduced to zero; ninth, to the Class M-5 Certificates, until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero; tenth, to the Class M-4 Certificates, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero; eleventh, to the Class M-3 Certificates, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero, twelfth, to the Class M-2 Certificates, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero; and thirteenth, to the Class M-1 Certificates, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v5.01(c)(7)(viii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the the, Certificates of such Class in proportion to the Percentage Interests evidenced thereby. In addition, in the event that the Servicer receives any Subsequent Recoveries with respect to a Mortgage Loan serviced by it, the Servicer shall deposit such funds into the Collection Account pursuant to the Servicing Agreement. If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Certificate Principal Balance of the Class of Subordinate Certificates with the highest payment priority to which Realized Losses have been allocated, but not by more than the amount of Realized Losses previously allocated to that Class of Subordinate Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(c)(7). The amount of any remaining Subsequent Recoveries will be applied to sequentially increase the Certificate Principal Balance of the Subordinate Certificates, beginning with the Class of Subordinate Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to such Class of Subordinate Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(c)(7)(iii). Holders of such Certificates will not be entitled to any payment in respect of current interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Subordinate Certificate of such Class in accordance with its respective Percentage Interest. (c) (i) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-46-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52II-46-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before Prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as respect to each Mortgage Loan: (A) the total amount of . All Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized except for Excess Losses, if anywill be allocated as follows: (i) for losses allocable to principal (a) first, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end Subordinate Certificates in reverse order of (x) in the case seniority until each of Bankruptcy Losses allocable their Class Principal Balances have been reduced to interest, the Due Period during which any such Realized Loss was incurred, zero and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTsecond, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Senior Certificates (determined after taking into account all distributions made on other than the Certificates on such Distribution DatePrincipal Only Certificates), by Pro Rata Allocation, until the Certificate Principal Balances thereof have been reduced to zero; provided, however, that prior to the Credit Support Depletion Date if the loss is recognized with respect to a Discount Loan, the Discount Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder of such loss will be allocated as described above in this clause (i); and (ii) for losses allocable to interest (a) first, to the Subordinate Certificates in reverse order of seniority, in reduction of accrued but unpaid interest thereon and then in reduction of the Class Principal Balance of such Certificates and (b) second, to the Senior Certificates (other than the Principal Only Certificates), by Pro Rata Allocation, until the Certificate Principal Balances thereof has have been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Excess Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Senior Certificates of such Class in proportion and the Subordinate Certificates by Pro Rata Allocation. On each Distribution Date, after giving effect to the Percentage Interests evidenced thereby. principal distributions and allocations and reimbursement of losses as provided in this Agreement (without regard to this paragraph), if the Aggregate Certificate Principal Balance of all outstanding Classes of Certificates exceeds the aggregate principal balance of the Loans, after deduction of (i) All Realized Losses all principal payments due on or before the Group I Cut-Off Date in respect of each such Loan whether or not paid and (ii) all amounts of principal in respect of each such Loan that have been received or advanced and included in the Available Distribution Amount, and all losses in respect of such Loans shall that have been allocated to the Certificates, on such Distribution Date or prior Distribution Dates, then such excess will be deemed a principal loss and will be allocated on each Distribution Date (i) first, to REMIC I Regular Interest I the Subordinate Certificates in reverse order of seniority until the Uncertificated Balance each of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest their Class Principal Balances has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and (ii) second, to REMIC I Regular the Senior Certificates, other than the Interest II-1-A through REMIC I Regular Interest II-52-BOnly Certificates, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interestsby Pro Rata Allocation.

Allocation of Realized Losses. (a) On or before Prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO PropertyProperty serviced by it: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report (in form and format reasonably required and mutually agreed upon by Servicer and Master Servicer) or evidenced by an Officers' ’ Certificate delivered to the Trustee Trust Administrator by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee Trust Administrator on each Distribution Date as follows: FIRST, in reduction the following order of interest accrued on and otherwise distributable priority: (i) to Net Monthly Excess Cashflow; (ii) to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date; (iii) to the Class M-10 Certificates, after all distributions are made by until the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period thereof has been reduced to zero; (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, iv) to the Class M-10M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (v) to the Class M-9M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (vi) to the Class M-8M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (vii) to the Class M-7M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (viii) to the Class M-6M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (ix) to the Class M-5M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (x) to the Class M-4M-3 Certificates, Class M-3, until the Certificate Principal Balance thereof has been reduced to zero; (xi) to the Class M-2 and Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and (xii) to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(5)(iv). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-60-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52II-60-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. (d) The REMIC II Marker Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM10 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM9 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM8 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM8 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM7 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM7 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM6 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM6 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM5 and REMIC II Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM5 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM2 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM2 has been reduced to zero and twelfth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master each Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master each Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer Servicers shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Trustee and the Certificate Insurer by the Master related Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC II Regular Interest pursuant to Section 4.04(c) on the Mortgage Loans shall be allocated by the Trustee Trust Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date; and third, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of among the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zeroon a PRO RATA basis. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. No allocations of Realized Losses pursuant to this Section 4.04 shall affect any liability of the Certificate Insurer with respect to such amounts under the Policy. Any such allocation of Realized Losses to a Class of Mezzanine Certificates A Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(2)(viii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances Balance of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I- LT1 and REMIC I Regular Interest I-LT9 up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT9 up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, 98% to the Uncertificated Balance of REMIC I Regular Interest I-LT1, 1% to the Uncertificated Balances of REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I- LT4, REMIC I Regular Interest I-LT5, REMIC I Regular Interest I-LT6, REMIC I Regular Interest I-LT7 and REMIC I Regular Interest I-LT8 on a PRO RATA basis and 1% to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. LT9. (d) All Realized Losses on the Group REMIC II Loans Regular Interests shall be allocated by the Trust Administrator on each Distribution Date first, among the REMIC II Regular Interests in the proportion that Realized Losses are allocated to the related Uncertificated Corresponding Component; Realized Losses allocated to principal on REMIC I Regular Interest II until the Uncertificated Balance of such I-LT2, REMIC I Regular Interest has been reduced to zero and secondI-LT3, to REMIC I Regular Interest II-1I-A through LT4, REMIC I Regular Interest II-52I-BLT5, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced I-LT6, REMIC I Regular Interest I-LT7 and REMIC I Regular Interest I-LT8 shall be allocated to zeroREMIC II Regular Interest II-LT2, provided thatREMIC II Regular Interest II-LT3, for REMIC II Regular Interest II-LT4, REMIC II Regular Interest II-LT5, REMIC II Regular Interest II-LT6, REMIC II Regular Interest II-LT7 and REMIC II Regular Interest II-LT8, respectively. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among the REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such (other than REMIC I Regular InterestsInterest I-LTP) means an allocation on a PRO RATA basis among the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP) on the basis of their then outstanding Uncertificated Balances, in each case prior to giving effect to distributions to be made on such Distribution Date.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee and the Certificate Insurer by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially: FIRST, to the Class M-10M-11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; SECOND, to the Class M-9M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; THIRD, to the Class M-8M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; FOURTH, to the Class M-7M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; FIFTH, to the Class M-6M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; SIXTH, to the Class M-5M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; SEVENTH, to the Class M-4M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; EIGHTH, to the Class M-3M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, NINTH, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, TENTH, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and ELEVENTH, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(V). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All The REMIC I Marker Percentage of all Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date firstto the following REMIC I Regular Interests in the specified percentages, as follows: FIRST, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; SECOND, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I- LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; THIRD, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM11 has been reduced to zero; FOURTH, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM10 has been reduced to zero; FIFTH, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; SIXTH, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM8 has been reduced to zero; SEVENTH, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; EIGHTH, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I- LTM6 has been reduced to zero; NINTH, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; TENTH, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; ELEVENTH, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; TWELFTH, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; and THIRTEENTH, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero. (ii) The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date: FIRST, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; SECOND, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that 115 if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and THIRD, any remaining Realized Losses shall be allocated to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsLTXX.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine based solely on information provided by the related Servicer as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest pursuant to Section 4.04(c) on the Mortgage Loans shall be allocated by the Trustee Master Servicer on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallythird, to the Class M-10M-3 Certificates, Class M-9until the Certificate Principal Balance thereof has been reduced to zero; fourth, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and fifth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation All references above to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; of any allocation Class of Realized Losses to a Class CE Certificate Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances Balance of such Class immediately prior to the Class A Certificates or the Class P Certificates. As used hereinrelevant Distribution Date, an allocation of a before reduction thereof by any Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basisLosses, among the various Classes so specified, in each case to each be allocated to such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made Certificates, on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before each Prior to the Determination Date, the Master Servicer shall determine as to each Mortgage Loan serviced by the Servicer and any related REO PropertyProperty and include in the monthly remittance report provided to the Master Servicer and the Securities Administrator (substantially in the form of Schedule 4 hereto) such information as is reasonably available to the Servicer as the Master Servicer or the Securities Administrator may reasonably require so as to enable the Master Servicer to master service the Mortgage Loans and oversee the servicing by the Servicer and the Securities Administrator to fulfill its obligations hereunder with respect to securities and tax reporting, which shall include, but not be limited to: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; and (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the Trustee Securities Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on to Net Monthly Excess Cashflow and otherwise distributable to Net Swap Payments received from the Swap Provider under the Swap Agreement for that purpose; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereofCertificates; SECONDthird, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRDM-9 Certificates, in reduction of until the Certificate Principal Balance of the Class CE M-9 Certificates (determined after taking into account all distributions made on has been reduced to zero; fourth, to the Certificates on such Distribution Date)Class M-8 Certificates, until the Certificate Principal Balance thereof of the Class M-8 Certificates has been reduced to zero. If on any Distribution Date; fifth, after all distributions are made by to the Trustee pursuant to Section 4.01 hereofClass M-7 Certificates, until the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine M-7 Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallyhas been reduced to zero; sixth, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-6 Certificates, in that order, in each case until the Certificate Principal Balance thereof of the Class M-6 Certificates has been reduced to zero; seventh, to the Class M-5 Certificates, until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero; eighth, to the Class M-4 Certificates, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero; ninth, to the Class M-3 Certificates, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero, tenth, to the Class M-2 Certificates, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero; and eleventh, to the Class M-1 Certificates, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v5.01(c)(7)(viii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the the, Certificates of such Class in proportion to the Percentage Interests evidenced thereby. In addition, in the event that the Servicer receives any Subsequent Recoveries with respect to a Mortgage Loan serviced by it, the Servicer shall deposit such funds into the Collection Account pursuant to Section 3.08. If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Certificate Principal Balance of the Class of Mezzanine Certificates with the highest payment priority to which Realized Losses have been allocated, but not by more than the amount of Realized Losses previously allocated to that Class of Mezzanine Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Mezzanine Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(c)(7)(iii) or Net Swap Payments pursuant to clause fourth of Section 5.01(e). The amount of any remaining Subsequent Recoveries will be applied to sequentially increase the Certificate Principal Balance of the Mezzanine Certificates, beginning with the Class of Mezzanine Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to such Class of Mezzanine Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Mezzanine Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(c)(7)(iii) or with Net Swap Payments pursuant to clause fourth of Section 5.01(e). Holders of such Certificates will not be entitled to any payment in respect of current interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Subordinate Certificate of such Class in accordance with its respective Percentage Interest. (c) (i) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-54-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52II-54-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses, Bankruptcy Losses, Special Hazard Losses or Extraordinary Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee and the Certificate Insurer by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to the REMIC I Regular Interest LT1 pursuant to Section 4.04(c), other than Excess Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses and Extraordinary Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date; and, after all distributions are made by the Trustee pursuant third, to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates. Notwithstanding anything to the contrary herein, for purposes of determining the Special Hazard Amount, the Mezzanine Fraud Loss Amount and the Bankruptcy Amount as of any date of determination, Special Hazard Losses, Fraud Losses and Bankruptcy Losses paid from Net Monthly Excess Cashflow which would otherwise have been payable to the holders of the Class CE Certificates shall be deemed to have been allocated to the Class CE Certificates. Any Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses and Extraordinary Losses allocated to the REMIC I Regular Interest LT1 pursuant to Section 4.04(c) will be allocated between the Class A Certificates and the Class P CE Certificates exceeds the sum on a PRO RATA basis. No allocations of Realized Losses pursuant to this Section 4.04 shall affect any liability of the Stated Principal Balance Certificate Insurer with respect to such amounts under the Policy. Any allocation of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates A Certificate or a Class CE Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation , or in the case of Realized Losses to a the Class CE Certificate shall be made Certificates, by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(2)(x). No allocations of any All Realized Losses shall allocated to a Class of Certificates hereunder will be made allocated among the Certificates of such Class in proportion to the Certificate Principal Balances of the Class A Certificates or the Class P CertificatesPercentage Interests evidenced thereby. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Loans Mortgage Loans, other than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses and Extraordinary Losses on the Mortgage Loans, shall be allocated by the Trustee on each Distribution Date as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I until LT1 and the Uncertificated Balance of such REMIC I Regular Interest has been reduced LT3 up to zero and an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, on a PRO RATA basis; second, to the Uncertificated Balances of the REMIC I Regular Interest I-1-A through LT1 and the REMIC I Regular Interest I-52-BLT3 up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, starting with on a PRO RATA basis; and third, to the lowest numerical denomination until such remainder of the Uncertificated Balances of the REMIC I Regular Interests, including the REMIC I Regular Interest has been reduced to zeroLT2, provided thaton a PRO RATA basis. Any Excess Special Hazard Losses, for Excess Bankruptcy Losses, Excess Fraud Losses and Extraordinary Losses will be allocated among the REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated on a PRO RATA between such REMIC I Regular Interestsbasis. All As used herein, an allocation of a Realized Losses Loss on a "PRO RATA basis" among the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated means an allocation on a PRO RATA between such basis among the REMIC I Regular InterestsInterests on the basis of their then current entitlement to Uncertificated Interest or their then outstanding Uncertificated Balances, as applicable, in each case prior to giving effect to distributions to be made on such Distribution Date.

Allocation of Realized Losses. (a) On or before 12:00 noon New York time on the 18th calendar day of each Determination Datemonth, and if the 18th calendar day is not a Business Day, the Master immediately following Business Day, the related Servicer shall determine as to each Mortgage Loan serviced by such Servicer and any related REO PropertyProperty and include in the monthly remittance report provided to the Master Servicer and the Securities Administrator (substantially in the form of Schedule 4 hereto), such information as is reasonably available to the related Servicer, as the Master Servicer or the Securities Administrator may reasonably require so as to enable the Master Servicer to master service the Mortgage Loans and oversee the servicing by the related Servicer and the Securities Administrator to fulfill its obligations hereunder with respect to securities and tax reporting, which shall include, but not be limited to: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; and (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer Servicers shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on to any REMIC I Regular Interest pursuant to Section 5.04(c) of this Agreement for each Distribution Date as follows: FIRSTwill first, cause a reduction in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on for that Distribution Date and second, cause a reduction in the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available Overcollateralization Amount for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such that Distribution Date), Date until the Certificate Principal Balance thereof has been reduced to zero. If To the extent that Realized Losses on any a Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, Date cause the aggregate Certificate Principal Balance of the Class A Certificates, Offered Certificates (after taking into account all distributions on such Distribution Date) to exceed the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallyallocated by the Securities Administrator as follows: first, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-5 Certificates, in that order, in each case until the Certificate Principal Balance thereof of the Class M-5 Certificates has been reduced to zero; second, to the Class M-4 Certificates, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero; third, to the Class M-3 Certificates, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero; fourth, to the Class M-2 Certificates, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero; and fifth, to the Class M-1 Certificates, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the the, Certificates of such Class in proportion to the Percentage Interests evidenced thereby. In addition, in the event that a Servicer receives any Subsequent Recoveries, such Servicer shall deposit such funds into the related Collection Account pursuant to Section 3.08 of this Agreement or into the Custodial Account pursuant to the Servicing Agreement. If, after taking into account such Subsequent Recoveries the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Certificate Principal Balance of the Mezzanine Certificates with the highest payment priority to which Realized Losses have been allocated, but not by more than the amount of Realized Losses previously allocated to that Class of Mezzanine Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Mezzanine Certificates with Net Monthly Excess Cashflow pursuant to clause third of Section 5.01(a)(5) of this Agreement. The amount of any remaining Subsequent Recoveries will be applied to sequentially increase the Certificate Principal Balance of the Mezzanine Certificates, beginning with the Class of Mezzanine Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to such Class of Mezzanine Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Mezzanine Certificates with Net Monthly Excess Cashflow pursuant to clause third of Section 5.01(a)(5). Holders of such Certificates will not be entitled to any payment in respect of current interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Mezzanine Certificate of such Class in accordance with its respective Percentage Interest. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Securities Administrator, on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98.00% and 2.00%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM5 has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first; fourth, to the Uncertificated Balances of REMIC I Regular Interest II I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1I-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM4 has been reduced to zero; fifth, provided that, for to the Uncertificated Balances of REMIC I Regular Interests with the same numerical denominationInterest I-LTAA, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsInterest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; and seventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before No later than four Business Days prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before No later than four Business Days prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee Master Servicer by the Master Servicer on the Master Servicer Reporting no later than four Business Days prior to each Distribution Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period prior calendar month during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans during or prior to the related Due Period and distributions of principal with respect to the LIBOR Certificates on such Distribution Date, the aggregate Certificate Principal Balance of the LIBOR Certificates exceeds the Aggregate Principal Balance on such date, the amount of such excess shall be allocated by the Trustee Master Servicer on each such Distribution Date as follows: FIRST(i) first, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)M11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; second, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M10 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth to the Class M3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and eleventh, to the Class M1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and (ii) after the aggregate Certificate Principal Balance of the Mezzanine Certificates is reduced to zero, if the aggregate Certificate Principal Balance of the Class A1 and Class A1A Certificates exceeds the Aggregate Principal Balance of the Subgroup 1 Mortgage Loans, then the Certificate Principal Balances of the Class A1A Certificates will be reduced by the amount of that excess. All Realized Losses to be allocated to the Certificate Principal Balances Balance of all Classes the Mezzanine Certificates or the Class A1A Certificates, as applicable, on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. in Section 4.01. (c) Any such allocation of Realized Losses to a Mezzanine Certificate, or the Class of Mezzanine A1A Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (id) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, With respect to REMIC I Regular Interest I until the Uncertificated Balance any Class of such REMIC I Regular Interest Certificates to which an Applied Loss Amount has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with allocated (including any such Class for which the lowest numerical denomination until such REMIC I Regular Interest related Certificate Principal Balance has been reduced to zero), provided that, for REMIC I Regular Interests with the same numerical denomination, Certificate Principal Balance of such Realized Losses shall Class will be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated increased on each Distribution Date firstby the amount of related Recoveries for such Distribution Date, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting beginning with the lowest numerical denomination until such REMIC I Regular Interest has been reduced Class A1A Certificates (in the case of any Recovery relating to zero, provided that, for REMIC I Regular Interests a Subgroup 1 Mortgage Loan) and then to the Class of Mezzanine Certificates with the same numerical denominationhighest relative payment priority, such in each case up to the amount of the Allocated Realized Losses Loss Amount for that Class. Any increase in a Certificate Principal Balance on a Distribution Date pursuant to this Section 4.04(d) shall be allocated PRO RATA between such REMIC I Regular Interestsmade prior to giving effect to distributions on that Distribution Date.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially: FIRST, to the Class M-10M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seconD, to the Class M-9M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; THIRD, to the Class M-8M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; FOURTH, to the Class M-7M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; FIFTH, to the Class M-6M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; SIXTH, to the Class M-5M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; SEVENTH, to the Class M-4M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; EIGHTH, to the Class M-3M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, NINTH, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and TENTH, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) . All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group III Loans shall be allocated on each Distribution Date to REMIC I Regular Interest III-1-A through REMIC I Regular Interest III-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. (c) (i) The REMIC II Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM10 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM9 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM8 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM8 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM7 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM7 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM6 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM6 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM5 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM5 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM2 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM2 has been reduced to zero, and twelfth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM1 has been reduced to zero. The REMIC II Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC II Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC II Regular Interest II-LTXX.

Allocation of Realized Losses. (a) On or before Prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as respect to each Mortgage Loan: (A) the total . The amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer Losses shall be evidenced by an Officers' Officer's Certificate delivered to signed by a Responsible Officer of the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Servicer. All Realized Losses, except for Excess Losses, will be allocated as follows: (i) for losses allocable to principal (a) first, to the Prepayment Period during which any such Realized Loss was incurred. Subordinate Certificates in reverse order of seniority until each of their Class Principal Balances have been reduced to zero and (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTsecond, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDSenior Certificates, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)by Pro Rata Allocation, until the Certificate Principal Balances thereof have been reduced to zero; and (ii) for losses allocable to interest (a) first, to the Subordinate Certificates in reverse order of seniority, in reduction of accrued but unpaid interest thereon and then in reduction of the Class Principal Balance of such Certificates and (b) second, to the Senior Certificates, by Pro Rata Allocation, until the Certificate Principal Balances thereof has have been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Excess Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Senior Certificates of such Class in proportion and the Subordinate Certificates by Pro Rata Allocation. On each Distribution Date, after giving effect to the Percentage Interests evidenced thereby. principal distributions and allocations and reimbursement of losses as provided in this Agreement (without regard to this paragraph), if the Aggregate Certificate Principal Balance of all outstanding Classes of Certificates exceeds the aggregate principal balance of the Loans, after deduction of (i) All Realized Losses all principal payments due on or before the Group I Cut-Off Date in respect of each such Loan whether or not paid and (ii) all amounts of principal in respect of each such Loan that have been received or advanced and included in the Available Distribution Amount, and all losses in respect of such Loans shall that have been allocated to the Certificates, on such Distribution Date or prior Distribution Dates, then such excess will be deemed a principal loss and will be allocated on each Distribution Date (i) first, to REMIC I Regular Interest I the Subordinate Certificates in reverse order of seniority until the Uncertificated Balance each of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest their Class Principal Balances has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and (ii) second, to REMIC I Regular the Senior Certificates, other than the Interest II-1-A through REMIC I Regular Interest II-52-BOnly Certificates, starting pro rata according to their Certificate Principal Balances or, in the case of the Accrual Certificates, the Certificate Principal Balance of that Accrual Certificate on the Closing Date, if lower in reduction thereof. Any Realized Loss, including any Excess Loss, allocated to the Class A-3 Certificates will be covered by the Class A-3 Policy. Any payment under the Class A-3 Policy with respect to a Realized Loss allocated to the lowest numerical denomination until such REMIC I Regular Interest has been reduced Class A-3 Certificates shall not result in a further reduction to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsClass Principal Balance of the Class A-3 Certificates.

Allocation of Realized Losses. (a) On or before each Prior to the Determination Date, the Master Servicer shall determine as to each Mortgage Loan serviced by the Servicer and any related REO PropertyProperty and include in the monthly remittance report provided to the Master Servicer and the Securities Administrator (substantially in the form of Schedule 4 hereto) such information as is reasonably available to the Servicer as the Master Servicer or the Securities Administrator may reasonably require so as to enable the Master Servicer to master service the Mortgage Loans and oversee the servicing by the Servicer and the Securities Administrator to fulfill its obligations hereunder with respect to securities and tax reporting, which shall include, but not be limited to: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; and (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the Trustee Securities Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on to Net Monthly Excess Cashflow and otherwise distributable to Net Swap Payments received from the Swap Provider under the Swap Agreement for that purpose; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereofCertificates; SECONDthird, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRDM-11 Certificates, in reduction of until the Certificate Principal Balance of the Class CE M-11 Certificates (determined after taking into account all distributions made on has been reduced to zero; fourth, to the Certificates on such Distribution Date)Class M-10 Certificates, until the Certificate Principal Balance thereof of the Class M-10 Certificates has been reduced to zero. If on any Distribution Date; fifth, after all distributions are made by to the Trustee pursuant to Section 4.01 hereofClass M-9 Certificates, until the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine M-9 Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallyhas been reduced to zero; sixth, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-8 Certificates, in that order, in each case until the Certificate Principal Balance thereof of the Class M-8 Certificates has been reduced to zero; seventh, to the Class M-7 Certificates, until the Certificate Principal Balance of the Class M-7 Certificates has been reduced to zero; eighth, to the Class M-6 Certificates, until the Certificate Principal Balance of the Class M-6 Certificates has been reduced to zero; ninth, to the Class M-5 Certificates, until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero; tenth, to the Class M-4 Certificates, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero; eleventh, to the Class M-3 Certificates, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero, twelfth, to the Class M-2 Certificates, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero; and thirteenth, to the Class M-1 Certificates, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v5.01(c)(7)(viii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the the, Certificates of such Class in proportion to the Percentage Interests evidenced thereby. In addition, in the event that the Servicer receives any Subsequent Recoveries with respect to a Mortgage Loan serviced by it, the Servicer shall deposit such funds into the Collection Account pursuant to Section 3.08. If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Certificate Principal Balance of the Class of Subordinate Certificates with the highest payment priority to which Realized Losses have been allocated, but not by more than the amount of Realized Losses previously allocated to that Class of Subordinate Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(c)(7). The amount of any remaining Subsequent Recoveries will be applied to sequentially increase the Certificate Principal Balance of the Subordinate Certificates, beginning with the Class of Subordinate Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to such Class of Subordinate Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(c)(7)(iii). Holders of such Certificates will not be entitled to any payment in respect of current interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Subordinate Certificate of such Class in accordance with its respective Percentage Interest. (c) (i) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-39-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52II-39-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in 101 connection with any Deficient Valuations made during the related Prepayment Period; Period and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC II Regular Interest pursuant to Section 4.04(c), shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10M-3 Certificates, Class M-9until the Certificate Principal Balance thereof has been reduced to zero; fourth, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, to the Class M-2 and Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-1 Certificates, in that orderuntil the Certificate Principal Balance thereof has been reduced to zero and sixth, in each case to the Class A-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of A-2 Certificate or a Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation , or in the case of Realized Losses to a Class CE Certificate shall be made Certificate, by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(x). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A A-1 Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA Pro Rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA Pro Rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7 up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, _____% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7 up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, ___% and ____%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT6 and REMIC I Regular Interest I-LT7, ____%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest I-LT6 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT7, ____%, __% and __%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LT5 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT4 and REMIC I Regular Interest I-LT7, ___%, __% and ____%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LT4 has been reduced to zero and secondsixth, to the Uncertificated Balances of REMIC I Regular Interest I-1I-A through LT1, REMIC I Regular Interest I-52I-B, starting with the lowest numerical denomination until such LT3 and REMIC I Regular Interest I-LT7, ___%, ___% and ___%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LT3 has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. . (d) All Realized Losses on the Group REMIC II Loans Regular Interests shall be allocated by the Trustee on each Distribution Date firstamong the REMIC II Regular Interests in the proportion that Realized Losses are allocated to the related Uncertificated Corresponding Component. As used herein, to an allocation of a Realized Loss on a "Pro Rata basis" among the REMIC I Regular Interests (other than REMIC I Regular Interest II until I-LTP) means an allocation on a Pro Rata basis among the Uncertificated Balance of such REMIC I Regular Interests (other than REMIC I Regular Interest has been reduced I-LTP) on the basis of their then outstanding Uncertificated Balances, in each case prior to zero and second, giving effect to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until distributions to be made on such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsDistribution Date.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of under Section 4.01 hereof; SECONDsecond, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRDthird, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially: first, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-10 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses ; second, to be allocated to the Class M-9 Certificates, until the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after Balance thereof has been reduced to zero; third, to the actual distributions Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to be made on such date as provided abovezero; fourth, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, eighth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, ninth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and tenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date firstDate, first to REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT1PF, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until each such REMIC I Regular Interest has been reduced to zero; provided however, provided thatwith respect to the first three Distribution Dates, for all Realized Losses on the Initial Group I Mortgage Loans shall be allocated to REMIC 1 Regular Interest I-LT1, until the Uncertificated Balance thereof has been reduced to zero, and all Realized Losses on the Subsequent Group I Mortgage Loans shall be allocated to REMIC I Regular Interests with Interest I-LT1PF until the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsUncertificated Balance thereof has been reduced to zero. All Realized Losses on the Group II Mortgage Loans shall be allocated by the Trustee on each Distribution Date firstDate, first to REMIC I Regular Interest II I-LT2 and REMIC I Regular Interest I-LT2PF, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until each such REMIC I Regular Interest has been reduced to zero; provided however, provided thatwith respect to the first three Distribution Dates, for all Realized Losses on the Initial Group II Mortgage Loans shall be allocated to REMIC I Regular Interests with Interest I-LT2, until the same numerical denominationUncertificated Balance thereof has been reduced to zero, such and all Realized Losses on the Subsequent Group II Mortgage Loans shall be allocated PRO RATA between to REMIC I Regular Interest I-LT2PF until the Uncertificated Balance thereof has been reduced to zero. All Realized Losses on the Group III Mortgage Loans shall be allocated by the Trustee on each Distribution Date, first to REMIC I Regular Interest I-LT3 and REMIC I Regular Interest I-LT3PF, until the Uncertificated Balance of each such REMIC I Regular InterestsInterest has been reduced to zero; provided however, with respect to the first three Distribution Dates, all Realized Losses on the Initial Group III Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT3, until the Uncertificated Balance thereof has been reduced to zero, and all Realized Losses on the Subsequent Group III Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT3PF until the Uncertificated Balance thereof has been reduced to zero. (d) All Realized Losses on the Group II Mortgage Loans shall be allocated by the Trustee on each Distribution Date, to the Uncertificated Balance of REMIC II Regular Interest II-LT1, until the Uncertificated Balance of REMIC II Regular Interest II-LT1 has been reduced to zero. All Realized Losses on the Group II Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the Uncertificated Balance of REMIC II Regular Interest II-LT2, until the Uncertificated Balance of REMIC II Regular Interest II-LT2 has been reduced to 150

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master each Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master each Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer Servicers shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Trustee and the Certificate Insurer by the Master related Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC II Regular Interest pursuant to Section 4.04(c) on the Mortgage Loans shall be allocated by the Trustee Trust Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date; and third, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of among the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zeroon a PRO RATA basis. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation All references above to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; of any allocation Class of Realized Losses to a Class CE Certificate Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances Balance of such Class immediately prior to the Class A Certificates or the Class P Certificates. As used hereinrelevant Distribution Date, an allocation of a before reduction thereof by any Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basisLosses, among the various Classes so specified, in each case to each be allocated to such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made Certificates, on such Distribution Date. All No allocations of Realized Losses and all other losses allocated pursuant to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.this

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master each Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master each Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer Servicers shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Trustee and the Certificate Insurer by the Master related Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC II Regular Interest pursuant to Section 4.04(c) on the Mortgage Loans shall be allocated by the Trustee Trust Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date; and third, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of among the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zeroon a PRO RATA basis. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. No allocations of Realized Losses pursuant to this Section 4.04 shall affect any liability of the Certificate Insurer with respect to such amounts under the Policy. Any such allocation of Realized Losses to a Class of Mezzanine Certificates A Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(2)(viii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances Balance of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT9 up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT9 up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, 98% to the Uncertificated Balance of REMIC I Regular Interest I-LT1, 1% to the Uncertificated Balances of REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5, REMIC I Regular Interest I-LT6, REMIC I Regular Interest I-LT7 and REMIC I Regular Interest I-LT8 on a PRO RATA basis and 1% to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. LT9. (d) All Realized Losses on the Group REMIC II Loans Regular Interests shall be allocated by the Trust Administrator on each Distribution Date first, among the REMIC II Regular Interests in the proportion that Realized Losses are allocated to the related Uncertificated Corresponding Component; Realized Losses allocated to principal on REMIC I Regular Interest II until the Uncertificated Balance of such I-LT2, REMIC I Regular Interest has been reduced to zero and secondI-LT3, to REMIC I Regular Interest II-1I-A through LT4, REMIC I Regular Interest II-52I-BLT5, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced I-LT6, REMIC I Regular Interest I-LT7 and REMIC I Regular Interest I-LT8 shall be allocated to zeroREMIC II Regular Interest II-LT2, provided thatREMIC II Regular Interest II-LT3, for REMIC II Regular Interest II-LT4, REMIC II Regular Interest II-LT5, REMIC II Regular Interest II-LT6, REMIC II Regular Interest II-LT7 and REMIC II Regular Interest II-LT8, respectively. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among the REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such (other than REMIC I Regular InterestsInterest I-LTP) means an allocation on a PRO RATA basis among the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP) on the basis of their then outstanding Uncertificated Balances, in each case prior to giving effect to distributions to be made on such Distribution Date.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of under Section 4.01 hereof; SECONDsecond, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRDthird, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially: first, to the Class M-10M-12 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; second, to the Class M-9M-11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M-8M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-7M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-6M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-5M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-4M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-3M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, ninth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, tenth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and twelfth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. 138 Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) . All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. (c) (i) The REMIC II Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM12 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM12 has been reduced to zero, fourth to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM11 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM11 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM10 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM9 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM8 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM8 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM7 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM7 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM6 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM6 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM5 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM5 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM4 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM3 has been reduced to zero; thirteenth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM2 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM2 has been reduced to zero, and fourteenth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM1 has been reduced to zero. The REMIC II Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC II Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC II Regular Interest II-LTXX. 140

Allocation of Realized Losses. (a) On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee by the Master Servicer on the Master Servicer Reporting no later than four (4) Business Days prior to each Distribution Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable during or prior to the Class CE Certificates related Due Period and distributions of principal with respect to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDon such Distribution Date, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the aggregate Certificate Principal Balance of the Class CE LIBOR Certificates (determined after taking into account all distributions made exceeds the Aggregate Collateral Balance on such date, the Certificates amount of such excess shall be allocated by the Trustee on such Distribution Date)Date as follows: (i) first, to the Class M7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; second, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M6 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and seventh, to the Class M1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and (ii) after the aggregate Certificate Principal Balance of the Mezzanine Certificates is reduced to zero, if the aggregate Certificate Principal Balance of the Class A1 and Class A1A Certificates exceeds the aggregate Stated Principal Balance of the Subgroup 1 Mortgage Loans, then the Certificate Principal Balance of the Class A1A Certificates will be reduced by the amount equal to such excess. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes the Mezzanine Certificates on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. in Section 4.01. (c) Any such allocation of Realized Losses to a Mezzanine or Class of Mezzanine A1A Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (id) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, With respect to REMIC I Regular Interest I until the Uncertificated Balance any Class of such REMIC I Regular Interest Certificates to which an Applied Loss Amount has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with allocated (including any such Class for which the lowest numerical denomination until such REMIC I Regular Interest related Certificate Principal Balance has been reduced to zero), provided that, for REMIC I Regular Interests with the same numerical denomination, Certificate Principal Balance of such Realized Losses shall Class will be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated increased on each Distribution Date firstby the amount of related Recoveries for such Distribution Date, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting beginning with the lowest numerical denomination until such REMIC I Regular Interest has been reduced Class A1A Certificates (in the case of any Recovery relating to zero, provided that, for REMIC I Regular Interests a Subgroup 1 Mortgage Loan) and then to the Class of Mezzanine Certificates with the same numerical denominationhighest relative payment priority, such up to the amount of the Allocated Realized Losses Loss Amount for that Class. Any increase in a Certificate Principal Balance on a Distribution Date pursuant to this Section 4.04(d) shall be allocated PRO RATA between such REMIC I Regular Interestsmade prior to giving effect to distributions on that Distribution Date.

Allocation of Realized Losses. (a) On or before Prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with that resulted from any Final Recovery Determinations made Cash Liquidation, Servicing Modifications, Debt Service Reduction, Deficient Valuation or REO Disposition that occurred during the related Prepayment Period; (ii) whether and Period or, in the extent to case of a Servicing Modification that constitutes a reduction of the interest rate on a Mortgage Loan, the amount of the reduction in the interest portion of the Monthly Payment due in the month in which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principalDistribution Date occurs. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total The amount of each Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer Loss shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) Certificate. All Realized Losses on the Mortgage Loans (other than Excess Losses) shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Cash Flow as provided in Section 4.01 hereof; SECOND4.02(c)(iii), in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRDsecond, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Overcollateralization Amount, until the Certificate Principal Balance thereof such amount has been reduced to zero. If on any Distribution Date; and thereafter, after all distributions are made to the extent not covered by the Trustee pursuant Certificate Guaranty Insurance Policy, to Section 4.01 hereofthe Class A Certificates on a pro rata basis. Any Excess Losses on the Mortgage Loans, to the extent not covered by the Certificate Guaranty Insurance Policy, will be allocated to Class A Certificates as follows: an amount equal to the amount of such Excess Losses multiplied by a fraction equal to (x) the then aggregate Certificate Principal Balance of the Class A Certificates, Certificates over (y) the Mezzanine Certificates and the Class P Certificates exceeds the sum of the then aggregate Stated Principal Balance of the Mortgage Loans as Loans, will be allocated to all of the last day of Class A Certificates on a pro rata basis, and the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount remainder of such excess losses shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances Overcollateralization Amount in reduction of all Classes on any Distribution Date shall be so allocated after the actual distributions amount thereof. (b) Any allocation of the principal portion of Realized Losses (other than Debt Service Reductions) to be made on such date as provided above. Any such allocation to a the Class of Mezzanine A Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any , which allocation of Realized Losses to a Class CE Certificate shall be made by reducing deemed to have occurred on such Distribution Date. Allocations of the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations interest portions of any Realized Losses shall be made to the Certificate Principal Balances by operation of the Class A Certificates or definition of "Accrued Certificate Interest" and by operation of the Class P Certificates. As used herein, an allocation provisions of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution DateSection 4.02(c). All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC I Regular Interests LT-AA and LT-ZZ up to an aggregate amount equal to the excess of (a) the REMIC I Interest Loss Allocation Amount over (b) Prepayment Interest Shortfalls (to the extent not covered by Compensating Interest) relating to the Mortgage Loans for such Distribution Date, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of the REMIC I Regular Interests LT-AA and LT-ZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC I Regular Interests LT-AA, 98%, LT-1A and LT-1B, 1% pro rata, and LT-ZZ, 1% until the Uncertificated Balance of such each of REMIC I Regular Interest has been reduced to zero LT-1A and second, to REMIC I Regular Interest I-1LT-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has ZZ have been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; Period and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Class M Certificates under clause (i) of under Section 4.01 hereof; SECONDsecond, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (iiII) through (viVI) of Section 4.01(a)(4) hereof; and THIRDthird, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallyallocated first, to the Class M-10M-7 Certificates, until the Certificate Principal Balance of such Class M-9has been reduced to zero; second, to the Class M-8M-6 Certificates, until the Certificate Principal Balances thereof has been reduced to zero; third, to the Class M-7M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-6M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-5M-3 Certificates, Class M-4until the Certificate Principal Balance thereof has been reduced to zero; sixth, Class M-3, to the 121 Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and seventh, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(V). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All The REMIC I Marker Percentage of all Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I- LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM7 has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first; fourth, to the Uncertificated Balances of REMIC I Regular Interest II I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1I-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM6 has been reduced to zero; fifth, provided that, for to the Uncertificated Balances of REMIC I Regular Interests with the same numerical denominationInterest I-LTAA, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1.00%, and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest II-LTM4, and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, respectively, until the Uncertificated Balances of REMIC I Regular Interest II-LTM4 have been reduced to zero; seventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I- LTM3, and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balances of REMIC I Regular Interest I-LTM3 have been reduced to zero; eighth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; and ninth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero. 122

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' ’ Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDsecond, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRDthird, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-11, Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the REMIC I Regular Interest LT1 and REMIC I Regular Interest LT1PF until the Uncertificated Principal Balance of each such REMIC I Regular Interest has been reduced to zero; provided however, with respect to the first three Distribution Dates, all Realized Losses on the Initial Group I Mortgage Loans shall be allocated to REMIC I Regular Interest LT1 until the Uncertificated Principal Balance of each such REMIC I Regular Interest has been reduced to zero, and all Realized Losses on the Subsequent Group I Mortgage Loans shall be allocated to REMIC I Regular Interest LT1PF until the Uncertificated Principal Balance thereof has been reduced to zero. All Realized Losses on the Group II Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the REMIC I Regular Interest LT2 and REMIC I Regular Interest LT2PF until the Uncertificated Principal Balance of each such REMIC I Regular Interest has been reduced to zero; provided however, with respect to the first three Distribution Dates, all Realized Losses on the Initial Group II Mortgage Loans shall be allocated to REMIC I Regular Interest LT2 until the Uncertificated Principal Balance of each such REMIC I Regular Interest has been reduced to zero, and all Realized Losses on the Subsequent Group II Mortgage Loans shall be allocated to REMIC I Regular Interest LT2PF until the Uncertificated Principal Balance thereof has been reduced to zero. All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I II Regular Interest I until the Uncertificated Balance of such REMIC I II Regular Interest has been reduced to zero and second, to REMIC I II Regular Interest I-1-A through REMIC I II Regular Interest I-52I-49-B, starting with the lowest numerical denomination until such REMIC I II Regular Interest has been reduced to zero, provided that, for REMIC I II Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I II Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I II Regular Interest II until the Uncertificated Balance of such REMIC I II Regular Interest has been reduced to zero and second, to REMIC I II Regular Interest II-1-A through REMIC I II Regular Interest II-52II-49-B, starting with the lowest numerical denomination until such REMIC I II Regular Interest has been reduced to zero, provided that, for REMIC I II Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I II Regular Interests. The REMIC III Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC III Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC III Regular Interest III-LTAA and REMIC III Regular Interest III-LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC III Regular Interest III-LTAA and REMIC III Regular Interest III-LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC III Regular Interest III-LTAA, REMIC III Regular Interest III-LTM11 and REMIC III Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest III-LTM10 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC III Regular Interest III-LTAA, REMIC III Regular Interest III-LTM10 and REMIC III Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest III-LTM10 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC III Regular Interest III-LTAA, REMIC III Regular Interest III-LTM9 and REMIC III Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest III-LTM9 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC III Regular Interest III-LTAA, REMIC III Regular Interest III-LTM8 and REMIC III Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest III-LTM8 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC III Regular Interest III-LTAA, REMIC III Regular Interest III-LTM7 and REMIC III Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest III-LTM7 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC III Regular Interest III-LTAA, REMIC III Regular Interest III-LTM6 and REMIC III Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest III-LTM6 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC III Regular Interest III-LTAA, REMIC III Regular Interest III-LTM5 and REMIC III Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest III-LTM5 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC III Regular Interest III-LTAA, REMIC III Regular Interest III-LTM4 and REMIC III Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest III-LTM4 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC III Regular Interest III-LTAA, REMIC III Regular Interest III-LTM3 and REMIC III Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest III-LTM3 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC III Regular Interest III-LTAA, REMIC III Regular Interest III-LTM2 and REMIC III Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest III-LTM2 has been reduced to zero; and thirteenth, to the Uncertificated Balances of REMIC III Regular Interest III-LTAA, REMIC III Regular Interest III-LTM1 and REMIC III Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest III-LTM1 has been reduced to zero. The REMIC III Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC III Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC III Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC III Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC III Regular Interests such that the REMIC III Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC III Regular Interest II-LTXX. All Realized Losses shall be allocated on each Distribution Date in the same manner and priority as such Realized Losses are allocated to the Corresponding Certificates.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' ’ Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDsecond, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRDthird, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, allocated in the following order of priority: (i) to the Class M-10M-13 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (ii) to the Class M-9M-12 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (iii) to the Class M-8M-11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (iv) to the Class M-7M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (v) to the Class M-6M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (vi) to the Class M-5M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (vii) to the Class M-4M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (viii) to the Class M-3M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (ix) to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (x) to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (xi) to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, (xii) to the Class M-2 and Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and (xiii) to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) . All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the REMIC I Regular Interest LT1 and REMIC I Regular Interest LT1PF until the Uncertificated Principal Balance of each such REMIC I Regular Interest has been reduced to zero; provided however, with respect to the first three Distribution Dates, all Realized Losses on the Initial Group I Mortgage Loans shall be allocated to REMIC I Regular Interest LT1 until the Uncertificated Principal Balance of each such REMIC I Regular Interest has been reduced to zero, and all Realized Losses on the Subsequent Group I Mortgage Loans shall be allocated to REMIC I Regular Interest LT1PF until the Uncertificated Principal Balance thereof has been reduced to zero. All Realized Losses on the Group II Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the REMIC I Regular Interest LT2 and REMIC I Regular Interest LT2PF until the Uncertificated Principal Balance of each such REMIC I Regular Interest has been reduced to zero; provided however, with respect to the first three Distribution Dates, all Realized Losses on the Initial Group II Mortgage Loans shall be allocated to REMIC I Regular Interest LT2 until the Uncertificated Principal Balance of each such REMIC I Regular Interest has been reduced to zero, and all Realized Losses on the Subsequent Group II Mortgage Loans shall be allocated to REMIC I Regular Interest LT2PF until the Uncertificated Principal Balance thereof has been reduced to zero. All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I II Regular Interest I until the Uncertificated Balance of such REMIC I II Regular Interest has been reduced to zero and second, to REMIC I II Regular Interest I-1-A through REMIC I II Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I II Regular Interest has been reduced to zero, provided that, for REMIC I II Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I II Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I II Regular Interest II until the Uncertificated Balance of such REMIC I II Regular Interest has been reduced to zero and second, to REMIC I II Regular Interest II-1-A through REMIC I II Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I II Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I II Regular Interests. (c) (i) The REMIC III Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC III Regular Interests in the specified percentages, as follows: (A) to Uncertificated Interest payable to the REMIC III Regular Interest LTAA and REMIC III Regular Interest LTZZ up to an aggregate amount equal to the REMIC III Interest Loss Allocation Amount, 98% and 2%, respectively; (B) to the Uncertificated Balances of the REMIC III Regular Interest LTAA and REMIC III Regular Interest LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; (C) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM13 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM13 has been reduced to zero; (D) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM12 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM12 has been reduced to zero; (E) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM11 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM11 has been reduced to zero; (F) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM10 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM10 has been reduced to zero; (G) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM9 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM9 has been reduced to zero; (H) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM8 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM8 has been reduced to zero; (I) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM7 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM7 has been reduced to zero; (J) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM6 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM6 has been reduced to zero; (K) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM5 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM5 has been reduced to zero; (L) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM4 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM4 has been reduced to zero; (M) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM3 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM3 has been reduced to zero; (N) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM2 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM2 has been reduced to zero; and (O) to the Uncertificated Balances of REMIC III Regular Interest LTAA, REMIC III Regular Interest LTM1 and REMIC III Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC III Regular Interest LTM1 has been reduced to zero. The REMIC III Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC III Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC III Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC III Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC III Regular Interests such that the REMIC III Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC IIOI Regular Interest II-LTXX. All Realized Losses on the Group I Mortgage Loans and Group II Mortgage Loans shall be allocated to the REMIC IV Regular Interests in the same manner and priority as such Realized Losses are allocated to the Corresponding Certificates. All Realized Losses shall be allocated on each Distribution Date in the same manner and priority as such Realized Losses are allocated to the Corresponding Certificates.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Fraud Losses, Special Hazard Losses or Extraordinary Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee and the Certificate Insurer by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to REMIC I Regular Interest LT1 pursuant to Section 4.04(c), other than Excess Special Hazard Losses, Excess Fraud Losses, Excess Extraordinary Losses and Excess Bankruptcy Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)B Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date; and, after all distributions are made by the Trustee pursuant third, to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates. Notwithstanding anything to the contrary herein, for purposes of determining the Special Hazard Amount, the Mezzanine Fraud Loss Amount, the Bankruptcy Amount and the Extraordinary Amount as of any date of determination, Special Hazard Losses, Fraud Losses, Bankruptcy Losses and Extraordinary Losses paid from Net Monthly Excess Cashflow which would otherwise have been payable to the holders of the Class B Certificates shall be deemed to have been allocated to the Class B Certificates. Any Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses and Excess Extraordinary Losses allocated to REMIC I Regular Interest LT1 pursuant to Section 4.04(c) will be allocated between the Class A Certificates and the Class P B Certificates exceeds the sum on a PRO RATA basis. No allocations of Realized Losses pursuant to this Section 4.04 shall affect any liability of the Stated Principal Balance Certificate Insurer with respect to such amounts under the Policy. Any allocation of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates A Certificate or a Class B Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation , or in the case of Realized Losses to a the Class CE Certificate shall be made B Certificates, by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(2)(x). No allocations of any All Realized Losses shall allocated to a Class of Certificates hereunder will be made allocated among the Certificates of such Class in proportion to the Certificate Principal Balances of the Class A Certificates or the Class P CertificatesPercentage Interests evidenced thereby. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans, other than Excess Special Hazard Losses, Excess Fraud Losses, Excess Extraordinary Losses and Excess Bankruptcy Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interests LT1 and LT3 up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, on a PRO RATA basis; second, to the Uncertificated Balances of the REMIC I Regular Interests LT1 and LT3 up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, on a PRO RATA; third, to the remainder of the Uncertificated Balances of the REMIC I Regular Interests, including REMIC I Regular Interest I until LT2, on a PRO RATA basis. Any Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses and Excess Extraordinary Losses will be allocated among the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and secondon a PRO RATA basis. As used herein, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with an allocation of a Realized Loss on a "PRO RATA basis" among the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated means an allocation on a PRO RATA between such REMIC I Regular Interests. All Realized Losses on basis among the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with on the same numerical denominationbasis of their then current entitlement to Uncertificated Interest or their then outstanding Uncertificated Balances, as applicable, in each case prior to giving effect to distributions to be made on such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsDistribution Date.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated or covered by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Accrued Certificate Interest for the Class CE Certificates for the related Interest Accrual Period; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-10 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-7 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-6 Certificates until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-5 Certificates until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-4 Certificates until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-3 Certificates until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and thirteenth, concurrently, to the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates and Class A-4 Certificates on a pro rata basis based on the Certificate Principal Balance of each such Class of Certificates, until their respective Certificate Principal Balances have been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of A Certificate or Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; allocated and any allocation of Realized Losses to a Class CE Certificate Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(vi). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest I-LTM10 has been reduced to zero and secondzero; fourth, to the Uncertificated Balances of REMIC I Regular Interest I-1I-A through LTAA, REMIC I Regular Interest I-52I-BLTM9 and REMIC I Regular Interest I-LTZZ, starting with 98%, 1% and 1%, respectively, until the lowest numerical denomination Uncertificated Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until such the Uncertificated Balance of REMIC I Regular Interest I-LTM8 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; seventh to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; eighth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; ninth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero; and thirteenth, concurrently, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular ▇▇▇▇▇▇▇▇ ▇-▇▇▇▇, ▇-▇▇▇▇, ▇-▇▇▇▇ and I-LTA4 on a pro rata basis, and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until their respective Uncertificated Balance of REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' ’ Certificate delivered to the NIMS Insurer and the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans during or prior to the related Due Period and distributions of principal with respect to the Class A Certificates, the Mezzanine Certificates and the Class B Certificates on such Distribution Date, the Uncertificated Principal Balance of the Class C Interest is equal to zero, Realized Losses equal to the Undercollateralized Amount shall be allocated by the Trustee on each such Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDB-3 Certificates, in reduction of interest accrued on and otherwise distributable second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)B-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallythird, to the Class M-10B-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fourth, to the Class M-9M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-8M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-7M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, seventh, to the Class M-6M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, eighth, to the Class M-5M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, ninth, to the Class M-4M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, tenth, to the Class M-3M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, eleventh, to the Class M-2 Certificates until the Certificate Principal Balance thereof has been reduced to zero, and twelfth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes Mezzanine Certificates and the Class B Certificates on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided abovein Section 4.01. All references above to the Certificate Principal Balance of the Mezzanine Certificates and the Class B Certificates shall be to the Certificate Principal Balance of the Mezzanine Certificates and the Class B Certificates immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses or increase thereof by any Subsequent Recoveries, in each case to be allocated to such Mezzanine Certificates and the Class B Certificates on such Distribution Date. Any such allocation of Realized Losses to a Mezzanine Certificate or Class of Mezzanine Certificates B Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Any Realized Losses and all other losses allocated to a that reduce the distributions in respect of and/or the Uncertificated Principal Balance of the Class of Certificates hereunder C Interest, shall be allocated among by the Certificates Trustee to reduce the distributions in respect of such and/or the Certificate Principal Balance of the Class in proportion to the Percentage Interests evidenced therebyC Certificates. (c) (i) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date first, to REMIC 1 Regular Interest IX. If the Uncertificated Principal Balance of REMIC 1 Regular Interest IX has been reduced to zero, Realized Losses on the Group I Mortgage Loans shall be allocated to the remaining REMIC 1 Group I Regular Interest I Interests in ascending numerical order, in each case until the Uncertificated Principal Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I 1 Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated by the Trustee on each Distribution Date first, to REMIC I 1 Regular Interest IIX. If the Uncertificated Principal Balance of REMIC 1 Regular Interest IIX has been reduced to zero, Realized Losses on the Group II Mortgage Loans shall be allocated to the remaining REMIC 1 Group II Regular Interests in ascending numerical order, in each case until the Uncertificated Principal Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I 1 Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; Period and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the 105 end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated to any REMIC II Regular Interest pursuant to Section 4.04(c), shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10M-4 Interest, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-9M-3 Certificates, Class M-8until the Certificate Principal Balance thereof has been reduced to zero; fifth, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and sixth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(vii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date firstDate, to REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT2 and REMIC I Regular Interest I-LT3, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until each such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. . (d) All Realized Losses on the Group II Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the 106 Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I II Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1II-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM4 has been reduced to zero; fourth to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, provided thatREMIC II Regular Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, for 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I II Regular Interests with Interest II-LTM3 has been reduced to zero; fifth to the same numerical denominationUncertificated Balances of REMIC II Regular Interest II-LTAA, such Realized Losses shall be allocated PRO RATA between such REMIC I II Regular InterestsInterest II-LTM2 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM2 has been reduced to zero; and sixth to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before each Prior to the Determination Date, the Master Servicer and the Interim Servicer shall determine as to each Mortgage Loan serviced by the Servicer or the Interim Servicer and any related REO PropertyProperty and include in the monthly remittance report provided to the Master Servicer and the Securities Administrator (substantially in the form of Schedule 4 hereto) such information as is reasonably available to the Servicer and the Interim Servicer as the Master Servicer or the Securities Administrator may reasonably require so as to enable the Master Servicer to master service the Mortgage Loans and oversee the servicing by the Servicer and the Interim Servicer and the Securities Administrator to fulfill its obligations hereunder with respect to securities and tax reporting, which shall include, but not be limited to: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; and (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer and the Interim Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the Trustee Securities Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A [____] Certificates and to Net Swap Payments received from the Mezzanine Certificates Swap Provider under clause (i) of Section 4.01 hereofthe Swap Agreement for that purpose; SECONDthird, in reduction of interest accrued on and otherwise distributable to the Class CE [____] Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of until the Certificate Principal Balance of the Class CE [____] Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero[___]. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a [ ] Certificate or Class of Mezzanine Certificates [____] Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE [____] Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v5.01(a)(7)(viii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A [____] Certificates or the Class P [____] Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the the, Certificates of such Class in proportion to the Percentage Interests evidenced thereby. In addition, in the event that the Servicer receives any Subsequent Recoveries with respect to a Mortgage Loan serviced by it, the Servicer shall deposit such funds into the Collection Account pursuant to Section 3.08. If, after taking into account such Subsequent Recoveries and any Subsequent Recoveries received by the Interim Servicer, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Certificate Principal Balance of the Class of Subordinate Certificates with the highest payment priority to which Realized Losses have been allocated, but not by more than the amount of Realized Losses previously allocated to that Class of Subordinate Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(a)(7). The amount of any remaining Subsequent Recoveries will be applied to sequentially increase the Certificate Principal Balance of the Subordinate Certificates, beginning with the Class of Subordinate Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to such Class of Subordinate Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(a)(7)(iii). Holders of such Certificates will not be entitled to any payment in respect of current interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Subordinate Certificate of such Class in accordance with its respective Percentage Interest. (i) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I [___] until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero [___] and second, to REMIC I Regular Interest I-1-A [__] through REMIC I Regular Interest I-52-B[___], starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero[___], provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II [__] until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero [___] and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B[___], starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero[___], provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. (ii) The REMIC II Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee, based solely on the instructions of the Securities Administrator, on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC II Regular Interest [____] and REMIC II Regular Interest [____] up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, [___]% and [___]%, respectively; second, to the Uncertificated Balances of the REMIC II Regular Interest [____] and REMIC II Regular Interest [____] up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, [___]% and [___]%, respectively; third, to the Uncertificated Balances of REMIC II Regular Interest [____], REMIC II Regular Interest [____] and REMIC II Regular Interest [____], [___]%, [___]% and 1.00%, respectively, until the Uncertificated Balance of REMIC II Regular Interest [____] has been reduced to [___]. (iii) The REMIC II Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “[____]” equal to [___]% of the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group; second, to each REMIC II Regular Interest ending with the designation “[___],” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to [___]% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group over (y) the current Certificate Principal Balance of the Class [____] Certificate in the related loan group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC II Regular Interest [____].

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' ’ Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Accrued Certificate Interest for the Class CE Certificates for the related Interest Accrual Period; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10B-2 Certificates until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-9B-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-8M-9 Certificates until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-7M-8 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-6M-7 Certificates until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-5M-6 Certificates until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-4M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-3M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and thirteenth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of B Certificate or a Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; allocated and any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(iv). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTB2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balances of REMIC I Regular Interest I-LTB2 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTB1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balances of REMIC I Regular Interest I-LTB1 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balances of REMIC I Regular Interest I-LTM9 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balances of REMIC I Regular Interest I-LTM8 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balances of REMIC I Regular Interest I-LTM7 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balances of REMIC I Regular Interest I-LTM6 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1%, and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest I-LTM5 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and secondthirteenth, to the Uncertificated Balances of REMIC I Regular Interest I-1I-A through LTAA, REMIC I Regular Interest I-52I-B, starting with the lowest numerical denomination until such LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee by the Master Servicer on the Master Servicer Reporting no later than four (4) Business Days prior to each Distribution Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable during or prior to the Class CE Certificates related Due Period and distributions of principal with respect to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDon such Distribution Date, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the aggregate Certificate Principal Balance of the Class CE LIBOR Certificates (determined after taking into account all distributions made exceeds the Aggregate Collateral Balance on such date, the Certificates amount of such excess shall be allocated by the Trustee on such Distribution Date)Date as follows: (i) first, to the Class M7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; second, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M6 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All ; third, to the Class M5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and seventh, to the Class M1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and (ii) after the aggregate Certificate Principal Balance of the Mezzanine Certificates is reduced to zero, if the aggregate Certificate Principal Balance of the Class A1 and Class A1A Certificates exceeds the aggregate Stated Principal Balance of the Subgroup 1 Mortgage Loans, then the Certificate Principal Balance of the Class A1A Certificates will be reduced by the amount equal to such excess; likewise, if the Class A2 and Class A2A Certificates exceeds the aggregate Stated Principal Balance of the Subgroup 2 Mortgage Loans, then the Certificate Principal Balance of the Class A2A Certificates will be reduced by the amount equal to such excess. (c) Any allocation of Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Mezzanine, Class of Mezzanine A1A and Class A2A Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (id) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, With respect to REMIC I Regular Interest I until the Uncertificated Balance any Class of such REMIC I Regular Interest Certificates to which an Applied Loss Amount has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with allocated (including any such Class for which the lowest numerical denomination until such REMIC I Regular Interest related Certificate Principal Balance has been reduced to zero), provided that, for REMIC I Regular Interests with the same numerical denomination, Certificate Principal Balance of such Realized Losses shall Class will be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated increased on each Distribution Date firstby the amount of related Recoveries for such Distribution Date, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting beginning with the lowest numerical denomination until such REMIC I Regular Interest has been reduced Class A1A Certificates (in the case of any Recovery relating to zero, provided that, for REMIC I Regular Interests a Subgroup 1 Mortgage Loan) and Class A2A Certificates (in the case of any Recovery relating to a Subgroup 2 Mortgage Loan) and then to the Class of Mezzanine Certificates with the same numerical denominationhighest relative payment priority, such up to the amount of the Allocated Realized Losses Loss Amount for that Class. Any increase in a Certificate Principal Balance on a Distribution Date pursuant to this Section 4.04(d) shall be allocated PRO RATA between such REMIC I Regular Interestsmade prior to giving effect to distributions on that Distribution Date.

Allocation of Realized Losses. (a) On or before No later than four Business Days prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before No later than four Business Days prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee by the Master Servicer on the Master Servicer Reporting no later than four Business Days prior to each Distribution Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period prior calendar month during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans during or prior to the related Due Period and distributions of principal with respect to the LIBOR Certificates on such Distribution Date, the aggregate Certificate Principal Balance of the LIBOR Certificates exceeds the Aggregate Principal Balance on such date, the amount of such excess shall be allocated by the Trustee on each such Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)M9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; second, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M8 Certificates, in that orderuntil the Certificate Principal Balance thereof has been reduced to zero; third, in each case to the Class M7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth to the Class M4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and ninth, to the Class M1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances Balance of all Classes the Mezzanine Certificates on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. in Section 4.01. (c) Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (id) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, With respect to REMIC I Regular Interest I until the Uncertificated Balance any Class of such REMIC I Regular Interest Certificates to which an Applied Loss Amount has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with allocated (including any such Class for which the lowest numerical denomination until such REMIC I Regular Interest related Certificate Principal Balance has been reduced to zero), provided that, for REMIC I Regular Interests with the same numerical denomination, Certificate Principal Balance of such Realized Losses shall Class will be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated increased on each Distribution Date firstby the amount of related Recoveries for such Distribution Date, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting beginning with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests Class of Mezzanine Certificates with the same numerical denominationhighest relative payment priority, such in each case up to the amount of the Allocated Realized Losses Loss Amount for that Class. Any increase in a Certificate Principal Balance on a Distribution Date pursuant to this Section 4.04(d) shall be allocated PRO RATA between such REMIC I Regular Interestsmade prior to giving effect to distributions on that Distribution Date.

Allocation of Realized Losses. (a) On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee by the Master Servicer on the Master Servicer Reporting no later than four Business Days prior to each Distribution Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable during or prior to the Class CE Certificates related Due Period and distributions of principal with respect to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), an Overcollateralization Deficiency Amount exists and such amount exceeds the Net Monthly Excess Cashflow, the Realized Losses equal to the amount of such excess shall be allocated by the Trustee on such Distribution Date as follows: first, to the Class M5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; second, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M4 Certificates, in that orderuntil the Certificate Principal Balance thereof has been reduced to zero; third, in each case to the Class M3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and fifth, to the Class M1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes the Mezzanine Certificates on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. in Section 4.01. (c) Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the NIMS Insurer, the Trust Administrator and the Trustee (and upon request, to the Guarantor) by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All For the avoidance of doubt, through application of definitions in Section 1.01, (A) all Realized Losses on the Group I Mortgage Loans on any Distribution Date shall reduce the amount otherwise payable in respect of REMIC 3 Regular Interest LT3-IC pursuant to Section 4.01(d)(i)(i) (through the reduction of the Group I Net Monthly Excess Cashflow resulting both from a reduction in the Group I Overcollateralization Release Amount which reduces the amount of the Group I Net Monthly Excess Cashflow and the application of the Group I Net Monthly Excess Cashflow to fund the amount of the Group I Overcollateralization Deficiency Amount, if any, caused by such Realized Losses) until the Group I Overcollateralization Release Amount is reduced to zero and/or the Group I Extra Principal Distribution Amount equals the Group I Net Monthly Excess Cashflow, in each case for such Distribution Date after giving effect to all Realized Losses incurred with respect to the Group I Mortgage Loans during or prior to the related Due Period and distributions of principal with respect to the Class I-A Certificates and the Group I Mezzanine Components on such Distribution Date; and (B) all Realized Losses on the Group II Mortgage Loans on any Distribution Date shall reduce the amount otherwise payable in respect of REMIC 3 Regular Interest LT3-IIC pursuant to Section 4.01(d)(ii)(m) (through the reduction of the Group II Net Monthly Excess Cashflow resulting both from a reduction in the Group II Overcollateralization Release Amount which reduces the amount of the Group II Net Monthly Excess Cashflow and the application of the Group II Net Monthly Excess Cashflow to fund the amount of the Group II Overcollateralization Deficiency Amount, if any, caused by such Realized Losses) until the Group II Overcollateralization Release Amount is reduced to zero and/or the Group II Extra Principal Distribution Amount equals the Group II Net Monthly Excess Cashflow, in each case for such Distribution Date after giving effect to all Realized Losses incurred with respect to the Group II Mortgage Loans during or prior to the related Due Period and distributions of principal with respect to the Class II-A Certificates, the Class II-M1 Certificates, the Group II Mezzanine Components and the Class II-M4 Certificates on such Distribution Date. If on any Distribution Date after giving effect to all Realized Losses incurred with respect to the Group I Mortgage Loans during or prior to the related Due Period and distributions of principal with respect to the Class I-A Certificates and the Group I Mezzanine Components on such Distribution Date, a Group I Overcollateralization Deficiency Amount exists and such amount exceeds the Group I Net Monthly Excess Cashflow, the Realized Losses equal to the amount of such excess shall be allocated by the Trustee Trust Administrator on each such Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable first to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)I-M3 Component, until the Certificate Component Principal Balance thereof has been reduced to zero, and second to the I-M2 Component until the Component Principal Balance thereof has been reduced to zero. If on any Distribution Date, Date after giving effect to all Realized Losses incurred with respect to the Group II Mortgage Loans during or prior to the related Due Period and distributions are made by the Trustee pursuant of principal with respect to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class II-A Certificates, the Class II-M1 Certificates, the Group II Mezzanine Certificates Components and the Class P II-M4 Certificates on such Distribution Date, a Group II Overcollateralization Deficiency Amount exists and such amount exceeds the sum of Group II Net Monthly Excess Cashflow, the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), Realized Losses equal to the amount of such excess shall be allocated, sequentially, allocated by the Trust Administrator on such Distribution Date as follows: first to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 II-M4 Certificates, in that orderuntil the Certificate Principal Balance thereof has been reduced to zero, in each case second to the II-M3 Component, until the Component Principal Balance thereof has been reduced to zero, third to the II-M2 Component until the Component Principal Balance thereof has been reduced to zero, and fourth to the Class II-M1 Certificates until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A II-M1 Certificates or and the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of II-M4 Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.Component

Allocation of Realized Losses. (a) On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before No later than four (4) Business Days prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee Master Servicer by the Master Servicer on the Master Servicer Reporting no later than four (4) Business Days prior to each Distribution Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable during or prior to the Class CE Certificates related Due Period and distributions of principal with respect to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDon such Distribution Date, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the aggregate Certificate Principal Balance of the Class CE Offered Certificates (determined after taking into account all distributions made exceeds the Aggregate Collateral Balance on such date, the Certificates amount of such excess shall be allocated by the Master Servicer on such Distribution Date)Date as follows: first, to the Class M7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; second, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M6 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All ; third, to the Class M5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and seventh, to the Class M1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (c) Any allocation of Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (id) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, With respect to REMIC I Regular Interest I until the Uncertificated Balance any Class of such REMIC I Regular Interest Certificates to which an Applied Loss Amount has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with allocated (including any such Class for which the lowest numerical denomination until such REMIC I Regular Interest related Certificate Principal Balance has been reduced to zero), provided that, for REMIC I Regular Interests with the same numerical denomination, Certificate Principal Balance of such Realized Losses shall Class will be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated increased on each Distribution Date firstby the amount of related Recoveries for such Distribution Date, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting beginning with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests Class of Mezzanine Certificates with the same numerical denominationhighest relative payment priority, such up to the amount of the Allocated Realized Losses Loss Amount for that Class. Any increase in a Certificate Principal Balance on a Distribution Date pursuant to this Section 4.04(d) shall be allocated PRO RATA between such REMIC I Regular Interestsmade prior to giving effect to distributions on that Distribution Date.

Allocation of Realized Losses. (a) On or before each Prior to the Determination Date, the Master Servicer shall determine as to each Mortgage Loan serviced by the Servicer and any related REO PropertyProperty and include in the monthly remittance report provided to the Master Servicer and the Securities Administrator (substantially in the form of Schedule 4 hereto) such information as is reasonably available to the Servicer as the Master Servicer or the Securities Administrator may reasonably require so as to enable the Master Servicer to master service the Mortgage Loans and oversee the servicing by the Servicer and the Securities Administrator to fulfill its obligations hereunder with respect to securities and tax reporting, which shall include, but not be limited to: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; and (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the Trustee Securities Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on to Net Monthly Excess Cashflow and otherwise distributable to Net Swap Payments received from the Swap Provider under the Swap Agreement for that purpose; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereofCertificates; SECONDthird, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRDM-9 Certificates, in reduction of until the Certificate Principal Balance of the Class CE M-9 Certificates (determined after taking into account all distributions made on has been reduced to zero; fourth, to the Certificates on such Distribution Date)Class M-8 Certificates, until the Certificate Principal Balance thereof of the Class M-8 Certificates has been reduced to zero. If on any Distribution Date; fifth, after all distributions are made by to the Trustee pursuant to Section 4.01 hereofClass M-7 Certificates, until the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine M-7 Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallyhas been reduced to zero; sixth, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-6 Certificates, in that order, in each case until the Certificate Principal Balance thereof of the Class M-6 Certificates has been reduced to zero; seventh, to the Class M-5 Certificates, until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero; eighth, to the Class M-4 Certificates, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero; ninth, to the Class M-3 Certificates, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero, tenth, to the Class M-2 Certificates, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero; and eleventh, to the Class M-1 Certificates, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v5.01(c)(8)(viii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the the, Certificates of such Class in proportion to the Percentage Interests evidenced thereby. In addition, in the event that the Servicer receives any Subsequent Recoveries with respect to a Mortgage Loan serviced by it, the Servicer shall deposit such funds into the Collection Account pursuant to Section 3.08. If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Certificate Principal Balance of the Class of Mezzanine Certificates with the highest payment priority to which Realized Losses have been allocated, but not by more than the amount of Realized Losses previously allocated to that Class of Mezzanine Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Mezzanine Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(c)(8). The amount of any remaining Subsequent Recoveries will be applied to sequentially increase the Certificate Principal Balance of the Mezzanine Certificates, beginning with the Class of Mezzanine Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to such Class of Mezzanine Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Mezzanine Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(c)(7)(iii). Holders of such Certificates will not be entitled to any payment in respect of current interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Mezzanine Certificate of such Class in accordance with its respective Percentage Interest. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date first, first to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-54-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52II-54-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' ’ Certificate delivered to the Class II-A3 Insurer, the NIMS Insurer and the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans during or prior to the related Due Period and distributions of principal with respect to the Class A Certificates, the Mezzanine Certificates and the Class B Certificates on such Distribution Date, the Uncertificated Principal Balance of the Class C Interest is equal to zero, Realized Losses equal to the Undercollateralized Amount shall be allocated by the Trustee on each such Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)B-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallysecond, to the Class M-10B-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, third, to the Class M-9M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fourth, to the Class M-8M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-7M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-6M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, seventh, to the Class M-5M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, eighth, to the Class M-4M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, ninth, to the Class M-3M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, tenth, to the Class M-2 Certificates until the Certificate Principal Balance thereof has been reduced to zero, and eleventh, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes the Mezzanine Certificates and the Class B Certificates on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided abovein Section 4.01. All references above to the Certificate Principal Balance of the Mezzanine Certificates and the Class B Certificates shall be to the Certificate Principal Balance of the Mezzanine Certificates and the Class B Certificates immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses or increase thereof by any Subsequent Recoveries, in each case to be allocated to such Mezzanine Certificates and Class B Certificates on such Distribution Date. Any such allocation of Realized Losses to a Mezzanine Certificate or a Class of Mezzanine Certificates B Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Any Realized Losses and all other losses allocated to a that reduce the distributions in respect of and/or the Uncertificated Principal Balance of the Class of Certificates hereunder C Interest, shall be allocated among by the Certificates Trustee to reduce the distributions in respect of such and/or the Certificate Principal Balance of the Class in proportion to the Percentage Interests evidenced therebyC Certificates. (c) (i) All 50% of all Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC 1 Regular Interests in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC I 1 Regular Interest I LT1-AA and REMIC 1 Regular Interest LT1-ZZ up to an aggregate amount equal to the REMIC 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of the REMIC 1 Regular Interest LT1-AA and REMIC 1 Regular Interest LT1-ZZ up to an aggregate amount equal to the REMIC 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1-AA, REMIC 1 Regular Interest LT1-B2 and REMIC 1 Regular Interest LT1-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of such REMIC I 1 Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1LT1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest B2 has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.;

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; Period and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC II Regular Interest pursuant to Section 4.04(c), shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-9▇-▇ ▇▇▇▇▇▇▇▇▇▇▇▇, Class M-8until the Certificate Principal Balance thereof has been reduced to zero; and fifth, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation , or in the case of Realized Losses to a Class CE Certificate shall be made Certificate, by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(xiii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT6 up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT6 up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LT5 has been reduced to zero; fourth, provided that, for to the Uncertificated Balances of REMIC I Regular Interests with the same numerical denominationInterest I-LT1, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. Interest I-LT4 and REMIC I Regular Interest I-LT6, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LT4 has been reduced to zero; and fifth, to the Uncertificated Balances of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT3 and REMIC I Regular Interest I-LT6, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LT3 has been reduced to zero. (d) All Realized Losses on the Group REMIC II Loans Regular Interests shall be allocated by the Trustee on each Distribution Date firstamong the REMIC II Regular Interests in the proportion that Realized Losses are allocated to the related Uncertificated Corresponding Component. As used herein, to an allocation of a Realized Loss on a "PRO RATA basis" among the REMIC I Regular Interests (other than REMIC I Regular Interest II until I-LTP) means an allocation on a PRO RATA basis among the Uncertificated Balance of such REMIC I Regular Interests (other than REMIC I Regular Interest has been reduced I-LTP) on the basis of their then outstanding Uncertificated Balances, in each case prior to zero and second, giving effect to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until distributions to be made on such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsDistribution Date.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' ’ Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of to Net Monthly Excess Cashflow, second, to interest accrued on and otherwise distributable the Class CE-1 Certificates, third, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDCE-1 Certificates, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of until the Certificate Principal Balance of the Class CE CE-1 Certificates (determined after taking into account all distributions made on has been reduced to zero, fourth, to the Certificates on such Distribution Date)Class CE-2 Certificates, until the Certificate Principal Balance thereof of the Class CE-2 Certificates has been reduced to zero. If on any Distribution Date, after all distributions are made by fifth, to the Trustee pursuant to Section 4.01 hereof, Class M-10 Certificates until the aggregate Certificate Principal Balance of the Class A CertificatesM-10 Certificates has been reduced to zero, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallysixth, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order, in each case M-9 Certificates until the Certificate Principal Balance thereof of the Class M-9 Certificates has been reduced to zero, seventh, to the Class M-8 Certificates until the Certificate Principal Balance of the Class M-8 Certificates has been reduced to zero, eighth, to the Class M-7 Certificates until the Certificate Principal Balance of the Class M-7 Certificates has been reduced to zero, ninth, to the Class M-6 Certificates until the Certificate Principal Balance of the Class M-6 Certificates has been reduced to zero, tenth, to the Class M-5 Certificates until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero, eleventh, to the Class M-4 Certificates, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero, twelfth, to the Class M-3 Certificates, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero, thirteenth, to the Class M-2 Certificates, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero and thirteenth, to the Class M-1 Certificates, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; allocated and any allocation of Realized Losses to a Class CE CE-1 Certificate or Class CE-2 Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(vii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-48-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52II-48-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. (ii) (a) The REMIC II Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II- LTM10 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM10 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM9 has been reduced to zero; fifht, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM8 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM8 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM7 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM7 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM6 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM6 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM5 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM5 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM2 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM2 has been reduced to zero; and twelfth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator and the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee Trust Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10M-4 Certificates until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-9M-3 Certificates, Class M-8until the Certificate Principal Balance thereof has been reduced to zero; fifth, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and sixth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; allocated and any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(xiv). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM4 has been reduced to zero, provided that, for REMIC I Regular Interests with ; fourth to the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to Uncertificated Balances of REMIC I Regular Interest II I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1I-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM3 has been reduced to zero, provided that, for ; fifth to the Uncertificated Balances of REMIC I Regular Interests with the same numerical denominationInterest I-LTAA, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsInterest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; and sixth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before Prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' ’ Certificate delivered to the Trustee Trust Administrator by the Master Servicer not later than the 18th of the calendar month in which such Distribution Date occurs (or, if such 18th day is not a Business Day (other than a Saturday), then on the Master Servicer Reporting Date next succeeding Business Day, or, if such 18th day is a Saturday, then on the preceding Business Day), immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee Trust Administrator on each Distribution Date as follows: FIRST, in reduction the following order of interest accrued on and otherwise distributable priority: (i) to Net Monthly Excess Cashflow; (ii) to Net Swap Payments received under the Interest Rate Swap Agreement, (iii) to payments received under the Cap Contract, (iv) to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date; (v) to the Class M-11 Certificates, after all distributions are made by until the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period thereof has been reduced to zero; (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially, vi) to the Class M-10M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (vii) to the Class M-9M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (viii) to the Class M-8M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (ix) to the Class M-7M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (x) to the Class M-6M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (xi) to the Class M-5M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (xii) to the Class M-4M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (xiii) to the Class M-3M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (xiv) to the Class M-2 and Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and (xv) to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(5)(iv). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-60-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52II-60-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. (d) The REMIC II Marker Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM11 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM11 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM10 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM9 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM8 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM8 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM7 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM7 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM6 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM6 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM5 and REMIC II Regular Interest III-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM5 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM4 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM3 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM2 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM2 has been reduced to zero and thirteenth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before each Prior to the Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO PropertyProperty and include in a monthly remittance report provided to the Master Servicer and the Securities Administrator pursuant to the Servicing Agreement (substantially in the form set forth therein) such information as is reasonably available to the Servicer as the Master Servicer or the Securities Administrator may reasonably require so as to enable the Master Servicer to master service the Mortgage Loans and oversee the servicing by the Servicer and the Securities Administrator to fulfill its obligations hereunder with respect to securities and tax reporting, which shall include, but not be limited to: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; and (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the Trustee Securities Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereofCertificates; SECONDthird, in reduction of interest accrued on and otherwise distributable to the Class CE M-11 Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of until the Certificate Principal Balance of the Class CE M-11 Certificates (determined after taking into account all distributions made on has been reduced to zero, fourth, to the Certificates on such Distribution Date)Class M-10 Certificates, until the Certificate Principal Balance thereof of the Class M-10 Certificates has been reduced to zero. If on any Distribution Date; fifth, after all distributions are made by to the Trustee pursuant to Section 4.01 hereofClass M-9 Certificates, until the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine M-9 Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallyhas been reduced to zero; sixth, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-8 Certificates, in that order, in each case until the Certificate Principal Balance thereof of the Class M-8 Certificates has been reduced to zero; seventh, to the Class M-7 Certificates, until the Certificate Principal Balance of the Class M-7 Certificates has been reduced to zero; eighth, to the Class M-6 Certificates, until the Certificate Principal Balance of the Class M-6 Certificates has been reduced to zero; ninth, to the Class M-5 Certificates, until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero; tenth, to the Class M-4 Certificates, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero; eleventh, to the Class M-3 Certificates until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero; twelfth, to the Class M-2 Certificates, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero; and thirteenth, to the Class M-1 Certificates, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v5.01(a)(7)(viii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the the, Certificates of such Class in proportion to the Percentage Interests evidenced thereby. In addition, in the event that the Servicer receives any Subsequent Recoveries, the Servicer shall deposit such funds into the Collection Account pursuant to the Servicing Agreement. If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Certificate Principal Balance of the Class of Subordinate Certificates with the highest payment priority to which Realized Losses have been allocated, but not by more than the amount of Realized Losses previously allocated to that Class of Subordinate Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(a)(7). The amount of any remaining Subsequent Recoveries will be applied to sequentially increase the Certificate Principal Balance of the Subordinate Certificates, beginning with the Class of Subordinate Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to such Class of Subordinate Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant to Section 5.01(a)(7)(iii). Holders of such Certificates will not be entitled to any payment in respect of current interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Subordinate Certificate of such Class in accordance with its respective Percentage Interest. (c) (i) All The REMIC I Marker Percentage of all Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee, based solely on the instructions of the Securities Administrator, on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98.00% and 2.00%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM11 has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first; fourth, to the Uncertificated Balances of REMIC I Regular Interest II I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1I-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM10 has been reduced to zero; fifth, provided that, for to the Uncertificated Balances of REMIC I Regular Interests with the same numerical denominationInterest I-LTAA, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsInterest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM8 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; and thirteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' ’ Certificate delivered to the Trustee and the Depositor by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE C Interest and Class C Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereofsuch Distribution Date; and THIRDsecond, in reduction of the Certificate Principal Balance of the Class CE C Certificates and Uncertificated Balance of the Class C Interest and (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance and Uncertificated Balance thereof has have been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Subordinate Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially: first, to the Class M-10B-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; second, to the Class M-9B-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M-8B-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-7B-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-6B-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-5M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-4M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-3M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and eleventh, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Subordinate Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE C Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(d)(xxv). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date as follows: (A) the interest portion of such Realized Losses shall be allocated to interest paid in respect of the REMIC I Regular Interests relating to the Group I Loans, pro rata, and (B) the principal portion of such Realized Losses shall be allocated first, to REMIC I Regular Interest I I-OC Cash, until the Uncertificated Balance of such REMIC I Regular Interest has been is reduced to zero and zero; second, to REMIC I Regular Interest I-OC, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; third, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until each such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date as follows: (A) the interest portion of such Realized Losses shall be allocated to interest paid in respect of the REMIC I Regular Interests relating to the Group II Loans, pro rata, and (B) the principal portion of such Realized Losses shall be allocated first, to REMIC I Regular Interest II II-OC Cash, until the Uncertificated Balance of such REMIC I Regular Interest has been is reduced to zero and zero; second, to REMIC I Regular Interest II-OC, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; third, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until each such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. The REMIC II Marker Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC II Regular Interest AA and REMIC II Regular Interest ZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC II Regular Interest AA and REMIC II Regular Interest ZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest B-5 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest B-5 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest B-4 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest B-4 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest B-3 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest B-3 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest B-2 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest B-2 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest B-1 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest B-1 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-6 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest M-6 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-5 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest M-5 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-4 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest M-4 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-3 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest M-3 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-2 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest M-2 has been reduced to zero; and thirteenth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-1 and REMIC II Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest M-1 has been reduced to zero. The REMIC II Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “Grp” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC II Regular Interest ending with the designation “Sub,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current aggregate Certificate Principal Balance of the Class A Certificates in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC II Regular Interest XX.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient 107 Valuations made during the related Prepayment Period; Period and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued to reduce the Accrued Certificate Interest on and otherwise distributable to the Class CE Certificates (after reduction thereof for the interest shortfalls allocated thereto as provided in Section 1.02) on such Distribution Date; second, to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on for purposes of this Section 4.04 as the Certificates on amount by which (A) the aggregate Uncertificated Balances of the REMIC I Regular Interests immediately preceding such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, Date exceed (B) the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds immediately preceding such Distribution Date), until the sum of the Stated Certificate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallythereof has been reduced to zero; third, to the Class M-10M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-9M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-8M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-7M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, seventh, to the Class M-6M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, eighth, to the Class M-5M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, ninth, to the Class M-4M-3 Certificates, Class M-3until the Certificate Principal Balance thereof has been reduced to zero, tenth, to the Class M-2 and Certificates, until the Certificate Principal Balance thereof has been reduced to zero, eleventh, to the Class M-1 Certificates, in that orderuntil the Certificate Principal Balance thereof has been reduced to zero and twelfth, in each case with respect to Realized Losses on the Group I Mortgage Loans, to the Class A-1B Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Mezzanine Certificate or Class of Mezzanine Certificates A-1B Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(vi). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates (other than the Class A-1B Certificates) or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various 108 Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (i) All The REMIC I Marker Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I- LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1%, and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; fourth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM8 has been reduced to zero; fifth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; sixth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; eighth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; ninth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; tenth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero and twelfth, with regards to Realized Losses on the Group I Loans Mortgage Loans, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTA1B and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTA1B has been reduced to zero. (ii) The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be allocated applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsLTXX.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' ’ Certificate delivered to the Trustee and the Guarantor by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDsecond, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRDthird, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date), until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially: first, to the Class M-10M-12 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; second, to the Class M-9M-11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M-8M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-7M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-6M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-5M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-4M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-3M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, tenth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, eleventh, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and twelfth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. Any such allocation to a Class of Mezzanine Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-55-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52II-55-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before 12:00 noon New York time on the 18th calendar day of each Determination Datemonth, and if the 18th calendar day is not a Business Day, the Master immediately following Business Day, the related Servicer shall determine as to each Mortgage Loan serviced by such Servicer and any related REO PropertyProperty and include in the monthly remittance report provided to the Master Servicer and the Securities Administrator (substantially in the form of Schedule 4 hereto), or in the additional information provided by WAMU at the request of the Master Servicer in accordance with Section 4.20 hereto, such information as is reasonably available to the related Servicer, as the Master Servicer or the Securities Administrator may reasonably require so as to enable the Master Servicer to master service the Mortgage Loans and oversee the servicing by the related Servicer and the Securities Administrator to fulfill its obligations hereunder with respect to securities and tax reporting, which shall include, but not be limited to: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; and (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer Servicers shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest pursuant to Section 5.04(c) of this Agreement shall be allocated by the Trustee Securities Administrator on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A CE-1 Certificates and to Net Swap Payments received from the Mezzanine Certificates Swap Provider under clause (i) of Section 4.01 hereofthe Swap Agreement for that purpose; SECONDthird, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRDB-1 Certificates, in reduction of until the Certificate Principal Balance of the Class CE B-1 Certificates (determined after taking into account all distributions made on has been reduced to zero, fourth, to the Certificates on such Distribution Date)Class M-5 Certificates, until the Certificate Principal Balance thereof of the Class M-5 Certificates has been reduced to zero. If on any Distribution Date; fifth, after all distributions are made by to the Trustee pursuant to Section 4.01 hereofClass M-4 Certificates, until the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine M-4 Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentiallyhas been reduced to zero; sixth, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-3 Certificates, in that order, in each case until the Certificate Principal Balance thereof of the Class M-3 Certificates has been reduced to zero; seventh, to the Class M-2 Certificates, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero; and eighth, to the Class M-1 Certificates, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate CE-1 Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(vclause tenth of Section 5.01 (b)(5). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the the, Certificates of such Class in proportion to the Percentage Interests evidenced thereby. In addition, in the event that a Servicer receives any Subsequent Recoveries, such Servicer shall deposit such funds into the related Collection Account pursuant to Section 3.08 of this Agreement or into the Custodial Account pursuant to the Servicing Agreement. If, after taking into account such Subsequent Recoveries the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Certificate Principal Balance of the Class B-1 Certificates or Mezzanine Certificates with the highest payment priority to which Realized Losses have been allocated, but not by more than the amount of Realized Losses previously allocated to that Class of Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Certificates with Net Monthly Excess Cashflow pursuant to clause third of Section 5.01(b)(5) of this Agreement. The amount of any remaining Subsequent Recoveries will be applied to sequentially increase the Certificate Principal Balance of the Class B-1 Certificates or Mezzanine Certificates, beginning with the Class of such Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to such Class of Certificates pursuant to this Section 5.04 and not previously reimbursed to such Class of Certificates with Net Monthly Excess Cashflow pursuant to clause third of Section 5.01(b)(5). Holders of such Certificates will not be entitled to any payment in respect of current interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Class B-1 Certificate or Mezzanine Certificate of such Class in accordance with its respective Percentage Interest. (i) All Realized Losses on the Group I Mortgage Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest A-I until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52I-49-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA pro rata between such REMIC I Regular Interests. (ii) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee, based solely on the instructions of the Securities Administrator, on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC II Regular Interest AA and REMIC II Regular Interest ZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98.00% and 2.00%, respectively; second, to the Uncertificated Balances of the REMIC II Regular Interest AA and REMIC II Regular Interest ZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; third, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest B-1 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC II Regular Interest B-1 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-5 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC II Regular Interest M-5 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-4 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC II Regular Interest M-4 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-3 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC II Regular Interest M-3 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-2 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC II Regular Interest M-2 has been reduced to zero; and eighth, to the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-1 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC II Regular Interest M-1 has been reduced to zero.

Allocation of Realized Losses. (a) On or before No later than four Business Days prior to each Determination Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Periodcalendar month preceding the month of such Distribution Date; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before No later than four Business Days prior to each Determination Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; calendar month preceding the month of such Distribution Date and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate a written report delivered to the Trustee by the Master Servicer on the Master Servicer Reporting no later than four Business Days prior to each Distribution Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period prior calendar month during which any such Realized Loss was incurred. (b) All If on any Distribution Date after giving effect to all Realized Losses on incurred with respect to the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRST, in reduction of interest accrued on and otherwise distributable during or prior to the Class CE Certificates related Due Period and distributions of principal with respect to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECONDon such Distribution Date, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the aggregate Certificate Principal Balance of the Class CE LIBOR Certificates (determined after taking into account all distributions made exceeds the Aggregate Collateral Balance on such date, the Certificates amount of such excess shall be allocated by the Trustee on such Distribution Date)Date as follows: (i) first, to the Class M11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; second, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M10 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth to the Class M3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and eleventh, to the Class M1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and (ii) after the aggregate Certificate Principal Balance of the Mezzanine Certificates is reduced to zero, if the aggregate Certificate Principal Balance of the Class A1, Class A2A and Class A2B Certificates exceeds the aggregate Stated Principal Balance of the Subgroup 1 Mortgage Loans, then the Certificate Principal Balance of the Class A2A and Class A2B Certificates will be reduced by the amount equal to such excess pro rata based on their respective Certificate Principal Balances. All Realized Losses to be allocated to the Certificate Principal Balances Balance of all Classes the Mezzanine Certificates or the Class A2A and Class A2B Certificates, as applicable, on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. in Section 4.01. (c) Any such allocation of Realized Losses to a the Mezzanine, Class of Mezzanine A2A or Class A2B Certificates on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (id) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date first, With respect to REMIC I Regular Interest I until the Uncertificated Balance any Class of such REMIC I Regular Interest Certificates to which an Applied Loss Amount has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with allocated (including any such Class for which the lowest numerical denomination until such REMIC I Regular Interest related Certificate Principal Balance has been reduced to zero), provided that, for REMIC I Regular Interests with the same numerical denomination, Certificate Principal Balance of such Realized Losses shall Class will be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated increased on each Distribution Date firstby the amount of related Recoveries for such Distribution Date, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting beginning with the lowest numerical denomination until such REMIC I Regular Interest has been reduced Class A2A and Class A2B Certificates pro rata based on Certificate Principal Balance (in the case of any Recovery relating to zero, provided that, for REMIC I Regular Interests a Subgroup 1 Mortgage Loan) and then to the Class of Mezzanine Certificates with the same numerical denominationhighest relative payment priority, such up to the amount of the Allocated Realized Losses Loss Amount for that Class. Any increase in a Certificate Principal Balance on a Distribution Date pursuant to this Section 4.04(d) shall be allocated PRO RATA between such REMIC I Regular Interestsmade prior to giving effect to distributions on that Distribution Date.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' ’ Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, (ii) in the case of Swap Payment Shortfalls, the Distribution Date in the month in which such Swap Payment Shortfall was incurred and (yiii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. Prior to each Determination Date, the Trustee shall determine as to each Mortgage Loan: the total amount of Realized Losses, if any, incurred in connection with Swap Payment Shortfalls as of the Distribution Date in the month in which such Swap Payment Shortfalls were incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated or covered by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable by Net Monthly Excess Cash Flow; second, by any amounts available from the Swap Agreement for such Distribution Date pursuant to Section 4.07; third, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; fourth, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-10 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-7 Certificates until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-6 Certificates until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-5 Certificates until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-4 Certificates until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-3 Certificates until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and fourteenth, concurrently, to the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates and Class A-4 Certificates on a pro rata basis based on the Certificate Principal Balance of each such Class of Certificates, until their respective Certificate Principal Balances have been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of A Certificate or Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; allocated and any allocation of Realized Losses to a Class CE Certificate Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(vi). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA “pro rata basis" ” among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM10 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM8 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; seventh to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; eighth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; ninth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero; and thirteenth, concurrently, to the Uncertificated Balances of the REMIC I Regular Interest I--LTAA, the REMIC I Regular ▇▇▇▇▇▇▇▇▇ ▇-▇▇▇▇, ▇-▇▇▇▇, ▇-▇▇▇▇ and I-LTA4 on a pro rata basis, and the REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the respective Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has Interests have been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; Period and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred.. 112 (b) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If ; third, to the Class MV-6 Certificates and the MF-6 Certificates, on any Distribution Date, after all distributions are made by a PRO RATA basis based on the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of each such Class, until the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Certificate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount Balances of such excess shall be allocated, sequentiallyClasses have been reduced to zero; fourth, to the Class M-10M-5 Certificates, until the Certificate Principal Balances thereof has been reduced to zero; fifth, to the Class M-9M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-8M-3 Certificates, Class M-7until the Certificate Principal Balance thereof has been reduced to zero; seventh, Class M-6, Class M-5, Class M-4, Class M-3, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and eighth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(vii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date firstDate, first to REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT2 and REMIC I Regular Interest I-LT3, until the Uncertificated Balance of each such REMIC I Regular Interest has been reduced to zero and second, then to REMIC I Regular Interest I-1I-A through LTSA, REMIC I Regular Interest I-52I-BLTSB, starting with the lowest numerical denomination until such REMIC I Regular Interest I-LTSC, REMIC I Regular Interest I-LTSD and REMIC I Regular Interest I-LTSE, until the Uncertificated Balances have been reduced to zero. (i) The REMIC II Marker Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA and REMIC II Regular Interest II- LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC 113 II Regular Interest II-LTM6 and REMIC II Regular Interest II-LTZZ, 98%, 1.00% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM6 has been reduced to zero; fourth to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, provided thatREMIC II Regular Interest II-LTM5 and REMIC II Regular Interest II-LTZZ, for 98%, 1.00%, and 1%, respectively, until the Uncertificated Balance of REMIC I II Regular Interests with Interest II-LTM5 has been reduced to zero; fifth to the same numerical denominationUncertificated Balances of REMIC II Regular Interest II-LTAA, such REMIC II Regular Interest II- LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM4 has been reduced to zero; sixth to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM3 has been reduced to zero; seventh to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM2 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM2 has been reduced to zero and eighth, to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest II-LTM1 has been reduced to zero. (ii) The REMIC II Sub WAC Allocation Percentage of all Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated applied after all distributions have been made on each Distribution Date first, so as to REMIC I Regular Interest II until keep the Uncertificated Balance of such each REMIC I II Regular Interest has been reduced ending with the designation "GRP" equal to zero and 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I II Regular Interest II-1-A through ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I II Regular Interest II-52-Bis equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, starting with the lowest numerical denomination until least amount of Realized Losses shall be applied to such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I II Regular Interests with such that the same numerical denominationREMIC II Subordinated Balance Ratio is maintained); and third, such any remaining Realized Losses shall be allocated PRO RATA between such to REMIC I II Regular InterestsInterest II-LTXX.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated or covered by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable by Net Monthly Excess Cash Flow; second, by any amounts available from the Swap Agreement for such Distribution Date pursuant to Section 4.07; third, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; fourth, to the Class M-10, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 M-10 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-7 Certificates until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-6 Certificates until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-5 Certificates until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-4 Certificates until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-3 Certificates until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and fourteenth, concurrently, to the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates and Class A-5 Certificates on a pro rata basis based on the Certificate Principal Balance of each such Class of Certificates, until their respective Certificate Principal Balances have been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of A Certificate or Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; allocated and any allocation of Realized Losses to a Class CE Certificate Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(vi). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest I-LTM10 has been reduced to zero and secondzero; fourth, to the Uncertificated Balances of REMIC I Regular Interest I-1I-A through LTAA, REMIC I Regular Interest I-52I-BLTM9 and REMIC I Regular Interest I-LTZZ, starting with 98%, 1% and 1%, respectively, until the lowest numerical denomination Uncertificated Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until such the Uncertificated Balance of REMIC I Regular Interest I-LTM8 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; seventh to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; eighth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; ninth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero; and thirteenth, concurrently, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular ▇▇▇▇▇▇▇▇ ▇-▇▇▇▇, ▇-▇▇▇▇, ▇-▇▇▇▇, ▇-▇▇▇▇ and I-LTA5 on a pro rata basis, and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until their respective Uncertificated Balance of REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests.

Allocation of Realized Losses. (a) On or before Prior to each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses, Bankruptcy Losses, Special Hazard Losses or Extraordinary Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before Prior to each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on prior to the Master Servicer Reporting Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans allocated to REMIC II Regular Interest LT1 pursuant to Section 4.04(c), other than Excess Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses and Extraordinary Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10M-3 Certificates, Class M-9until the Certificate Principal Balance thereof has been reduced to zero; fourth, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and fifth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Notwithstanding anything to the contrary herein, for purposes of determining the Special Hazard Amount, the Fraud Loss Amount and the Bankruptcy Amount as of any date of determination, Special Hazard Losses, Fraud Losses and Bankruptcy Losses paid from Net Monthly Excess Cashflow which would otherwise have been payable to the holders of the Class CE Certificates shall be deemed to have been allocated to the Class CE Certificates. Any such Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses and Extraordinary Losses allocated to REMIC II Regular Interest LT1 pursuant to Section 4.04(c) will be allocated among the Class A Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates and the Class CE Certificates on a PRO RATA basis. Any allocation of Realized Losses to a Class of Mezzanine Certificates A Certificate, a Class M-1 Certificate, a Class M-2 Certificate or a Class M-3 Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation , or in the case of Realized Losses to a Class CE Certificate shall be made Certificate, by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(x). No allocations of any Realized Losses shall be made to the Certificate Principal Balances Balance of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans (other than Excess Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses and Extraordinary Losses) shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT6 up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I- LT6 up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LT5 has been reduced to zero; fourth, provided thatto the Uncertificated Balances of REMIC I Regular Interest I-LT1, for REMIC I Regular Interest I-LT4 and REMIC I Regular Interest I-LT6, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LT4 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT3 and REMIC I Regular Interest I-LT6, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LT3 has been reduced to zero; and sixth, to the Uncertificated Balances of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT2 and REMIC I Regular Interest I-LT6, 98%, 1% and 1%, respectively. Any Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses and Extraordinary Losses will be allocated among the REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated on a PRO RATA between such REMIC I Regular Interests. basis. (d) All Realized Losses on the Group REMIC II Loans Regular Interests shall be allocated by the Trustee on each Distribution Date firstamong the REMIC II Regular Interests in the proportion that Realized Losses are allocated to the related Uncertificated Corresponding Component. As used herein, to REMIC I Regular Interest II until an allocation of a Realized Loss on a "PRO RATA basis" among the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated means an allocation on a PRO RATA between such basis among the REMIC I Regular InterestsInterests on the basis of their then outstanding Uncertificated Balances, in each case prior to giving effect to distributions to be made on such Distribution Date.

Allocation of Realized Losses. (a) On or before each Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Bankruptcy Losses; Losses and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. On or before each Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; Period and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trustee by the Master Servicer on the Master Servicer Reporting Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans shall be allocated to any REMIC II Regular Interest pursuant to Section 4.04(c) and shall be allocated by the Trustee on each Distribution Date as follows: FIRSTfirst, in reduction of interest accrued on and otherwise distributable to Net Monthly Excess Cashflow; second, to the Class CE Certificates to the extent of Net Monthly Excess Cashflow used to pay principal on the Class A Certificates and the Mezzanine Certificates under clause (i) of Section 4.01 hereof; SECOND, in reduction of interest accrued on and otherwise distributable to the Class CE Certificates to the extent of Net Monthly Excess Cashflow available for distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof; and THIRD, in reduction of the Certificate Principal Balance of the Class CE Certificates (determined after taking into account all distributions made on the Certificates on such Distribution Date)Certificates, until the Certificate Principal Balance thereof has been reduced to zero. If on any Distribution Date, after all distributions are made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates exceeds the sum of the Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after taking into account prepayments during the related Prepayment Period), the amount of such excess shall be allocated, sequentially; third, to the Class M-10M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-9M-3 Certificates, Class M-8until the Certificate Principal Balance thereof has been reduced to zero; fifth, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and sixth, to the Class M-1 Certificates, in that order, in each case until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any such allocation of Realized Losses to a Class of Mezzanine Certificates Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof (after the actual distributions to be made on such Distribution Date pursuant to Section 4.01 hereof) by the amount so allocated; any allocation of Realized Losses to a Class CE Certificate shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(4)(v4.01(a)(4)(vii). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. As used herein, an allocation of a Realized Loss on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder shall be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (ic) All Realized Losses on the Group I Mortgage Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest I-1I-A through REMIC I Regular Interest I-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM4 has been reduced to zero, provided that, for REMIC I Regular Interests with ; fourth to the same numerical denomination, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular Interests. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date first, to Uncertificated Balances of REMIC I Regular Interest II I-LTAA, REMIC I Regular Interest I-LTM3and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of such REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular Interest II-1I-A through REMIC I Regular Interest II-52-B, starting with the lowest numerical denomination until such REMIC I Regular Interest LTM3 has been reduced to zero, provided that, for ; fifth to the Uncertificated Balances of REMIC I Regular Interests with the same numerical denominationInterest I-LTAA, such Realized Losses shall be allocated PRO RATA between such REMIC I Regular InterestsInterest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; and sixth to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I- LTM1 has been reduced to zero.