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FUNDING MEMO

NC Capital Corp

Investor Name: JP MORGAN


Trade Date: 12/22/2005
Settlement Date: 2/24/2006

Cutoff Date: 2/21/2006 Target WAC: 8.2000%


Loan Count: 4214 Actual WAC: 8.1700%
Scheduled Principal Balance: 932,589,375.43 Coupon Change: -0.0300%
Gross Coupon: 8.1700
Servicing Fee: 0.5000
Net Coupon: 7.6700 Bench price: 101.7750
Purchase Price 101.7704 New price: 101.7704

% Execution Total (based on $): 92.91%


Purchase Proceeds: 949,099,937.73 % Execution w/out NC Fallout: 93.60%
Gross Accrued Interest: 4,740,337.39
These would be the warehouse lenders
Total Wire Amount: 953,840,275.12 Wire Breakdown: Wire to Bank of America $191,028,003.00
Wire to Barclays $74,187,726.34
Servicing Premium: 0.00 Wire to Bear $96,115,054.11
Servicing Premium Proceeds: 0.00 Wire to CSFB $76,433,819.50
Servicing Proceeds at 90%: 0.00 Wire to IXIS $46,300,937.40
Holdback of 10%: 0.00 Wire to Morgan Stanley $197,895,286.44
Wire to Salomon $35,564,811.51
Total Wire Amount: 953,840,275.12 $953,840,275.12 Wire to UBS $206,959,794.99
Wire to NC $29,354,841.83

Total Wire Breakdown: $953,840,275.12

Variance: $0.00

Prepared by: Lynette Nagy

1st authorize Signer (Certify the accuracy of the above information)

2nd authorize Signer