EXECUTION
      COPY

     

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    AURORA
      LOAN SERVICES LLC, as Master Servicer,

     

    WELLS
      FARGO BANK, N.A., as Securities Administrator

     

    and

     

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION, 

     

    as
      Trustee

     

      
        

      

    

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of September 1, 2007

     

    
      
 

    STRUCTURED
      ADJUSTABLE RATE MORTGAGE LOAN TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2007-9


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    


    TABLE
      OF
      CONTENTS

    


    
      	 	 	 	
              PAGE

            
	 	 	 	 
	
              ARTICLE
                I DEFINITIONS 

            	
              9

            
	 	
              Section
                1.01.

            	
              Definitions.
                

            	
              9

            
	 	
              Section
                1.02.

            	
              Calculations
                Respecting Mortgage Loans. 

            	
              56

            
	 	
              Section
                1.03.

            	
              Rights
                of the NIMS Insurer

            	
              56

            
	
              ARTICLE
                II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

            	
              56

            
	 	
              Section
                2.01.

            	
              Creation
                and Declaration of Trust Fund; Conveyance of Mortgage
                Loans.

            	
              56

            
	 	
              Section
                2.02.

            	
              Acceptance
                of Trust Fund by Trustee: Review of Documentation for Trust
                Fund.

            	
              60

            
	 	
              Section
                2.03.

            	
              Representations
                and Warranties of the Depositor.

            	
              62

            
	 	
              Section
                2.04.

            	
              Discovery
                of Breach.

            	
              64

            
	 	
              Section
                2.05.

            	
              Repurchase,
                Purchase or Substitution of Mortgage Loans.

            	
              64

            
	 	
              Section
                2.06.

            	
              Grant
                Clause.

            	
              66

            
	
              ARTICLE
                III THE CERTIFICATES

            	
              66

            
	 	
              Section
                3.01.

            	
              The
                Certificates.

            	
              66

            
	 	
              Section
                3.02.

            	
              Registration.

            	
              67

            
	 	
              Section
                3.03.

            	
              Transfer
                and Exchange of Certificates.

            	
              68

            
	 	
              Section
                3.04.

            	
              Cancellation
                of Certificates.

            	
              74

            
	 	
              Section
                3.05.

            	
              Replacement
                of Certificates.

            	
              74

            
	 	
              Section
                3.06.

            	
              Persons
                Deemed Owners.

            	
              74

            
	 	
              Section
                3.07.

            	
              Temporary
                Certificates.

            	
              74

            
	 	
              Section
                3.08.

            	
              Appointment
                of Paying Agent.

            	
              75

            
	 	
              Section
                3.09.

            	
              Book-Entry
                Certificates

            	
              76

            
	
              ARTICLE
                IV ADMINISTRATION OF THE TRUST FUND

            	
              77

            
	 	
              Section
                4.01.

            	
              Collection
                Account

            	
              77

            
	 	
              Section
                4.02.

            	
              Application
                of Funds in the Collection Account

            	
              79

            
	 	
              Section
                4.03.

            	
              Reports
                to Certificateholders

            	
              82

            
	 	
              Section
                4.04.

            	
              Certificate
                Account

            	
              85

            
	
              ARTICLE
                V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

            	
              87

            
	 	
              Section
                5.01.

            	
              Distributions
                Generally.

            	
              87

            
	 	
              Section
                5.02.

            	
              Distributions
                from the Certificate Account

            	
              87

            
	 	
              Section
                5.03.

            	
              Allocation
                of Realized Losses

            	
              96

            
	 	
              Section
                5.04.

            	
              Advances
                by the Master Servicer and the Securities
                Administrator

            	
              98

            
	 	
              Section
                5.05.

            	
              Compensating
                Interest Payments

            	
              99

            
	 	
              Section
                5.06.

            	
              Reserved.

            	
              99

            
	 	
              Section
                5.07.

            	
              Basis
                Risk Reserve Funds

            	
              99

            
	 	
              Section
                5.08.

            	
              Intentionally
                Omitted

            	
              100

            
	 	
              Section
                5.09.

            	
              Intentionally
                Omitted

            	
              100

            
	 	
              Section
                5.10.

            	
              Intentionally
                Omitted

            	
              100

            
	 	
              Section
                5.11.

            	
              Intentionally
                Omitted

            	
              100

            
	 	
              Section
                5.12.

            	
              1-X
                Component Account

            	
              100

            
	 	
              Section
                5.13.

            	
              The
                Class P Reserve Fund

            	
              101

            


    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    


    
      	
              ARTICLE
                VI CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

            	
              101

            
	
              EVENTS
                OF DEFAULT

            	
              101

            
	 	
              Section
                6.01.

            	
              Duties
                of Trustee and Securities Administrator

            	
              101

            
	 	
              Section
                6.02.

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator

            	
              105

            
	 	
              Section
                6.03.

            	
              Trustee
                and Securities Administrator Not Liable for
                Certificates

            	
              106

            
	 	
              Section
                6.04.

            	
              Trustee
                and Securities Administrator May Own Certificates.

            	
              106

            
	 	
              Section
                6.05.

            	
              Eligibility
                Requirements for Trustee and Securities Administrator

            	
              107

            
	 	
              Section
                6.06.

            	
              Resignation
                and Removal of Trustee and Securities Administrator

            	
              107

            
	 	
              Section
                6.07.

            	
              Successor
                Trustee and Successor Securities Administrator

            	
              108

            
	 	
              Section
                6.08.

            	
              Merger
                or Consolidation of Trustee or Securities
                Administrator

            	
              109

            
	 	
              Section
                6.09.

            	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian.

            	
              109

            
	 	
              Section
                6.10.

            	
              Authenticating
                Agents.

            	
              111

            
	 	
              Section
                6.11.

            	
              Indemnification
                of Trustee and Securities Administrator

            	
              112

            
	 	
              Section
                6.12.

            	
              Fees
                and Expenses of Trustee, Securities Administrator and
                Custodian

            	
              113

            
	 	
              Section
                6.13.

            	
              Collection
                of Monies

            	
              113

            
	 	
              Section
                6.14.

            	
              Events
                of Default; Securities Administrator To Act; Appointment of
                Successor

            	
              114

            
	 	
              Section
                6.15.

            	
              Additional
                Remedies of Trustee Upon Event of Default

            	
              119

            
	 	
              Section
                6.16.

            	
              Waiver
                of Defaults

            	
              119

            
	 	
              Section
                6.17.

            	
              Notification
                to Holders

            	
              119

            
	 	
              Section
                6.18.

            	
              Directions
                by Certificateholders and Duties of Trustee During Event of
                Default

            	
              119

            
	 	
              Section
                6.19.

            	
              Action
                Upon Certain Failures of the Master Servicer and Upon Event of
                Default

            	
              120

            
	 	
              Section
                6.20.

            	
              Preparation
                of Tax Returns and Other Reports

            	
              120

            
	 	
              Section
                6.21.

            	
              Reporting
                Requirements of the Commission

            	
              127

            
	 	
              Section
                6.22.

            	
              No
                Merger

            	
              127

            
	 	
              Section
                6.23.

            	
              Indemnification
                by the Securities Administrator

            	
              127

            
	
              ARTICLE
                VII PURCHASE AND TERMINATION OF THE TRUST FUND

            	
              128

            
	 	
              Section
                7.01.

            	
              Termination
                of Trust Fund Upon Repurchase or Liquidation of All Mortgage
                Loans.

            	
              128

            
	 	
              Section
                7.02.

            	
              Procedure
                Upon Termination of Trust Fund.

            	
              130

            
	 	
              Section
                7.03.

            	
              Additional
                Requirements under the REMIC Provisions

            	
              131

            
	 	
              Section
                7.04.

            	
              Optional
                Purchase Right of NIMS Insurer

            	
              132

            
	
              ARTICLE
                VIII RIGHTS OF CERTIFICATEHOLDERS

            	
              132

            
	 	
              Section
                8.01.

            	
              Limitation
                on Rights of Holders

            	
              132

            
	 	
              Section
                8.02.

            	
              Access
                to List of Holders

            	
              133

            
	 	
              Section
                8.03.

            	
              Acts
                of Holders of Certificates

            	
              133

            
	
              ARTICLE
                IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER
                SERVICER

            	
              134

            


    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    


    
      	 	
              Section
                9.01.

            	
              Duties
                of the Master Servicer

            	
              134

            
	 	
              Section
                9.02.

            	
              Master
                Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
                Policy

            	
              135

            
	 	
              Section
                9.03.

            	
              Master
                Servicer’s Financial Statements and Related
                Information

            	
              135

            
	 	
              Section
                9.04.

            	
              Power
                to Act; Procedures

            	
              136

            
	 	
              Section
                9.05.

            	
              Servicing
                Agreements Between the Master Servicer and Servicers; Enforcement
                of
                Servicers’ Obligations

            	
              138

            
	 	
              Section
                9.06.

            	
              Collection
                of Taxes, Assessments and Similar Items

            	
              138

            
	 	
              Section
                9.07.

            	
              Termination
                of Servicing Agreements; Successor Servicers

            	
              139

            
	 	
              Section
                9.08.

            	
              Master
                Servicer Liable for Enforcement

            	
              140

            
	 	
              Section
                9.09.

            	
              No
                Contractual Relationship Between the Servicers, any NIMS Insurer
                and
                Trustee or Depositor

            	
              140

            
	 	
              Section
                9.10.

            	
              Assumption
                of Servicing Agreement by Securities Administrator

            	
              140

            
	 	
              Section
                9.11.

            	
              “Due-on-Sale”
                Clauses; Assumption Agreements

            	
              141

            
	 	
              Section
                9.12.

            	
              Release
                of Mortgage Files

            	
              141

            
	 	
              Section
                9.13.

            	
              Documents,
                Records and Funds in Possession of Master Servicer To Be Held for
                Trustee

            	
              142

            
	 	
              Section
                9.14.

            	
              Representations
                and Warranties of the Master Servicer

            	
              144

            
	 	
              Section
                9.15.

            	
              Closing
                Certificate and Opinion

            	
              146

            
	 	
              Section
                9.16.

            	
              Standard
                Hazard and Flood Insurance Policies

            	
              146

            
	 	
              Section
                9.17.

            	
              Presentment
                of Claims and Collection of Proceeds

            	
              146

            
	 	
              Section
                9.18.

            	
              Maintenance
                of the Primary Mortgage Insurance Policies

            	
              147

            
	 	
              Section
                9.19.

            	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents

            	
              147

            
	 	
              Section
                9.20.

            	
              Realization
                Upon Defaulted Mortgage Loans

            	
              148

            
	 	
              Section
                9.21.

            	
              Compensation
                to the Master Servicer

            	
              149

            
	 	
              Section
                9.22.

            	
              REO
                Property

            	
              149

            
	 	
              Section
                9.23.

            	
              Notices
                to the Depositor and the Securities Administrator

            	
              150

            
	 	
              Section
                9.24.

            	
              Reports
                to the Securities Administrator

            	
              150

            
	 	
              Section
                9.25.

            	
              Assessment
                of Compliance and Attestation Reports

            	
              151

            
	 	
              Section
                9.26.

            	
              Annual
                Statement of Compliance with Applicable Servicing
                Criteria

            	
              153

            
	 	
              Section
                9.27.

            	
              Merger
                or Consolidation

            	
              153

            
	 	
              Section
                9.28.

            	
              Resignation
                of Master Servicer

            	
              154

            
	 	
              Section
                9.29.

            	
              Assignment
                or Delegation of Duties by the Master Servicer

            	
              154

            
	 	
              Section
                9.30.

            	
              Limitation
                on Liability of the Master Servicer and Others

            	
              155

            
	 	
              Section
                9.31.

            	
              Indemnification;
                Third-Party Claims

            	
              156

            
	 	
              Section
                9.32.

            	
              Allocation
                to Related Mortgage Pool

            	
              156

            
	
              ARTICLE
                X REMIC ADMINISTRATION

            	
              156

            
	 	
              Section
                10.01.

            	
              REMIC
                and Grantor Trust Administration

            	
              156

            
	 	
              Section
                10.02.

            	
              Prohibited
                Transactions and Activities

            	
              163

            
	 	
              Section
                10.03.

            	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status

            	
              164

            
	 	
              Section
                10.04.

            	
              REO
                Property

            	
              164

            


    

    


    


    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	
            	
              Section
                10.05.

            	
              WHFIT
                Provisions

            	
              165

            
	
              ARTICLE
                XI MISCELLANEOUS PROVISIONS

            	
              166

            
	 	
              Section
                11.01.

            	
              Binding
                Nature of Agreement; Assignment.

            	
              166

            
	 	
              Section
                11.02.

            	
              Entire
                Agreement

            	
              166

            
	 	
              Section
                11.03.

            	
              Amendment

            	
              166

            
	 	
              Section
                11.04.

            	
              Voting
                Rights

            	
              168

            
	 	
              Section
                11.05.

            	
              Provision
                of Information

            	
              168

            
	 	
              Section
                11.06.

            	
              Governing
                Law

            	
              168

            
	 	
              Section
                11.07.

            	
              Notices

            	
              168

            
	 	
              Section
                11.08.

            	
              Severability
                of Provisions

            	
              169

            
	 	
              Section
                11.09.

            	
              Indulgences;
                No Waivers

            	
              169

            
	 	
              Section
                11.10.

            	
              Headings
                Not To Affect Interpretation

            	
              169

            
	 	
              Section
                11.11.

            	
              Benefits
                of Agreement

            	
              169

            
	 	
              Section
                11.12.

            	
              Special
                Notices to the Rating Agencies and NIMS Insurer

            	
              169

            
	 	
              Section
                11.13.

            	
              Counterparts.

            	
              170

            
	 	
              Section
                11.14.

            	
              Transfer
                of Servicing

            	
              170

            
	 	
              Section
                11.15.

            	
              Conflicts

            	
              172

            
	 	
              Section
                11.16.

            	
              Third
                Party Rights

            	
              172

            
	 	 	 	 
	 	
              Exhibit
                A

            	
              Forms
                of Certificates

            	 
	 	
              Exhibit
                B-1

            	
              Form
                of Initial Certification

            	 
	 	
              Exhibit
                B-2

            	
              Form
                of Interim Certification

            	 
	 	
              Exhibit
                B-3

            	
              Form
                of Final Certification

            	 
	 	
              Exhibit
                B-4

            	
              Form
                of Endorsement

            	
            
	 	
              Exhibit
                C

            	
              Request
                for Release of Documents and Receipt

            	
            
	 	
              Exhibit
                D-l

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferee)

            	
            
	 	
              Exhibit
                D-2

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferor)

            	
            
	 	
              Exhibit
                E

            	
              Servicing
                Agreements

            	
            
	 	
              Exhibit
                F

            	
              Form
                of Rule 144A Transfer Certificate

            	
            
	 	
              Exhibit
                G

            	
              Form
                of Purchaser’s Letter for Institutional Accredited
                Investors

            	
            
	 	
              Exhibit
                H

            	
              Form
                of ERISA Transfer Affidavit

            	 
	 	
              Exhibit
                I

            	
              Monthly
                Remittance Advice

            	 
	 	
              Exhibit
                J

            	
              Monthly
                Electronic Data Transmission

            	 
	 	
              Exhibit
                K

            	
              Custodial
                Agreements

            	 
	 	
              Exhibit
                L-1

            	
              Form
                of Transfer Certificate for Transfer from Restricted Global Security
                to
                Regulation S Global Security

            	
            
	 	
              Exhibit
                L-2

            	
              Form
                of Transfer Certificate for Transfer from Regulation S Global Security
                to
                Restricted Global Security

            	
            
	 	
              Exhibit
                M

            	
              Reserved

            	 
	 	 	 	 
	 	
              Exhibit
                N

            	
              Intentionally
                Omitted

            	 
	 	
              Exhibit
                O

            	
              Servicing
                Criteria to be Addressed in Assessment of Compliance

            	
            
	 	
              Exhibit
                P-1

            	
              Additional
                Form 10-D Disclosure

            	 
	 	
              Exhibit
                P-2

            	
              Additional
                Form 10-K Disclosure

            	 
	 	
              Exhibit
                P-3

            	
              Additional
                Form 8-K Disclosure

            	 


    

    


    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    


    
      	 	
              Exhibit
                P-4

            	
              Additional
                Disclosure Notification

            	 
	 	
              Exhibit
                Q-1

            	
              Form
                of Back-up Sarbanes-Oxley Certification

            	 
	 	
              Exhibit
                Q-2

            	
              Form
                of Certification to be Provided by the Trustee

            	 
	 	
              Exhibit
                R

            	
              Transaction
                Parties

            	 
	 	 	 	 
	 	
              Schedule
                A

            	
              Mortgage
                Loan Schedule

            	 


    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    


    This
      TRUST AGREEMENT, dated as of September 1, 2007 (the “Agreement”), is by and
      among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as
      depositor (the “Depositor”), AURORA LOAN SERVICES LLC, as master servicer (the
“Master Servicer”), WELLS FARGO BANK, N.A., as securities administrator (the
“Securities Administrator”) and HSBC BANK USA, NATIONAL ASSOCIATION, a national
      banking association, as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor has acquired the Mortgage Loans from Lehman Brothers Holdings Inc.
      (the “Seller”), and at the Closing Date is the owner of the Mortgage Loans and
      the other property being conveyed by it to the Trustee hereunder for inclusion
      in the Trust Fund. On the Closing Date, the Depositor will acquire the
      Certificates from the Trust Fund as consideration for its transfer to the Trust
      Fund of the Mortgage Loans and the other property constituting the Trust Fund.
      The Depositor has duly authorized the execution and delivery of this Agreement
      to provide for the conveyance to the Trustee of the Mortgage Loans and the
      other
      property constituting the Trust Fund. All covenants and agreements made by
      the
      Seller in the Mortgage Loan Sale Agreement and by the Depositor, the Master
      Servicer and the Trustee herein with respect to the Mortgage Loans and the
      other
      property constituting the Trust Fund are for the benefit of the Holders from
      time to time of the Certificates and, to the extent provided herein, any NIMS
      Insurer. The Depositor, the Trustee, the Securities Administrator and the Master
      Servicer are entering into this Agreement, and the Trustee is accepting the
      Trust Fund created hereby, for good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged.

     

    As
      provided herein, elections shall be made in accordance with the provisions
      of
      Section 10.01 that the Trust Fund (other than (i) the Basis Risk Reserve Fund,
      (ii) the rights to receive Prepayment Penalty Amounts distributable to the
      Class
      P Certificates and the Class P Reserve Funds, (iii) 1-X Component Account and
      (iv) the Lower Tier Interests) be treated for federal income tax purposes as
      comprising five real estate mortgage investment conduits (each a “REMIC” or, in
      the alternative, “REMIC I-1,” “REMIC
      I-2,” “REMIC I-3”, “REMIC II-1” and “REMIC II-2”).
      Each
      Pool 1 Certificate and the Class X Certificate represents ownership of one
      or
      more regular interests in REMIC I-3 for purposes of the REMIC Provisions. In
      addition, each Pool 1 Senior Certificate (other than the Class 1-AX
      Certificates) represents the right to receive payments with respect to Excess
      Interest. The Class R-I Certificate represents ownership of the sole Class
      of
      residual interest in each of REMIC I-1, REMIC I-2 and REMIC I-3 for purposes
      of
      the REMIC Provisions. Each Pool 2 Certificate (other than the Class R-II
      Certificate) represents ownership of regular interests in REMIC II-2 for
      purposes of the REMIC Provisions. The Class R-II Certificate represents
      ownership of the sole Class of residual interest in each of REMIC II-1 and
      REMIC
      II-2.

    


    POOL
      1 REMICS

    


    REMIC
      I-3
      shall hold as its assets the classes of REMIC I-2 Regular Interests,
      and the
      REMIC I-2 Regular Interests are hereby designated as regular interests in REMIC
      I-2. 

    


    REMIC
      I-2
      shall hold as its assets the classes of REMIC I-1 Regular Interests, and the
      REMIC I-1 Regular Interests are hereby designated as regular interests in REMIC
      I-1. REMIC I-1 shall hold as its assets the property of the Trust Fund related
      to Pool 1 other than (i) the Basis Risk Reserve Fund, (ii) the rights to receive
      Prepayment Penalty Amounts distributable to the Class P Certificates and the
      Class P Reserve Funds, (iii) the 1-X Component Account and (iv) the Lower Tier
      Interests.


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    


    REMIC
      I-1

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount and Corresponding Class for each Class of REMIC
      I-1
      Interests.

     

    
      	 	 	 	 	 	 	
              Corresponding

            
	
              Class

            	 	 	 	
              Initial
                Class

            	 	
              Class
                of

            
	
              Designation

            	 	
              Interest
                Rate

            	 	
              Principal
                Amount

            	 	
              Certificates

            
	 	 	 	 	 	 	 
	
              LTI1-1A1

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A1

            
	
              LTI1-1A2

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A2

            
	
              LTI1-M1

            	 	
              (1)

            	 	
              (2)

            	 	
              M-1

            
	
              LTI1-M2

            	 	
              (1)

            	 	
              (2)

            	 	
              M-2

            
	
              LTI1-M3

            	 	
              (1)

            	 	
              (2)

            	 	
              M-3

            
	
              LTI1-M4

            	 	
              (1)

            	 	
              (2)

            	 	
              M-4

            
	
              LTI1-M5

            	 	
              (1)

            	 	
              (2)

            	 	
              M-5

            
	
              LTI1-M6

            	 	
              (1)

            	 	
              (2)

            	 	
              M-6

            
	
              LTI1-M7

            	 	
              (1)

            	 	
              (2)

            	 	
              M-7

            
	
              LTI1-X

            	 	
              (1)

            	 	
              (3)

            	 	
              N/A

            
	
              LTI1-R

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            


    

    


    (1) The
      interest rate with respect to any Distribution Date (and the related Accrual
      Period) for each of these REMIC I-1 Interests is a per annum rate equal to
      the
      Pool 1 Net WAC for such Distribution Date.

    


    (2) The
      initial principal amount for each of these REMIC I-1 Interests equals 50% of
      the
      initial principal amount of the Corresponding Class of
      Certificates.

    


    (3) This
      interest shall have an initial principal balance equal to the excess of (i)
      the
      aggregate Scheduled Principal Balance for Pool 1 as of the Cut-off Date over
      (ii) the aggregate initial principal balance of the REMIC I-1 Marker
      Classes.

    


    (4) The
      Class
      LTI1-R Interest is the sole Class of residual interest in REMIC I-1. It does
      not
      have an interest rate or a principal balance.
      It shall
      be represented by the Class R-I Certificate.


    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    


    REMIC
      I-2

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      initial principal amount and Class of Related Certificates for each Class of
      REMIC I-2 Interests.

     

    
      	 	 	 	 	 	 	 
	 	 	 	 	
              Initial
                

            	 	 
	
              Class

            	 	
              Interest

            	 	
              Class
                Principal

            	 	
              Class
                of Related

            
	
              Designation

            	 	
              Rate

            	 	
              Amount

            	 	
              Certificates

            
	 	 	 	 	 	 	 
	
              LTI2-1A1

            	 	
              (1)

            	 	
              (3)

            	 	
              1-A1

            
	
              LTI2-1A2

            	 	
              (1)

            	 	
              (3)

            	 	
              1-A2

            
	
              LTI2-M1

            	 	
              (2)

            	 	
              (3)

            	 	
              M-1

            
	
              LTI2-M2

            	 	
              (2)

            	 	
              (3)

            	 	
              M-2

            
	
              LTI2-M3

            	 	
              (2)

            	 	
              (3)

            	 	
              M-3

            
	
              LTI2-M4

            	 	
              (2)

            	 	
              (3)

            	 	
              M-4

            
	
              LTI2-M5

            	 	
              (2)

            	 	
              (3)

            	 	
              M-5

            
	
              LTI2-M6

            	 	
              (2)

            	 	
              (3)

            	 	
              M-6

            
	
              LTI2-M7

            	 	
              (2)

            	 	
              (3)

            	 	
              M-7

            
	
              LTI2-X
                Interest

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	
              LTI2-R
                Interest

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            
	 	 	 	 	 	 	 


    

    


    (1) The
      interest rate for each of these REMIC I-2 Interests (i) with respect to any
      Distribution Date (and the related Accrual Period) through the Distribution
      Date
      in September 2012 is a per annum rate equal to the lesser of (x) 6.00% plus
      0.50% and (y) the Pool 1 Net WAC and (ii) with respect to any Distribution
      Date
      (and the related Accrual Period) after the Distribution Date in September 2012
      is a per annum rate equal to the lesser of (x) LIBOR plus 1.50% and (y) the
      Pool
      1 Net WAC.

    


    (2) The
      interest rate with respect to any Distribution Date (and the related Accrual
      Period) for each of these REMIC I-2 Interests is a per annum rate equal to
      the
      Certificate Interest Rate for the Related Certificates.

    


    (3) 
      The
      initial principal amount for each of these REMIC I-2 Interests shall equal
      the
      initial Class Principal Amount of the Related Certificates.

    


    (4) The
      Class
      LTI2-X Interest shall have an initial principal balance equal to the excess
      of
      the aggregate Scheduled Principal Balances of the Mortgage Loans in Pool 1
      as of
      the Cut-off Date over the aggregate initial Class Principal Amount of the Pool
      1
      Certificates. The Class LTI2-X Interest shall accrue interest on a notional
      balance equal to the 1-X Component Notional Balance at a rate equal to the
      1-X
      Component Interest Rate.


    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    


    (5) The
      Class
      LTI2-R Interest is the sole Class of residual interest in REMIC I-2. It does
      not
      have an interest rate or a principal balance. It shall be represented by the
      Class R-I Certificate.

    


    REMIC
      I-3

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      initial principal amount and Class of Related Certificates for each Class of
      REMIC I-3 Interests.

    


    
      	 	 	
              Initial
                

            	 
	
              Class

            	
              Interest

            	
              Class
                Principal

            	
              Class
                of Related

            
	
              Designation

            	
              Rate

            	
              Amount

            	
              Certificates

            
	 	 	 	 
	
              LTI3-1A1

            	
              (1)

            	
              (2)

            	
              1-A1

            
	
              LTI3-1A2

            	
              (1)

            	
              (2)

            	
              1-A2

            
	
              Class
                1-AX Certificates

            	
              (3)

            	
              (3)

            	
              N/A

            
	
              Class
                M-1 Certificates

            	
              (3)

            	
              (3)

            	
              N/A

            
	
              Class
                M-2 Certificates

            	
              (3)

            	
              (3)

            	
              N/A

            
	
              Class
                M-3 Certificates

            	
              (3)

            	
              (3)

            	
              N/A

            
	
              Class
                M-4 Certificates

            	
              (3)

            	
              (3)

            	
              N/A

            
	
              Class
                M-5 Certificates

            	
              (3)

            	
              (3)

            	
              N/A

            
	
              Class
                M-6 Certificates

            	
              (3)

            	
              (3)

            	
              N/A

            
	
              Class
                M-7 Certificates

            	
              (3)

            	
              (3)

            	
              N/A

            
	
              Uncertificated
                Class 1-X Interest

            	
              (4)

            	
              (4)

            	
              N/A

            
	
              Residual
                I Interest

            	
              (5)

            	
              (5)

            	
              N/A

            


    

    


    (1) The
      interest rate with respect to any Distribution Date (and the related Accrual
      Period) for each of these REMIC I-3 Interests is a per annum rate equal to
      the
      Certificate Interest Rate for the Related Certificates. These REMIC I-3
      Interests shall be entitled to the same payments and allocations as the Related
      Certificates; provided that these REMIC I-3 Interests shall not be entitled
      to
      payments in respect of Excess Interest. Each of these REMIC I-3 Interests shall
      be represented by the Related Certificates.

    


    (2) 
      The
      initial principal amount for each of these REMIC I-3 Interests shall equal
      the
      initial Class Principal Amount of the Related Certificates.

    


    (3) 
      Each of
      these REMIC I-3 Interests shall be entitled to the payments and allocations
      set
      forth in this Agreement. For purposes of the REMIC Provisions, with respect
      to
      each Distribution Date on which the Class 1-AX Certificates are entitled to
      distributions, the Class 1-AX Certificates shall represent a “specified portion”
of the interest accrued on the Class LTI2-1A1 Interest and Class LTI2-1A2
      Interest equal to all interest accrued thereon in excess of the interest accrued
      thereon at a per annum rate equal to 6.00%.


    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    


    (4) The
      Uncertificated Class 1-X Interest shall have an initial principal balance equal
      to the excess of the aggregate Scheduled Principal Balances of the Mortgage
      Loans in Pool 1 as of the Cut-off Date over the aggregate initial Class
      Principal Amount of the Pool 1 Certificates. The Uncertificated Class 1-X
      Interest shall accrue interest on a notional balance equal to the 1-X Component
      Notional Balance at a rate equal to the 1-X Component Interest Rate. The
      Uncertificated Class 1-X Interest shall be represented by the Class X
      Certificates.

    


    (5) The
      Residual I Interest is the sole Class of residual interest in REMIC I-3. It
      does
      not have an interest rate or a principal balance. It shall be represented by
      the
      Class R-I Certificate.

    


    All
      calculations of interest on each regular interest in REMIC I-1, REMIC I-2 and
      REMIC I-3 will be made on a “30/360” basis.

    


    POOL
      2 REMICS

    


    REMIC
      II-2 shall hold as its assets the classes of REMIC II-1 Regular Interests and
      the REMIC II-1 Regular Interests are hereby designated as regular interests
      in
      REMIC II-1. REMIC II-1 shall hold as its assets the property of the Trust Fund
      related to Pool 2 other than (i) the rights to receive Prepayment Penalty
      Amounts distributable to the Class 2-AP Certificates and the Class P Reserve
      Funds and (ii) the Lower Tier Interests.

    


    REMIC
      II-1

    


    Each
      of
      the REMIC II-1 Interests set forth below (other than the Class LTII1-R Interest)
      is referred to herein as a REMIC II-1 Regular Interest and is hereby designated
      as a regular interest in REMIC II-1. The Class LTII1-R Interest is hereby
      designated as the sole class of residual interest in REMIC II-1.

     

    The
      following table specifies the class designation, interest rate, principal amount
      and Classes of Corresponding Certificates for each class of REMIC II-1
      Interests:

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              REMIC
                II-1

            	 	 	 	
              Pass-Through

            	 	
              Corresponding

            
	
              Class
                Designation

            	 	
              Initial
                Balance

            	 	
              Rate

            	 	
              Certificates

            
	 	 	 	 	 	 	 
	
              LTII1-RII

            	 	
              (1)

            	 	
              (2)

            	 	
              R-II

            
	
              LTII1-2A1

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A1,
                2-AX

            
	
              LTII1-2A2

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A2

            
	
              LTII1-2B1

            	 	
              (1)

            	 	
              (3)

            	 	
              2-B1

            
	
              LTII1-2B2

            	 	
              (1)

            	 	
              (3)

            	 	
              2-B2

            
	
              LTII1-2B3

            	 	
              (1)

            	 	
              (3)

            	 	
              2-B3

            
	
              LTII1-2B4

            	 	
              (1)

            	 	
              (3)

            	 	
              2-B4

            
	
              LTII1-2B5

            	 	
              (1)

            	 	
              (3)

            	 	
              2-B5

            
	
              LTII1-2B6

            	 	
              (1)

            	 	
              (3)

            	 	
              2-B6

            
	
              LTII1-R

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            


    

     

    
      	
            	(1)	
              The
                initial principal amount for each of these REMIC II-1 Interests shall
                equal the initial Class Principal Amount(s) of the Corresponding
                Certificate(s).

            


    

     

    
      	
            	(2)	
              For
                the
                Accrual Period relating to any
                Distribution Date, the interest rate for the Class LTII1-RII Interest,
                the
                Class LTII1-2A1 Interest and the Class LTII1-2A2 Interest shall be
                a per
                annum rate equal to the Net WAC for Pool 2 for the
                Accrual Period relating to such
                Distribution Date.

            


    

     

    
      	
            	(3)	
              For
                the
                Accrual Period relating to any
                Distribution Date, the interest rate for each of the Class LTII1-2B1,
                Class LTII1-2B2, Class LTII1-2B3, Class LTII1-2B4, Class LTII1-2B5
                and
                Class LTII-2B6 Interests shall be a per annum rate equal to the Net
                WAC
                for Pool 2 for
                the Accrual Period relating to
                such Distribution Date.

            


    

     

    
      	
            	(4)	
              The
                Class LTII1-R Interest shall represent the sole class of residual
                interest
                in REMIC II-1. The Class LTII1-R Interest will not have a principal
                amount
                or an interest rate. The Class LTII1-R Interest shall be represented
                by
                the Class R-II Certificate.

            


    

     

    Principal
      and interest shall be payable to, and shortfalls, losses and prepayments are
      allocable to, the REMIC II-1 Regular Interests as such amounts are payable
      and
      allocable to their respective Corresponding Certificates. Notwithstanding the
      preceding sentence, (i) the first $0.02 of losses with respect to principal
      on
      the Mortgage Loans in Pool 2 shall be allocated to the Class LTII1-2B6 Interest
      and (ii) immediately preceding any payment to the Class R-II Certificate
      pursuant to Section 5.02(j) attributable to principal received with respect
      to
      any Mortgage Loan in Pool 2, a payment shall be treated as made to the Class
      LTII1-2B6 Interest in reduction of the principal balance thereof, if any, to
      zero.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Class of Pool 2 Certificates as a result of the proviso in the definition
      of
      Certificate Principal Amount, then there shall be a corresponding increase
      in
      the principal amount of the corresponding REMIC II-1 Regular
      Interest.

     

    REMIC
      II-2

    


    REMIC
      II-2 shall hold as its assets all of the several classes of uncertificated
      REMIC
      II-1 Regular Interests.


    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    


    Each
      of
      the Pool 2 Certificates (other than the Class R-II Certificate) is referred
      to
      herein as a REMIC II-2 Regular Interest and is hereby designated as a regular
      interest in REMIC II-2. The Class LTII2-R Interest is hereby designated as
      the
      sole class of residual interest in REMIC II-2. The Class LTII2-R Interest shall
      be represented by the Class R-II Certificate. The entitlement of the Class
      R-II
      Certificate to payments of principal and interest shall be attributable to
      its
      representation of the Class LTII2-R Interest.

    


    The
      REMIC
      II-2 Regular Interests and the Class LTII2-R Interest are referred to herein
      as
      the REMIC II-2 Interests.

     

    All
      calculations of interest on each regular interest in REMIC II-1 will be made
      on
      an “30/360” basis.

     

    The
      Certificates

     

    The
      following table specifies the Class designation, Certificate Interest Rate
      or
      initial Class Principal Amount or Class Notional Amount, and minimum
      denomination (by dollar amount or Percentage Interest) for each Class of
      Certificates or Class Notional Amount, representing the interests in the Trust
      Fund created hereunder.

    


    
      	
               

               

              Class
                Designation

            	 	
               

              Certificate
                

              Interest
                Rate

            	 	
              Initial Class Principal

              Amount or Class

              Notional Amount

            	 	
               

              Minimum

              Denomination

            	 
	
              Class
                1-A1

            	 	
              (1)

            	
               

            	
              $

            	
              155,395,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-A2

            	 	
              (1)

            	
               

            	
              $

            	
              17,266,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-AX

            	 	
              (2)

            	
               

            	
              $

            	
              172,661,000

            	 	
              $

            	
              1,000,000

            	 
	
              Class
                2-A1

            	 	
              (3)

            	
               

            	
              $

            	
              290,870,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                2-A2

            	 	
              (4)

            	
               

            	
              $

            	
              32,319,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                2-AX

            	 	
              (5)

            	
               

            	
              $

            	
              290,870,000

            	 	
              $

            	
              1,000,000

            	 
	
              Class
                M-1

            	 	
              (6)

            	
               

            	
              $

            	
              4,963,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M-2

            	 	
              (6)

            	
               

            	
              $

            	
              2,481,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M-3

            	 	
              (6)

            	
               

            	
              $

            	
              1,432,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M-4

            	 	
              (6)

            	
               

            	
              $

            	
              2,577,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M-5

            	 	
              (6)

            	
               

            	
              $

            	
              955,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M-6

            	 	
              (6)

            	
               

            	
              $

            	
              1,240,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M-7

            	 	
              (6)

            	
               

            	
              $

            	
              1,145,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                2-B1 

            	 	
              (4)

            	
               

            	
              $

            	
              11,714,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                2-B2 

            	 	
              (4)

            	
               

            	
              $

            	
              2,756,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                2-B3 

            	 	
              (4)

            	
               

            	
              $

            	
              1,378,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                2-B4 

            	 	
              (4)

            	
               

            	
              $

            	
              1,722,000

            	 	
              $

            	
              250,000

            	 
	
              Class
                2-B5 

            	 	
              (4)

            	
               

            	
              $

            	
              1,722,000

            	 	
              $

            	
              250,000

            	 
	
              Class
                2-B6 

            	 	
              (4)

            	
               

            	
              $

            	
              2,070,222

            	 	
              $

            	
              250,000

            	 
	
              Class
                R-II

            	 	
              (4)

            	
               

            	
              $

            	
              100

            	 	
              $

            	
              100

            	 
	
              Class
                1-AP

            	 	
              (7)

            	
               

            	
              $

            	
              1000

            	 	
              $

            	
              1000

            	 
	
              Class
                2-AP

            	 	
              (8)

            	
               

            	
              $

            	
              1000

            	 	
              $

            	
              1000

            	 
	
              Class
                X 

            	 	
              (9)

            	
               

            	 	
              (9)

            	
               

            	 	
              25

            	
              %

            
	
              Class
                R-I 

            	 	
              (10)

            	
               

            	 	
              (10)

            	
               

            	 	
              100

            	
              %

            
	
              Class
                C

            	 	
              (11)

            	
               

            	 	
              (11)

            	
               

            	 	
              25

            	
              %

            


    

    
       

      
        

      

    

    
      	
              (1)

            	
              For
                the
                Accrual Period relating to any
                Distribution Date on or prior to the Distribution Date in September
                2012,
                the Certificate Interest Rate on the Class 1-A1 and Class 1-A2
                Certificates shall be a per annum rate equal to 6.00%, subject to
                the Net
                Funds Cap. Beginning with the
                Accrual Period relating to
                the Distribution Date in October 2012 and for the
                Accrual Period relating to each
                Distribution Date thereafter, the Certificate Interest Rate for the
                Class
                1-A1 and Class 1-A2 Certificates shall be a per annum rate equal
                to LIBOR
                plus 1.50%, subject to the Net Funds
                Cap.

            


    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    


    
      	
              (2)

            	
              For
                the
                Accrual Period relating to any
                Distribution Date on or prior to the Distribution Date in September
                2012,
                the Certificate Interest Rate for the Class 1-AX Certificates shall
                be
                0.50%, subject to the Net Funds Cap. Thereafter, the Class 1-AX
                Certificates will not accrue interest and will not be entitled to
                any
                distributions related to subsequent Distribution Dates. For any
                Distribution Date, the Class Notional Amount of the Class 1-AX
                Certificates will be equal to the aggregate amount of the Class Principal
                Amounts of the Class 1-A1 and Class 1-A2 Certificates. The
                initial Class Notional Amount of the Class 1-AX Certificates is
                $172,661,000.

            


    

    


    
      	
              (3)

            	
              For
                the
                Accrual Period relating to any
                Distribution Date on or prior to the Distribution Date in July 2012,
                the
                Certificate Interest Rate on the Class 2-A1 Certificates shall be
                a per
                annum rate equal to the Net WAC for pool 2 less 0.4965917981%. Beginning
                with the
                Accrual Period relating to the Distribution
                Date in August 2012 and for
                the Accrual Period relating to
                each Distribution Date thereafter, the Certificate Interest Rate
                for the
                Class 2-A1 Certificates shall be a per annum rate equal to the Net
                WAC for
                Pool 2 for such Distribution Date. 

            


    

    


    
      	
              (4)

            	
              For
                the
                Accrual Period relating to any
                Distribution Date, the Certificate Interest Rate on the Class R-II,
                Class
                2-A2, Class 2-B1, Class 2-B2, Class 2-B3, Class 2-B4, Class 2-B5
                and Class
                2-B6 Certificates shall be a per annum rate equal to the Net WAC
                for Pool
                2 for such Distribution Date.

            


    

    


    
      	
              (5)

            	
              For
                the
                Accrual Period relating to any
                Distribution Date on or prior to the Distribution Date in July 2012,
                the
                Certificate Interest Rate for the Class 2-AX Certificates shall be
                0.4965917981%. Thereafter,
                the Class 2-AX Certificates will not accrue interest and will not
                be
                entitled to any distributions related to subsequent Distribution
                Dates.
                For any Distribution Date, the Class Notional Amount of the Class
                2-AX
                Certificates will be equal to the Class Principal Amount of the Class
                2-A1
                Certificates. The
                initial Class Notional Amount of the Class 2-AX Certificates is
                $290,870,000.

            


    

    


    
      	
              (6)

            	
              For
                the
                Accrual Period relating to any
                Distribution Date, the Certificate Interest Rate on the Pool 1 Subordinate
                Certificates shall be the lesser of (i) a per annum rate equal to
                the Net
                WAC for Pool 1 less 0.500%, and (ii) the Net Funds Cap for such
                Distribution Date.

            


    

    


    
      	
              (7)

            	
              The
                Class 1-AP Certificates will be entitled to receive $1,000 of principal
                on
                the Distribution Date in November 2010, and certain Prepayment Penalty
                Amounts paid by borrowers upon voluntary full or partial prepayment
                of the
                Mortgage Loans in Pool 1.

            


    

    


    
      	(8)	
              The
                Class 2-AP Certificates will be entitled to receive $1,000 of principal
                on
                the Distribution Date in November 2010, and certain Prepayment Penalty
                Amounts paid by borrowers upon voluntary full or partial prepayment
                of the
                Mortgage Loans in Pool 2.

            


    

    


    
      	
              (9)

            	
              For
                purposes of the REMIC Provisions, the 1-X Component of the Class
                X
                Certificates shall have an initial principal balance equal to the
                excess
                of the aggregate amount of the Scheduled Principal Balances of the
                Mortgage Loans in Pool 1 as of the Cut-off Date over the aggregate
                amount
                of the initial Class Principal Amounts of the Pool 1 Certificates.
                For
                each Distribution Date, the 1-X Component of the Class X Certificates
                shall be entitled to the 1-X Component Current Interest. Unpaid interest
                on the 1-X Component of the Class X Certificates shall not itself
                bear
                interest. For the purposes of the REMIC Provisions, the Class X
                Certificates shall also represent beneficial ownership of (i) the
                Basis
                Risk Reserve Fund and (ii) an interest in notional principal contracts
                described in Section 10.01 hereof.

            


    

    


    
      	
              (10)

            	
              The
                Class R-I Certificate will be issued without a Certificate Principal
                Amount and will not bear interest. The Class R-I Certificate represents
                ownership of the residual interest in REMIC I-3, as well as ownership
                of
                the Class LTI1-R Interest and Class LTI2-R
                Interest.

            


    


    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    


    
      	(11)	
              The
                Class C Certificates will be issued without a Certificate Principal
                Amount
                and will not bear interest. The Class C Certificates shall be entitled
                to
                receive all reinvestment income on amounts on deposit in the 1-X
                Component
                Account and amounts on deposit in the 1-X Component Account on the
                Distribution Date as provided in Sections 5.02 and
                5.12.

            


    

    


    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $535,442,072.17.

     

    For
      purposes hereof, each pool of Mortgage Loans constitutes a fully separate and
      distinct sub-trust.

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Master Servicer, the Securities Administrator and the Trustee hereby agree
      as
      follows:

     

    ARTICLE
      I


     

    DEFINITIONS

     

    Section
      1.01. Definitions.

     

    The
      following words and phrases, unless the context otherwise requires, shall have
      the following meanings:

     

    1-X
      Component:
      The
      portion of the Class X Certificates representing the right to distributions
      to
      the Class X Certificates as described herein.

     

    1-X
      Component Account:
      An
      account established as part of the Trust Fund pursuant to Section 5.12 of this
      Agreement but which is not an asset of any of the REMICs for the benefit of
      the
      1-X Component of the Class X Certificates.

     

    1-X
      Component Account Termination Date:
      The
      Distribution Date in March 2010.

     

    1-X
      Component Current Interest: For
      any
      Distribution Date, the interest accrued during the related Accrual Period on
      the
      1-X Component Notional Balance at the 1-X Component Interest Rate.

     

    1-X
      Component Distributable Amount:
      On any
      Distribution Date (and the related Accrual Period), the excess of (i) the sum
      of
      (x) the excess of the aggregate Scheduled Principal Balances of the Mortgage
      Loans in Pool 1 as of the Cut-off Date over the aggregate initial Class
      Principal Amount of the Pool 1 Certificates and (y) the aggregate 1-X Component
      Current Interest for such Distribution Date and all prior Distribution Dates
      over (ii) the sum of (x) the aggregate payments in respect of Excess Interest
      for such Distribution Date and all prior Distribution Dates and (y) all prior
      distributions to the 1-X Component of the Class X Certificate under Section
      5.02(e)(vii) hereof.

    


    1-X
      Component Interest Rate:
      For any
      Distribution Date, the excess of (i) the weighted average of the interest rates
      on the REMIC I-1 Regular Interests over (ii) two times the weighted average
      of
      the interest rates on the REMIC I-1 Regular Interests (treating for purposes
      of
      this clause (ii) the interest rate on each of the REMIC I-1 Marker Classes
      as
      being capped at the interest rate of the Related REMIC I-2 Interest of the
      Corresponding Classes of Certificates and treating the interest rate on the
      Class LTI1-X Interest as capped at zero). The average described in the preceding
      sentence shall be weighted on the basis of the respective principal balances
      of
      the REMIC I-1 Regular Interests immediately prior to such Distribution
      Date.


    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    


    1-X
      Component Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period), the aggregate
      amount of the principal balances of the REMIC I-1 Regular Interests immediately
      prior to such Distribution Date.

     

    10-K
      Filing Deadline:
      As
      defined in Section 6.20(e)(i).

     

    Accepted
      Servicing Practices:
      With
      respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
      servicing or master servicing practices of prudent mortgage servicing
      institutions that service or master service mortgage loans of the same type
      and
      quality as such Mortgage Loan in the jurisdiction where the related Mortgaged
      Property is located, to the extent applicable to the Securities Administrator
      (as successor master servicer) or the Master Servicer or (y) as provided in
      the
      applicable Servicing Agreement, to the extent applicable to the related
      Servicer.

     

    Accountant:
      A
      person engaged in the practice of accounting who (except when this Agreement
      provides that an Accountant must be Independent) may be employed by or
      affiliated with the Depositor or an Affiliate of the Depositor.

     

    Accretion
      Directed Certificate:
      Not
      applicable.

     

    Accretion
      Termination Date:
      Not
      applicable.

     

    Accrual
      Amount:
      Not
      applicable.

     

    Accrual
      Certificate:
      Not
      applicable.

     

    Accrual
      Component:
      Not
      applicable.

     

    Accrual
      Period:
      With
      respect to any Distribution Date and for each Class of Pool 1 Certificates
      and
      each Class of Pool 2 Certificates, the calendar month immediately preceding
      the
      month in which the related Distribution Date occurs. All calculations of
      interest on each Class of Pool 1 Certificates and each Class of Pool 2
      Certificates will be made on the basis of a 360-day year and twelve 30-day
      months.

     

    Accrued
      Certificate Interest:
      As to
      any Class of Pool 2 Certificates and any Distribution Date, the amount of
      interest accrued at its Certificate Interest Rate during the related Accrual
      Period on (in the case of each Class other than any Class of Notional
      Certificates) the related Class Principal Amount immediately prior to such
      Distribution Date or, in the case of any Class of Notional Certificates, the
      Class Notional Amount for such Distribution Date, as reduced by such Class’s
      share of the interest portion of (i) any Excess Losses for the related Mortgage
      Pool for such Distribution Date and (ii) any Relief Act Reduction for the
      related Mortgage Pool for such Distribution Date, in
      each
      case allocable among the Pool 2 Certificates proportionately based on
the
      Accrued Certificate Interest otherwise distributable thereon.
      The
      interest shall accrue during the related Accrual Period.

     

    Act:
      As
      defined in Section 3.03(c).

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Additional
      Collateral:
      None.

     

    Additional
      Collateral Servicing Agreement:
      None.

     

    Additional
      Form 10-D Disclosure:
      As
      defined in Section 6.20(d)(i).

     

    Additional
      Form 10-K Disclosure:
      As
      defined in Section 6.20(e)(i).

     

    Additional
      Servicer:
      Each
      affiliate of each Servicer that Services any of the Mortgage Loans and each
      Person who is not an affiliate of the any Servicer, who Services 10% or more
      of
      the Mortgage Loans.

     

    Additional
      Termination Event:
      Not
      applicable.

     

    Advance:
      An
      advance of the aggregate of payments of principal and interest (net of the
      applicable Master Servicing Fee, in the event that an advance is made by Master
      Servicer, and the applicable Servicing Fee), on one or more Mortgage Loans
      that
      were due on the Due Date in the related Due Period and not received as of the
      close of business on the related Determination Date, required to be made by
      a
      Servicer or by the Master Servicer on behalf of the related Servicer (or by
      the
      Securities Administrator solely in its capacity as successor master servicer
      in
      accordance with Section 6.14) pursuant to Section 5.04.

     

    Adverse
      REMIC Event:
      Either
      (i) loss of status as a REMIC, within the meaning of Section 860D of the Code,
      for any group of assets identified as a REMIC in the Preliminary Statement
      to
      this Agreement, or (ii) imposition of any tax, including the tax imposed under
      Section 860F(a)(1) on prohibited transactions, and the tax imposed under Section
      860G(d) on certain contributions to a REMIC, on any REMIC created hereunder
      to
      the extent such tax would be payable from assets held as part of the Trust
      Fund.

     

    Affected
      Party:
      Not
      applicable. 

     

    Affiliate:
      With
      respect to any specified Person, any other Person controlling or controlled
      by
      or under common control with such specified Person. For the purposes of this
      definition, “control” when used with respect to any specified Person means the
      power to direct the management and policies of such Person, directly or
      indirectly, whether through the ownership of voting securities, by contract
      or
      otherwise; and the terms “controlling” and “controlled” have meanings
      correlative to the foregoing.

     

    Aggregate
      Master Servicing Compensation:
      Not
      applicable.

     

    Aggregate
      Principal Balance:
      The
      aggregate of the Scheduled Principal Balances for all Mortgage Loans at any
      date
      of determination.

     

    Aggregate
      Subordinate Percentage:
      Not
      applicable.

     

    Aggregate
      Voting Interests:
      The
      aggregate of the Voting Interests of all the Certificates under this
      Agreement.

     

    Agreement:
      This
      Trust Agreement and all amendments and supplements hereto.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    AP
      Percentage:
      Not
      applicable.

     

    AP
      Principal Distribution Amount:
      Not
      applicable.

     

    Applicants:
      As
      defined in Section 8.02(b).

     

    Applied
      Loss Amount:
      For any
      Distribution Date and for Pool 1, after giving effect to all Realized Losses
      incurred with respect to the Pool 1 Mortgage Loans during the related Collection
      Period and distributions of principal on such Distribution Date, the amount
      by
      which the aggregate Class Principal Amount of the Pool 1 Certificates exceeds
      the Pool Balance of the Pool 1 Mortgage Loans for such Distribution
      Date.

     

    Apportioned
      Principal Balance:
      Not
      Applicable.

     

    Appraised
      Value:
      With
      respect to any Mortgage Loan, the amount set forth in an appraisal made in
      connection with the origination of such Mortgage Loan as the value of the
      related Mortgaged Property.

     

    Associated
      Mortgage Loan:
      Not
      applicable.

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument, in
      recordable form, sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect the sale of the Mortgage to
      the
      Trustee, which assignment, notice of transfer or equivalent instrument may
      be in
      the form of one or more blanket assignments covering the Mortgage Loans secured
      by Mortgaged Properties located in the same jurisdiction, if permitted by law;
      provided, however, that the Trustee shall not be responsible for determining
      whether any such assignment is in recordable form.

     

    Aurora:
      Aurora
      Loan Services LLC or its successors in interest, in its capacity as a
      Servicer.

     

    Authenticating
      Agent:
      Any
      authenticating agent appointed pursuant to Section 6.10.

     

    Authorized
      Officer:
      Not
      applicable.

     

    Available
      Basis Risk Amount:
      Not
      Applicable.

     

    Available
      Distribution Amount:
      As to
      Pool 2 and on any Distribution Date, the sum of the following
      amounts:

     

    (i) the
      total
      amount of all cash received by the Master Servicer through the Remittance Date
      applicable to each Servicer and deposited with the Securities Administrator
      by
      the Master Servicer by the Deposit Date for such Distribution Date on the
      Mortgage Loans of Pool 2 (including proceeds of any Insurance Policy and any
      other credit support relating to such Mortgage Loans and including any
      Subsequent Recovery), plus all Advances made by the Master Servicer or any
      Servicer (or the Securities Administrator, solely in its capacity as successor
      Master Servicer) for such Distribution Date and for Pool 2, any Compensating
      Interest Payment for such date and for Pool 2, any amounts received with respect
      to any Additional Collateral, if any, or any surety bond, if any, related
      thereto and any amounts paid by any Servicer in respect of Prepayment Interest
      Shortfalls in respect of the related Mortgage Loans for such date, but not
      including:

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (A) all
      amounts distributed pursuant to Section 5.02 on prior Distribution
      Dates;

     

    (B) all
      Scheduled Payments of principal and interest collected but due on a date
      subsequent to the related Due Period;

     

    (C) all
      Principal Prepayments received or identified by the applicable Servicer after
      the applicable Prepayment Period (together with any interest payments received
      with such prepayments to the extent that they represent the payment of interest
      accrued on the related Mortgage Loans for the period subsequent to the
      applicable Prepayment Period);

     

    (D) any
      other
      unscheduled collection, including Net Liquidation Proceeds, Subsequent
      Recoveries and Insurance Proceeds, received by the Master Servicer after the
      applicable Prepayment Period;

     

    (E) all
      fees
      and amounts due or reimbursable to the Master Servicer, the Trustee (or its
      custodian), the Securities Administrator, the Custodian or a Servicer pursuant
      to the terms of this Agreement, the applicable Custodial Agreement or the
      applicable Servicing Agreement (other than the Securities Administrator Fee)
      related specifically to Pool 2 or if applicable to all Mortgage Pools, then
      the
      pro rata portion of any such amounts based on the Pool Balance of Pool 2 and
      the
      Aggregate Principal Balance;

     

    (F) Prepayment
      Interest Excess, to the extent not offset by Prepayment Interest Shortfalls;
      and

     

    (ii) any
      other
      payment made by the Master Servicer, the Securities Administrator (solely as
      successor master servicer), any Servicer, the Seller, the Depositor, or any
      other Person with respect to such Distribution Date (including the Purchase
      Price).

     

    Back-Up
      Certification:
      As
      defined in Section 6.20(e)(iv).

     

    Balloon
      Mortgage Loan:
      Not
      applicable.

     

    Balloon
      Payment:
      Not
      applicable.

     

    Bankruptcy:
      As to
      any Person, the making of an assignment for the benefit of creditors, the filing
      of a voluntary petition in bankruptcy, adjudication as a bankrupt or insolvent,
      the entry of an order for relief in a bankruptcy or insolvency proceeding,
      the
      seeking of reorganization, arrangement, composition, readjustment, liquidation,
      dissolution or similar relief, or seeking, consenting to or acquiescing in
      the
      appointment of a trustee, receiver or liquidator, dissolution, or termination,
      as the case may be, of such Person pursuant to the provisions of either the
      United States Bankruptcy Code of 1986, as amended, or any other similar state
      laws.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    Bankruptcy
      Coverage Termination Date:
      As to
      Pool 2 the Distribution Date on which the applicable Bankruptcy Loss Limit
      has
      been reduced to zero (or less than zero).

     

    Bankruptcy
      Loss Limit:
      As of
      the Cut-off Date, $148,483.55 for Pool 2, which amount shall be reduced from
      time to time by the amount of Bankruptcy Losses that are allocated to the
      related Certificates until the applicable Bankruptcy Coverage Termination
      Date.

     

    Bankruptcy
      Losses:
      With
      respect to the Mortgage Loans in the related Mortgage Pool, losses that are
      incurred as a result of Deficient Valuations and any reduction, in a bankruptcy
      proceeding, of the amount of the Scheduled Payment on a Mortgage Loan other
      than
      as a result of a Deficient Valuation.

     

    Basis
      Risk Payment:
      With
      respect to any Distribution Date, and for the Pool 1 Certificates (other than
      the Class 1-AX Certificates), the sum of (1) any Basis Risk Shortfall for such
      Distribution Date and (2) any Unpaid Basis Risk Shortfall for such Distribution
      Date. The amount of the Basis Risk Payment for any Distribution Date, however,
      cannot exceed the amount of Monthly Excess Cashflow that would be distributable
      to the 1-X Component of the Class X Certificate pursuant to Section 5.02(e)
      hereof on such Distribution Date (as determined under the definition of “1-X
      Component Distributable Amount” without regard to the Basis Risk Payment for
      such Distribution Date).

     

    Basis
      Risk Reserve Fund:
      A
      reserve fund for Pool 1 into which any amount of Monthly Excess Cashflow is
      deposited in order to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      relating to the Pool 1 Certificates.

     

    Basis
      Risk Shortfall Protected Certificate:
      Not
      applicable.

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and the Pool 1 Certificates other than the
      Notional Certificates, the amount by which the amount of interest calculated
      at
      the Certificate Interest Rate applicable to such Class for such date, determined
      without regard to the Net Funds Cap for such date, exceeds the amount of
      interest calculated at the Net Funds Cap.

     

    Blanket
      Mortgage:
      Not
      applicable.

     

    Book-Entry
      Certificates:
      Beneficial interests in Certificates designated as “Book-Entry Certificates” in
      this Agreement, ownership and transfers of which shall be evidenced or made
      through book entries by a Clearing Agency as described in Section 3.09;
      provided, that after the occurrence of a condition whereupon book-entry
      registration and transfer are no longer permitted and Definitive Certificates
      are to be issued to Certificate Owners, such Book-Entry Certificates shall
      no
      longer be “Book-Entry Certificates.” As of the Closing Date, all of the Classes
      of Certificates listed in the table in the Preliminary Statement entitled “The
      Certificates,” other than the Class R-I, Class R-II, Class C and Class X
      Certificates, will constitute Book-Entry Certificates.


    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    


    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday, (ii) a day on which banking institutions
      in Colorado, Minnesota, Maryland, New York or, if other than New York, the
      city
      in which the Corporate Trust Office of the Trustee is located, or (iii) with
      respect to any Remittance Date or any Servicer reporting date, the States
      specified in the definition of “Business Day” in the applicable Servicing
      Agreement, are authorized or obligated by law or executive order to be
      closed.

     

    C-X
      Component:
      Not
      applicable.

     

    Cap
      Counterparty:
      Not
      applicable.

     

    Carryforward
      Interest:
      For any
      class of Pool 1 Certificates and any Distribution Date, the sum of (1) the
      amount, if any, by which (x) the sum of (A) Current Interest for such class
      for
      the immediately preceding Distribution Date and (B) any unpaid Carryforward
      Interest for such class from previous Distribution Dates exceeds (y) the amount
      distributed in respect of interest on such class on such immediately preceding
      Distribution Date and (2) interest on such amount for the related Accrual Period
      at the applicable Certificate Interest Rate.

     

    Certificate:
      Any one
      of the certificates signed by the Trustee and countersigned by the
      Authenticating Agent in substantially the forms attached hereto as Exhibit
      A.

     

    Certificate
      Account:
      The
      account maintained by the Securities Administrator in accordance with the
      provisions of Section 4.04.

     

    Certificate
      Group:
      The
      Pool 1 Certificates (which are related to Pool 1) and the Pool 2 Certificates
      (which are related to Pool 2) as applicable.

     

    Certificate
      Interest Rate:
      With
      respect to each Class of Certificates and any Distribution Date, the applicable
      per annum rate specified or determined as provided in the Preliminary Statement
      hereto.

     

    Certificate
      Owner:
      With
      respect to a Book-Entry Certificate, the Person who is the owner of such
      Book-Entry Certificate, as reflected on the books of the Clearing Agency, or
      on
      the books of a Person maintaining an account with such Clearing Agency (directly
      or as an indirect participant, in accordance with the rules of such Clearing
      Agency).

     

    Certificate
      Principal Amount:
      With
      respect to any Pool 1 Certificate other than the Notional Certificates, at
      the
      time of determination, the maximum specified dollar amount of principal to
      which
      the Holder thereof is then entitled hereunder, such amount being equal to the
      initial principal amount set forth on the face of such Certificate, less the
      amount of all amounts previously distributed on that Certificate in respect
      of
      principal prior to such Distribution Date, as further reduced by any Applied
      Loss Amount previously allocated hereto; provided, however, that on each
      Distribution Date on which a Subsequent Recovery is distributed, the Certificate
      Principal Amount of any class of Pool 1 Certificates whose Certificate Principal
      Amount has previously been reduced by application of an Applied Loss Amount
      will
      be increased, in order of seniority, by an amount (to be applied pro rata to
      all
      Certificates of such class) equal to the lesser of (1) any Deferred Amount
      for
      each such class immediately prior to such Distribution Date and (2) the total
      amount of any Subsequent Recovery distributed on such Distribution Date to
      such
      Certificateholders, after application (for this purpose) to any more senior
      classes of such Certificates.


    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    


    With
      respect to any Pool 2 Certificate other than the Notional Certificates, at
      the
      time of determination, the maximum specified dollar amount of principal to
      which
      the Holder thereof is then entitled hereunder, such amount being equal to the
      initial principal amount set forth on the face of such Certificate, as reduced
      by the amount of all principal distributions previously made with respect to
      such Certificate, and all Realized Losses allocated to such Certificate and,
      in
      the case of a Subordinate Certificate, any Subordinate Certificate Writedown
      Amount allocated to such Certificates; provided,
      however, that on any Distribution Date on which a Subsequent Recovery for Pool
      2
      is distributed, the Certificate Principal Amount of any Class of related
      Certificates then outstanding for which any Realized Loss or any Subordinate
      Certificate Writedown Amount has been applied will be increased, in order of
      seniority, by an amount equal to the lesser of (i) the amount the Class of
      Certificates has been reduced by any Realized Losses or any Subordinate
      Certificate Writedown Amount which have not been previously offset by any
      Subsequent Recovery pursuant to this proviso and (ii) the total amount of any
      Subsequent Recovery for Pool 2 distributed on such date to Certificateholders
      (as
      reduced (x) by increases in the Certificate Principal Amount of more senior
      Classes of Certificates related to Pool 2 on such Distribution Date and (y)
      to
      reflect a proportionate amount of what would (but for this clause (y) have
      been
      the increases in the Certificate Principal Amount of Classes of Certificates
      related to such Mortgage Pool of equal seniority on such Distribution Date).
      For
      purposes of Article V hereof, unless specifically provided to the contrary,
      Certificate Principal Amounts shall be determined as of the close of business
      of
      the immediately preceding Distribution Date, after giving effect to all
      distributions made on such date. Notional Certificates are issued without
      Certificate Principal Amounts.

     

    Certificate
      Register
      and
Certificate
      Registrar:
      The
      register maintained and the registrar appointed pursuant to Section
      3.02.

     

    Certification
      Parties:
      As
      defined in Section 6.20(e)(iv).

     

    Certifying
      Person:
      As
      defined in Section 6.20(e)(iv).

     

    Class:
      All
      Certificates bearing the same class designation, and, in the case of each REMIC,
      all interests bearing the same designation.

     

    Class
      1-AP Reserve Fund:
      As
      defined in Section 5.13(a).

     

    Class
      2-AP Reserve Fund:
      As
      defined in Section 5.13(a).

     

    Class
      B Certificate:
      Any
      Class 2-B1, Class 2-B2, Class 2-B3, Class 2-B4, Class 2-B5 and Class 2-B6
      Certificates.

     

    Class
      C Distributable Amount:
      For
      each Distribution Date on and prior to the Distribution Date occurring on the
      1-X Component Account Termination Date, an amount equal to the lesser of (a)
      aggregate investment earnings on the 1-X Component Account for the related
      Collection Period and (b) the amount on deposit in the 1-X Component Account
      on
      such Distribution Date, after taking into account any payments made from the
      1-X
      Component Account on such Distribution Date to the 1-X Component of the Class
      X
      Certificates. On the Distribution Date occurring on the 1-X Component Account
      Termination Date, an amount equal to the entire amount remaining on deposit
      in
      the 1-X Component Account after making the payments set forth in the preceding
      sentence.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    Class
      C Mortgage Loan:
      Any
      Mortgage Loan which has become a Liquidated Mortgage Loan on or prior to the
      Collection Period ending on March 1, 2010.

     

    Class
      I Shortfalls:
      Not
      applicable. 

     

    Class
      Notional Amount:
      With
      respect to each Class of Notional Certificates the applicable class notional
      amount calculated as provided in the Preliminary Statement hereto.

     

    Class
      P Certificate:
      Any
      Class 1-AP and Class 2-AP Certificate.

     

    Class
      P Reserve Funds:
      The
      Class 1-AP Reserve Fund and the Class 2-AP Reserve Fund.

     

    Class
      Principal Amount:
      With
      respect to each Class of Certificates other than any Class of Notional
      Certificates or the Class R-I, Class C and Class X Certificates, the aggregate
      of the Certificate Principal Amounts of all Certificates of such Class at the
      date of determination. With respect to each Class of Notional Certificates,
      Class R-I and Class X Certificates, zero.

     

    Class
      R Certificate:
      Any
      Class R-I or Class R-II Certificate.

     

    Class
      R-I Certificate:
      The
      Class R-I Certificate executed by the Trustee, and authenticated and delivered
      by the Certificate Registrar, substantially in the form annexed hereto as
      Exhibit A and evidencing the ownership of the sole class of residual interest
      in
REMIC
      I-3
      as well as ownership of the Class LTI1-R Interest in REMIC I-1 and the Class
      LTI2-R Interest in REMIC I-2.

    


    Class
      R-II Certificate:
      The
      Class R-II Certificate executed by the Trustee, and authenticated and delivered
      by the Certificate Registrar, substantially in the form annexed hereto as
      Exhibit A and evidencing the ownership of the sole class of residual interest
      in
      REMIC
      II-2 and the Class LTII1-R Interest in REMIC II-1.

    


    Clearing
      Agency:
      An
      organization registered as a “clearing agency” pursuant to Section 17A of the
      Securities Exchange Act of 1934, as amended. As of the Closing Date, the
      Clearing Agency shall be The Depository Trust Company.

     

    Clearing
      Agency Participant:
      A
      broker, dealer, bank, other financial institution or other Person for whom
      from
      time to time a Clearing Agency effects book-entry transfers and pledges of
      securities deposited with the Clearing Agency.

     

    Clearstream:
      Clearstream Banking, société anonyme, and any successor thereto.

     

    Closing
      Date:
      September 28, 2007.

     

    Code:
      The
      Internal Revenue Code of 1986, as amended, and as it may be further amended
      from
      time to time, any successor statutes thereto, and applicable U.S. Department
      of
      Treasury regulations issued pursuant thereto in temporary or final
      form.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Collateral
      Account:
      Not
      applicable. 

     

    Collection
      Account:
      A
      separate account established and maintained by the Master Servicer pursuant
      to
      Section 4.01.

     

    Collection
      Period:
      With
      respect to any Distribution Date, the period commencing on the second day of
      the
      month immediately preceding the month in which such Distribution Date occurs
      and
      ending on the first day of the month in which such Distribution Date
      occurs.

     

    Commission:
      The
      Securities and Exchange Commission.

     

    Compensating
      Interest Payment:
      With
      respect to any Distribution Date, and prepayments in full or in part, an amount
      equal to the aggregate amount of any Prepayment Interest Shortfalls required
      to
      be paid by the Servicers with respect to such Distribution Date and if indicated
      in the relevant Servicing Agreement, up to an amount equal to the aggregate
      of
      the Servicing Fees received on the Mortgage Loans serviced by it. The Master
      Servicer shall not be responsible to make any Compensating Interest
      Payment.

     

    Controlling
      Person:
      With
      respect to any Person, any other Person who “controls” such Person within the
      meaning of the Securities Act.

     

    Conventional
      Loan:
      Not
      applicable.

     

    Converted
      Mortgage Loan:
      Not
      applicable.

     

    Convertible
      Mortgage Loan:
      Not
      applicable.

     

    Cooperative
      Corporation:
      The
      entity that holds title (fee or an acceptable leasehold estate) to the real
      property and improvements constituting the Cooperative Property and which
      governs the Cooperative Property, which Cooperative Corporation must qualify
      as
      a Cooperative Housing Corporation under Section 216 of the Code.

     

    Cooperative
      Loan:
      Any
      Mortgage Loan secured by Cooperative Shares and a Proprietary
      Lease.

     

    Cooperative
      Loan Documents:
      As to
      any Cooperative Loan, (i) the Cooperative Shares, together with a stock power
      in
      blank; (ii) the original executed Security Agreement and the assignment of
      the
      Security Agreement endorsed in blank; (iii) the original executed Proprietary
      Lease and the assignment of the Proprietary Lease endorsed in blank; (iv) the
      original executed Recognition Agreement and the assignment of the Recognition
      Agreement (or a blanket assignment of all Recognition Agreements) endorsed
      in
      blank; (v) the executed UCC-1 financing statement with evidence of recording
      thereon, which has been filed in all places required to perfect the security
      interest in the Cooperative Shares and the Proprietary Lease; and (vi) executed
      UCC-3 financing statements (or copies thereof) or other appropriate UCC
      financing statements required by state law, evidencing a complete and unbroken
      line from the mortgagee to the Trustee with evidence of recording thereon (or
      in
      a form suitable for recordation).

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    Cooperative
      Property:
      The
      real property and improvements owned by the Cooperative Corporation, that
      includes the allocation of individual dwelling units to the holders of the
      Cooperative Shares of the Cooperative Corporation.

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

    Cooperative
      Unit:
      A
      single-family dwelling located in a Cooperative Property.

     

    Corporate
      Trust Office:
      With
      respect to the Trustee, 452 Fifth Avenue, New York, New York 10018, Attention:
      CTLA - Structured Finance, or at such other address as the Trustee may designate
      from time to time by notice to the Certificateholders, the Depositor, the Master
      Servicer and the Securities Administrator or the principal corporate trust
      office of any successor trustee. With respect to the Securities Administrator,
      for purposes of presentment of Certificates for registration of transfer,
      exchange or final payment, the principal corporate trust office located at
      Sixth
      Street and Marquette Avenue, Minneapolis, MN 55479, Attention: Client Service
      Manager SARM 2007-9 and for all other purposes is located at 9062 Old Annapolis
      Road, Columbia, MD 21045 Attention: Client Service Manager - SARM 2007-9, or
      such other address that the Securities Administrator may designate from time
      to
      time by notice to the Certificateholders, the Depositor, the Trustee and the
      Master Servicer.

    


    Corresponding
      Certificates:
      The
      Class or Classes of Certificates that corresponds to a class of Lower Tier
      Interests in REMIC II-1 and as described in the Preliminary
      Statement.

     

    Corresponding
      Class:
      The
      Class of Certificates that corresponds to a class of Lower Tier Interests in
      REMIC I-1 and as described in the Preliminary Statement.

     

    Credit
      Score:
      With
      respect to any Mortgage Loan, a numerical assessment of default risk with
      respect to the Mortgagor under such Mortgage Loan, determined on the basis
      of a
      methodology developed by Fair, Isaac & Co., Inc.

     

    Credit
      Support Depletion Date:
      For
      Pool 2, the Distribution Date on which, after giving effect to all distributions
      on such date, the aggregate Certificate Principal Amount of the related
      Subordinate Certificates is reduced to zero.

     

    Credit
      Support Percentage:
      As to
      any Class of Pool 2 Subordinate Certificates (other than the lowest ranking
      Class) and any Distribution Date, the sum of the Subordinate Class Percentages
      of all Classes of Certificates that rank lower in priority than such Class
      (without giving effect to distributions on such date).

     

    Cumulative
      Loss Trigger Event:
      For
      Pool 1, a Cumulative Loss Trigger Event will have occurred if on any
      Distribution Date, the fraction, expressed as a percentage, obtained by dividing
      (x) the aggregate amount of cumulative Realized Losses incurred on the Pool
      1
      Mortgage Loans from the Cut-off Date through the last day of the related
      Collection Period by (y) the Cut-off Date Balance of the Pool 1 Mortgage Loans,
      exceeds the following applicable percentages with respect to such Distribution
      Date:

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	 	 	 
	
              October
                2009 through September 2010

            	 	
              0.20%
                for the first month plus an additional 1/12th of 0.60% for each month
                thereafter

            
	 	 	 
	
              October
                2010 through September 2011

            	 	
              0.80%
                for the first month plus an additional 1/12th of 0.80% for each month
                thereafter 

            
	 	 	 
	
              October
                2011 through September 2012

            	 	
              1.60%
                for the first month plus an additional 1/12th of 0.40% for each month
                thereafter

            
	 	 	 
	
              October
                2012 to September 2013

            	 	
              2.00%
                for the first month plus an additional 1/12th of 0.25% for each month
                thereafter

            
	 	 	 
	
              October
                2013 and thereafter

            	 	
              2.25%

            


    

     

    Current
      Interest:
      For any
      class of Senior Certificates or Subordinate Certificates and any Distribution
      Date, the aggregate amount of interest accrued at the applicable Certificate
      Interest Rate during the related Accrual Period on the Class Principal Amount
      or
      Class Notional Amount of such Class immediately prior to such Distribution
      Date.


     

    Custodial
      Agreement:
      Each
      custodial agreement attached as Exhibit K hereto, and any custodial agreement
      subsequently executed by the Trustee and the applicable Custodian substantially
      in the form thereof.

     

    Custodian:
      Each
      custodian appointed by the Trustee pursuant to a Custodial Agreement, and any
      successor thereto. The initial Custodians are LaSalle Bank National Association,
      U.S. Bank National Association and Wells Fargo Bank, N.A.

     

    Cut-off
      Date:
      September 1, 2007.

     

    Cut-off
      Date Aggregate Principal Balance:
      The
      Scheduled Principal Balances of the Mortgage Loans as of the Cut-off
      Date.

     

    Debt
      Service Reduction:
      With
      respect to any Mortgage Loan in Pool 2, a reduction of the Scheduled Payment
      that the related Mortgagor is obligated to pay on any Due Date as a result
      of
      any proceeding under Bankruptcy law or any similar proceeding. The principal
      portion of Debt Service Reductions will not be allocated in reduction of the
      Certificate Principal Amounts of any Certificates.

     

    Defaulting
      Party:
      Not
      applicable.

     

    Deferred
      Amount:
      For
      each Distribution Date and for each class of Pool 1 Certificates, the amount
      by
      which the aggregate of Applied Loss Amounts previously applied in reduction
      of
      the Class Principal Amount thereof exceeds the sum of (1) the aggregate of
      amounts previously distributed in reimbursement thereof and (2) the amount
      by
      which the Class Principal Amount of such class has been increased due to any
      Subsequent Recovery.

     

    Deferred
      Interest:
      Not
      Applicable.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

       

    

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation by a court of competent jurisdiction
      of the Mortgaged Property in an amount less than the then outstanding
      indebtedness under such Mortgage Loan, which valuation results from a proceeding
      under Bankruptcy law or any similar proceeding.

     

    Definitive
      Certificate:
      A
      Certificate of any Class issued in definitive, fully registered, certificated
      form.

     

    Deleted
      Loan REMIC:
      Not
      Applicable.

     

    Deleted
      Loan REMIC Interest:
      Not
      Applicable.

     

    Deleted
      Loan REMIC Regular Interest:
      Not
      Applicable.

     

    Deleted
      Mortgage Loan:
      A
      Mortgage Loan that is repurchased from the Trust Fund pursuant to the terms
      hereof or as to which one or more Qualifying Substitute Mortgage Loans are
      substituted therefor.

     

    Delinquency
      Event:
      For
      Pool 1, a Delinquency Event will have occurred if on any Distribution Date,
      the
      Rolling Three Month Delinquency Rate as of the last day of the immediately
      preceding month equals or exceeds 36.65% of the Senior Enhancement Percentage
      for Pool 1 for such Distribution Date. 

     

    Delinquency
      Rate:
      For
      Pool 1 and for any month, the fraction, expressed as a percentage, the numerator
      of which is the aggregate outstanding principal balance of all Pool 1 Mortgage
      Loans which are 60 or more days delinquent (including all foreclosures,
      bankruptcies and REO Properties) as of the close of business on the last day
      of
      such month, and the denominator of which is the Pool Balance for Pool 1 as
      of
      the close of business on the last day of such month.

     

    Deposit
      Date:
      With
      respect to each Distribution Date, the Business Day immediately preceding such
      Distribution Date.

     

    Depositor:
      Structured Asset Securities Corporation, a Delaware corporation having its
      principal place of business in New York, or its successors in
      interest.

     

    Designated
      Rate:
      Not
      applicable.

     

    Determination
      Date:
      With
      respect to each Distribution Date, the Remittance Date immediately preceding
      such Distribution Date.

     

    Direct
      Obligations:
      As
      defined in the definition of Eligible Investments.

     

    Discount
      Mortgage Loan:
      None.

     

    Disqualified
      Organization:
      Either
      (i) the United States, (ii) any state or political subdivision thereof, (iii)
      any foreign government, (iv) any international organization, (v) any agency
      or
      instrumentality of any of the foregoing, (vi) any tax-exempt organization (other
      than a cooperative described in section 521 of the Code) which is exempt from
      the tax imposed by Chapter 1 of the Code unless such organization is subject
      to
      the tax imposed by section 511 of the Code, (vii) any organization described
      in
      section 1381(a)(2)(C) of the Code, (viii) any “electing large partnership”
described in section 775 of the Code, or (ix) any other entity designated as
      a
      Disqualified Organization by relevant legislation amending the REMIC Provisions
      and in effect at or proposed to be effective as of the time of the
      determination. In addition, a corporation will not be treated as an
      instrumentality of the United States or of any state or political subdivision
      thereof if all of its activities are subject to tax and, with the exception
      of
      the Federal Home Loan Mortgage Corporation, a majority of its board of directors
      is not selected by such governmental unit.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

       

    

    Distressed
      Mortgage Loan:
      Any
      Mortgage Loan which is more than 90 days delinquent or for which the Servicer
      has accepted a deed in lieu of foreclosure.

     

    Distribution
      Date:
      The
      25th
      day of
      each month, or, if such 25th
      day is
      not a Business Day, the next succeeding Business Day commencing in October
      2007.

     

    DTC:
      The
      Depository Trust Company.

     

    Due
      Date:
      With
      respect to any Mortgage Loan, the date on which a Scheduled Payment is due
      under
      the related Mortgage Note.

     

    Due
      Period:
      With
      respect to any Distribution Date, the period commencing on the second day of
      the
      month immediately preceding the month in which such Distribution Date occurs
      and
      ending on the first day of the month in which such Distribution Date
      occurs.

     

    Eligible
      Account:
      Either
      (i) an account or accounts maintained with a federal or state chartered
      depository institution or trust company acceptable to the Rating Agencies or
      (ii) an account at a depository institution or trust company whose commercial
      paper or other short term debt obligations (or, in the case of a depository
      institution or trust company which is the principal subsidiary of a holding
      company, the commercial paper or other short term debt or deposit obligations
      of
      such holding company or depository institution, as the case may be) have been
      rated by each Rating Agency in its highest short-term rating category, or (iii)
      a segregated trust account or accounts (which shall be a “special deposit
      account”) maintained with the Securities Administrator or any other federal or
      state chartered depository institution or trust company, acting in its fiduciary
      capacity, in a manner acceptable to the Securities Administrator, the NIMS
      Insurer and the Rating Agencies. Eligible Accounts may bear
      interest.

     

    Eligible
      Investments:
      Any one
      or more of the following obligations or securities:

     

    (i) direct
      obligations of, and obligations fully guaranteed as to timely payment of
      principal and interest by, the United States of America or any agency or
      instrumentality of the United States of America the obligations of which are
      backed by the full faith and credit of the United States of America (“Direct
      Obligations”);

     

    (ii) federal
      funds, or demand and time deposits in, certificates of deposits of, or bankers’
acceptances issued by, any depository institution or trust company (including
      U.S. subsidiaries of foreign depositories and the Securities Administrator
      or
      any agent of the Securities Administrator, acting in its respective commercial
      capacity) incorporated or organized under the laws of the United States of
      America or any state thereof and subject to supervision and examination by
      federal or state banking authorities, so long as at the time of investment
      or
      the contractual commitment providing for such investment the commercial paper
      or
      other short-term debt obligations of such depository institution or trust
      company (or, in the case of a depository institution or trust company which
      is
      the principal subsidiary of a holding company, the commercial paper or other
      short-term debt or deposit obligations of such holding company or deposit
      institution, as the case may be) have been rated by each Rating Agency in its
      highest short-term rating category or one of its two highest long-term rating
      categories;

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

       

    

    (iii) repurchase
      agreements collateralized by Direct Obligations or securities guaranteed by
      GNMA, FNMA or FHLMC with any registered broker/dealer subject to Securities
      Investors’ Protection Corporation jurisdiction or any commercial bank insured by
      the FDIC, if such broker/dealer or bank has an uninsured, unsecured and
      unguaranteed obligation rated by each Rating Agency in its highest short-term
      rating category;

     

    (iv) securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States of America or any state thereof which have
      a
      credit rating from each Rating Agency, at the time of investment or the
      contractual commitment providing for such investment, at least equal to one
      of
      the two highest short-term credit ratings of each Rating Agency; provided,
      however, that securities issued by any particular corporation will not be
      Eligible Investments to the extent that investment therein will cause the then
      outstanding principal amount of securities issued by such corporation and held
      as part of the Trust Fund to exceed 20% of the sum of the Aggregate Principal
      Balance and the aggregate principal amount of all Eligible Investments in the
      Certificate Account; provided, further, that such securities will not be
      Eligible Investments if they are published as being under review with negative
      implications from either Rating Agency;

     

    (v) commercial
      paper (including both non interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 180 days after the date of issuance thereof) rated by each Rating Agency
      in
      its highest short-term rating category;

     

    (vi) a
      Qualified GIC;

     

    (vii) certificates
      or receipts representing direct ownership interests in future interest or
      principal payments on obligations of the United States of America or its
      agencies or instrumentalities (which obligations are backed by the full faith
      and credit of the United States of America) held by a custodian in safekeeping
      on behalf of the holders of such receipts; and

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

       

    

    (viii) any
      other
      demand, money market fund, common trust fund or time deposit or obligation,
      or
      interest-bearing or other security or investment (including those managed or
      advised by the Securities Administrator or any Affiliate thereof) approved
      by
      the NIMS Insurer, (A) rated in the highest rating category by each Rating Agency
      (if rated by such Rating Agency) or (B) that would not adversely affect the
      then
      current rating by either Rating Agency of any of the Certificates or the NIM
      Securities and has a short term rating of at least “A-1” or its equivalent by
      each Rating Agency. Such investments in this subsection (viii) may include
      money
      market mutual funds or common trust funds, including any fund for which Wells
      Fargo Bank, N.A., in its capacity other than as Securities Administrator, the
      Master Servicer or an affiliate thereof serves as an investment advisor,
      administrator, shareholder servicing agent, and/or custodian or subcustodian,
      notwithstanding that (i) any such Person or an Affiliate thereof charges and
      collects fees and expenses from such funds for services rendered, (ii) any
      such
      Person or an Affiliate thereof charges and collects fees and expenses for
      services rendered pursuant to this Agreement, and (iii) services performed
      for
      such funds and pursuant to this Agreement may converge at any time. Any such
      Person or an Affiliate thereof is hereby authorized to charge and collect from
      the Trust Fund such fees as are collected from all investors in such funds
      for
      services rendered to such funds (but not to exceed investment earnings
      thereon);

     

    provided,
      however, that (x) no such instrument shall be an Eligible Investment if such
      instrument evidences either (i) a right to receive only interest payments with
      respect to the obligations underlying such instrument, or (ii) both principal
      and interest payments derived from obligations underlying such instrument and
      the principal and interest payments with respect to such instrument provide
      a
      yield to maturity of greater than 120% of the yield to maturity at par of such
      underlying obligations and (y) each such investment must be a “permitted
      investment” within the meaning of Section 860G(a)(5) of the Code.

     

    ERISA:
      The
      Employee Retirement Income Security Act of 1974, as amended, and as it may
      be
      further amended from time to time, any successor statutes thereto, and
      applicable U.S. Department of Labor regulations issued pursuant thereto in
      temporary or final form.

     

    ERISA-Qualifying
      Underwriting:
      A best
      efforts or firm commitment underwriting or private placement that would satisfy
      the requirements of the Underwriter’s Exemption, except, in relevant part, for
      the requirement that the certificates have received a rating at the time of
      acquisition that is in one of the three (or four, in the case of a “designated
      transaction”) highest generic rating categories by at least one of the Rating
      Agencies.

     

    ERISA-Restricted
      Certificate:
      Any
      Class 2-B4, Class 2-B5 or Class 2-B6, Certificate and any other Certificate,
      as
      long as the acquisition and holding of such Certificate is not covered by and
      exempt under the Underwriter’s Exemption.

     

    ERISA-Restricted
      Swap Certificate:
      Not
      applicable.

     

    Escrow
      Account:
      Any
      account established and maintained by a Servicer pursuant to the applicable
      Servicing Agreement.

     

    Euroclear:
      Euroclear S.A./N.V., as operator of the Euroclear System.

     

    Event
      of Default:
      Any one
      of the conditions or circumstances enumerated in Section 6.14(a).

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

       

    

    Excess
      Interest:
      On any
      Distribution Date, for each Class of Pool 1 Senior P&I Certificates, the
      excess, if any, of (1) the amount of interest such Class of Certificates is
      entitled to receive on such Distribution Date over (2) the amount of interest
      such Class of Certificates would have been entitled to receive on such
      Distribution Date at an interest rate equal to the applicable REMIC Pass-Through
      Rate.

     

    Excess
      Loss:
      Any
      Bankruptcy Loss, or portion thereof, on the Mortgage Loans in Pool 2 in excess
      of the then-applicable Bankruptcy Loss Limit, any Fraud Loss, or portion
      thereof, on the Mortgage Loans in Pool 2 in excess of the then-applicable Fraud
      Loss Limit, and any Special Hazard Loss, or portion thereof, on the Mortgage
      Loans in Pool 2 in excess of the then-applicable Special Hazard Loss
      Limit.

     

    Excess
      REMIC Payments:
      Not
      applicable.

     

    Exchange
      Act:
      The
      Securities Exchange Act of 1934, as amended.

     

    Exchange
      Act Signing Party:
      Either
      the Depositor or the Master Servicer, to be determined by mutual agreement
      between such parties.

     

    Extended
      Period:
      As
      defined in Section 10.04(b).

     

    FDIC:
      The
      Federal Deposit Insurance Corporation or any successor thereto.

     

    FHLMC:
      The
      Federal Home Loan Mortgage Corporation, a corporate instrumentality of the
      United States created and existing under Title III of the Emergency Home Finance
      Act of 1970, as amended, or any successor thereto.

     

    Final
      Scheduled Distribution Date:
      For the
      Pool 1 Certificates (except the Class 1-AX Certificates) and the Pool 2
      Certificates (except the Class 2-AX Certificates), the Distribution Date in
      October 2037. For the Class 1-AX Certificates, the Distribution Date in
      September 2012. For the Class 2-AX Certificates, the Distribution Date in July
      2012. 

     

    Financial
      Intermediary:
      Not
      applicable.

     

    Fitch:
      Fitch
      Ratings, Inc., or any successor in interest.

     

    FNMA:
      The
      Federal National Mortgage Association, a federally chartered and privately
      owned
      corporation organized and existing under the Federal National Mortgage
      Association Charter Act, or any successor thereto.

     

    Form
      8-K Disclosure Information:
      As
      defined in Section 6.20(g)(i).

     

    Form
      10-K Certification:
      The
      certification required pursuant to Rule 13a-14 under the Exchange
      Act.

     

    Fraud
      Loss:
      Any
      Realized Loss on a Liquidated Mortgage Loan sustained by reason of a default
      arising from fraud, dishonesty or misrepresentation in connection with the
      related Mortgage Loan, as reported by the applicable Servicer to the Master
      Servicer.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

       

    

    Fraud
      Loss Limit:
      For
      Pool 2 and with respect to any Distribution Date (x) prior to the first
      anniversary of the Cut-off Date, $3,445,513.22, less the aggregate of Fraud
      Losses in Pool 2 since the Cut-off Date, (y) from the first anniversary to
      the
      third anniversary of the Cut-off Date, an amount equal to (1) the lesser of
      (a)
      the Fraud Loss Limit as of the most recent anniversary of the Cut-off Date
      and
      (b) 1.00% of the aggregate principal balance of all the Mortgage Loans in Pool
      2
      as of the most recent anniversary of the Cut-off Date less (2) the aggregate
      of
      Fraud Losses in Pool 2 since the most recent anniversary of the Cut-off Date,
      and (z) from the third anniversary to the fifth anniversary of the Cut-off
      Date,
      an amount equal to (1) the lesser of (a) the Fraud Loss Limit as of the most
      recent anniversary of the Cut-off Date and (b) 0.50% of the aggregate principal
      balance of all the Mortgage Loans in Pool 2 as of the most recent anniversary
      of
      the Cut-off Date less (2) the aggregate of Fraud Losses in Pool 2 since the
      most
      recent anniversary of the Cut-off Date. On or after the fifth anniversary of
      the
      Cut-off Date, the Fraud Loss Limit shall be zero.

    


    Funding
      Account:
      Not
      Applicable

     

    Funding
      Amount:
      Not
      Applicable.

     

    Global
      Securities:
      The
      global certificates representing the Book-Entry Certificates.

     

    GNMA:
      The
      Government National Mortgage Association, a wholly owned corporate
      instrumentality of the United States within HUD.

     

    Grantor
      Trust:
      Each
      of
      the “grantor trusts” (within the meaning of the Grantor Trust Provisions)
      described in Section 10.01 herein.

     

    Grantor
      Trust Assets:
      Any
      Prepayment Penalty Amounts collected with respect to Pool 1 or Pool
      2.

     

    Grantor
      Trust Provisions:
      Subpart
      E
      of Subchapter J of the Code, including Treasury regulation section
      301.7701-4(c)(2).

     

    Holder
      or
Certificateholder:
      The
      registered owner of any Certificate as recorded on the books of the Certificate
      Registrar except that, solely for the purposes of taking any action or giving
      any consent pursuant to this Agreement, any Certificate registered in the name
      of the Depositor, the Trustee, the Master Servicer, any Servicer, or any
      Affiliate thereof shall be deemed not to be outstanding in determining whether
      the requisite percentage necessary to effect any such consent has been obtained,
      except that, in determining whether the Trustee and any NIMS Insurer shall
      be
      protected in relying upon any such consent, only Certificates which a
      Responsible Officer of the Trustee knows to be so owned shall be disregarded.
      The Trustee and any NIMS Insurer may request and conclusively rely on
      certifications by the Depositor, the Master Servicer, any Servicer, in
      determining whether any Certificates are registered to an Affiliate of the
      Depositor, the Master Servicer, such Servicer, respectively.

     

    HUD:
      The
      United States Department of Housing and Urban Development, or any successor
      thereto.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

       

    

    Indenture:
      An
      indenture relating to the issuance of notes secured by the Class X Certificates
      (or any portion thereof) which may or may not be guaranteed by a NIMS
      Insurer.

     

    Independent:
      When
      used with respect to any Accountants, a Person who is “independent” within the
      meaning of Rule 2-01(b) of the Securities and Exchange Commission’s Regulation
      S-X. When used with respect to any other Person, a Person who (a) is in fact
      independent of another specified Person and any Affiliate of such other Person,
      (b) does not have any material direct financial interest in such other Person
      or
      any Affiliate of such other Person, and (c) is not connected with such other
      Person or any Affiliate of such other Person as an officer, employee, promoter,
      underwriter, trustee, partner, director or Person performing similar
      functions.

     

    Initial
      LIBOR Rate:
      Not
      applicable. 

     

    Initial
      MTA Rate:
      Not
      applicable.

     

    Initial
      Net Mortgage Rate:
      Not
      applicable.

     

    Initial
      Optional Termination Date:
      For
      Pool 1, the Distribution Date following the month in which the Pool Balance
      for
      Pool 1 initially declines to less than 10% of the Pool Balance for Pool 1 as
      of
      the Cut-off Date.

     

    Initial
      Senior Enhancement Percentage:
      6.20%
      for Pool 2.

     

    Insurance
      Policy:
      Any
      Primary Mortgage Insurance Policy and any standard hazard insurance policy,
      flood insurance policy, earthquake insurance policy or title insurance policy
      relating to the Mortgage Loans or the Mortgaged Properties, to be in effect
      as
      of the Closing Date or thereafter during the term of this
      Agreement.

     

    Insurance
      Proceeds:
      Amounts
      paid by the insurer under any Insurance Policy, other than amounts (i) to cover
      expenses incurred by or on behalf of the applicable Servicer in connection
      with
      procuring such proceeds, (ii) to be applied to restoration or repair of the
      related Mortgaged Property or (iii) required to be paid over to the Mortgagor
      pursuant to law or the related Mortgage Note.

     

    Interest
      Distribution Amount:
      Not
      applicable.

     

    Interest
      Rate Cap Agreement:
      Not
      Applicable. 

     

    Interest
      Remittance Amount:
      For any
      Distribution Date and Pool 1, an amount equal to (a) the sum of (1) all interest
      collected (other than Payaheads) or advanced in respect of Scheduled Payments
      on
      the Mortgage Loans in Pool 1 during the related Collection Period by the
      Servicers, the Master Servicer or the Securities Administrator (solely in its
      capacity as successor master servicer) minus (x) the Servicing Fee with respect
      to such Mortgage Loans in Pool 1 and (y) previously unreimbursed Advances,
      unreimbursed servicing advances and other amounts due to the Master Servicer,
      the Servicers or the Securities Administrator (solely in its capacity as
      successor master servicer) with respect to such Mortgage Loans in Pool 1, to
      the
      extent allocable to interest, (2) all Compensating Interest paid by the
      Servicers with respect to such Mortgage Loans in Pool 1 with respect to the
      related Prepayment Period (or in the case of Mortgage Loans serviced by Aurora,
      the related Collection Period), (3) the portion of any purchase price or
      Substitution Amount paid with respect to such Mortgage Loans in Pool 1 during
      the related Prepayment Period (or in the case of Mortgage Loans serviced by
      Aurora, the related Collection Period) allocable to interest and (4) all Net
      Liquidation Proceeds and any other recoveries collected with respect to such
      Mortgage Loans in Pool 1 during the related Prepayment Period (or in the case
      of
      Mortgage Loans serviced by Aurora, the related Collection Period), to the extent
      allocable to interest, as reduced by (b) any costs, expenses or liabilities
      related to such Mortgage Pool and reimbursable to the Master Servicer, any
      Servicer, the Custodians, the Securities Administrator and the
      Trustee.

     

    
      
        
        

      

      
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    Interest
      Shortfall:
      With
      respect to any Class of Certificates and any Distribution Date, any Accrued
      Certificate Interest not distributed (or added to principal) with respect to
      any
      previous Distribution Date, other than any Net Prepayment Interest
      Shortfalls.

     

    Intervening
      Assignments:
      The
      original intervening assignments of the Mortgage, notice of transfer or
      equivalent instrument.

     

    IRS:
      The
      Internal Revenue Service.

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date in October 2037.

     

    Lehman
      Brothers Holdings:
      Lehman
      Brothers Holdings Inc., or any successor in interest.

     

    LIBOR:
      With
      respect to each Accrual Period, a per annum rate determined on the LIBOR
      Determination Date in the following manner by the Securities Administrator
      on
      the basis of the “Interest Settlement Rate” set by the British Bankers’
Association (the “BBA”) for six-month United States dollar deposits, as such
      rates appear on the Telerate Page 3750, as of 11:00 a.m. (London time) on such
      LIBOR Determination Date.

     

    If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
      Telerate Page 3750 is not available on such date, the Securities Administrator
      will obtain such rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM”
(US0006M). If such rate is not published for such LIBOR Determination Date,
      LIBOR for such date will be the most recently published Interest Settlement
      Rate. In the event that the BBA no longer sets an Interest Settlement Rate,
      the
      Securities Administrator will designate an alternative index that has performed,
      or that the Securities Administrator expects to perform, in a manner
      substantially similar to the BBA’s Interest Settlement Rate. The Securities
      Administrator will select a particular index as the alternative index only
      if it
      receives an Opinion of Counsel (a copy of which shall be furnished to any NIMS
      Insurer), which opinion shall be an expense reimbursed from the Certificate
      Account pursuant to Section 4.04, that the selection of such index will not
      cause any of the REMICs to lose their classification as REMICs for federal
      income tax purposes.

     

    The
      establishment of LIBOR by the Securities Administrator and the Securities
      Administrator’s subsequent calculation of the Certificate Interest Rate
      applicable to the LIBOR Certificates for the relevant Accrual Period, in the
      absence of manifest error, will be final and binding.

     

    LIBOR
      Available Funds Cap:
      Not
      applicable.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

       

    

    LIBOR
      Business Day:
      Any day
      on which banks in London, England and The City of New York are open and
      conducting transactions in foreign currency and exchange.

     

    LIBOR
      Certificate:
      After
      the Distribution Date in September 2012, the Class 1-A1 and Class 1-A2
      Certificates.

     

    LIBOR
      Component:
      Not
      applicable.

     

    LIBOR
      Determination Date:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period (other than the first Accrual Period) for any LIBOR
      Certificates.

     

    Liquidated
      Mortgage Loan:
      Any
      defaulted Mortgage Loan as to which the Master Servicer or the applicable
      Servicer has determined that all amounts that it expects to recover on behalf
      of
      the Trust Fund from or on account of such Mortgage Loan have been
      recovered.

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Master Servicer or any Servicer in connection
      with the liquidation of any defaulted Mortgage Loan and are not recoverable
      under the applicable Primary Mortgage Insurance Policy, including, without
      limitation, foreclosure and rehabilitation expenses, legal expenses and
      unreimbursed amounts expended pursuant to Sections 9.06, 9.16 or
      9.22.

     

    Liquidation
      Proceeds:
      Cash
      received in connection with the liquidation of a defaulted Mortgage Loan,
      whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
      foreclosure sale or otherwise, or the sale of the related Mortgaged Property
      (including any Additional Collateral) if the Mortgaged Property (including
      such
      Additional Collateral) is acquired in satisfaction of the Mortgage Loan,
      including any amounts remaining in the related Escrow Account.

     

    Loan-to-Value
      Ratio:
      With
      respect to any Mortgage Loan, the ratio of the principal balance of such
      Mortgage Loan at origination, or such other date as is specified, to the
      Original Value thereof.

     

    Losses:
      As
      defined in Section 10.03.

     

    Lower
      Tier Interest:
      Any of
      the REMIC I-1 Interests, REMIC I-2 Interests or REMIC II-1
      Interests.

     

    M-1
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Stepdown Date and as long
      as
      a Trigger Event is not in effect with respect to such Distribution Date, to
      the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Pool 1 Senior Certificates, after giving effect to distributions on
      such
      Distribution Date, and (ii) the Class Principal Amount of the Class M-1
      Certificates immediately prior to such Distribution Date exceeds (y) the M-1
      Target Amount.

     

    M-1
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      86.10% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the
      Overcollateralization Floor.

     

    
      
        
        

      

      
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    M-2
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Stepdown Date and as long
      as
      a Trigger Event is not in effect with respect to such Distribution Date, to
      the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Pool 1 Senior Certificates and Class M-1 Certificates, after giving
      effect to distributions on such Distribution Date, and (ii) the Class Principal
      Amount of the Class M-2 Certificates immediately prior to such Distribution
      Date
      exceeds (y) the M-2 Target Amount.

     

    M-2
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      88.70% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the
      Overcollateralization Floor.

     

    M-3
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Stepdown Date and as long
      as
      a Trigger Event is not in effect with respect to such Distribution Date, to
      the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Pool 1 Senior Certificates and Class M-1 and Class M-2 Certificates,
      after giving effect to distributions on such Distribution Date, and (ii) the
      Class Principal Amount of the Class M-3 Certificates immediately prior to such
      Distribution Date exceeds (y) the M-3 Target Amount.

     

    M-3
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      90.20% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the
      Overcollateralization Floor.

     

    M-4
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Stepdown Date and as long
      as
      a Trigger Event is not in effect with respect to such Distribution Date, to
      the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Pool 1 Senior Certificates and Class M-1, Class M-2 and Class M-3
      Certificates, after giving effect to distributions on such Distribution Date,
      and (ii) the Class Principal Amount of the Class M-4 Certificates immediately
      prior to such Distribution Date exceeds (y) the M-4 Target Amount.

     

    M-4
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      92.90% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the
      Overcollateralization Floor.

     

    M-5
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Stepdown Date and as long
      as
      a Trigger Event is not in effect with respect to such Distribution Date, to
      the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Pool 1 Senior Certificates and Class M-1, Class M-2, Class M-3 and Class
      M-4 Certificates, after giving effect to distributions on such Distribution
      Date, and (ii) the Class Principal Amount of the Class M-5 Certificates
      immediately prior to such Distribution Date exceeds (y) the M-5 Target
      Amount.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

       

    

    M-5
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      93.90% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the
      Overcollateralization Floor.

     

    M-6
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Stepdown Date and as long
      as
      a Trigger Event is not in effect with respect to such Distribution Date, to
      the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Pool 1 Senior Certificates and Class M-1, Class M-2, Class M-3, Class
      M-4
      and Class M-5 Certificates, after giving effect to distributions on such
      Distribution Date, and (ii) the Class Principal Amount of the Class M-6
      Certificates immediately prior to such Distribution Date exceeds (y) the M-6
      Target Amount.

     

    M-6
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      95.20% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the
      Overcollateralization Floor.

     

    M-7
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Stepdown Date and as long
      as
      a Trigger Event is not in effect with respect to such Distribution Date, to
      the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Pool 1 Senior Certificates and Class M-1, Class M-2, Class M-3, Class
      M-4, Class M-5 and Class M-6 Certificates, after giving effect to distributions
      on such Distribution Date, and (ii) the Class Principal Amount of the Class
      M-7
      Certificates immediately prior to such Distribution Date exceeds (y) the M-7
      Target Amount.

     

    M-7
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      96.40% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the
      Overcollateralization Floor.

     

    Maintenance:
      Not
      applicable.

     

    Master
      Servicer:
      Aurora
      Loan Services LLC, or any successor in interest, or if any successor master
      servicer shall be appointed as herein provided, then such successor master
      servicer.

     

    Master
      Servicing Fee:
      As to
      any Distribution Date and each Mortgage Loan, an amount equal to the product
      of
      the Master Servicing Fee Rate and the Scheduled Principal Balance of such
      Mortgage Loan as of the first day of the related Due Period. The Master
      Servicing Fee for any Mortgage Loan shall be payable in respect of any
      Distribution Date solely from the interest portion of the Scheduled Payment
      or
      other payment or recovery with respect to such Mortgage Loan.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

       

    

    Master
      Servicing Fee Rate:
      With
      respect to each Mortgage Loan (other than any Participation), 0.000% per
      annum.

     

    Material
      Defect:
      As
      defined in Section 2.02(c) hereof.

     

    MERS:
      Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or
      any
      successor in interest thereto.

     

    MERS
      Mortgage Loan:
      Any
      Mortgage Loan as to which the related Mortgage, or an Assignment of Mortgage,
      has been or will be recorded in the name of MERS, as agent for the holder from
      time to time of the Mortgage Note.

     

    Monthly
      Excess Cashflow:
      For
      Pool 1 and for any Distribution Date, an amount equal to the sum of (i) the
      Monthly Excess Interest for such Distribution Date, (ii) the
      Overcollateralization Release Amount for such Distribution Date and (iii) any
      remaining Principal Distribution Amount for Pool 1 for such Distribution Date,
      available for distribution pursuant to Section 5.02(c)(i)(D) or Section
      5.02(c)(ii)(J) hereof.

     

    Monthly
      Excess Interest:
      With
      respect to any Distribution Date, the amount of any Interest Remittance Amount
      for Pool 1 remaining after application pursuant to clauses (i) through (iii)
      of
      Section 5.02(b) on such date.

     

    Moody’s:
      Moody's
      Investors Services, Inc, or any successor in interest.

     

    Mortgage:
      A
      mortgage, deed of trust or other instrument encumbering a fee simple interest in
      real property securing a Mortgage Note, together with improvements
      thereto.

     

    Mortgage
      File:
      The
      mortgage documents listed in Section 2.01(b) pertaining to a particular Mortgage
      Loan required to be delivered to the Trustee or a Custodian pursuant to this
      Agreement.

     

    Mortgage
      Loan:
      A
      Mortgage and the related notes or other evidences of indebtedness secured by
      each such Mortgage conveyed, transferred, sold, assigned to or deposited with
      the Trustee or the applicable Custodian pursuant to Section 2.01 or Section
      2.05, including without limitation, each Mortgage Loan listed on the Mortgage
      Loan Schedule, as amended from time to time. In addition, as used herein the
      term “Mortgage Loan” includes the Participations, except where otherwise
      specified or where the context requires otherwise.

     

    Mortgage
      Loan Sale Agreement:
      The
      agreement, dated as of September 1, 2007, for the sale of certain Mortgage
      Loans
      by Lehman Brothers Holdings to the Depositor.

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      The
      Mortgage Loan Schedule shall include, among other information agreed upon by
      the
      Depositor, the Master Servicer, the applicable Servicer, the Securities
      Administrator, data fields specifying the terms and method of calculation of
      any
      Prepayment Penalty Amount with respect to each Mortgage Loan. The Depositor
      shall be responsible for providing the Custodians, the Trustee, the Securities
      Administrator and the Master Servicer with all amendments to the Mortgage Loan
      Schedule.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

       

    

    Mortgage
      Note:
      The
      note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage
      under a Mortgage Loan.

     

    Mortgage
      Pool:
      Either
      of Pool 1 or Pool 2.

     

    Mortgage
      Rate:
      As to
      any Mortgage Loan, the per annum rate at which interest accrues on such Mortgage
      Loan.

     

    Mortgaged
      Property:
      Either
      of (x) the fee simple interest in real property, together with improvements
      thereto including any exterior improvements to be completed within 120 days
      of
      disbursement of the related Mortgage Loan proceeds, or (y) in the case of a
      Cooperative Loan, the related Cooperative Shares and Proprietary Lease, securing
      the indebtedness of the Mortgagor under the related Mortgage Loan.

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Negative
      Amortization:
      Not
      applicable.

     

    Negative
      Amortization Certificate:
      None.

     

    Net
      Funds Cap:
      With
      respect to any Distribution Date and for the Pool 1 Certificates (other than
      the
      Class 1-AX Certificates), an annual rate equal to a fraction, expressed as
      a
      percentage, the numerator of which is the product of (1) the Optimal Interest
      Remittance Amount for such date and (2) 12, and the denominator of which is
      the
      Pool Balance for Pool 1 as of the first day of the related Collection
      Period (not including for this purpose Mortgage Loans for which prepayments
      in
      full have been received and distributed in the month prior to that Distribution
      Date). With respect to any Distribution Date and for the Class 1-AX
      Certificates, an annual rate equal to the Net Funds Cap described in the
      preceding sentence minus 6.00%.

     

    Net
      Liquidation Proceeds:
      With
      respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds net
      of
      unreimbursed expenses incurred in connection with liquidation or foreclosure
      and
      unreimbursed Advances, Servicing Advances and Servicing Fees received and
      retained in connection with the liquidation of such Mortgage Loan.

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the sum
      of
      the applicable Master Servicing Fee Rate, Servicing Fee Rate, Securities
      Administrator Fee Rate and any mortgage insurance premium rate (if
      applicable).

     

    Net
      Prepayment Interest Shortfall:
      With
      respect to any Deposit Date, the excess, if any, of any Prepayment Interest
      Shortfalls with respect to the Mortgage Loans in such Mortgage Pool for such
      date over the sum of any amounts paid by the applicable Servicer with respect
      to
      such shortfalls and any amount that is required to be paid by the Master
      Servicer in respect of such shortfalls pursuant to this Agreement.

     

    
      
        
        

      

      
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    Net
      Swap Payment:
      Not
      applicable. 

     

    Net
      WAC:
      With
      respect to each Mortgage Pool or portion thereof and any Distribution Date,
      the
      weighted average of Net Mortgage Rates of the Mortgage Loans in the related
      Mortgage Pool or portion thereof at the beginning of the related Due Period,
      weighted on the basis of their Scheduled Principal Balances at the beginning
      of
      the related Due Period.

     

    NIM
      Redemption Amount:
      As
      defined in Section 7.01(b).

     

    NIM
      Securities:
      Any net
      interest margin securities issued subsequent to the Closing Date by an owner
      trust or other special purpose entity, the principal assets of such trust or
      other entity including the Class X or Class 1-AP Certificates and the payments
      received thereon, which principal assets back such securities.

     

    NIMS
      Agreement:
      Any
      agreement pursuant to which any NIM Securities are issued.

     

    NIMS
      Insurer:
      One or
      more insurers issuing financial guaranty insurance policies in connection with
      the issuance of NIM Securities. 

     

    Non-Book-Entry
      Certificate:
      Any
      Certificate other than a Book-Entry Certificate.

     

    Non-Discount
      Mortgage Loan:
      Not
      applicable.

     

    Non-MERS
      Mortgage Loan:
      Any
      Mortgage Loan other than a MERS Mortgage Loan.

     

    Non-permitted
      Foreign Holder:
      As
      defined in Section 3.03(f).

     

    Non-U.S.
      Person:
      Any
      person other than (i) a citizen or resident of the United States; (ii) a
      corporation (or entity treated as a corporation for tax purposes) created or
      organized in the United States or under the laws of the United States or of
      any
      state thereof, including, for this purpose, the District of Columbia; (iii)
      a
      partnership (or entity treated as a partnership for tax purposes) organized
      in
      the United States or under the laws of the United States or of any state
      thereof, including, for this purpose, the District of Columbia (unless provided
      otherwise by future Treasury regulations); (iv) an estate whose income is
      includible in gross income for United States income tax purposes regardless
      of
      its source; or (v) a trust, if a court within the United States is able to
      exercise primary supervision over the administration of the trust and one or
      more U.S. Persons have authority to control all substantial decisions of the
      trust. Notwithstanding the last clause of the preceding sentence, to the extent
      provided in Treasury regulations, certain trusts in existence on August 20,
      1996, and treated as U.S. Persons prior to such date, may elect to continue
      to
      be U.S. Persons.

     

    Notional
      Amount:
      With
      respect to any Notional Certificate and any Distribution Date, such
      Certificate’s Percentage Interest of the Class Notional Amount of such Class of
      Certificates for such Distribution Date.

     

    Notional
      Certificate:
      The
      Class 1-AX and Class 2-AX Certificates.

     

    Notional
      Component:
      Not
      applicable.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

       

    

    Offering
      Document:
      Either
      of the private placement memorandum dated September 27, 2007 relating to the
      Privately Offered Certificates or the Prospectus.

     

    Officer’s
      Certificate:
      A
      certificate signed by the Chairman of the Board, any Vice Chairman, the
      President, any Vice President or any Assistant Vice President of a Person,
      and
      in each case delivered to the Trustee or the Securities Administrator, as
      applicable.

     

    One-Year
      MTA:
      Not
      applicable.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Trustee or the Securities Administrator, as applicable and who may be in-house
      or outside counsel to the Depositor, the Master Servicer or the applicable
      Servicer but which must be Independent outside counsel with respect to any
      such
      opinion of counsel concerning the transfer of any Residual Certificate or
      concerning certain matters with respect to ERISA, or the taxation, or the
      federal income tax status, of each REMIC. For purpose of Section 2.01(c)(i),
      the
      Opinion of Counsel referred to therein may take the form of a memorandum of
      law
      or other acceptable assurance. Any such opinion of counsel shall not be at
      the
      expense of the Trustee or Securities Administrator.

     

    Optimal
      Interest Remittance Amount:
      For
      Pool 1 and for each Distribution Date, the product of (A) (x) the weighted
      average of the Net Mortgage Rates for the Pool 1 Mortgage Loans based on their
      Scheduled Principal Balances as of the first day of the related Collection
      Period divided by (y) 12 and (B) the Pool Balance for Pool 1 as of the first
      day
      of the related Collection Period (not including for this purpose Pool 1 Mortgage
      Loans for which prepayments in full have been received and distributed in the
      month prior to that Distribution Date).

    


    Original
      Credit Support Percentage:
      With
      respect to any Class of Pool 2 Subordinate Certificates, the Credit Support
      Percentage with respect to such Class on the Closing Date.

     

    Original
      Group Subordinate Amount:
      The
      Subordinate Amount for Pool 2 as of the first Distribution Date.

     

    Original
      Value:
      The
      lesser of (a) the Appraised Value of a Mortgaged Property at the time the
      related Mortgage Loan was originated and (b) if the Mortgage Loan was made
      to
      finance the acquisition of the related Mortgaged Property, the purchase price
      paid for the Mortgaged Property by the Mortgagor at the time the related
      Mortgage Loan was originated.

     

    Originators:
      The
      Bank, Countrywide
      Home Loans, Inc., GreenPoint Mortgage Funding, Inc., Netbank, Sovereign Bank
      FSB
      and Wells Fargo Home Mortgage.

     

    Overcollateralization
      Amount:
      For
      Pool 1 and for any Distribution Date, the amount, if any, by which (x) the
      Pool
      Balance for Pool 1 for such Distribution Date exceeds (y) the aggregate Class
      Principal Amount of the Pool 1 Certificates after giving effect to distributions
      on such Distribution Date.

     

    Overcollateralization
      Deficiency:
      For
      Pool 1 and for any Distribution Date, the amount, if any, by which (x) the
      Targeted Overcollateralization Amount exceeds (y) the Overcollateralization
      Amount for such Distribution Date, calculated for this purpose after giving
      effect to the reduction on such Distribution Date of the Certificate Principal
      Amounts of the Pool 1 Certificates resulting from the distribution of the
      Principal Distribution Amount relating to Pool 1, but prior to allocation of
      any
      Applied Loss Amount on such Distribution Date to the Pool 1
      Certificates.

     

    
      
        
        

      

      
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    Overcollateralization
      Floor:
      For
      Pool 1, an amount equal to 0.35% of the Pool Balance for Pool 1 as of the
      Cut-off Date.

     

    Overcollateralization
      Release Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the Principal Remittance
      Amount related to the Pool 1 Mortgage Loans for such Distribution Date and
      (y)
      the amount, if any, by which (1) the Overcollateralization Amount for such
      date
      (calculated for this purpose on the basis of the assumption that 100% of the
      Principal Remittance Amount for Pool 1 for such date is applied in reduction
      of
      the Certificate Principal Amounts of the Pool 1 Certificates) exceeds (2) the
      Targeted Overcollateralization Amount.

     

    Parent
      PowerSM
      Loan:
      Not
      applicable.

     

    Participation
      Agreement:
      Not
      applicable.

     

    Participation:
      Not
      applicable.

     

    Participation
      Schedule:
      Not
      applicable.

     

    Payahead:
      Generally any Scheduled Payment intended by the related borrower to be applied
      in a Collection Period subsequent to the Collection Period in which such payment
      was received.

     

    Paying
      Agent:
      Any
      paying agent appointed pursuant to Section 3.08.

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

    Percentage
      Interest:
      When
      used to establish minimum denominations and otherwise with respect to a class
      of
      Certificates other than the Class X, Class P and Class R Certificates, the
      fraction, expressed as a percentage, the numerator of which is that
      Certificate’s Certificate Principal Amount or Notional Amount and the
      denominator of which is the applicable Class Principal Amount or Class Notional
      Amount. When used to determine voting rights of Certificateholders, for any
      Certificate other than a Notional Certificate or the Class X, Class P and Class
      R Certificates, the fraction, expressed as a percentage, the numerator of which
      is that Certificate’s Certificate Principal Amount and the denominator of which
      is the total of the Class Principal Amounts of all such classes of Certificates;
      and the Percentage Interest of a Notional Certificate will be the fraction,
      expressed as a percentage, the numerator of which is that Certificate’s Notional
      Amount and the denominator of which is the total of the Class Notional Amounts
      of all such Classes of Certificates. With respect to any Class X, Class P and
      Class R Certificates, the Percentage Interest evidenced thereby shall be as
      specified on the face thereof.

     

    Permitted
      Servicing Amendment:
      Any
      amendment to any Servicing Agreement pursuant to Section 11.03(a)(iii) hereunder
      in connection with any servicing transfer or transfer of any servicing
      rights. 

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

       

    

    Permitted
      Transferee:
      As
      defined in Section 3.03(f).

     

    Person:
      Any
      individual, corporation, partnership, joint venture, association, joint-stock
      company, limited liability company, trust, unincorporated organization or
      government or any agency or political subdivision thereof.

     

    Plan:
      As
      defined in Section 3.03(d).

     

    Placement
      Agent:
      Lehman
      Brothers Inc.

     

    Plan
      Asset Regulations:
      Not
      applicable.

     

    Pledged
      Asset Loan-to-Value Ratio:
      Not
      applicable.

     

    Pledged
      Asset Mortgage Loan:
      Not
      applicable.

     

    Pool
      1:
      The
      aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule as
      being included in Pool 1.

     

    Pool
      1
      Certificate:
      Any of
      the Class 1-A1, Class 1-A2, Class 1-AX, Class M-1, Class M-2, Class M-3, Class
      M-4, Class M-5, Class M-6 and Class M-7 Certificates.

     

    Pool
      1
      Net Rate:
      Not
      applicable.

     

    Pool
      1
      Net WAC:
      With
      respect to any Distribution Date (and the related Accrual Period), a per annum
      rate equal to a fraction, expressed as a percentage, the numerator of which
      is
      the product of (i) the Optimal Interest Remittance Amount for Pool 1 for such
      date and (ii) 12, and the denominator of which is the Aggregate Loan Balance
      for
      Pool 1 as of the first day of the related Collection Period (not including
      for
      this purpose Mortgage Loans for which prepayments in full have been received
      and
      distributed in the month prior to that Distribution Date).

     

    Pool
      1
      Senior Certificate:
      Any of
      the Class 1-A1, Class 1-A2 or Class 1-AX Certificates.

     

    Pool
      1
      Senior P&I Certificate:
      Any of
      the Class 1-A1 or Class 1-A2 Certificates.

     

    Pool
      1
      Senior Priority:
      The
      priority of distributions on the Pool 1 Senior Certificates described in Section
      5.02(c)(i)(B).

     

    Pool
      1
      Subordinate Certificate:
      Any of
      the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class
      M-7 Certificates.

     

    Pool
      1
      Subordinate Priority:
      To the
      Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class
      M-7
      Certificates, sequentially in that order.

     

    Pool
      2:
      The
      aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule as
      being included in Pool 2.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

       

    

    Pool
      2
      Certificate:
      Any of
      the Class R-II, Class 2-A1, Class 2-A2, Class 2-AX, Class
      2-B1, Class 2-B2, Class 2-B3, Class 2-B4, Class 2-B5 and Class 2-B6
      Certificates.
      The
      Pool 2 Certificates are related to Pool 2.

     

    Pool
      2
      Senior Certificate:
      Any of
      the Class R-II, Class 2-A1, Class 2-A2 or Class 2-AX Certificates.

     

    Pool
      2
      Subordinate Certificate:
      Any of
      the Class 2-B1, Class 2-B2, Class 2-B3, Class 2-B4, Class 2-B5 and Class 2-B6
      Certificates.

     

    Pool
      Balance:
      As to
      each Mortgage Pool and any Distribution Date, the sum of the Scheduled Principal
      Balance of the Mortgage Loans included in such Mortgage Pool.

     

    Prepayment
      Interest Excess:
      With
      respect to any Distribution Date and any Principal Prepayment in full received
      on the Mortgage Loans serviced by Aurora from the first day through the
      sixteenth day of the month during which such Distribution Date occurs, all
      amounts paid in respect of interest at the applicable Net Mortgage Rate on
      such
      Principal Prepayment in full.

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date and (x) with respect to those Mortgage Loans
      serviced by Servicers other than Countrywide Home Loans Servicing LP, any
      Principal Prepayment in part and, with respect to those Mortgage Loans serviced
      by Servicers other than Aurora and Countrywide Home Loans Servicing LP, any
      Principal Prepayment in full, if received during the month immediately preceding
      the month of such Distribution Date, (y) any Principal Prepayment in full with
      respect to those Mortgage Loans serviced by Aurora if received on or after
      the
      seventeenth day of the month immediately preceding the month of such
      Distribution Date but on or before the last day of the month immediately
      preceding the month of such Distribution Date and (z) any Principal Prepayment
      in full or in part with respect to those Mortgage Loans serviced by Countrywide
      Home Loans Servicing LP if received on or after the second day of the month
      immediately preceding the month of such Distribution Date but on or before
      the
      last day of the month immediately preceding the month of such Distribution
      Date,
      the difference between (i) one full month’s interest at the applicable Mortgage
      Rate (after giving effect to any applicable Relief Act Reduction), as reduced
      by
      the applicable Servicing Fee Rate and the Master Servicing Fee Rate on the
      outstanding principal balance of such Mortgage Loan immediately prior to such
      prepayment and (ii) the amount of interest actually received with respect to
      such Mortgage Loan in connection with such Principal Prepayment.

     

    Prepayment
      Penalty Amounts:
      With
      respect to any Distribution Date, all premiums or charges paid by the obligors
      under the related Mortgage Notes due to Principal Prepayments, if any, collected
      by the applicable Servicer and forwarded to the Collection Account pursuant
      to,
      and if required by, the applicable Servicing Agreement during the immediately
      preceding Prepayment Period, if any.

     

    Prepayment
      Period:
      For
      each Distribution Date and for any Principal Prepayment in part or in full
      (including any liquidation) (except Principal Prepayments in part or in full
      received by Countrywide Home Loans Servicing LP and Principal Prepayments in
      full received by Aurora), the calendar month immediately preceding the month
      in
      which such Distribution Date occurs. For each Distribution Date and a Principal
      Prepayment in full (including any liquidation) received by Aurora, the period
      from the seventeenth (or, in the case of the first Distribution Date, the first)
      day of the month immediately preceding the month of such Distribution Date
      through the sixteenth day of the month of such Distribution Date. For each
      Distribution Date and for a Principal Prepayment in part or in full (including
      any liquidation) received by Countrywide Servicing related to each Distribution
      Date, the 2nd day (or, in the case of the first Distribution Date, the 1st)
      of
      the calendar month immediately preceding the month in which such Distribution
      Date occurs through the first day of the calendar month in which such
      Distribution Date occurs.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

       

    

    Primary
      Mortgage Insurance Policy:
      Mortgage guaranty insurance, if any, on an individual Mortgage Loan, as
      evidenced by a policy or certificate.

     

    Principal
      Amount Schedules:
      Not
      applicable.

     

    Principal
      Distribution Amount:
      For
      Pool 1 and for any Distribution Date, an amount equal to the Principal
      Remittance Amount for such date for Pool 1 minus the Overcollateralization
      Release Amount, if any, for such Distribution Date.

     

    Principal
      Only Certificate:
      Not
      applicable.

     

    Principal
      Prepayment:
      Any
      Mortgagor payment of principal or other recovery of principal on a Mortgage
      Loan
      that is recognized as having been received or recovered in advance of its
      scheduled Due Date and applied to reduce the principal balance of the Mortgage
      Loan in accordance with the terms of the Mortgage Note or the applicable
      Servicing Agreement.

     

    Principal
      Remittance Amount:
      For
      Pool 1 and for any Distribution Date, an amount equal to (a) the sum of (1)
      all
      principal collected (other than Payaheads) or advanced in respect of Scheduled
      Payments on the Mortgage Loans in Pool 1 during the related Collection Period
      by
      the related Servicers or the Master Servicer (less unreimbursed Advances due
      to
      the Master Servicer, any Servicer or the Securities Administrator (solely in
      its
      capacity as successor master servicer) with respect to such Mortgage Loans,
      to
      the extent allocable to principal, and any unreimbursed servicing advances),
      (2)
      all prepayments in full or in part received on the Mortgage Loans in Pool 1
      during the related Prepayment Period (or in the case of Mortgage Loans serviced
      by Aurora, the related Collection Period), (3) the outstanding principal balance
      of each Mortgage Loan in Pool 1 that was repurchased by the Seller or the
      related Transferor during the related Prepayment Period (or, in the case of
      Mortgage Loans serviced by Aurora, the related Collection Period) or the NIMS
      Insurer (in the case of certain Mortgage Loans 90 days or more delinquent),
      (4)
      the principal portion of any Substitution Amount paid with respect to any
      replaced Mortgage Loan in Pool 1 during the related Prepayment Period (or,
      in
      the case of Mortgage Loans serviced by Aurora, the related Collection Period)
      allocable to principal and (5) all Net Liquidation Proceeds, Insurance Proceeds
      and any other recoveries collected with respect to the Mortgage Loans in Pool
      1
      during the related Prepayment Period (or, in the case of Mortgage Loans serviced
      by Aurora, the related Collection Period), to the extent allocable to principal,
      minus (b) any other costs, expenses or liabilities reimbursable to the Master
      Servicer, a Servicer, the Securities Administrator, the Custodians and the
      Trustee as applicable to Pool 1 from the Interest Remittance Amount described
      in
      clause (b) of the definition thereof and not reimbursed therefrom or
      otherwise.

     

    Privately
      Offered Certificates:
      The
      Class 2-B4, Class 2-B5, Class 2-B6, the Class 1-AP and Class 2-AP
      Certificates.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

       

    

    Proceeding:
      Not
      applicable.

     

    Proprietary
      Lease:
      With
      respect to any Cooperative Unit, a lease or occupancy agreement between a
      Cooperative Corporation and a holder of related Cooperative Shares.

     

    Prospectus:
      The
      prospectus supplement dated September 27, 2007, together with the accompanying
      prospectus dated August 16, 2007, relating to the Senior Certificates and the
      Subordinate Certificates.

     

    Purchase
      Price:
      For
      each Mortgage Loan repurchased hereunder, an amount equal to the sum of (a)
      100%
      of the outstanding principal balance of such Mortgage Loans plus accrued
      interest thereon at the applicable Mortgage Rate from the date as to which
      interest was last paid to (but not including) the Due Date in the Collection
      Period immediately preceding the related Distribution Date, (b) the fair market
      value of all other property being repurchased relating to such Mortgage Loans
      (reduced, in the case of REO Property, by (1) reasonably anticipated disposition
      costs and (2) any amount by which the fair market value as so reduced exceeds
      the outstanding principal balance of the related Mortgage Loan plus accrued
      interest thereon at the applicable Mortgage Rate), (c) any unreimbursed
      servicing advances and amounts due to the Trustee, Master Servicer, Securities
      Administrator, Servicers and Custodians related to such Mortgage Loan for the
      related Distribution Date and (d) any costs and damages incurred by the Trust
      Fund (or the Trustee) in connection with any violation by such Mortgage Loan
      of
      any predatory- or abusive-lending law.

     

    QIB:
      As
      defined in Section 3.03(c).

     

    Qualified
      GIC:
      A
      guaranteed investment contract or surety bond providing for the investment
      of
      funds in the Collection Account or the Certificate Account and insuring a
      minimum, fixed or floating rate of return on investments of such funds, which
      contract or surety bond shall:

     

    (a) be
      an
      obligation of an insurance company or other corporation whose long-term debt
      is
      rated by each Rating Agency in one of its two highest rating categories or,
      if
      such insurance company has no long-term debt, whose claims paying ability is
      rated by each Rating Agency in one of its two highest rating categories, and
      whose short-term debt is rated by each Rating Agency in its highest rating
      category;

     

    (b) provide
      that the Trustee may exercise all of the rights under such contract or surety
      bond without the necessity of taking any action by any other
      Person;

     

    (c) provide
      that if at any time the then current credit standing of the obligor under such
      guaranteed investment contract is such that continued investment pursuant to
      such contract of funds would result in a downgrading of any rating of the
      Certificates or the NIM Securities, the Trustee shall terminate such contract
      without penalty and be entitled to the return of all funds previously invested
      thereunder, together with accrued interest thereon at the interest rate provided
      under such contract to the date of delivery of such funds to the Securities
      Administrator;

     

    (d) provide
      that the Trustee’s interest therein shall be transferable to any successor
      trustee hereunder; and

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

       

    

    (e) provide
      that the funds reinvested thereunder and accrued interest thereon be returnable
      to the Collection Account or the Certificate Account, as the case may be, not
      later than the Business Day prior to any Distribution Date.

     

    Qualified
      Insurer:
      Not
      applicable.

     

    Qualifying
      Substitute Mortgage Loan:
      In the
      case of a Mortgage Loan substituted for a Deleted Mortgage Loan, a Mortgage
      Loan
      that, on the date of substitution, (i) has a Scheduled Principal Balance
      (together with that of any other mortgage loan substituted for the same Deleted
      Mortgage Loan) as of the Due Date in the month in which such substitution occurs
      not in excess of the Scheduled Principal Balance of the related Deleted Mortgage
      Loan, provided, however, that, to the extent that the Scheduled Principal
      Balance of such Mortgage Loan is less than the Scheduled Principal Balance
      of
      the related Deleted Mortgage Loan, then such differential in principal amount,
      together with interest thereon at the applicable Mortgage Rate net of the
      applicable Master Servicing Fee and the applicable Servicing Fee from the date
      as to which interest was last paid through the end of the Due Period in which
      such substitution occurs, shall be paid by the party effecting such substitution
      to the Master Servicer for deposit into the Collection Account, and shall be
      treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not
      lower than the Net Mortgage Rate of the related Deleted Mortgage Loan and will
      be a Discount Mortgage Loan if the Deleted Mortgage Loan was a Discount Mortgage
      Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan was a
      Non-Discount Mortgage Loan; (iii) has a remaining stated term to maturity not
      more than eighteen months longer than, and not more than eighteen months shorter
      than, the remaining term to stated maturity of the related Deleted Mortgage
      Loan; (iv) (A) has a Loan-to-Value Ratio as of the date of such substitution
      of
      not greater than 80%, provided, however, that if the related Deleted Mortgage
      Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value
      Ratio
      of such substitute Mortgage Loan may be greater than 80% but shall not be
      greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan and
      (B) the addition of such substitute Mortgage Loan does not increase the weighted
      average Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v)
      will comply with all of the representations and warranties relating to Mortgage
      Loans set forth herein, as of the date as of which such substitution occurs;
      (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was
      a
      Cooperative Loan; (vii) if applicable, has the same index as and a margin not
      less than that of the related Deleted Mortgage Loan; (viii) has not been
      delinquent for a period of more than 30 days more than once in the twelve months
      immediately preceding such date of substitution; (ix) is covered by a Primary
      Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered,
      and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; (x)
      has a
      Credit Score not greater than 20 points lower than the Credit Score of the
      related Deleted Mortgage Loan, provided, however, that if the Deleted Mortgage
      Loan does not have a Credit Score, then such substitute Mortgage Loan shall
      have
      a Credit Score equal to or greater than 700; (xi) has its initial adjustment
      date after the related Reset Date; and (xii) has a gross margin no less than
      the
      related Deleted Mortgage Loan. In the event that either one mortgage loan is
      substituted for more than one Deleted Mortgage Loan or more than one mortgage
      loan is substituted for one or more Deleted Mortgage Loans, then (a) the
      Scheduled Principal Balance referred to in clause (i) above shall be determined
      such that the aggregate Scheduled Principal Balance of all such substitute
      Mortgage Loans shall not exceed the aggregate Scheduled Principal Balance of
      all
      Deleted Mortgage Loans and (b) each of (1) the rate referred to in clause (ii)
      above, (2) the remaining term to stated maturity referred to in clause (iii)
      above, (3) the Loan-to-Value Ratio referred to in clause (iv) above and (4)
      the
      Credit Score referred to in clause (x) above shall be determined on a weighted
      average basis, provided that the final scheduled maturity date of any Qualifying
      Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution
      Date
      of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan
      is
      substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party
      effecting such substitution shall certify such qualification in writing to
      the
      Trustee, applicable Custodian and the Master Servicer.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

       

    

    Rating
      Agency:
      Either
      of Fitch or S&P.

     

    Realized
      Loss:
      With
      respect to Pool 1, the excess of the outstanding principal balance of a
      Liquidated Mortgage Loan over the related Net Liquidation Proceeds, to the
      extent allocable to principal. With respect to Pool 2, (a) with respect to
      each
      Liquidated Mortgage Loan, an amount equal to (i) the unpaid principal balance
      of
      such Mortgage Loan as of the date of liquidation, plus (ii) interest at the
      applicable Net Mortgage Rate from the date as to which interest was last paid
      up
      to the last day of the month of such liquidation, minus (iii) Liquidation
      Proceeds received, net of amounts that are reimbursable to the Master Servicer
      or the applicable Servicer with respect to such Mortgage Loan (other than
      Advances of principal and interest) including expenses of liquidation or (b)
      with respect to each Mortgage Loan that has become the subject of a Deficient
      Valuation, the difference between the unpaid principal balance of such Mortgage
      Loan immediately prior to such Deficient Valuation and the unpaid principal
      balance of such Mortgage Loan as reduced by the Deficient Valuation. In
      determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized
      Loss of interest or principal, Liquidation Proceeds shall be allocated, first,
      to payment of expenses related to such Liquidated Mortgage Loan, then to
      accrued, unpaid interest and finally to reduce the principal balance of the
      Mortgage Loan.

    


    Recognition
      Agreement:
      With
      respect to any Cooperative Loan, an agreement between the related Cooperative
      Corporation and the originator of such Mortgage Loan to establish the rights
      of
      such originator in the related Cooperative Property.

     

    Record
      Date:
      With
      respect to any Distribution Date, the close of business on the last Business
      Day
      of the month immediately preceding the month in which such Distribution Date
      occurs.

     

    Redemption
      Certificate:
      None.

     

    Reference
      Banks:
      Not
      applicable.

     

    Regulation
      AB:
      Subpart
      229.1100
      - Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as
      such may be amended from time to time, and subject to such clarification and
      interpretation as have been provided by the Commission in the adopting release
      (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed Reg. 1,506,
      1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may otherwise
      be
      provided by the Commission or its staff from time to time; and all references
      to
      any rule, item, section or subsection of, or definition or term contained in,
      Regulation AB mean such rule, item, section, subsection, definition or term,
      as
      the case may be, or any successor thereto, in each case as the same may be
      amended from time to time.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

       

    

    Regulation
      S:
      Regulation S promulgated under the Act or any successor provision thereto,
      in
      each case as the same may be amended from time to time; and all references
      to
      any rule, section or subsection of, or definition or term contained in,
      Regulation S means such rule, section, subsection, definition or term, as the
      case may be, or any successor thereto, in each case as the same may be amended
      from time to time.

     

    Regulation
      S Global Security:
      The
      meaning specified in Section 3.01(c).

     

    Related
      Certificates:
      For any
      REMIC I-2 Interest, the Class of Certificates set forth on the same row in
      the
      table under “REMIC I-2” in the Preliminary Statement hereto. For any REMIC I-3
      Interest, the Class of Certificates set forth on the same row in the table
      under
“REMIC I-3” in the Preliminary Statement hereto.

    


    Related
      REMIC I-2 Interest:
      For any
      Related Certificates, the REMIC I-2 Interest set forth on the same row in the
      table under “REMIC I-2” in the Preliminary Statement hereto. 

    


    Related
      REMIC I-3 Interest:
      For any
      Related Certificates, the REMIC I-3 Interest set forth on the same row in the
      table under “REMIC I-3” in the Preliminary Statement hereto. 

     

    Relevant
      Servicing Criteria:
      The
      Servicing Criteria applicable to each party, as set forth on Exhibit O attached
      hereto. Multiple parties can have responsibility for the same Relevant Servicing
      Criteria. With respect to a Servicing Function Participant engaged by the Master
      Servicer, the Securities Administrator, each Custodian or each Servicer, the
      term “Relevant Servicing Criteria” may refer to a portion of the Relevant
      Servicing Criteria applicable to such parties.

     

    Relief
      Act Reduction:
      With
      respect to any Mortgage Loan as to which there has been a reduction in the
      amount of interest collectible thereon as a result of application of the
      Servicemembers Civil Relief Act or any similar state or local law, any amount
      by
      which interest collectible on such Mortgage Loan for the Due Date in the related
      Due Period is less than interest accrued thereon for the applicable one-month
      period at the Mortgage Rate without giving effect to such
      reduction.

     

    REMIC:
      Each of
      REMIC I-1, REMIC I-2, REMIC I-3, REMIC II-1 and REMIC II-2 as described in
      the
      Preliminary Statement hereto.

     

    REMIC
      I-1:
      REMIC
      I-1 as described in the Preliminary Statement hereto.

     

    REMIC
      I-1 Interest:
      Any one
      of the classes of REMIC I-1 Regular Interests and the Class LTI1-R Interest
      as
      described in the Preliminary Statement hereto.

     

    REMIC
      I-1 Marker Classes:
      Any of
      the REMIC I-1 Regular Interests other than the Class LTI1-X
      Interest.

     

    REMIC
      I-1 Regular Interest:
      Each of
      the REMIC I-1 Interests other than the Class LTI1-R Interest.

     

    REMIC
      I-2:
      REMIC
      I-2 as described in the Preliminary Statement hereto.

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

       

    

    REMIC
      I-2 Interest:
      Any one
      of the classes of REMIC I-2 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      I-2 Regular Interest:
      Each of
      the REMIC I-2 Interests other than the Class LTI2-R Interest.

     

    REMIC
      I-3:
      REMIC
      I-3 as described in the Preliminary Statement hereto.

     

    REMIC
      I-3 Interest:
      Any one
      of the classes of REMIC I-3 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      I-3 Regular Interest:
      Any of
      the REMIC I-3 Interests other than the Residual I Interest. Alternatively,
      any
      of the REMIC regular interests represented by (i) any class of Pool 1
      Certificates (other than the Pool 1 Senior P&I Certificates), (ii) the
      rights associated with any Class of Pool 1 Senior P&I Certificates other
      than the rights to payments in respect of Excess Interest and (iii) the
      Uncertificated Class 1-X Interest.

     

    REMIC
      II-1:
      REMIC
      II-1 as described in the Preliminary Statement hereto.

     

    REMIC
      II-1 Interest:
      Any one
      of the classes of REMIC II-1 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      II-1 Subordinated Balance Ratio:
      As of
      any Distribution Date, the ratio among the uncertificated principal balances
      of
      each of the REMIC II-1 Regular Interests ending with the designation “A” that is
      equal to the ratio among, with respect to each such REMIC II-1 Regular Interest,
      the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage
      Loans in the related Mortgage Pool over (y) the aggregate Class Principal
      Amounts of the Senior Certificates of the Certificate Group related to such
      Mortgage Pool (after giving effect to distributions on such Distribution
      Date).

     

    REMIC
      II-1 Regular Interest:
      Each of
      the REMIC II-1 Interests other than the Class LTII1-R Interest.

     

    REMIC
      II-2:
      REMIC
      II-2 as described in the preliminary statement hereto.

    


    REMIC
      II-2 Interest:
      Any one
      of the classes of REMIC II-2 Interests as described in the Preliminary Statement
      hereto.

    


    REMIC
      II-2 Regular Interest:
      Each of
      the REMIC II-2 Interests other than the Class LTII2-R Interest.

    


    REMIC
      Pass-Through Rate:
      For any
      Distribution Date, for any Pool 1 Senior P&I Certificate and its Related
      REMIC I-3 Interest, the Net Funds Cap for such Certificate.

     

    REMIC
      Provisions:
      The
      provisions of the federal income tax law relating to real estate mortgage
      investment conduits, which appear at sections 860A through 860G of Subchapter
      M
      of Chapter 1 of the Code, and related provisions, and regulations, including
      proposed regulations and rulings, and administrative pronouncements promulgated
      thereunder, as the foregoing may be in effect from time to time.

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

       

    

    REMIC
      Swap Rate:
      Not
      applicable.

     

    Remittance
      Date:
      The day
      in each month on which each Servicer is required to remit payments to the
      account maintained by the Master Servicer, as specified in the applicable
      Servicing Agreement, which is the 18th
      day of
      each month (or if such 18th
      day is
      not a Business Day, the next succeeding Business Day).

     

    REO
      Property:
      A
      Mortgaged Property acquired by the Trust Fund through foreclosure or
      deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan or
      otherwise treated as having been acquired pursuant to the REMIC
      Provisions.

     

    Reportable
      Event:
      As
      defined in Section 6.20(g)(i).

     

    Reporting
      Servicer:
      As
      defined in Section 6.20(e)(i).

     

    Repurchase
      Price:
      As
      defined in Section 7.01(b).

     

    Reserve
      Interest Rate:
      Not
      applicable.

     

    Reset
      Date:
      Not
      applicable.

     

    Residual
      Certificate:
      Any
      Class R Certificate.

     

    Residual
      I Interest:
      An
      interest in REMIC I-3 that is entitled to all distributions on the Class R-I
      Certificate other than distributions in respect of the Class LTI1-R Interest
      and
      Class LTI2-R Interest.

     

    Responsible
      Officer:
      When
      used with respect to the Trustee or Securities Administrator, any Vice
      President, Assistant Vice President, the Secretary, any assistant secretary,
      or
      any officer within its corporate trust department and having direct
      responsibility for the administration of this Agreement.

     

    Restricted
      Certificate:
      Any
      Class 2-B4, Class 2-B5, Class 2-B6, Class P, Class X or Class R Certificate
      but
      excluding any Regulation S Global Security.

     

    Restricted
      Global Security:
      As
      defined in Section 3.01(c).

     

    Rolling
      Three Month Delinquency Rate:
      For
      Pool 1 and for any Distribution Date, an amount equal to the average of the
      Pool
      1 Delinquency Rates for each of the three (or one and two, in the case of the
      first and second Distribution Dates, respectively) immediately preceding
      months.

     

    Rounding
      Account:
      Not
      applicable.

     

    Rules:
      As
      defined in Section 6.20(c).

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    S-X
      Component:
      Not
      applicable.

     

    S&P:
      Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., or any
      successor in interest.

     

    Sarbanes-Oxley
      Act:
      The
      Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission
      promulgated thereunder (including any interpretations thereof by the
      Commission’s staff).

     

    Sarbanes-Oxley
      Certification:
      A
      written certification covering the activities of all Servicing Function
      Participants and signed by an officer of the Exchange Act Signing Party that
      complies with the Sarbanes-Oxley Act, as amended from time to time.

     

    Scheduled
      Payment:
      Each
      scheduled payment of principal and interest (or of interest only, if applicable)
      to be paid by the Mortgagor on a Mortgage Loan, as reduced (except where
      otherwise specified herein) by the amount of any related Debt Service Reduction
      (excluding all amounts of principal and interest that were due on or before
      the
      Cut-off Date whenever received) and, in the case of an REO Property, an amount
      equivalent to the Scheduled Payment that would have been due on the related
      Mortgage Loan if such Mortgage Loan had remained in existence. In the case
      of
      any bi-weekly payment Mortgage Loan, all payments due on such Mortgage Loan
      during any Due Period shall be deemed collectively to constitute the Scheduled
      Payment due on such Mortgage Loan in such Due Period.

     

    Scheduled
      Principal Amount:
      Not
      applicable.

     

    Scheduled
      Principal Balance:
      With
      respect to (i) any Mortgage Loan as of any Distribution Date, the principal
      balance of such Mortgage Loan at the close of business on the Cut-off Date,
      after giving effect to principal payments due on or before the Cut-off Date,
      whether or not received, less an amount equal to principal payments due after
      the Cut-off Date and on or before the Due Date in the related Due Period,
      whether or not received from the Mortgagor or advanced by the applicable
      Servicer or the Master Servicer, and all amounts allocable to unscheduled
      principal payments (including Principal Prepayments, Net Liquidation Proceeds,
      Insurance Proceeds and condemnation proceeds, in each case to the extent
      identified and applied prior to or during the applicable Prepayment Period)
      and
      (ii) any REO Property as of any Distribution Date, the Scheduled Principal
      Balance of the related Mortgage Loan on the Due Date immediately preceding
      the
      date of acquisition of such REO Property (reduced by any amount applied as
      a
      reduction of principal on the Mortgage Loan). With respect to any Mortgage
      Loan
      as of the Cut-off Date, as specified in the Mortgage Loan Schedule or the
      Participation Schedule, as the case may be.

     

    Security
      Agreement:
      With
      respect to any Cooperative Loan, the agreement between the owner of the related
      Cooperative Shares and the originator of the related Mortgage Note that defines
      the terms of the security interest in such Cooperative Shares and the related
      Proprietary Lease. 

     

    Securities
      Administrator:
      Wells
      Fargo Bank, N.A., not in its individual capacity but solely as Securities
      Administrator, or any successor in interest, or if any successor Securities
      Administrator shall be appointed as herein provided, then such successor
      Securities Administrator.

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

       

    

    Securities
      Administrator Fee:
      As to
      any Distribution Date and each Mortgage Loan, an amount equal to the product
      of
      the Securities Administrator Fee Rate and the Scheduled Principal Balance of
      such Mortgage Loan as of the first day of the related Due Period.

     

    Securities
      Administrator Fee Rate:
      0.0055%
      per annum.

     

    Seller:
      Lehman
      Brothers Holdings or any successor in interest.

     

    Senior
      Certificate:
      Any
      Pool 1 Senior Certificate or Pool 2 Senior Certificate.

     

    Senior
      Enhancement Percentage:
      For
      Pool 1 and for any Distribution Date, the fraction, expressed as a percentage,
      the numerator of which is the sum of the aggregate Class Principal Amount of
      the
      Pool 1 Subordinate Certificates and the Overcollateralization Amount (which,
      for
      purposes of this definition only, shall not be less than zero and assuming
      for
      purposes of this definition that the Principal Distribution Amount has been
      distributed on such Distribution Date and no Trigger Event has occurred) and
      the
      denominator of which is the Pool Balance for Pool 1 for such Distribution Date,
      in each case after giving effect to distributions on such Distribution Date.
      For
      Pool 2 and for any Distribution Date is the percentage equivalent of a fraction,
      the numerator of which is the related Subordinate Amount and the denominator
      of
      which is the related Pool Balances of the Mortgage Loans related to such Group
      for the immediately preceding Distribution Date.

     

    Senior
      Percentage:
      With
      respect to each of Pool 2 and on any Distribution Date, the percentage
      equivalent of the fraction, the numerator of which is the aggregate of the
      Certificate Principal Amounts of the Pool 2 Senior Certificates (other than
      any
      Notional Certificate) related to such Mortgage Pool and the denominator of
      which
      is the related Pool balance for the immediately preceding Distribution
      Date.

     

    Senior
      Prepayment Percentage:
      With
      respect to each of Pool 2 for any Distribution Date occurring during the seven
      years beginning on the first Distribution Date, 100%, except as described herein
      below. With respect to each of Pool 2 for any Distribution Date occurring on
      or
      after the seventh anniversary of the first Distribution Date, the related Senior
      Percentage plus the following percentage of the related Subordinate Percentage
      for such Distribution Date: for any Distribution Date in the first year
      thereafter, 70%; for any Distribution Date in the second year thereafter, 60%;
      for any Distribution Date in the third year thereafter, 40%; for any
      Distribution Date in the fourth year thereafter, 20%; and for any subsequent
      Distribution Date, 0%; provided, however, (i) if on any of the foregoing
      Distribution Dates the related Senior Enhancement Percentage for Pool 2 is
      less
      than the related Initial Senior Enhancement Percentage, the related Senior
      Prepayment Percentage for Pool 2 on such Distribution Date shall once again
      equal 100%, (ii) unless the condition described in clause (i) has occurred,
      if
      on any Distribution Date before the Distribution Date in October 2010, prior
      to
      giving effect to any distributions on such Distribution Date, the related Senior
      Enhancement Percentage for Pool 2 for such Distribution Date is greater than
      or
      equal to twice the related Initial Senior Enhancement Percentage, then the
      related Senior Prepayment Percentage for Pool 2 for such Distribution Date
      will
      equal the related Senior Percentage plus 50% of the related Subordinate
      Percentage for Pool 2 and (iii) unless the condition described in clause (i)
      has
      occurred, if on any Distribution Date on or after the Distribution Date in
      October 2010, prior to giving effect to any distributions on such Distribution
      Date, the related Senior Enhancement Percentage for Pool 2 for such Distribution
      Date is greater than or equal to twice the related Initial Senior Enhancement
      Percentage, then the related Senior Prepayment Percentage for Pool 2 on such
      Distribution Date will equal the related Senior Percentage.

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

       

    

    Notwithstanding
      the foregoing, no decrease in the related Senior Prepayment Percentage for
      Pool
      2 below the respective levels in effect for the most recent prior period set
      forth in the paragraph above (calculated without regard to clause (ii) or clause
      (iii) of the paragraph above) shall be effective on any Distribution Date if,
      as
      of the first Distribution Date as to which any such decrease applies, (i) the
      average outstanding principal balance on such Distribution Date and for the
      preceding five Distribution Dates of all Mortgage Loans in Pool 2 that were
      delinquent 60 days or more (including for this purpose any Mortgage Loans in
      foreclosure and the Scheduled Payments that would have been due on Mortgage
      Loans with respect to which the related Mortgaged Property has been acquired
      by
      the Trust Fund if the related Mortgage Loan had remained in existence) is
      greater than or equal to 50% of the applicable Subordinate Amount immediately
      prior to such Distribution Date or (ii) cumulative Realized Losses with respect
      to the Mortgage Loans in Pool 2 exceed (a) with respect to each Distribution
      Date prior to the third anniversary of the first Distribution Date, 20% of
      the
      related Original Group Subordinate Amount, (b) with respect to each Distribution
      Date on or after the third anniversary and prior to the eighth anniversary
      of
      the first Distribution Date, 30% of the related Original Group Subordinate
      Amount, (c) with respect to each Distribution Date on or after the eighth
      anniversary and prior to the ninth anniversary of the first Distribution Date,
      35% of the related Original Group Subordinate Amount, (d) with respect to each
      Distribution Date on or after the ninth anniversary and prior to the tenth
      anniversary of the first Distribution Date, 40% of the related Original Group
      Subordinate Amount, (e) with respect to each Distribution Date on or after
      the
      tenth anniversary and prior to the eleventh anniversary of the first
      Distribution Date, 45% of the related Original Group Subordinate Amount, and
      (f)
      with respect to each Distribution Date on or after the eleventh anniversary
      of
      the first Distribution Date or thereafter, 50% of the related Original Group
      Subordinate Amount. After the related Class Principal Amount of each related
      Class of Senior Certificates in any Certificate Group has been reduced to zero,
      the Senior Prepayment Percentage for Pool 2 shall be 0%.

     

    Senior
      Principal Distribution Amount:
      For
      Pool 1 and for any Distribution Date an amount equal to (a) prior to the
      Stepdown Date or if a Trigger Event is in effect with respect to such
      Distribution Date, 100% of the Principal Distribution Amount for Pool 1 and
      (b)
      on or after the Stepdown Date and as long as a Trigger Event is not in effect
      with respect to such Distribution Date, the amount, if any, by which (x) the
      aggregate Class Principal Amount of each class of Pool 1 Senior Certificates
      immediately prior to that Distribution Date exceeds (y) the Senior Target
      Amount.

     

    For
      each
      Mortgage Pool related to Pool 2 and any Distribution Date, the sum of the
      following amounts:

     

    (i)
      the
      product of (a) the related Senior Percentage for such date and (b) the principal
      portion of each Scheduled Payment (without giving effect to any Debt Service
      Reduction occurring prior to the Bankruptcy Coverage Termination Date), on
      each
      Mortgage Loan in the related Mortgage Pool due during the related Due
      Period;

     

    (ii)
      the
      product of (a) the related Senior Prepayment Percentage for such date and (b)
      each of the following amounts: (1) each Principal Prepayment on the Mortgage
      Loans in the related Mortgage Pool collected during the related Prepayment
      Period, (2) each other unscheduled collection, including any Subsequent
      Recovery, Insurance Proceeds and Net Liquidation Proceeds (other than with
      respect to any Mortgage Loan in the related Mortgage Pool that was finally
      liquidated during the related Prepayment Period) representing or allocable
      to
      recoveries of principal in the related Mortgage Pool received during the related
      Prepayment Period, and (3) the principal portion of all proceeds of the purchase
      of any Mortgage Loan in the related Mortgage Pool (or, in the case of a
      permitted substitution, amounts representing a principal adjustment) actually
      received by the Securities Administrator with respect to the related Prepayment
      Period;

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

       

    

    (iii)
      with respect to unscheduled recoveries allocable to principal of any Mortgage
      Loan in the related Mortgage Pool that was finally liquidated during the related
      Prepayment Period, the lesser of (a) the related Net Liquidation Proceeds
      allocable to principal and (b) the product of the related Senior Prepayment
      Percentage for such date and the Scheduled Principal Balance of such related
      Mortgage Loan at the time of liquidation; and

     

    (iv)
      any
      amounts described in clauses (i) through (iii) for any previous Distribution
      Date that remain unpaid.

     

    If
      on any
      Distribution Date the Class Principal Amount of each Class of Senior
      Certificates in any Certificate Group has been reduced to zero, the Senior
      Principal Distribution Amount for such Certificate Group for such date
      (following such reduction) and each subsequent Distribution Date shall be
      zero.

     

    Senior
      Target Amount:
      For
      Pool 1 and for any Distribution Date, an amount equal to the lesser of (a)
      the
      product of (1) 80.90% and (2) the Pool Balance for Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (1) the Pool Balance for Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    Servicer:
      Any
      Servicer that has entered into any of the Servicing Agreements attached as
      Exhibit E hereto, or any successor in interest. Initially, the Servicers are
      Aurora Loan Services LLC, Colonial Savings, F.A., Countrywide Home Loans
      Servicing LP and Wells Fargo Bank, N.A. 

     

    Service(s)(ing):
      In
      accordance with Regulation AB, the act of managing or collecting payments on
      the
      Mortgage Loans or any other assets of the Trust Fund by an entity that meets
      the
      definition of “servicer” set forth in Item 1101 of Regulation AB. For
      clarification purposes, any uncapitalized occurrence of this term shall have
      the
      meaning commonly understood by participants in the residential mortgage-backed
      securitization market.

     

    Servicing
      Advances:
      Expenditures incurred by a Servicer in connection with the liquidation or
      foreclosure of a Mortgage Loan which are eligible for reimbursement under the
      applicable Servicing Agreement.

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

       

    

    Servicing
      Agreement:
      Each
      Servicing Agreement between a Servicer and the Seller, dated as of September
      1,
      2007, attached hereto in Exhibit E, and any other servicing agreement entered
      into between a successor servicer and the Seller or the Trustee pursuant to
      the
      terms hereof.

     

    Servicing
      Criteria:
      The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
      amended from time to time.

     

    Servicing
      Fee:
      With
      respect to each Servicer, the Servicing Fee specified in the applicable
      Servicing Agreement and set forth on the Mortgage Loan Schedule.

     

    Servicing
      Fee Rate:
      With
      respect to a Servicer, the Servicing Fee specified in the applicable Servicing
      Agreement.

     

    Servicing
      Function Participant:
      Any
      Subservicer, Subcontractor or any other Person, other than each Servicer, each
      Custodian, the Master Servicer, the Trustee, the Securities Administrator and
      the Paying Agent, that is participating in the servicing function within the
      meaning of Regulation AB, unless such Person’s activities relate only to 5% or
      less of the Mortgage Loans.

     

    Servicing
      Officer:
      Any
      officer of the Master Servicer involved in or responsible for the administration
      and servicing or master servicing of the Mortgage Loans whose name appears
      on a
      list of servicing officers furnished by the Master Servicer to the Trustee,
      as
      such list may from time to time be amended.

     

    Similar
      Law:
      As
      defined in Section 3.03(d).

     

    Special
      Hazard Loss:
      With
      respect to the Mortgage Loans, (x) any Realized Loss arising out of any direct
      physical loss or damage to a Mortgaged Property which is caused by or results
      from any cause, exclusive of any loss covered by a hazard policy or a flood
      insurance policy required to be maintained in respect of such Mortgaged Property
      and any loss caused by or resulting from (i) normal wear and tear, (ii)
      conversion or other dishonest act on the part of the Trustee, the Securities
      Administrator, the Master Servicer, any Servicer or any of their agents or
      employees, or (iii) errors in design, faulty workmanship or faulty materials,
      unless the collapse of the property or a part thereof ensues, or (y) any
      Realized Loss arising from or related to the presence or suspected presence
      of
      hazardous wastes, or hazardous substances on a Mortgaged Property unless such
      loss is covered by a hazard policy or flood insurance policy required to be
      maintained in respect of such Mortgaged Property, in any case, as reported
      by
      any Servicer to the Master Servicer.

     

    Special
      Hazard Loss Limit:
      As of
      the Cut-off Date, $4,000,000 for Pool 2 which amount shall each be reduced
      from
      time to time to an amount equal on any Distribution Date to the lesser of (a)
      the greatest of (i) 1% of the aggregate of the Scheduled Principal Balances
      of
      the related Mortgage Loans; (ii) twice the Scheduled Principal Balance of the
      related Mortgage Loan having the highest Scheduled Principal Balance, and (iii)
      the aggregate Scheduled Principal Balances of the related Mortgage Loans secured
      by Mortgaged Properties located in the single California postal zip code area
      having the highest aggregate Scheduled Principal Balance of Mortgage Loans
      of
      any such postal zip code area and (b) such Special Hazard Loss Limit as of
      the
      Closing Date less the amount, if any, of Special Hazard Losses incurred with
      respect to the related Mortgage Loans since the Closing Date.

     

    
      
        
        

      

      
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    Specified
      Rating:
      Not
      applicable.

     

    Sponsor:
      Lehman
      Brothers Holdings Inc. and any successor in interest thereto.

     

    Startup
      Day:
      The day
      designated as such pursuant to Section 10.01(b) hereof.

     

    Stepdown
      Date:
      For
      Pool 1, the earlier of (x) the first Distribution Date following the
      Distribution Date on which the Class Principal Amounts of the Pool 1 Senior
      Certificates have each been reduced to zero and (y) the later to occur of (1)
      the Distribution Date in October 2010 and (2) the first Distribution Date on
      which the Senior Enhancement Percentage (calculated for this purpose after
      giving effect to payments or other recoveries in respect of the Pool 1 Mortgage
      Loans during the related Collection Period, but before giving effect to
      distributions on any Pool 1 Certificates on such Distribution Date) is greater
      than or equal to 19.10%.

     

    Subcontractor:
      Any
      third-party or Affiliated vendor, subcontractor or other Person utilized by
      a
      Servicer, a Custodian, the Master Servicer, the Securities Administrator, a
      Subservicer or the Trustee that is not responsible for the overall servicing
      (as
“servicing” is commonly understood by participants in the mortgage-backed
      securities market) of the Mortgage Loans but performs one or more discrete
      functions identified in Item 1122(d) of Regulation AB with respect to the
      Mortgage Loans
      under
      direction and authority of such Servicer, Custodian, Master Servicer, Securities
      Administrator, Subservicer or Trustee.

     

    Subordinate
      Amount:
      With
      respect to any Pool 2 Mortgage Loans and any Distribution Date, the excess,
      if
      any, of the Pool Balance of such related Mortgage Pool for the immediately
      preceding Distribution Date (or in the case of the first Distribution Date,
      the
      aggregate Scheduled Principal Balance of the Mortgage Loans in such Mortgage
      Pool as of the Cut-off Date) over the sum of the aggregate of the Certificate
      Principal Amounts of the Senior Certificates of the related Certificate Pool
      2
      immediately prior to the related Distribution Date.

     

    Subordinate
      Certificate:
      Any of
      the Class 2-B1, Class 2-B2, Class 2-B3, Class 2-B4, Class 2-B5, Class 2-B6,
      Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class
      M-7
      Certificates.

     

    Subordinate
      Certificate Writedown Amount:
      As to
      any Distribution Date, with respect to the Pool 2 Certificates, the amount
      by
      which (i) the sum of the Class Principal Amounts of all the Certificates related
      to Pool 2 (after giving effect to the distribution of principal and the
      allocation of Realized Losses in reduction of the Certificate Principal Amounts
      of the related Certificates on such Distribution Date) exceeds (ii) the
      aggregate Scheduled Principal Balance of the Mortgage Loans in Pool 2 for such
      Distribution Date. 

     

    Subordinate
      Class Percentage:
      With
      respect to any Distribution Date and any Class of Pool 2 Subordinate
      Certificates, the percentage obtained by dividing the Class Principal Amount
      of
      such Class immediately prior to such Distribution Date by the aggregate
      Certificate Principal Amount of all Subordinate Certificates related to the
      Pool
      2 Subordinate Certificates, respectively, immediately prior to such Distribution
      Date.

     

    Subordinate
      Component Percentage:
      Not
      applicable.

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

       

    

    Subordinate
      Floating Rate Certificate Shortfall:
      Not
      applicable.

     

    Subordinate
      LIBOR Certificate:
      Not
      applicable.

     

    Subordinate
      Percentage:
      With
      respect to each Mortgage Pool and any Distribution Date, the difference between
      100% and the related Senior Percentage for such Distribution Date.

     

    Subordinate
      Prepayment Percentage:
      With
      respect to Pool 2 and any Distribution Date, the difference between 100% and
      the
      related Senior Prepayment Percentage for such Distribution Date.

     

    Subordinate
      Principal Distribution Amount:
      For
      each Mortgage Pool in Pool 2 and for any Distribution Date, the sum of the
      following:

     

    (i)
      the
      product of (a) the related Subordinate Percentage for such date and (b) the
      principal portion of each Scheduled Payment (without giving effect to any Debt
      Service Reduction occurring prior to the applicable Bankruptcy Coverage
      Termination Date) on each Mortgage Loan in the related Mortgage Pool due during
      the related Due Period;

     

    (ii) the
      product of (a) the related Subordinate Prepayment Percentage for such date
      and
      (b) each of the following amounts: (1) each Principal Prepayment on the Mortgage
      Loans in the related Mortgage Pool collected during the related Prepayment
      Period, (2) each other unscheduled collection, including Subsequent Recoveries,
      Insurance Proceeds and Net Liquidation Proceeds (other than with respect to
      any
      Mortgage Loan in the related Mortgage Pool that was finally liquidated during
      the related Prepayment Period) representing or allocable to recoveries of
      principal in the related Mortgage Pool received during the related Prepayment
      Period, and (3) the principal portion of all proceeds of the purchase of any
      Mortgage Loan in the related Mortgage Pool (or, in the case of a permitted
      substitution, amounts representing a principal adjustment) actually received
      by
      the Securities Administrator with respect to the related Prepayment
      Period;

     

    (iii) with
      respect to unscheduled recoveries allocable to principal of any Mortgage Loan
      in
      the related Mortgage Pool that was finally liquidated during the related
      Prepayment Period, the related Net Liquidation Proceeds allocable to principal
      less any related amount paid pursuant to subsection (iii) of the definition
      of
      Pool 2 Senior Principal Distribution Amount for the related Certificate Group;
      and

     

    (iv) any
      amounts described in clauses (i) through (iii) for any previous Distribution
      Date that remain unpaid.

     

    Subsequent
      Recovery:
      The
      amount, if any, recovered by the related Servicer or the Master Servicer with
      respect to a Liquidated Mortgage Loan with respect to which a Realized Loss
      has
      been incurred after liquidation and disposition of such Mortgage
      Loan.

     

    Subservicer:
      Any
      Person that (i) is considered to be a Servicing Function Participant, (ii)
      services Mortgage Loans on behalf of any Servicer or Additional Servicer, and
      (iii) is responsible for the performance (whether directly or through
      subservicers or Subcontractors) of a substantial portion of the material
      servicing functions required to be performed by the Servicer, Master Servicer,
      the Securities Administrator or the Trustee under this Agreement, the Servicing
      Agreements, the Custodial Agreements or other Servicing agreements entered
      into
      with respect to some or all of the Mortgage Loans, that are identified in Item
      1122(d) of Regulation AB.

     

    
      
        
        

      

      
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    Substitution
      Amount:
      The
      amount, if any, by which the Scheduled Principal Balance of a Deleted Mortgage
      Loan exceeds the Scheduled Principal Balance of the related Qualifying
      Substitute Mortgage Loan, or aggregate Scheduled Principal Balance, if
      applicable, plus unpaid interest thereon, any related unpaid Advances or
      Servicing Advances or unpaid Servicing Fees and the amount of any costs and
      damages incurred by the Trust Fund associated with a violation of any applicable
      federal, state or local predatory or abusive lending law in connection with
      the
      origination of such Deleted Mortgage Loan.

     

    Supplemental
      Interest Trust:
      Not
      applicable.

     

    Supplemental
      Interest Trust Account:
      Not
      applicable.

     

    Supplemental
      Interest Trust Amount:
      Not
      applicable.

     

    Surety:
      Not
      applicable.

     

    Surety
      Bond:
      Not
      applicable.

     

    Swap
      Agreement:
      Not
      applicable.

     

    Swap
      Counterparty:
      Not
      applicable.

     

    Swap
      Counterparty Trigger Event:
      Not
      applicable.

     

    Swap
      Default:
      Not
      applicable. 

     

    Swap
      Early Termination:
      Not
      applicable.

     

    Swap
      LIBOR:
      Not
      applicable.

     

    Swap
      Payment Date:
      Not
      applicable.

     

    SWAP
      REMIC:
      Not
      applicable.

     

    SWAP
      REMIC Interests:
      Not
      applicable.

     

    SWAP
      REMIC Regular Interests:
      Not
      applicable.

     

    Swap
      Termination Payment:
      Not
      applicable.

     

    Target
      Amount:
      For
      Pool 1 and for any Distribution Date, an amount equal to the Pool Balance for
      Pool 1 as of such Distribution Date minus the Targeted Overcollateralization
      Amount for such Distribution Date.

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

       

    

    Targeted
      Overcollateralization Amount:
      For
      Pool 1 and for any Distribution Date (x) prior to the Stepdown Date an amount
      equal to approximately $3,436,034
      (i.e., 1.80% of the Pool Balance for Pool 1 as of the Cut-off Date) and (y)
      for
      any Distribution Date on or after the Stepdown Date, the greater of (1) the
      lesser of (a) $3,436,034 (b) the product of 3.60% of the Pool Balance for Pool
      1
      as of the last day of the Collection Period and (2) the Overcollateralization
      Floor; provided,
      however,
      for any
      Distribution Date on or after the Stepdown Date and for which a Trigger Event
      is
      in effect, the Targeted Overcollateralization Amount will be equal to the
      Targeted Overcollateralization Amount in effect for the immediately preceding
      Distribution Date.

     

    Tax
      Matters Person:
      The
“tax matters person” as specified in the REMIC Provisions.

     

    Telerate
      Page 3750:
      The
      display currently so designated as “Page 3750” on the Moneyline Telerate Service
      (or such other page selected by the Securities Administrator as may replace
      Page
      3750 on that service for the purpose of displaying daily comparable rates on
      prices).

     

    Termination
      Event:
      Not
      applicable.

     

    Title
      Insurance Policy:
      A title
      insurance policy maintained with respect to a Mortgage Loan.

     

    Total
      Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the Interest Remittance Amount
      for all four Mortgage Pools for such date; (ii) the Principal Remittance Amount
      for all four Mortgage Pools for such date; and (iii) the Prepayment Penalty
      Amounts.

     

    Transfer
      Agreement:
      As
      defined in the Mortgage Loan Sale Agreement.

     

    Transferor:
      Each
      seller of Mortgage Loans to Lehman Brothers Holdings pursuant to a Transfer
      Agreement.

     

    Trigger
      Event:
      For
      Pool 1, a Trigger Event will have occurred if on any Distribution Date, either
      a
      Delinquency Event or a Cumulative Loss Trigger Event is in effect for such
      Distribution Date.

     

    Trust
      Fund:
      The
      corpus of the trust created pursuant to this Agreement, consisting of the
      Mortgage Loans, the assignment of the Depositor’s rights under the Mortgage Loan
      Sale Agreement and the Participation Agreement, the Participations, the
      Additional Collateral, such amounts as shall from time to time be held in the
      Basis Risk Reserve Fund, the Collection Account, the Certificate Account, any
      Escrow Account, the Insurance Policies, any REO Property and the other items
      referred to in, and conveyed to the Trustee under, Section 2.01(a). The legal
      entity name of the Trust Fund shall be Structured
      Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series
      2007-9.

     

    Trust
      Rate:
      Not
      applicable.

     

    Trust
      REMIC:
      Any
      REMIC created hereunder.

     

    Trustee:
      HSBC
      Bank USA, National Association, a national banking association, not in its
      individual capacity, but solely in its capacity as trustee for the benefit
      of
      the Certificateholders under this Agreement, and any successor thereto, and
      any
      corporation or national banking association resulting from or surviving any
      consolidation or merger to which it or its successors may be a party and any
      successor trustee as may from time to time be serving as successor trustee
      hereunder.

     

    
      
        
        

      

      
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    Trustee
      Fee:
      A fixed
      annual fee of $3,500, which is paid by the Securities Administrator pursuant
      to
      Section 6.12.

     

    Trustee
      Fee Rate:
      Not
      applicable.

     

    Uncertificated
      Class 1-X Interest:
      An
      uncertificated regular interest in
      REMIC
      I-3 with an initial principal balance equal to the
      excess of (i) the aggregate Scheduled Principal Balance of Pool 1 as of the
      Cut-off Date over (ii) the aggregate initial principal amounts of the Pool
      1
      Certificates and
      bearing interest on a each Distribution Date in an amount equal to the
      1-X
      Component Current Interest for such Distribution Date;
      provided,
      however, that such interest shall have no obligation or right to make or receive
      any payments treated as paid or received by the Class X Certificates pursuant
      to
      interest rate cap agreements or notional principal contracts under Section
      10.01.

     

    Undercollateralization
      Distribution:
      Not
      applicable. 

     

    Undercollateralized
      Group:
      Not
      applicable.

     

    Underlying
      REMIC Certificates:
      Not
      applicable.

     

    Underlying
      Subordinate Rate:
      For
      Pool 2, the Pool 2 Net WAC.

    


    Underwriter’s
      Exemption:
      Prohibited Transaction Exemption 91-14, 56 Fed. Reg. 7413 (1991), as amended
      (or
      any successor thereto), or any substantially similar administrative exemption
      granted by the U.S. Department of Labor.

     

    Unpaid
      Basis Risk Shortfall:
      With
      respect to any Distribution Date and any Class of Pool 1 Certificates other
      than
      the Notional Certificates, the aggregate of all Basis Risk Shortfalls with
      respect to such Class remaining unpaid from previous Distribution Dates, plus
      interest accrued thereon at the applicable Certificate Interest Rate computed
      without regard to the Net Funds Cap.

     

    Unpaid
      Subordinate Floating Rate Certificate Shortfall:
      Not
      applicable.

     

    Voting
      Interests:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions of this Agreement. At all
      times during the term of this Agreement until the Class Notional Amount of
      each
      Class of Notional Certificates has been reduced to zero, 5% of all Voting
      Interests shall be allocated to the Notional Certificates, 91% of all Voting
      Interests shall be allocated to the Pool 1 and Pool 2 Certificates, 1% shall
      be
      allocated to each of the Class 1-AP, Class 2-AP, Class R-I Certificates, and
      1%
      of all Voting Interests shall be allocated to the Class X Certificates, while
      they remain outstanding. Voting Interests allocated to the Notional Certificates
      shall be allocated among the Classes of such Certificates (and among the
      Certificates of each such Class) in proportion to their Class Notional Amounts
      (or Notional Amounts). Voting Interests shall be allocated among the Class
      1-AP
      and Class 2-AP Certificates in proportion to their Percentage Interest. Voting
      Interests shall be allocated among the other Classes of Certificates (and among
      the Certificates of each such Class) in proportion to their Class Principal
      Amounts (or Certificate Principal Amounts).

     

    
      
        
        

      

      
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    WHFIT:
      A
“Widely Held Fixed Investment Trust” as that term is defined in Treasury
      Regulations section 1.671-5(b)(22) or successor provisions.

     

    WHFIT
      Regulations:
      Treasury Regulations section 1.671-5, as amended.

     

    WHMT:
      A
“Widely Held Mortgage Trust” as that term is defined in Treasury Regulations
      section 1.671-5(b)(23) or successor provisions.

     

    Section
      1.02. Calculations
      Respecting Mortgage Loans.

     

    Calculations
      required to be made pursuant to this Agreement with respect to any Mortgage
      Loan
      in the Trust Fund shall be made based upon current information as to the terms
      of the Mortgage Loans and reports of payments received from the Mortgagor on
      such Mortgage Loans and distributions to be made to the Certificateholders
      as
      supplied to the Securities Administrator by the Master Servicer. The Securities
      Administrator shall not be required to recompute, verify or recalculate the
      information supplied to it by the Master Servicer.

     

    Section
      1.03. Rights
      of the NIMS Insurer

     

    Each
      of
      the rights of any NIMS Insurer set forth in this Agreement shall exist so long
      as (i) the NIMS Insurer has undertaken to guarantee certain payments of NIM
      Securities issued pursuant to the Indenture and (ii) the NIM Securities issued
      pursuant to the Indenture remain outstanding or the NIMS Insurer is owed amounts
      in respect of its guarantee of payment on such notes; provided, however, the
      NIMS Insurer shall not have any rights hereunder (except pursuant to Section
      11.03 and any rights to indemnification hereunder in the case of clause (ii)
      below) so long as (i) the NIMS Insurer has not undertaken to guarantee certain
      payments of notes issued pursuant to the Indenture or (ii) any default has
      occurred and is continuing under the insurance policy issued by the NIMS Insurer
      with respect to such notes.

     

    ARTICLE
      II

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

    Section
      2.01. Creation
      and Declaration of Trust Fund; Conveyance of Mortgage Loans.

     

    (a) Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      transfer, assign, set over, deposit with and otherwise convey to the Trustee,
      without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
      all
      the right, title and interest of the Depositor in and to the Mortgage Loans
      (including the Participations). Such conveyance includes, without limitation,
      the right to all distributions of principal and interest received on or with
      respect to the Mortgage Loans on and after the Cut-off Date (other than payments
      of principal and interest due on or before such date), and all such payments
      due
      after such date but received prior to such date and intended by the related
      Mortgagors to be applied after such date, together with all of the Depositor’s
      right, title and interest in and to the Collection Account and all amounts
      from
      time to time credited to and the proceeds of the Collection Account, the
      Certificate Account and all amounts from time to time credited to and the
      proceeds of the Certificate Account, any Escrow Account established pursuant
      to
      Section 9.06 hereof and the Basis Risk Reserve Fund and all amounts from time
      to
      time credited to and the proceeds of any such Escrow Account, any REO Property
      and the proceeds thereof, the Depositor’s rights under any Insurance Policies
      related to the Mortgage Loans, and the Depositor’s security interest in any
      collateral pledged to secure the Mortgage Loans, including the Mortgaged
      Properties and any Additional Collateral, and any proceeds of the foregoing,
      to
      have and to hold, in trust; and the Trustee declares that, subject to the review
      provided for in Section 2.02, it (or a Custodian on its behalf) has received
      and
      shall hold the Trust Fund, as trustee, in trust, for the benefit and use of
      the
      Holders of the Certificates and for the purposes and subject to the terms and
      conditions set forth in this Agreement, and, concurrently with such receipt,
      the
      Certificates have been executed, authenticated and delivered to or upon the
      order of the Depositor, in exchange for the Trust Fund, in the authorized
      denominations evidencing the entire ownership of the Trust Fund.

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

       

    

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Sale Agreement; including all rights of the Seller under the applicable
      Servicing Agreement and any related Transfer Agreement (excluding any right
      to
      enforce a first payment default or early payment default mortgage loan) to
      the
      extent assigned under the Mortgage Loan Sale Agreement. The Trustee hereby
      accepts such assignment, and shall be entitled to exercise all rights of the
      Depositor under the Mortgage Loan Sale Agreement as if, for such purpose, it
      were the Depositor. The Trustee is hereby directed to acknowledge and deliver
      the Servicing Agreement (to the extent it is a party thereto) and perform in
      accordance therewith. 

     

    It
      is
      agreed and understood by the Depositor and the Trustee (and the Seller has
      so
      represented and recognized in the Mortgage Loan Sale Agreement) that it is
      not
      intended that any Mortgage Loan to be included in the Trust Fund is a “High-Cost
      Mortgage Loan” as defined under any applicable federal law or state or local
      regulation, ordinance or law.

     

    The
      foregoing sale, transfer, assignment, set-over, deposit and conveyance and
      the
      assignment and transfer with respect to Additional Collateral does not and
      is
      not intended to result in creation or assumption by the Trustee of any
      obligation of the Depositor, the Seller, or any other Person in connection
      with
      the Mortgage Loans, the Servicing Agreements or any other agreement or
      instrument relating thereto except as specifically set forth
      herein.

     

    In
      addition, with respect to any Pledged Asset Mortgage Loan, the Depositor does
      hereby transfer, assign, set-over and otherwise convey to the Trustee without
      recourse (except as provided herein) (i) its rights as assignee under any
      security agreements, pledge agreements or guarantees relating to the Additional
      Collateral supporting any Pledged Asset Mortgage Loan, (ii) its security
      interest in and to any Additional Collateral, (iii) its right to receive
      payments in respect of any Pledged Asset Mortgage Loan pursuant to the
      Additional Collateral Servicing Agreement, and (iv) its rights as beneficiary
      under the surety bond in respect of any Pledged Asset Mortgage Loan.
      Notwithstanding anything to the contrary in this Agreement, the Trust Fund
      shall
      not obtain title to or beneficial ownership of any Additional Collateral as
      a
      result of or in lieu of the disposition thereof or otherwise.

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

       

    

    (b) In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with, or cause to be delivered to and deposited with, the
      Trustee, and/or the Custodian acting on the Trustee’s behalf, the following
      documents or instruments with respect to each Mortgage Loan (each a “Mortgage
      File”) so transferred and assigned (other than the Participations):

     

    (i) with
      respect to each Mortgage Loan, the original Mortgage Note endorsed without
      recourse in proper form to the order of the Trustee, or in blank (in each case,
      with all necessary intervening endorsements as applicable);

     

    (ii) the
      original of any guarantee, security agreement or pledge agreement relating
      to
      any Additional Collateral and executed in connection with the Mortgage Note,
      assigned to the Trustee;

     

    (iii) with
      respect to each Mortgage Loan other than a Cooperative Loan, the original
      recorded Mortgage with evidence of recording indicated thereon and the original
      recorded power of attorney, if the Mortgage was executed pursuant to a power
      of
      attorney, with evidence of recording thereon or, if such Mortgage or power
      of
      attorney has been submitted for recording but has not been returned from the
      applicable public recording office, has been lost or is not otherwise available,
      a copy of such Mortgage or power of attorney, as the case may be, certified
      to
      be a true and complete copy of the original submitted for recording. If, in
      connection with any Mortgage Loan, the Depositor cannot deliver the Mortgage
      with evidence of recording thereon on or prior to the Closing Date because
      of a
      delay caused by the public recording office where such Mortgage has been
      delivered for recordation or because such Mortgage has been lost, the Depositor
      shall deliver or cause to be delivered to the Trustee (or the applicable
      Custodian), in the case of a delay due to recording, a true copy of such
      Mortgage, pending delivery of the original thereof, together with an Officer’s
      Certificate of the Depositor certifying that the copy of such Mortgage delivered
      to the Trustee (or the applicable Custodian) is a true copy and that the
      original of such Mortgage has been forwarded to the public recording office,
      or,
      in the case of a Mortgage that has been lost, a copy thereof (certified as
      provided for under the laws of the appropriate jurisdiction) and a written
      Opinion of Counsel acceptable to the Trustee and the Depositor that an original
      recorded Mortgage is not required to enforce the Trustee’s interest in the
      Mortgage Loan;

     

    (iv) the
      original of each assumption, modification or substitution agreement, if any,
      relating to the Mortgage Loans, or, as to any assumption, modification or
      substitution agreement which cannot be delivered on or prior to the Closing
      Date
      because of a delay caused by the public recording office where such assumption,
      modification or substitution agreement has been delivered for recordation,
      a
      photocopy of such assumption, modification or substitution agreement, pending
      delivery of the original thereof, together with an Officer’s Certificate of the
      Depositor certifying that the copy of such assumption, modification or
      substitution agreement delivered to the Trustee (or the applicable Custodian)
      is
      a true copy and that the original of such agreement has been forwarded to the
      public recording office;

     

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

       

    

    (v) with
      respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, the
      original Assignment of Mortgage, in form and substance acceptable for recording.
      The Mortgage shall be assigned either (A) in blank, without recourse or (B)
      to
“HSBC Bank USA, National Association, as Trustee of the Structured Adjustable
      Rate Mortgage Loan Trust Mortgage Pass Through Certificates, Series 2007-9,”
without recourse for each Mortgage Loan;

     

    (vi) if
      applicable, such original intervening assignments of the Mortgage, notice of
      transfer or equivalent instrument (each, an “Intervening Assignment”), as may be
      necessary to show a complete chain of assignment from the originator, or, in
      the
      case of an Intervening Assignment that has been lost, a written Opinion of
      Counsel acceptable to the Trustee that such original Intervening Assignment
      is
      not required to enforce the Trustee’s interest in the Mortgage
      Loans;

     

    (vii) the
      original Primary Mortgage Insurance Policy or certificate, if private mortgage
      guaranty insurance is required;

     

    (viii) with
      respect to each Mortgage Loan other than a Cooperative Loan, the original
      mortgagee title insurance policy or attorney’s opinion of title and abstract of
      title;

     

    (ix) the
      original of any security agreement, chattel mortgage or equivalent instrument
      executed in connection with the Mortgage or as to any security agreement,
      chattel mortgage or their equivalent instrument that cannot be delivered on
      or
      prior to the Closing Date because of a delay caused by the public recording
      office where such document has been delivered for recordation, a photocopy
      of
      such document, pending delivery of the original thereof, together with an
      Officer’s Certificate of the Depositor certifying that the copy of such security
      agreement, chattel mortgage or their equivalent instrument delivered to the
      Trustee (or the applicable Custodian) is a true copy and that the original
      of
      such document has been forwarded to the public recording office;
      and

     

    (x) with
      respect to any Cooperative Loan, the Cooperative Loan Documents.

     

    The
      parties hereto acknowledge and agree that the form of endorsement attached
      hereto as Exhibit B-4 is intended to effect the transfer to the Trustee, for
      the
      benefit of the Certificateholders, of the Mortgage Notes and the
      Mortgages.

     

    With
      respect to each Participation, the Depositor does hereby deliver to, and deposit
      with, or cause to be delivered to and deposited with, the Trustee, and/or any
      Custodian acting on the Trustee’s behalf, a copy of the Participation Agreement
      and the original Participation issued to the Trustee.

     

    (c) (i) Assignments
      of Mortgage with respect to each Non-MERS Mortgage Loan other than a Cooperative
      Loan shall be recorded; provided, however, that such Assignments need not be
      recorded if, in the Opinion of Counsel (which must be from Independent counsel)
      acceptable to the Trustee, the Rating Agencies and any NIMS Insurer, recording
      in such states is not required to protect the Trustee’s interest in the related
      Non-MERS Mortgage Loans. Subject to the preceding sentence, as soon as
      practicable after the Closing Date (but in no event more than 3 months
      thereafter except to the extent delays are caused by the applicable recording
      office), the Master Servicer (or the applicable Custodian), at the expense
      of
      the Depositor and with the cooperation of the applicable Servicer, shall cause
      to be properly recorded by such Servicer in each public recording office where
      the related Mortgages are recorded each Assignment of Mortgage referred to
      in
      subsection (b)(v) above with respect to a Non-MERS Mortgage Loan. With respect
      to each Cooperative Loan, the Master Servicer (or the applicable Custodian),
      at
      the expense of the Depositor and with the cooperation of the applicable
      Servicer, shall cause such Servicer to take such actions as are necessary under
      applicable law in order to perfect the interest of the Trustee in the related
      Mortgaged Property.

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

       

    

    (ii) With
      respect to each MERS Mortgage Loan, the Master Servicer (or its applicable
      Custodian), at the expense of the Depositor and with the cooperation of the
      applicable Servicer, shall cause to be taken such actions by such Servicer
      as
      are necessary to cause the Trustee to be clearly identified as the owner of
      each
      such Mortgage Loan on the records of MERS for purposes of the system of
      recording transfers of beneficial ownership of mortgages maintained by
      MERS.

     

    (d) In
      instances where a Title Insurance Policy is required to be delivered to the
      Trustee, or to the applicable Custodian on behalf of the Trustee, under clause
      (b)(viii) above and is not so delivered, the Depositor will provide a copy
      of
      such Title Insurance Policy to the Trustee, or to the applicable Custodian
      on
      behalf of the Trustee, as promptly as practicable after the execution and
      delivery hereof, but in any case within 180 days of the Closing
      Date.

     

    (e) For
      Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date
      and prior to the Closing Date, the Depositor, in lieu of delivering the above
      documents, herewith delivers to the Trustee, or to the applicable Custodian
      on
      behalf of the Trustee, an Officer’s Certificate which shall include a statement
      to the effect that all amounts received in connection with such prepayment
      that
      are required to be deposited in the applicable Collection Account pursuant
      to
      Section 4.01 have been so deposited. All original documents that are not
      delivered to the Trustee or the applicable Custodian on behalf of the Trustee
      shall be held by the Master Servicer or the applicable Servicer in trust for
      the
      benefit of the Trustee and the Certificateholders.

     

    (f) Upon
      execution of this Agreement, the Depositor hereby delivers to the Trustee and
      the Trustee acknowledges a receipt of the Mortgage Loan Sale Agreement and
      the
      Servicing Agreement.

     

    (g) The
      issuing entity is hereby named Structured Adjustable Rate Mortgage Loan Trust,
      Series 2007-9.

     

    Section
      2.02. Acceptance
      of Trust Fund by Trustee: Review of Documentation for Trust Fund.

     

    (a) The
      Trustee or the applicable Custodian on behalf of the Trustee, by execution
      and
      delivery hereof, acknowledges receipt of the Participations and the Mortgage
      Files pertaining to the Mortgage Loans listed on the Mortgage Loan Schedule,
      subject to review thereof by the Trustee, or by the applicable Custodian on
      behalf of the Trustee, under this Section 2.02. The Trustee, or the applicable
      Custodian on behalf of the Trustee, will execute and deliver to the Trustee,
      the
      Securities Administrator, the Depositor, the Master Servicer and any NIMS
      Insurer on the Closing Date an Initial Certification in the form annexed hereto
      as Exhibit B-1 (or in the form annexed to the applicable Custodial Agreement
      as
      Exhibit B-1, as applicable).

     

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

       

    

    (b) Within
      45
      days after the Closing Date, the applicable Custodian, on behalf of the Trustee,
      will, for the benefit of Holders of the Certificates and any NIMS Insurer,
      review each Mortgage File to ascertain that all required documents set forth
      in
      Section 2.01 have been received and appear on their face to contain the
      requisite signatures by or on behalf of the respective parties thereto, and
      shall deliver to the Trustee, the Depositor, the Master Servicer, the Securities
      Administrator and any NIMS Insurer an Interim Certification in the form annexed
      hereto as Exhibit B-2 (or in the form annexed to the applicable Custodial
      Agreement as Exhibit B-2, as applicable) to the effect that, as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan prepaid
      in full or any Mortgage Loan specifically identified in such certification
      as
      not covered by such certification), (i) all of the applicable documents
      specified in Section 2.01(b) are in its possession and (ii) such documents
      have
      been reviewed by it and appear to relate to such Mortgage Loan. The Trustee,
      or
      the applicable Custodian on behalf of the Trustee, shall make sure that the
      documents are executed and endorsed, but shall be under no duty or obligation
      to
      inspect, review or examine any such documents, instruments, certificates or
      other papers to determine that the same are valid, binding, legally effective,
      properly endorsed, genuine, enforceable or appropriate for the represented
      purpose or that they have actually been recorded or are in recordable form
      or
      that they are other than what they purport to be on their face. Neither the
      Trustee nor any Custodian shall have any responsibility for verifying the
      genuineness or the legal effectiveness of or authority for any signatures of
      or
      on behalf of any party or endorser.

     

    (c) If
      in the
      course of the review described in paragraph (b) above the Trustee or the
      applicable Custodian discovers any document or documents constituting a part
      of
      a Mortgage File that is missing, does not appear regular on its face (i.e.,
      is
      mutilated, damaged, defaced, torn or otherwise physically altered) or appears
      to
      be unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule
      (each, a “Material Defect”), the Trustee, or the applicable Custodian on behalf
      of the Trustee, shall promptly identify the Mortgage Loan to which such Material
      Defect relates in the Interim Certificate delivered to the Trustee, the
      Securities Administrator, the Depositor, the Master Servicer and any NIMS
      Insurer. Within 90 days of its receipt of such notice, the Depositor shall
      be
      required to cure such Material Defect (and, in such event, the Depositor shall
      provide the Trustee with an Officer’s Certificate confirming that such cure has
      been effected). If the Depositor does not so cure such Material Defect, it
      shall, if a loss has been incurred with respect to such Mortgage Loan that
      would, if such Mortgage Loan were not purchased from the Trust Fund, constitute
      a Realized Loss, and such loss is attributable to the failure of the Depositor
      to cure such Material Defect, repurchase the related Mortgage Loan from the
      Trust Fund at the Purchase Price. A loss shall be deemed to be attributable
      to
      the failure of the Depositor to cure a Material Defect if, as determined by
      the
      Depositor, upon mutual agreement with the Servicer acting in good faith, absent
      such Material Defect, such loss would not have been incurred. Within the
      two-year period following the Closing Date, the Depositor may, in lieu of
      repurchasing a Mortgage Loan pursuant to this Section 2.02, substitute for
      such
      Mortgage Loan a Qualifying Substitute Mortgage Loan subject to the provisions
      of
      Section 2.05. The failure of the Trustee or the applicable Custodian to give
      the
      notice contemplated herein within 45 days after the Closing Date shall not
      affect or relieve the Depositor of its obligation to repurchase any Mortgage
      Loan pursuant to this Section 2.02 or any other Section of this Agreement
      requiring the repurchase of Mortgage Loans from the Trust Fund.

     

    
      
        
        

      

      
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    (d) Within
      180 days following the Closing Date, the Trustee, or the applicable Custodian,
      shall deliver to the Trustee, the Securities Administrator, the Depositor,
      the
      Master Servicer and any NIMS Insurer a Final Certification substantially in
      the
      form annexed hereto as Exhibit B-3 (or in the form annexed to the applicable
      Custodial Agreement as Exhibit B-3, as applicable) evidencing the completeness
      of the Mortgage Files in its possession or control, with any exceptions noted
      thereto.

     

    (e) Nothing
      in this Agreement shall be construed to constitute an assumption by the Trust
      Fund, the Trustee or the Certificateholders of any unsatisfied duty, claim
      or
      other liability on any Mortgage Loan or to any Mortgagor.

     

    (f) Each
      of
      the parties hereto acknowledges that the applicable Custodian shall hold the
      related Mortgage Files and shall perform the applicable review of the Mortgage
      Loans and deliver the respective certifications thereof as provided in this
      Section 2.02 and the related Custodial Agreement.

     

    Section
      2.03. Representations
      and Warranties of the Depositor.

     

    (a) The
      Depositor hereby represents and warrants to the Trustee, for the benefit of
      Certificateholders, the Securities Administrator and the Master Servicer as
      of
      the Closing Date or such other date as is specified, that:

     

    (i) the
      Depositor is a corporation duly organized, validly existing and in good standing
      under the laws governing its creation and existence and has full corporate
      power
      and authority to own its property, to carry on its business as presently
      conducted, to enter into and perform its obligations under this Agreement,
      and
      to create the trust pursuant hereto;

     

    (ii) the
      execution and delivery by the Depositor of this Agreement have been duly
      authorized by all necessary corporate action on the part of the Depositor;
      neither the execution and delivery of this Agreement, nor the consummation
      of
      the transactions herein contemplated, nor compliance with the provisions hereof,
      will conflict with or result in a breach of, or constitute a default under,
      any
      of the provisions of any law, governmental rule, regulation, judgment, decree
      or
      order binding on the Depositor or its properties or the certificate of
      incorporation or bylaws of the Depositor;

     

    (iii) the
      execution, delivery and performance by the Depositor of this Agreement and
      the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except such as has been obtained, given, effected or taken
      prior to the date hereof;

     

    
      
        
        

      

      
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    (iv) this
      Agreement has been duly executed and delivered by the Depositor and, assuming
      due authorization, execution and delivery by the Trustee, the Securities
      Administrator and the Master Servicer, constitutes a valid and binding
      obligation of the Depositor enforceable against it in accordance with its terms
      except as such enforceability may be subject to (A) applicable bankruptcy and
      insolvency laws and other similar laws affecting the enforcement of the rights
      of creditors generally and (B) general principles of equity regardless of
      whether such enforcement is considered in a proceeding in equity or at
      law;

     

    (v) there
      are
      no actions, suits or proceedings pending or, to the knowledge of the Depositor,
      threatened or likely to be asserted against or affecting the Depositor, before
      or by any court, administrative agency, arbitrator or governmental body (A)
      with
      respect to any of the transactions contemplated by this Agreement or (B) with
      respect to any other matter which in the judgment of the Depositor will be
      determined adversely to the Depositor and will if determined adversely to the
      Depositor materially and adversely affect it or its business, assets, operations
      or condition, financial or otherwise, or adversely affect its ability to perform
      its obligations under this Agreement; and

     

    (vi) immediately
      prior to the transfer and assignment of the Mortgage Loans to the Trustee,
      the
      Depositor was the sole owner of record and holder of each Mortgage Loan, and
      the
      Depositor had good and marketable title thereto, and had full right to transfer
      and sell each Mortgage Loan to the Trustee free and clear, subject only to
      (1)
      liens of current real property taxes and assessments not yet due and payable
      and, if the related Mortgaged Property is a condominium unit, any lien for
      common charges permitted by statute, (2) covenants, conditions and restrictions,
      rights of way, easements and other matters of public record as of the date
      of
      recording of such Mortgage acceptable to mortgage lending institutions in the
      area in which the related Mortgaged Property is located and specifically
      referred to in the lender’s Title Insurance Policy or attorney’s opinion of
      title and abstract of title delivered to the originator of such Mortgage Loan,
      and (3) such other matters to which like properties are commonly subject which
      do not, individually or in the aggregate, materially interfere with the benefits
      of the security intended to be provided by the Mortgage, of any encumbrance,
      equity, participation interest, lien, pledge, charge, claim or security
      interest, and had full right and authority, subject to no interest or
      participation of, or agreement with, any other party, to sell and assign each
      Mortgage Loan pursuant to this Agreement.

     

    (b) The
      representations and warranties of each Transferor with respect to the related
      Mortgage Loans in the applicable Transfer Agreement, which have been assigned
      to
      the Trustee hereunder, were made as of the date specified in the applicable
      Transfer Agreement (or underlying agreement, if such Transfer Agreement is
      in
      the form of an assignment of a prior agreement). To the extent that any fact,
      condition or event with respect to a Mortgage Loan constitutes a breach of
      both
      (i) a representation or warranty of the applicable Transferor under the
      applicable Transfer Agreement and (ii) a representation or warranty of Lehman
      Brothers Holdings under the Mortgage Loan Sale Agreement, the only right or
      remedy of the Trustee or of any Certificateholder shall be the Trustee’s right
      to enforce the obligations of the applicable Transferor under any applicable
      representation or warranty made by it. Lehman Brothers Holdings shall have
      no
      obligation or liability with respect to any breach of a representation or
      warranty made by it with respect to the Mortgage Loans if the fact, condition
      or
      event constituting such breach also constitutes a breach of a representation
      or
      warranty made by the applicable Transferor in the applicable Transfer Agreement,
      without regard to whether such Transferor fulfills its contractual obligations
      in respect of such representation or warranty. The Depositor shall have no
      obligation or liability with respect to any breach of any representation or
      warranty with respect to the Mortgage Loans (except as set forth in Section
      2.03(a)(vi)) under any circumstances.

     

    
      
        
        

      

      
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    Section
      2.04. Discovery
      of Breach.

     

    It
      is
      understood and agreed that the representations and warranties (i) set forth
      in
      Section 2.03, (ii) of Lehman Brothers Holdings set forth in the Mortgage Loan
      Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii)
      of each Transferor, assigned by Lehman Brothers Holdings to the Depositor
      pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by
      the
      Depositor hereunder shall each survive delivery of the Mortgage Files and the
      Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue
      throughout the term of this Agreement. Upon discovery by any of the Depositor,
      any NIMS Insurer, the Master Servicer or the Trustee of a breach of any of
      such
      representations and warranties that adversely and materially affects the value
      of the related Mortgage Loan, the party discovering such breach shall give
      prompt written notice to the other parties; provided, to the extent that
      knowledge of such breach with respect to any Mortgage Loan is known by any
      officer, director, employee or agent of Aurora acting in any capacity other
      than
      as Master Servicer hereunder, the Master Servicer shall not be deemed to have
      knowledge of any such breach until an officer of the Master Servicer has actual
      knowledge thereof. Within 90 days of the discovery of a breach of any
      representation or warranty given or assigned to the Trustee by the Depositor,
      any Transferor, or Lehman Brothers Holdings, the Depositor, such Transferor,
      or
      Lehman Brothers Holdings, as applicable, shall either (a) cure such breach
      in
      all material respects, (b) repurchase such Mortgage Loan or any property
      acquired in respect thereof from the Trustee at the Purchase Price or (c) within
      the two year period following the Closing Date, substitute a Qualifying
      Substitute Mortgage Loan for the affected Mortgage Loan. In the event of
      discovery of a breach of any representation and warranty of any Transferor
      assigned to the Trustee, the Trustee shall enforce its rights under the
      applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the
      benefit of Certificateholders. As provided in the Mortgage Loan Sale Agreement,
      if any Transferor substitutes a mortgage loan for a Mortgage Loan for which
      there is a breach of any representations and warranties in the related Transfer
      Agreement which adversely and materially affects the value of such Mortgage
      Loan
      and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan,
      under the terms of the Mortgage Loan Sale Agreement, Lehman Brothers Holdings
      will, in exchange for such substitute Mortgage Loan, (i) provide the applicable
      Purchase Price for the affected Mortgage Loan or (ii) within two years of the
      Closing Date, substitute such affected Mortgage Loan with a Qualifying
      Substitute Mortgage Loan.

     

    Section
      2.05. Repurchase,
      Purchase or Substitution of Mortgage Loans.

     

    (a) With
      respect to any Mortgage Loan repurchased by the Depositor pursuant to this
      Agreement, by Lehman Brothers Holdings pursuant to the Mortgage Loan Sale
      Agreement or by any Transferor pursuant to the applicable Transfer Agreement,
      the principal portion of the funds received by the Master Servicer in respect
      of
      such repurchase of a Mortgage Loan will be considered a Principal Prepayment,
      the Purchase Price shall be deposited in the Collection Account pursuant to
      Section 4.01. The Securities Administrator, upon receipt of the full amount
      of
      the Purchase Price for a Deleted Mortgage Loan, or certification from the Master
      Servicer that it is in receipt of such amount, or upon receipt of notification
      from the related Custodian that it received the Mortgage File for a Qualifying
      Substitute Mortgage Loan substituted for a Deleted Mortgage Loan (and any
      applicable Substitution Amount), shall release or cause to be released to the
      Depositor, Lehman Brothers Holdings or the applicable Transferor, as applicable,
      the related Mortgage File for the Deleted Mortgage Loan and shall execute and
      deliver such instruments of transfer or assignment, in each case without
      recourse, representation or warranty, as shall be necessary to vest in such
      party or its designee or assignee title to any Deleted Mortgage Loan released
      pursuant hereto, free and clear of all security interests, liens and other
      encumbrances created by this Agreement, which instruments shall be prepared
      by
      the Securities
      Administrator
      (or a
      Custodian), and the Securities Administrator shall have no further
      responsibility with respect to the Mortgage File relating to such Deleted
      Mortgage Loan. The
      Seller indemnifies and holds the Trust Fund, the Master Servicer, the Trustee,
      the Securities
      Administrator, the
      Depositor and each Certificateholder harmless against any and all taxes, claims,
      losses, penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments, and any other costs, fees and expenses that the Trust Fund, the
      Trustee, the Securities
      Administrator, the
      Master Servicer, the Depositor and any Certificateholder may sustain in
      connection with any actions of the Seller relating to a repurchase of a Mortgage
      Loan other than in compliance with the terms of this Section 2.05 and the
      Mortgage Loan Sale Agreement, to the extent that any such action causes an
      Adverse REMIC Event.

     

    
      
        
        

      

      
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    (b) With
      respect to each Qualifying Substitute Mortgage Loan to be delivered to the
      Securities Administrator (or the applicable Custodian) pursuant to the terms
      of
      this Article II in exchange for a Deleted Mortgage Loan: (i) the Depositor,
      the
      applicable Transferor, or Lehman Brothers Holdings, as applicable, must deliver
      to the Securities Administrator (or the applicable Custodian) the Mortgage
      File
      for the Qualifying Substitute Mortgage Loan containing the documents set forth
      in Section 2.01(b) along with a written certification certifying as to the
      delivery of such Mortgage File and containing the granting language set forth
      in
      Section 2.01(a); and (ii) the Depositor will be deemed to have made, with
      respect to such Qualifying Substitute Mortgage Loan, each of the representations
      and warranties made by it with respect to the related Deleted Mortgage Loan.
      As
      soon as practicable after the delivery of any Qualifying Substitute Mortgage
      Loan hereunder, the Master Servicer, at the expense of the Depositor and at
      the
      direction and with the cooperation of the applicable Servicer, shall (i) with
      respect to a Qualifying Substitute Mortgage Loan that is a Non-MERS Mortgage
      Loan, cause the Assignment of Mortgage to be recorded by such Servicer if
      required pursuant to Section 2.01(c)(i), or (ii) with respect to a Qualifying
      Substitute Mortgage Loan that is a MERS Mortgage Loan, cause to be taken such
      actions by such Servicer as are necessary to cause the Trustee to be clearly
      identified as the owner of each such Mortgage Loan on the records of MERS if
      required pursuant to Section 2.01(c)(ii).

     

    (c) Notwithstanding
      any other provision of this Agreement, the right to substitute Mortgage Loans
      pursuant to this Article II shall be subject to the additional limitations
      that
      no substitution of a Qualifying Substitute Mortgage Loan for a Deleted Mortgage
      Loan shall be made unless the Trustee and the NIMS Insurer have received an
      Opinion of Counsel (at the expense of the party seeking to make the
      substitution) that, under current law, such substitution will not (A) affect
      adversely the status of any REMIC established hereunder as a REMIC, or of the
      related “regular interests” as “regular interests” in any such REMIC, or (B)
      cause any such REMIC to engage in a “prohibited transaction” or “prohibited
      contribution” pursuant to the REMIC Provisions. The Depositor shall cause the
      Mortgage Loan Schedule to be amended in accordance with the terms of this
      Agreement.

     

    
      
        
        

      

      
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    Section
      2.06. Grant
      Clause.

     

    It
      is
      intended that the conveyance of the Depositor’s right, title and interest in and
      to property constituting the Trust Fund pursuant to this Agreement shall
      constitute, and shall be construed as, a sale of such property and not a grant
      of a security interest to secure a loan. However, if such conveyance is deemed
      to be in respect of a loan, it is intended that: (i) the rights and obligations
      of the parties shall be established pursuant to the terms of this Agreement;
      (ii) the Depositor hereby grants to the Trustee for the benefit of the Holders
      of the Certificates a first priority security interest to secure repayment
      of an
      obligation in an amount equal to the aggregate Class Principal Amount of the
      Certificates in all of the Depositor’s right, title and interest in, to and
      under, whether now owned or hereafter acquired, the Trust Fund and all proceeds
      of any and all property constituting the Trust Fund to secure payment of the
      Certificates; and (iii) this Agreement shall constitute a security agreement
      under applicable law. If such conveyance is deemed to be in respect of a loan
      and the trust created by this Agreement terminates prior to the satisfaction
      of
      the claims of any Person holding any Certificate, the security interest created
      hereby shall continue in full force and effect and the Trustee shall be deemed
      to be the collateral agent for the benefit of such Person, and all proceeds
      shall be distributed as herein provided.

     

    ARTICLE
      III

     

    THE
      CERTIFICATES

     

    Section
      3.01. The
      Certificates.

     

    (a) The
      Certificates shall be issuable in registered form only and shall be securities
      governed by Article 8 of the New York Uniform Commercial Code. The Book-Entry
      Certificates will be evidenced by one or more certificates, beneficial ownership
      of which will be held in the dollar denominations in Certificate Principal
      Amount or Notional Principal Amount or in the Percentage Interests, specified
      herein. Each Class of Book-Entry Certificates shall be issued in the minimum
      denominations in Certificate Principal Amount (or Notional Amount) or Percentage
      Interest specified in the Preliminary Statement hereto and in integral multiples
      of $1 or 5% (in the case of Certificates issued in Percentage Interests) in
      excess thereof. Each Class of Non-Book Entry Certificates other than the
      Residual Certificate shall be issued in definitive, fully registered form in
      the
      minimum denominations in Certificate Principal Amount (or Notional Amount)
      specified in the Preliminary Statement hereto and in integral multiples of
      $1 in
      excess thereof. The Class R-II Certificates shall each be issued as a single
      Certificate and maintained in definitive, fully registered form in a minimum
      denomination equal to $100, and the and Class P Certificates shall each be
      issued as a single Certificate and maintained in definitive, fully registered
      form in a minimum denomination equal to $1000. The Class X and Class C
      Certificates shall be maintained in definitive, fully registered form in a
      minimum denomination equal to 25% of the Percentage Interest of such Class
      of
      Certificates. The Certificates may be issued in the form of typewritten
      certificates. One Certificate of each Class of Certificates other than any
      Class
      of Residual Certificates may be issued in any denomination in excess of the
      minimum denomination.

     

    
      
        
        

      

      
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    (b) The
      Certificates shall be executed by manual or facsimile signature by an authorized
      officer of the Trustee or the Authenticating Agent. Each Certificate shall,
      on
      original issue, be authenticated by the Authenticating Agent upon the order
      of
      the Depositor upon receipt by the Trustee of the Mortgage Files described in
      Section 2.01. No Certificate shall be entitled to any benefit under this
      Agreement, or be valid for any purpose, unless there appears on such Certificate
      a certificate of authentication substantially in the form provided for herein,
      executed by an authorized officer of the Authenticating Agent, if any, by manual
      signature, and such certification upon any Certificate shall be conclusive
      evidence, and the only evidence, that such Certificate has been duly
      authenticated and delivered hereunder. All Certificates shall be dated the
      date
      of their authentication. At any time and from time to time after the execution
      and delivery of this Agreement, the Depositor may direct the Trustee to execute
      the Certificates and deliver such Certificates by the Depositor to the
      Authenticating Agent for authentication and the Authenticating Agent shall
      authenticate and deliver such Certificates as in this Agreement provided and
      not
      otherwise. The Depositor hereby directs the Trustee to execute the Certificates
      on the Closing Date. 

     

    (c) The
      Privately
      Offered Certificates offered and sold in reliance on the exemption from
      registration under Rule 144A under the Act shall be issued initially in the
      form
      of one or more permanent global Certificates in definitive, fully registered
      form without interest coupons with the applicable legends set forth in Exhibit
      A
      added to the forms of such Certificates (each, a “Restricted Global Security”),
      which shall be deposited on behalf of the subscribers for such Certificates
      represented thereby with the
      Securities
      Administrator, as custodian for DTC and registered in the name of a nominee
      of
      DTC, duly executed and authenticated by the Trustee or the Authenticating Agent
      as hereinafter provided. The aggregate principal amounts of the Restricted
      Global Securities may from time to time be increased or decreased by adjustments
      made on the records of the Trustee or DTC or its nominee, as the case may be,
      as
      hereinafter provided.

     

    The
      Privately Offered Certificates sold in offshore transactions in reliance on
      Regulation S shall be issued initially in the form of one or more permanent
      global Certificates in definitive, fully registered form without interest
      coupons with the applicable legends set forth in Exhibit A hereto added to
      the
      forms of such Certificates (each, a “Regulation S Global Security”), which shall
      be deposited on behalf of the subscribers for such Certificates represented
      thereby with the Securities Administrator, as custodian for DTC and registered
      in the name of a nominee of DTC, duly executed by the Trustee and authenticated
      by the Authenticating Agent as hereinafter provided. The aggregate principal
      amounts of the Regulation S Global Securities may from time to time be increased
      or decreased by adjustments made on the records of the Securities Administrator
      or DTC or its nominee, as the case may be, as hereinafter provided.

     

    (d) The
      Privately Offered Certificates sold to an “accredited investor” complying with
      the transfer provision set forth in Section 3.03 under Rule 501(a)(1), (2),
      (3)
      or (7) under the Act shall be issued initially in the form of one or more
      Definitive Certificates.

     

    Section
      3.02. Registration.

     

    The
      Securities Administrator is hereby appointed, and hereby accepts its appointment
      as, the initial Certificate Registrar in respect of the Certificates and shall
      maintain books for the registration and for the transfer of Certificates (the
      “Certificate Register”). The Securities Administrator may appoint a bank or
      trust company to act as Certificate Registrar. A registration book shall be
      maintained for the Certificates collectively. The Certificate Registrar may
      resign or be discharged or removed and a new successor may be appointed in
      accordance with the procedures and requirements set forth in Sections 6.06
      and
      6.07 hereof with respect to the resignation, discharge or removal of the
      Securities Administrator and the appointment of a successor securities
      administrator. The Certificate Registrar may appoint, by a written instrument
      delivered to the Holders and the Master Servicer, any bank or trust company
      to
      act as co-registrar under such conditions as the Certificate Registrar may
      prescribe; provided, however, that the Certificate Registrar shall not be
      relieved of any of its duties or responsibilities hereunder by reason of such
      appointment.

     

    
      
        
        

      

      
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    Section
      3.03. Transfer
      and Exchange of Certificates.

     

    (a) A
      Certificate (other than Book-Entry Certificates which shall be subject to
      Section 3.09 hereof) may be transferred by the Holder thereof only upon
      presentation and surrender of such Certificate at the office of the Certificate
      Registrar duly endorsed or accompanied by an assignment duly executed by such
      Holder or his duly authorized attorney in such form as shall be satisfactory
      to
      the Certificate Registrar. Upon the transfer of any Certificate in accordance
      with the preceding sentence, the Trustee shall execute, and any Authenticating
      Agent shall authenticate and deliver to the transferee, one or more new
      Certificates of the same Class and evidencing, in the aggregate, the same
      aggregate Certificate Principal Amount or Percentage Interest as the Certificate
      being transferred. No service charge shall be made to a Certificateholder for
      any registration of transfer of Certificates, but the Certificate Registrar
      may
      require payment of a sum sufficient to cover any tax or governmental charge
      that
      may be imposed in connection with any registration of transfer of
      Certificates.

     

    (b) A
      Certificate may be exchanged by the Holder thereof for any number of new
      Certificates of the same Class, in authorized denominations, representing in
      the
      aggregate the same Certificate Principal Amount or Percentage Interest as the
      Certificate surrendered, upon surrender of the Certificate to be exchanged
      at
      the office of the Certificate Registrar duly endorsed or accompanied by a
      written instrument of transfer duly executed by such Holder or his duly
      authorized attorney in such form as is satisfactory to the Certificate
      Registrar. Certificates delivered upon any such exchange will evidence the
      same
      obligations, and will be entitled to the same rights and privileges, as the
      Certificates surrendered. No service charge shall be made to a Certificateholder
      for any exchange of Certificates, but the Certificate Registrar may require
      payment of a sum sufficient to cover any tax or governmental charge that may
      be
      imposed in connection with any exchange of Certificates. Whenever any
      Certificates are so surrendered for exchange, the Trustee shall execute, and
      any
      Authenticating Agent shall authenticate, date and deliver the Certificates
      which
      the Certificateholder making the exchange is entitled to receive.

     

    (c) By
      acceptance of a Restricted Certificate or a Regulation S Global Security,
      whether upon original issuance or subsequent transfer, each Holder of such
      a
      Certificate acknowledges the restrictions on the transfer of such Certificate
      set forth thereon and agrees that it will transfer such a Certificate only
      as
      provided herein. In addition, each Holder of a Regulation S Global Security
      shall be deemed to have represented and warranted to the Trustee, the Securities
      Administrator, the Certificate Registrar and any of their respective successors
      that: (i) such Person is not a U.S. person within the meaning of Regulation
      S
      and was, at the time the buy order was originated, outside the United States
      and
      (ii) such Person understands that such Certificates have not been registered
      under the Securities Act of 1933, as amended (the “Act”), and that (x) until the
      expiration of the 40-day distribution compliance period (within the meaning
      of
      Regulation S), no offer, sale, pledge or other transfer of such Certificates
      or
      any interest therein shall be made in the United States or to or for the account
      or benefit of a U.S. person (each as defined in Regulation S), (y) if in the
      future it decides to offer, resell, pledge or otherwise transfer such
      Certificates, such Certificates may be offered, resold, pledged or otherwise
      transferred only (A) to a person which the seller reasonably believes is a
      “qualified institutional buyer” (a “QIB”) as defined in Rule 144A under the Act,
      that is purchasing such Certificates for its own account or for the account
      of a
      qualified institutional buyer to which notice is given that the transfer is
      being made in reliance on Rule 144A or (B) in an offshore transaction (as
      defined in Regulation S) in compliance with the provisions of Regulation S,
      in
      each case in compliance with the requirements of this Agreement; and it will
      notify such transferee of the transfer restrictions specified in this
      Section.

     

    
      
        
        

      

      
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    The
      following restrictions shall apply with respect to the transfer and registration
      of transfer of a Restricted Certificate to a transferee that takes delivery
      in
      the form of a Definitive Certificate:

     

    (i) The
      Certificate Registrar shall register the transfer of a Restricted Certificate
      if
      the requested transfer is (x) to the Depositor or the Placement Agent, an
      affiliate (as defined in Rule 405 under the Act) of the Depositor or the
      Placement Agent or (y) being made to a QIB by a transferor that has provided
      the
      Certificate Registrar with a certificate in the form of Exhibit F hereto;
      and

     

    (ii) The
      Certificate Registrar shall register the transfer of a Restricted Certificate
      if
      the requested transfer is being made to an “accredited investor” under Rule
      501(a)(1), (2), (3) or (7) under the Act by a transferor who furnishes to the
      Certificate Registrar a letter of the transferee substantially in the form
      of
      Exhibit G hereto.

     

    (d) 
      No
      Transfer of an ERISA-Restricted Certificate or a Residual Certificate will
      be
      registered unless the Securities Administrator, the Certificate Registrar and
      the Depositor receive (A) a representation as set forth in Exhibit D-1 for
      Residual Certificates or Exhibit H for ERISA-Restricted Certificates to the
      effect that such transferee is not an employee benefit plan or arrangement
      subject to Title I of ERISA, a plan subject to Section 4975 of the Code or
      a
      plan subject to any provisions under any federal, state, local, non-U.S. or
      other laws or regulations that are substantively similar to the foregoing
      provisions of ERISA or the Code (“Similar Law”) (collectively, a “Plan”), and is
      not directly or indirectly acquiring the ERISA-Restricted Certificate or
      Residual Certificate for, on behalf of, or with any assets of any such Plan,
      or
      (B) solely in the case of ERISA-Restricted Certificates (I) if the Certificate
      has been the subject of an ERISA-Qualifying Underwriting, a representation
      as
      set forth in Exhibit H that such transferee is an insurance company that is
      acquiring the Certificate with assets contained in an “insurance company general
      account,” as defined in Section V(e) of PTCE 95-60, and the acquisition and
      holding of the Certificate are covered and exempt under Sections I and III
      of
      PTCE 95-60, or (II) solely in the case of an ERISA-Restricted Certificate that
      is a Definitive Certificate, an Opinion of Counsel satisfactory to the
      Securities Administrator, the Certificate Registrar and the Depositor, and
      upon
      which the Securities Administrator, the Certificate Registrar and the Depositor
      shall be entitled to rely, to the effect that the acquisition and holding of
      such Certificate will not constitute or result in a nonexempt prohibited
      transaction under ERISA or the Code, or a violation of Similar Law, and will
      not
      subject the Trustee, the Securities Administrator, the Certificate Registrar,
      the Master Servicer or the Depositor to any obligation in addition to those
      expressly undertaken in this Agreement, which Opinion of Counsel shall not
      be an
      expense of the Trustee, the Securities Administrator, the Certificate Registrar,
      the Master Servicer or the Depositor.

     

    
      
        
        

      

      
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    Except
      in
      the case of a Definitive Certificate, the representations set forth in the
      preceding two paragraphs, other than clause (B)(II) in the immediately preceding
      paragraph, shall be deemed to have been made to the Securities Administrator,
      the Certificate Registrar and the Depositor by the transferee’s acceptance of an
      ERISA-Restricted Certificate or Residual Certificate (or the acceptance by
      a
      Certificate Owner of the beneficial interest in any Class of ERISA-Restricted
      Certificate or Residual Certificate). The Securities Administrator, the
      Certificate Registrar and the Depositor shall not have any obligation to monitor
      transfers of Book-Entry Certificates or Restricted Global Securities that are
      ERISA-Restricted Certificates or Residual Certificates or any liability for
      transfers of such Certificates in violation of the transfer
      restrictions.

     

    Notwithstanding
      any other provision herein to the contrary, any purported transfer of an
      ERISA-Restricted Certificate or Residual Certificate to or on behalf of a Plan
      without the delivery to the Trustee, the Certificate Registrar and the Depositor
      of a representation or an Opinion of Counsel satisfactory to the Securities
      Administrator, the Certificate Registrar and the Depositor as described above
      shall be void and of no effect and the next preceding permitted beneficial
      owner
      will be treated as the beneficial owner of that Certificate, retroactive to
      the
      date of transfer to the purported beneficial owner. The Securities
      Administrator, the Certificate Registrar and the Depositor shall not have any
      liability to any Person for any registration or transfer of any ERISA-Restricted
      Certificate or Residual Certificate that is in fact not permitted by this
      Section 3.03(d) and the Securities Administrator, the Certificate Registrar
      and
      the Depositor shall not have any liability for making any payments due on such
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement so long as the transfer
      was
      registered by the Certificate Registrar in accordance with the foregoing
      requirements. The Securities Administrator, the Certificate Registrar and the
      Depositor shall be entitled, but not obligated, to recover from any Holder
      of
      any ERISA-Restricted Certificate or Residual Certificate that was in fact a
      Plan
      and that held such Certificate in violation of this Section 3.03(d) all payments
      made on such ERISA-Restricted Certificate at and after the time it commenced
      such holding. Any such payments so recovered shall be paid and delivered to
      the
      last preceding Holder of such Certificate that is not a Plan.

     

    (e) As
      a
      condition of the registration of transfer or exchange of any Certificate, the
      Certificate Registrar may require the certified taxpayer identification number
      of the owner of the Certificate and the payment of a sum sufficient to cover
      any
      tax or other governmental charge imposed in connection therewith; provided,
      however, that the Certificate Registrar shall have no obligation to require
      such
      payment or to determine whether or not any such tax or charge may be applicable.
      No service charge shall be made to the Certificateholder for any registration,
      transfer or exchange of a Certificate.

     

    (f) Notwithstanding
      anything to the contrary contained herein, no Residual Certificate may be owned,
      pledged or transferred, directly or indirectly, by or to (i) a Disqualified
      Organization or (ii) an individual, corporation or partnership or other person
      unless, in the case of clause (ii), such person is (A) not a Non-U.S. Person
      or
      (B) is a Non-U.S. Person that holds a Residual Certificate in connection with
      the conduct of a trade or business within the United States and has furnished
      the transferor and the Securities Administrator with an effective Internal
      Revenue Service Form W-8ECI or successor form at the time and in the manner
      required by the Code (any such person who is not covered by clause (A) or (B)
      above is referred to herein as a “Non-permitted Foreign Holder”).

     

    
      
        
        

      

      
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    Prior
      to
      and as a condition of the registration of any transfer, sale or other
      disposition of a Residual Certificate, the proposed transferee shall deliver
      to
      the Securities Administrator an affidavit in substantially the form attached
      hereto as Exhibit D-1 representing and warranting, among other things, that
      such
      transferee is neither a Disqualified Organization, an agent or nominee acting
      on
      behalf of a Disqualified Organization, nor a Non-permitted Foreign Holder (any
      such transferee, a “Permitted Transferee”), and the proposed transferor shall
      deliver to the Securities Administrator an affidavit in substantially the form
      attached hereto as Exhibit D-2. In addition, the Securities Administrator may
      (but shall have no obligation to) require, prior to and as a condition of any
      such transfer, the delivery by the proposed transferee of an Opinion of Counsel,
      addressed to the Depositor, the Master Servicer, the Securities Administrator,
      any NIMS Insurer and the Trustee satisfactory in form and substance to the
      Depositor, that such proposed transferee or, if the proposed transferee is
      an
      agent or nominee, the proposed beneficial owner, is not a Disqualified
      Organization, agent or nominee thereof, or Non-permitted Foreign Holder.
      Notwithstanding the registration in the Certificate Register of any transfer,
      sale, or other disposition of a Residual Certificate to a Disqualified
      Organization, an agent or nominee thereof, or Non-permitted Foreign Holder,
      such
      registration shall be deemed to be of no legal force or effect whatsoever and
      such Disqualified Organization, agent or nominee thereof, or Non-permitted
      Foreign Holder shall not be deemed to be a Certificateholder for any purpose
      hereunder, including, but not limited to, the receipt of distributions on such
      Residual Certificate. Neither the Securities Administrator nor the Certificate
      Registrar shall be under any liability to any person for any registration or
      transfer of a Residual Certificate to a Disqualified Organization, agent or
      nominee thereof, or Non-permitted Foreign Holder or for the maturity of any
      payments due on such Residual Certificate to the Holder thereof or for taking
      any other action with respect to such Holder under the provisions of the
      Agreement, so long as the transfer was effected in accordance with this Section
      3.03(f), unless a Responsible Officer of the Securities Administrator or the
      Certificate Registrar shall have actual knowledge at the time of such transfer
      or the time of such payment or other action that the transferee is a
      Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
      Holder. The Securities Administrator or the Certificate Registrar shall be
      entitled to recover from any Holder of a Residual Certificate that was a
      Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
      Holder at the time it became a Holder or any subsequent time it became a
      Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
      Holder, all payments made on such Residual Certificate at and after either
      such
      times (and all costs and expenses, including but not limited to attorneys’ fees,
      incurred in connection therewith). Any payment (not including any such costs
      and
      expenses) so recovered by the Securities Administrator or the Certificate
      Registrar shall be paid and delivered to the last preceding Holder of such
      Residual Certificate.

     

    If
      any
      purported transferee shall become a registered Holder of a Residual Certificate
      in violation of the provisions of this Section 3.03(f), then upon receipt of
      written notice to the Securities Administrator or the Certificate Registrar
      that
      the registration of transfer of such Residual Certificate was not in fact
      permitted by this Section 3.03(f), the last preceding Permitted Transferee
      shall
      be restored to all rights as Holder thereof retroactive to the date of such
      registration of transfer of such Residual Certificate. Neither the Securities
      Administrator nor the Certificate Registrar shall be under any liability to
      any
      Person for any registration of transfer of a Residual Certificate that is in
      fact not permitted by this Section 3.03(f), for making any payment due on such
      Certificate to the registered Holder thereof or for taking any other action
      with
      respect to such Holder under the provisions of this Agreement so long as the
      transfer was registered upon receipt of the affidavit described in the preceding
      paragraph of this Section 3.03(f).

     

    
      
        
        

      

      
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    (g) Each
      Holder of a Residual Certificate, by such Holder’s acceptance thereof, shall be
      deemed for all purposes to have consented to the provisions of this
      section.

     

    (h) Notwithstanding
      any provision to the contrary herein, so long as a Global Security representing
      any of the Privately Offered Certificates remains outstanding and is held by
      or
      on behalf of DTC, transfers of a Global Security representing any such
      Certificates, in whole or in part, shall only be made in accordance with Section
      3.01 and this Section 3.03(h).

     

    (i) Subject
      to clauses (ii) and (iii) of this Section 3.03(h), transfers of a Global
      Security representing any of the Privately Offered Certificates shall be limited
      to transfers of such Global Security, in whole or in part, to nominees of DTC
      or
      to a successor of DTC or such successor’s nominee.

     

    (ii) Restricted
      Global Security to Regulation S Global Security.
      If a
      holder of a beneficial interest in a Restricted Global Security deposited with
      or on behalf of DTC wishes at any time to exchange its interest in such
      Restricted Global Security for an interest in a Regulation S Global Security,
      or
      to transfer its interest in such Restricted Global Security to a Person who
      wishes to take delivery thereof in the form of an interest in a Regulation
      S
      Global Security, such holder, provided such holder is not a U.S. person, may,
      subject to the rules and procedures of DTC, exchange or cause the exchange
      of
      such interest for an equivalent beneficial interest in the Regulation S Global
      Security. Upon receipt by the Certificate Registrar, of (I) instructions from
      DTC directing the Certificate Registrar, to be credited a beneficial interest
      in
      a Regulation S Global Security in an amount equal to the beneficial interest
      in
      such Restricted Global Security to be exchanged but not less than the minimum
      denomination applicable to such holder’s Certificates held through a Regulation
      S Global Security, (II) a written order given in accordance with DTC’s
      procedures containing information regarding the participant account of DTC
      and,
      in the case of a transfer pursuant to and in accordance with Regulation S,
      the
      Euroclear or Clearstream account to be credited with such increase and (III)
      a
      certificate in the form of Exhibit L-1 hereto given by the holder of such
      beneficial interest stating that the exchange or transfer of such interest
      has
      been made in compliance with the transfer restrictions applicable to the Global
      Securities, including that the holder is not a U.S. person, and pursuant to
      and
      in accordance with Regulation S, the Certificate Registrar, shall reduce the
      principal amount of the Restricted Global Security and increase the principal
      amount of the Regulation S Global Security by the aggregate principal amount
      of
      the beneficial interest in the Restricted Global Security to be exchanged,
      and
      shall instruct Euroclear or Clearstream, as applicable, concurrently with such
      reduction, to credit or cause to be credited to the account of the Person
      specified in such instructions a beneficial interest in the Regulation S Global
      Security equal to the reduction in the principal amount of the Restricted Global
      Security.

     

    
      
        
        

      

      
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    (iii) Regulation
      S Global Security to Restricted Global Security.
      If a
      holder of a beneficial interest in a Regulation S Global Security deposited
      with
      or on behalf of DTC wishes at any time to transfer its interest in such
      Regulation S Global Security to a Person who wishes to take delivery thereof
      in
      the form of an interest in a Restricted Global Security, such holder may,
      subject to the rules and procedures of DTC, exchange or cause the exchange
      of
      such interest for an equivalent beneficial interest in a Restricted Global
      Security. Upon receipt by the Certificate Registrar, of (I) instructions from
      DTC directing the Certificate Registrar, to cause to be credited a beneficial
      interest in a Restricted Global Security in an amount equal to the beneficial
      interest in such Regulation S Global Security to be exchanged but not less
      than
      the minimum denomination applicable to such holder’s Certificates held through a
      Restricted Global Security, to be exchanged, such instructions to contain
      information regarding the participant account with DTC to be credited with
      such
      increase, and (II) a certificate in the form of Exhibit L-2 hereto given by
      the
      holder of such beneficial interest and stating, among other things, that the
      Person transferring such interest in such Regulation S Global Security
      reasonably believes that the Person acquiring such interest in a Restricted
      Global Security is a QIB, is obtaining such beneficial interest in a transaction
      meeting the requirements of Rule 144A under the Act and in accordance with
      any
      applicable securities laws of any State of the United States or any other
      jurisdiction, then the Certificate Registrar, will reduce the principal amount
      of the Regulation S Global Security and increase the principal amount of the
      Restricted Global Security by the aggregate principal amount of the beneficial
      interest in the Regulation S Global Security to be transferred and the
      Certificate Registrar, shall instruct DTC, concurrently with such reduction,
      to
      credit or cause to be credited to the account of the Person specified in such
      instructions a beneficial interest in the Restricted Global Security equal
      to
      the reduction in the principal amount of the Regulation S Global
      Security.

     

    (iv) Other
      Exchanges.
      In the
      event that a Global Security is exchanged for Certificates in definitive
      registered form without interest coupons, pursuant to Section 3.09(c) hereof,
      such Certificates may be exchanged for one another only in accordance with
      such
      procedures as are substantially consistent with the provisions above (including
      certification requirements intended to insure that such transfers comply with
      Rule 144A, comply with Rule 501(a)(1), (2), (3) or (7) or are to Non-U.S.
      Persons in compliance with Regulation S under the Act, as the case may be),
      and
      as may be from time to time adopted by the Certificate Registrar.

     

    (v) Restrictions
      on U.S. Transfers.
      Transfers of interests in the Regulation S Global Security to U.S. persons
      (as
      defined in Regulation S) shall be limited to transfers made pursuant to the
      provisions of Section 3.03(h)(iii).

     

    
      
        
        

      

      
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    Section
      3.04. Cancellation
      of Certificates.

     

    Any
      Certificate surrendered for registration of transfer or exchange shall be
      cancelled and retained in accordance with normal retention policies with respect
      to cancelled certificates maintained by the Securities Administrator or the
      Certificate Registrar.

     

    Section
      3.05. Replacement
      of Certificates.

     

    If
      (i)
      any Certificate is mutilated and is surrendered to the Securities Administrator
      or any Authenticating Agent or (ii) the Securities Administrator or any
      Authenticating Agent receives evidence to its satisfaction of the destruction,
      loss or theft of any Certificate, and there is delivered to any NIMS Insurer
      and
      the Securities Administrator or the Authenticating Agent such security or
      indemnity as may be required by them to save each of them harmless, then, in
      the
      absence of notice to the Depositor and any Authenticating Agent that such
      destroyed, lost or stolen Certificate has been acquired by a bona fide
      purchaser, the Trustee shall execute and the Authenticating Agent shall
      authenticate and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Certificate, a new Certificate of like tenor and
      Certificate Principal Amount. Upon the issuance of any new Certificate under
      this Section 3.05, the Trustee and Authenticating Agent may require the payment
      of a sum sufficient to cover any tax or other governmental charge that may
      be
      imposed in relation thereto and any other expenses (including the fees and
      expenses of the Trustee or the Authenticating Agent) connected therewith. Any
      replacement Certificate issued pursuant to this Section 3.05 shall constitute
      complete and indefeasible evidence of ownership in the applicable Trust Fund,
      as
      if originally issued, whether or not the lost, stolen or destroyed Certificate
      shall be found at any time.

     

    Section
      3.06. Persons
      Deemed Owners.

     

    Subject
      to the provisions of Section 3.09 with respect to Book-Entry Certificates,
      the
      Depositor, the Securities Administrator, the Master Servicer, the Trustee,
      any
      NIMS Insurer, the Certificate Registrar and any agent of any of them may treat
      the Person in whose name any Certificate is registered upon the books of the
      Certificate Registrar as the owner of such Certificate for the purpose of
      receiving distributions pursuant to Sections 5.01 and 5.02 and for all other
      purposes whatsoever, and neither the Depositor, the Securities Administrator,
      the Master Servicer, the Trustee, any NIMS Insurer, the Certificate Registrar
      nor any agent of any of them shall be affected by notice to the
      contrary.

     

    Section
      3.07. Temporary
      Certificates.

     

    (a) Pending
      the preparation of Definitive Certificates, upon the order of the Depositor,
      the
      Trustee shall execute and Authenticating Agent shall authenticate and deliver
      temporary Certificates that are printed, lithographed, typewritten, mimeographed
      or otherwise produced, in any authorized denomination, substantially of the
      tenor of the Definitive Certificates in lieu of which they are issued and with
      such variations as the authorized officers executing such Certificates may
      determine, as evidenced by their execution of such Certificates.

     

    (b) If
      temporary Certificates are issued, the Depositor will cause Definitive
      Certificates to be prepared without unreasonable delay. After the preparation
      of
      Definitive Certificates, the temporary Certificates shall be exchangeable for
      Definitive Certificates upon surrender of the temporary Certificates at the
      office or agency of the Certificate Registrar without charge to the Holder.
      Upon
      surrender for cancellation of any one or more temporary Certificates, the
      Trustee shall execute, and the Authenticating Agent shall authenticate and
      deliver in exchange therefor a like aggregate Certificate Principal Amount
      of
      Definitive Certificates of the same Class in the authorized denominations.
      Until
      so exchanged, the temporary Certificates shall in all respects be entitled
      to
      the same benefits under this Agreement as Definitive Certificates of the same
      Class.

     

    
      
        
        

      

      
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    Section
      3.08. Appointment
      of Paying Agent.

     

    (a) The
      Securities Administrator may appoint a Paying Agent (which may be the Securities
      Administrator) for the purpose of making distributions to Certificateholders
      hereunder. The Securities Administrator is hereby appointed, and hereby accepts
      its appointment as initial Paying Agent in respect of the Certificates. The
      Trustee shall cause such Paying Agent (including the Securities Administrator
      to
      the extent not already required of the Securities Administrator under this
      Agreement) to execute and deliver to the Trustee an instrument in which such
      Paying Agent shall agree with the Trustee that such Paying Agent will hold
      all
      sums held by it for the payment to Certificateholders in an Eligible Account
      in
      trust for the benefit of the Certificateholders entitled thereto until such
      sums
      shall be paid to the Certificateholders. All funds remitted by the Securities
      Administrator to any such Paying Agent for the purpose of making distributions
      shall be paid to Certificateholders on each Distribution Date and any amounts
      not so paid shall be returned on such Distribution Date to the Securities
      Administrator. If the Paying Agent is not the Securities Administrator, the
      Securities Administrator shall cause the funds to be remitted to the Paying
      Agent on or before the Business Day prior to each Distribution Date, by wire
      transfer in immediately available funds, the funds to be distributed on such
      Distribution Date.

     

    (b) Any
      Paying Agent shall be either a bank or trust company or otherwise authorized
      under law to exercise corporate trust powers. Any Paying Agent shall comply
      with
      its reporting obligations under Regulation AB with respect to the Trust Fund
      in
      form and substance similar to those of the Securities Administrator pursuant
      to
      Sections 6.20 and 9.25, and the related assessment of compliance shall cover,
      at
      a minimum, the matters indicated as obligations with respect to the Paying
      Agent
      on Exhibit O attached hereto, provided that if the Securities Administrator
      is
      the Paying Agent, any reporting obligations under Regulation AB specific to
      the
      Paying Agent shall be undertaken by the Securities Administrator in the course
      of its own reporting and not separately. In addition, any Paying Agent shall
      notify the Sponsor, the Master Servicer and the Depositor within five (5)
      calendar days of knowledge thereof (i) of any legal proceedings pending against
      the Paying Agent of the type described in Item 1117 (§ 229.1117) of Regulation
      AB, (ii) any merger, consolidation or sale of substantially all of the assets
      of
      the Paying Agent and (iii) if the Paying Agent shall become (but only to the
      extent not previously disclosed) at any time an Affiliate of any of the parties
      listed on Exhibit R hereto or any of their Affiliates.

     

    (c) Any
      Paying Agent (if other than the Securities Administrator) agrees to indemnify
      the Depositor, the Trustee, the Securities Administrator and the Master
      Servicer, and each of their respective directors, officers, employees and agents
      and the Trust Fund and hold each of them harmless from and against any losses,
      damages, penalties, fines, forfeitures, legal fees and expenses and related
      costs, judgments, and any other costs, fees and expenses that any of them may
      sustain arising out of or based upon the failure by such Paying Agent to deliver
      any information, report or certification when and as required under Section
      6.20
      and Section 9.25(a), provided, however, that this sentence shall not apply
      if
      the Paying Agent is the Trustee. This indemnification shall survive the
      termination of this Agreement or the termination of such Paying Agent
      hereunder.

     

    
      
        
        

      

      
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    Section
      3.09. Book-Entry
      Certificates.

     

    (a) Each
      Class of Book-Entry Certificates, upon original issuance, shall be issued in
      the
      form of one or more typewritten Certificates representing the Book-Entry
      Certificates, to be delivered to The Depository Trust Company, the initial
      Clearing Agency, by, or on behalf of, the Depositor. The Book-Entry Certificates
      shall initially be registered on the Certificate Register in the name of the
      nominee of the Clearing Agency, and no Certificate Owner will receive a
      Definitive Certificate representing such Certificate Owner’s interest in the
      Book-Entry Certificates, except as provided in Section 3.09(c). Unless
      Definitive Certificates have been issued to Certificate Owners of Book-Entry
      Certificates pursuant to Section 3.09(c):

     

    (i) the
      provisions of this Section 3.09 shall be in full force and effect;

     

    (ii) the
      Depositor, the Securities Administrator, the Master Servicer, the Paying Agent,
      the Certificate Registrar and the Trustee may deal with the Clearing Agency
      for
      all purposes (including the making of distributions on the Book-Entry
      Certificates) as the authorized representatives of the Certificate Owners and
      the Clearing Agency shall be responsible for crediting the amount of such
      distributions to the accounts of such Persons entitled thereto, in accordance
      with the Clearing Agency’s normal procedures;

     

    (iii) to
      the
      extent that the provisions of this Section 3.09 conflict with any other
      provisions of this Agreement, the provisions of this Section 3.09 shall control;
      and

     

    (iv) the
      rights of Certificate Owners shall be exercised only through the Clearing Agency
      and the Clearing Agency Participants and shall be limited to those established
      by law and agreements between such Certificate Owners and the Clearing Agency
      and/or the Clearing Agency Participants. Unless and until Definitive
      Certificates are issued pursuant to Section 3.09(c), the initial Clearing Agency
      will make book-entry transfers among the Clearing Agency Participants and
      receive and transmit distributions of principal of and interest on the
      Book-Entry Certificates to such Clearing Agency Participants.

     

    (b) Whenever
      notice or other communication to the Certificateholders is required under this
      Agreement, unless and until Definitive Certificates shall have been issued
      to
      Certificate Owners pursuant to Section 3.09(c), the Securities Administrator
      shall give all such notices and communications specified herein to be given
      to
      Holders of the Book-Entry Certificates to the Clearing Agency.

     

    (c) If
      (i)(A)
      the Depositor advises the Certificate Registrar in writing that the Clearing
      Agency is no longer willing or able to discharge properly its responsibilities
      with respect to the Book-Entry Certificates, and (B) the Depositor is unable
      to
      locate a qualified successor, (ii) the Depositor, at its option, advises the
      Securities Administrator in writing that it elects to terminate the book-entry
      system through the Clearing Agency or (iii) after the occurrence of an Event
      of
      Default, Certificate Owners representing beneficial interests aggregating not
      less than 50% of the Class Principal Amount of a Class of Book-Entry
      Certificates identified as such to the Securities Administrator by an Officer’s
      Certificate from the Clearing Agency advise the Securities Administrator and
      the
      Clearing Agency through the Clearing Agency Participants in writing that the
      continuation of a book-entry system through the Clearing Agency is no longer
      in
      the best interests of the Certificate Owners of a Class of Book-Entry
      Certificates, the Securities Administrator shall notify the Clearing Agency
      to
      effect notification to all Certificate Owners, through the Clearing Agency,
      of
      the occurrence of any such event and of the availability of Definitive
      Certificates to Certificate Owners requesting the same. Upon surrender to the
      Securities Administrator of the Book-Entry Certificates by the Clearing Agency,
      accompanied by registration instructions from the Clearing Agency for
      registration, the Securities Administrator shall issue the Definitive
      Certificates. Neither the Depositor nor the Trustee shall be liable for any
      delay in delivery of such instructions and may conclusively rely on, and shall
      be protected in relying on, such instructions. Upon the issuance of Definitive
      Certificates all references herein to obligations imposed upon or to be
      performed by the Clearing Agency shall be deemed to be imposed upon and
      performed by the Securities Administrator, to the extent applicable, with
      respect to such Definitive Certificates and the Securities Administrator shall
      recognize the holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    
      
        
        

      

      
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    ARTICLE
      IV

     

    ADMINISTRATION
      OF THE TRUST FUND

     

    Section
      4.01. Collection
      Account.

     

    (a) On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust (the “Collection Account”), entitled “Aurora
      Loan Services LLC as Master Servicer, in trust for the benefit of the Holders
      of
      Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
      Certificates, Series 2007-9.” The Collection Account shall relate solely to the
      Certificates issued by the Trust Fund hereunder, and funds in such Collection
      Account shall not be commingled with any other monies.

     

    (b) The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Master Servicer shall establish
      a
      new Collection Account that is an Eligible Account within 10 days and transfer
      all funds on deposit in such existing Collection Account into such new
      Collection Account.

     

    (c) The
      Master Servicer shall give to the Trustee and the Securities Administrator
      prior
      written notice of the name and address of the depository institution at which
      the Collection Account is maintained and the account number of such Collection
      Account. No later than 1:00 p.m. New York City time on each Deposit Date, the
      entire amount on deposit in the Collection Account (subject to permitted
      withdrawals set forth in Section 4.02), not including any amounts which are
      to
      be excluded from the Available Distribution Amount for such Distribution Date
      pursuant to clauses (A) through (H) of paragraph (i) of the definition thereof
      (other than any amounts due or reimbursable to the Trustee, the Custodians
      or
      the Securities Administrator pursuant to this Agreement), shall be remitted
      to
      the Securities Administrator for deposit into the Certificate Account by wire
      transfer in immediately available funds. The Master Servicer, at its option,
      may
      choose to make daily remittances from the Collection Account to the Securities
      Administrator for deposit into the Certificate Account.

     

    
      
        
        

      

      
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    (d) The
      Master Servicer shall deposit or cause to be deposited into the Collection
      Account, no later than the second Business Day following the Closing Date,
      any
      amounts representing Scheduled Payments on the Mortgage Loans due after the
      Cut-off Date and received by the Master Servicer on or before the Closing Date.
      Thereafter, the Master Servicer shall deposit or cause to be deposited in the
      Collection Account on the earlier of the applicable Remittance Date and two
      Business Days following receipt thereof, the following amounts received or
      payments made by it (other than in respect of principal of and interest on
      the
      Mortgage Loans due on or before the Cut-Off Date):

     

    (i) all
      payments on account of principal, including Principal Prepayments and late
      collections, on the Mortgage Loans;

     

    (ii) all
      payments on account of interest on the Mortgage Loans (other than payments
      due
      prior to the Cut-off Date), net of the applicable Servicing Fee and Master
      Servicing Fee with respect to each such Mortgage Loan, but only to the extent
      of
      the amount permitted to be withdrawn or withheld from the Collection Account
      in
      accordance with Sections 5.04 and 9.21;

     

    (iii) any
      unscheduled payment or other recovery with respect to a Mortgage Loan not
      otherwise specified in this paragraph (d), including any Subsequent Recovery,
      all Net Liquidation Proceeds with respect to the Mortgage Loans and REO
      Property, and all amounts received in connection with the operation of any
      REO
      Property, net of any unpaid Servicing Fees and Master Servicing Fees with
      respect to such Mortgage Loans, but only to the extent of the amount permitted
      to be withdrawn or withheld from the Collection Account in accordance with
      Sections 5.04 and 9.21; 

     

    (iv) all
      Insurance Proceeds;

     

    (v) all
      Advances made by the Master Servicer or the applicable Servicer pursuant to
      Section 5.04 or the applicable Servicing Agreement;

     

    (vi) all
      Prepayment Penalty Amounts; 

     

    (vii) all
      proceeds of any Mortgage Loan purchased by any Person; and 

     

    (viii) the
      Purchase Price or Repurchase Price of any Mortgage Loan repurchased by the
      Depositor, the Seller, the Master Servicer or any other Person, and any
      Substitution Amount related to any Qualifying Substitute Mortgage Loan and
      any
      purchase price paid by any NIMS Insurer for the purchase of any Distressed
      Mortgage Loan under Section 7.04. 

     

    (e) Funds
      in
      the Collection Account may be invested in Eligible Investments (selected by
      and
      at the written direction of the Master Servicer) which shall mature not later
      than one Business Day prior to the Deposit Date (except that if such Eligible
      Investment is an obligation of the Securities Administrator or the Paying Agent,
      if other than the Securities Administrator, and such Collection Account is
      maintained with the Securities Administrator or the Paying Agent, if other
      than
      the Securities Administrator, then such Eligible Investment shall mature not
      later than such applicable Deposit Date), and any such Eligible Investment
      shall
      not be sold or disposed of prior to its maturity. All such Eligible Investments
      shall be made in the name of the Master Servicer in trust for the benefit of
      the
      Trustee and Holders of Structured Adjustable Rate Mortgage Loan Trust, Mortgage
      Pass-Through Certificates, Series 2007-9. All income and gain realized from
      any
      such investment shall be for the benefit of the Master Servicer, while such
      Collection Account is maintained by the Master Servicer, and shall be subject
      to
      its withdrawal or order from time to time and shall not be part of the Trust
      Fund. The amount of any losses incurred in respect of any such investments
      shall
      be deposited in such Collection Account by the Master Servicer out of its own
      funds, without any right of reimbursement therefor, immediately as realized.
      The
      foregoing requirements for deposit in the Collection Account are exclusive,
      it
      being understood and agreed that, without limiting the generality of the
      foregoing, payments of interest on funds in the Collection Account and payments
      in the nature of late payment charges or assumption fees need not be deposited
      by the Master Servicer in the Collection Account and may be retained by the
      Master Servicer or the applicable Servicer as additional servicing compensation.
      If the Master Servicer deposits in the Collection Account any amount not
      required to be deposited therein, it may at any time withdraw such amount from
      such Collection Account.

     

    
      
        
        

      

      
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    Section
      4.02. Application
      of Funds in the Collection Account.

     

    (a) The
      Master Servicer may, from time to time, make, or cause to be made, withdrawals
      from the Collection Account for the following purposes:

     

    (i) to
      reimburse itself or any Servicer for Advances made by it or by such Servicer
      pursuant to Section 5.04 or the applicable Servicing Agreement; the Master
      Servicer’s right to reimburse itself pursuant to this subclause (i) is limited
      to amounts received on or in respect of particular Mortgage Loans (including,
      for this purpose, Liquidation Proceeds and amounts representing Insurance
      Proceeds with respect to the property subject to the related Mortgage) which
      represent late recoveries (net of the applicable Servicing Fee and the Master
      Servicing Fee) of payments of principal or interest respecting which any such
      Advance was made, it being understood, in the case of any such reimbursement,
      that the Master Servicer’s or Servicer’s right thereto shall be prior to the
      rights of the Certificateholders;

     

    (ii) to
      reimburse itself or any Servicer for any Advances or Servicing Advances made
      by
      it or by such Servicer that it or such Servicer determines in good faith will
      not be recoverable from amounts representing late recoveries of payments of
      principal or interest respecting the particular Mortgage Loan as to which such
      Advance or Servicing Advance was made or from Liquidation Proceeds or Insurance
      Proceeds with respect to such Mortgage Loan, it being understood, in the case
      of
      any such reimbursement, that such Master Servicer’s or Servicer’s right thereto
      shall be prior to the rights of the Certificateholders;

     

    (iii) to
      reimburse itself or any Servicer from Liquidation Proceeds for Liquidation
      Expenses and for amounts expended by it pursuant to Sections 9.20 and 9.22(a)
      or
      the applicable Servicing Agreement in good faith in connection with the
      restoration of damaged property and, to the extent that Liquidation Proceeds
      after such reimbursement exceed the unpaid principal balance of the related
      Mortgage Loan, together with accrued and unpaid interest thereon at the
      applicable Mortgage Rate less the applicable Servicing Fee and the Master
      Servicing Fee for such Mortgage Loan to the Due Date next succeeding the date
      of
      its receipt of such Liquidation Proceeds, to pay to itself out of such excess
      the amount of any unpaid assumption fees, late payment charges or other
      Mortgagor charges on the related Mortgage Loan and to retain any excess
      remaining thereafter as additional servicing compensation, it being understood,
      in the case of any such reimbursement or payment, that such Master Servicer’s or
      Servicer’s right thereto shall be prior to the rights of the
      Certificateholders;

     

    
      
        
        

      

      
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    (iv) in
      the
      event it has elected not to pay itself the Master Servicing Fee out of any
      Mortgagor payment on account of interest or other recovery with respect to
      a
      particular Mortgage Loan prior to the deposit of such Mortgagor payment or
      recovery in the Collection Account, to pay to itself the Master Servicing Fee
      for each Distribution Date and any unpaid Master Servicing Fees for prior
      Distribution Dates, as reduced pursuant to Section 5.05, from any Mortgagor
      payment as to interest or such other recovery with respect to that Mortgage
      Loan, as is permitted by this Agreement;

     

    (v) to
      reimburse itself or any Servicer for expenses incurred by and recoverable by
      or
      reimbursable to it or such Servicer pursuant to Section 9.04, 9.06, 9.16 or
      9.22(a) or pursuant to the applicable Servicing Agreement (to the extent such
      reimbursement constitutes “unanticipated expenses” within the meaning of
      Treasury Regulation Section 1.860G-1(b)(3)(ii)), and to reimburse itself for
      any
      expenses reimbursable to it pursuant to Section 10.01(c);

     

    (vi) to
      pay to
      the applicable Person, with respect to each Mortgage Loan or REO Property
      acquired in respect thereof that has been repurchased by such Person pursuant
      to
      this Agreement, all amounts received thereon and not distributed on the date
      on
      which the related repurchase was effected;

     

    (vii) subject
      to Section 5.04, to pay to itself income earned on the investment of funds
      deposited in the Collection Account;

     

    (viii) to
      make
      payments to the Securities Administrator on each Deposit Date for deposit into
      the Certificate Account in the amounts and in the manner provided for in Section
      4.04;

     

    (ix) to
      make
      payment to itself, the Trustee and others pursuant to any provision of this
      Agreement;

     

    (x) to
      pay
      the Depositor or the Seller, as applicable, with respect to each Mortgage Loan
      or REO Property acquired in respect thereof that has been purchased pursuant
      to
      this Agreement, all amounts received thereon and not distributed on the date
      on
      which the related prepurchase was effected, and to pay the applicable person
      any
      Advances and Servicing Advances to the extent specified in the definition of
      Purchase Price;

     

    (xi) to
      withdraw funds deposited in error in the Collection Account;

     

    (xii) to
      clear
      and terminate any Collection Account pursuant to Section 7.02;

     

    
      
        
        

      

      
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    (xiii) to
      reimburse a successor Master Servicer (solely in its capacity as successor
      Master Servicer, including the Securities Administrator), for any fee or advance
      occasioned by a termination of the Master Servicer, and the assumption of such
      duties by the Securities Administrator or a successor Master Servicer appointed
      by the Securities Administrator pursuant to Section 6.14, in each case to the
      extent not reimbursed by the terminated Master Servicer, it being understood,
      in
      the case of any such reimbursement or payment, that the right of the Master
      Servicer or the Securities Administrator thereto shall be prior to the rights
      of
      the Certificateholders; and

     

    (xiv) to
      reimburse any Servicer for such amounts as are due thereto under the applicable
      Servicing Agreement and have not been retained by or paid to such Servicer
      to
      the extent provided in such Servicing Agreement provided such amounts are
      Servicing Fees or “unanticipated expenses” within the meaning of Treasury
      Regulation Section 1.860G-1(b)(3)(ii).

     

    If
      provided in the related Servicing Agreement, each Servicer shall be entitled
      to
      retain as additional servicing compensation any Prepayment Interest Excess
      (to
      the extent not offset by Prepayment Interest Shortfalls). The Servicers of
      the
      Participations shall be entitled to retain as additional servicing compensation
      any Prepayment Penalty Amounts received with respect to the
      Participations.

     

    In
      connection with withdrawals pursuant to subclauses (i), (ii), (iii), (iv) and
      (vi) above, the Master Servicer’s or Servicer’s entitlement thereto is limited
      to collections or other recoveries on the related Mortgage Loan. The Master
      Servicer shall therefore keep and maintain a separate accounting for each
      Mortgage Loan it master services for the purpose of justifying any withdrawal
      from the Collection Account it maintains pursuant to such subclause (i), (ii),
      (iii), (iv) and (vi).

     

    (b) In
      the
      event that the Master Servicer fails on any Deposit Date to remit to the
      Securities Administrator any amounts required to be so remitted to the
      Securities Administrator pursuant to sub-clause (viii) by such date, the Master
      Servicer shall pay the Securities Administrator, for the account of the
      Securities Administrator, interest calculated at the “prime rate” (as published
      in the “Money Rates” section of The Wall Street Journal) on such amounts not
      timely remitted for the period from and including that Deposit Date to but
      not
      including the related Distribution Date. The Master Servicer shall only be
      required to pay the Securities Administrator interest for the actual number
      of
      days such amounts are not timely remitted (e.g., one day’s interest, if such
      amounts are remitted one day after the Deposit Date).

     

    (c) The
      Securities Administrator shall afford the NIMS Insurer upon reasonable notice,
      during normal business hours, access to all records maintained by the Securities
      Administrator in respect of its duties hereunder and access to officers of
      the
      Securities Administrator responsible for performing such duties. The Securities
      Administrator shall cooperate fully with the NIMS Insurer and shall make
      available to the NIMS Insurer for review and copying at the expense of the
      NIMS
      Insurer, such books, documents or records as may be requested with respect
      to
      the Securities Administrator’s duties hereunder. The NIMS Insurer shall not have
      any responsibility or liability for any action or failure to act by the
      Securities Administrator and are not obligated to supervise the performance
      of
      the Securities Administrator under this Agreement or otherwise. The Securities
      Administrator shall cause the Master Servicer, the Custodian and the Servicer
      to
      provide the NIMS Insurer with access to the Mortgage Files upon reasonable
      notice and during normal business hours.

     

    
      
        
        

      

      
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    Section
      4.03. Reports
      to Certificateholders.

     

    (a) On
      each
      Distribution Date, the Securities Administrator shall prepare (based on
      information provided by the Master Servicer) and shall make available to the
      Certificateholders and any NIMS Insurer a written report setting forth the
      following information, by Mortgage Pool and Certificate Group (on the basis
      of
      Mortgage Loan level information provided by the applicable Servicer and the
      Master Servicer, or in the case of items (xviii), (xx) and (xxi) below, as
      such
      information is obtained by the Securities Administrator):

     

    (i) the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of Certificates, other than any Class of Notional
      Certificates, to the extent applicable, allocable to principal on the Mortgage
      Loans, including any Subsequent Recovery, Liquidation Proceeds and Insurance
      Proceeds, stating separately the amount attributable to scheduled principal
      payments and unscheduled payments in the nature of principal in each Mortgage
      Pool;

     

    (ii) the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of Certificates allocable to interest, including any
      Accrual Amount added to the Class Principal Amount of any Class of Accrual
      Certificates;

     

    (iii) the
      amount, if any, of any distributions to the Holders of the Class P, Class X
      (including the 1-X Component), and Class R Certificates on such Distribution
      Date, stated separately, and the aggregate amounts, if any, of distributions
      to
      the Holders of the Class P, Class X (including the 1-X Component) and Class
      R
      Certificates on all Distribution Dates, stated separately;

     

    (iv) (A) the
      aggregate amount of any Advances required to be made with respect to the related
      Collection Period by or on behalf of the Master Servicer or any Servicer (or,
      if
      applicable, the Securities Administrator, solely in its capacity as successor
      master servicer), (B)
      the
      aggregate amount of such Advances actually made, and (C)
      the
      amount, if any, by which (A) above exceeds (B) above;

     

    (v) the
      Aggregate Principal Balance of the Mortgage Loans and the Pool Balance of each
      Mortgage Pool for such Distribution Date, after giving effect to payments
      allocated to principal reported under clause (i) above;

     

    (vi) the
      Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates,
      to
      the extent applicable, as of such Distribution Date after giving effect to
      payments allocated to principal reported under clause (i) above (and to the
      addition of any Accrual Amount in the case of any Class of Accrual
      Certificates), separately identifying any reduction of any of the foregoing
      Certificate Principal Amounts due to Realized Losses;

     

    
      
        
        

      

      
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    (vii) any
      Realized Losses realized with respect to the Mortgage Loans (x) in the
      applicable Prepayment Period and (y) in the aggregate since the Cut-off Date,
      stating separately the amount of Special Hazard Losses, Fraud Losses and
      Bankruptcy Losses and the aggregate amount of such Realized Losses, and the
      remaining Special Hazard Loss Amount, Fraud Loss Amount and Bankruptcy Loss
      Amount;

     

    (viii) the
      amount of the Master Servicing Fees, Servicing Fees and Securities Administrator
      Fee paid during the Due Period to which such distribution relates;

     

    (ix) the
      number and aggregate outstanding principal balance of Mortgage Loans (not
      including a Liquidated Mortgage Loan as of the end of the Prepayment Period),
      as
      reported to the Securities Administrator by the Master Servicer, (a) remaining
      outstanding, (b) delinquent one month, (c) delinquent two months, (d) delinquent
      three or more months and (e) as to which foreclosure proceedings have been
      commenced as of the close of business on the last Business Day of the calendar
      month immediately preceding the month in which such Distribution Date
      occurs;

     

    (x) the
      delinquency method (MBA) that is used to calculate the information provided
      under (ix) above;

     

    (xi) the
      deemed aggregate principal balance of all REO Properties (not including a
      Liquidated Mortgage Loan as of the end of the Prepayment Period) as of the
      close
      of business on the last Business Day of the calendar month immediately preceding
      the month in which such Distribution Date occurs; with respect to substitution
      of Mortgage Loans in the preceding calendar month, the aggregate Scheduled
      Principal Balance of all such Deleted Mortgage Loans, and of all Qualifying
      Substitute Mortgage Loans;

     

    (xii) the
      aggregate outstanding Interest Shortfalls and Net Prepayment Interest
      Shortfalls, if any, for each Class of Certificates, after giving effect to
      the
      distribution made on such Distribution Date;

     

    (xiii) the
      Certificate Interest Rate applicable to such Distribution Date with respect
      to
      each Class of Certificates; 

     

    (xiv) the
      Interest Remittance Amount, the Principal Remittance Amount, the Principal
      Distribution Amount and the Overcollateralization Release Amount applicable
      to
      such Distribution Date;

     

    (xv) if
      applicable, the amount of any shortfall (i.e., the difference between the
      aggregate amounts of principal and interest which Certificateholders would
      have
      received if there were sufficient available amounts in the Certificate Account
      and the amounts actually distributed);

     

    (xvi) the
      Overcollateralization Amount after giving effect to the distributions made
      on
      such Distribution Date;

     

    (xvii) the
      amount of any Overcollateralization Deficiency after giving effect to the
      distributions made in such Distribution Date; and

     

    
      
        
        

      

      
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    (xviii) the
      level
      of LIBOR and the Certificate Interest Rate of each of the LIBOR Certificates.
      

     

    In
      the
      case of information furnished pursuant to subclauses (i), (ii) and (vi) above,
      the amounts shall (except with respect to the Class X and Class 1-AP and Class
      2-AP Certificates) be expressed as a dollar amount per $1,000 of original
      principal amount of Certificates.

     

    In
      addition to the information listed above
      for any
      year in which the Depositor is subject to Exchange Act Reporting with respect
      to
      the Certificates,
      such
      Distribution Date report shall also include such other information as is
      required by
      Form
      10-D, including but not limited to, the information required by
      Item
      1121 (§ 229.1121) of Regulation AB
      to the
      extent that the Securities
      Administrator
      shall
      have received any such information from the Depositor, the Sponsor, the Master
      Servicer, the Servicer, any Custodian or any Subservicer or Subcontractor
      therefor, as applicable, no later than four
      Business
      Days prior to the Distribution
      Date.

     

    The
      Securities Administrator shall make such report and additional loan level
      information (and, at its option, any additional files provided by the Master
      Servicer containing the same information in an alternative format) provided
      to
      it by the Master Servicer available each month to Certificateholders, any NIMS
      Insurer and the Rating Agencies via the Securities Administrator’s internet
      website. The Securities Administrator’s internet
      website shall initially be located at www.ctslink.com and assistance in using
      the website can be obtained by calling the Securities Administrator’s customer
      service desk at (866) 846-4526.
      Such
      parties that are unable to use the website are entitled to have a paper copy
      mailed to them via first class mail by calling the customer service desk and
      indicating such. The Securities Administrator shall have the right to change
      the
      way such statements are distributed in order to make such distribution more
      convenient and/or more accessible to the above parties and the Securities
      Administrator shall provide timely and adequate notification to all above
      parties regarding any such changes.

     

    The
      foregoing information and reports shall be prepared and determined by the
      Securities Administrator based solely on Mortgage Loan data provided to the
      Securities Administrator by the Master Servicer (in a format attached hereto
      as
      Exhibit J as mutually agreed to by the Securities Administrator and the Master
      Servicer) no later than 2:00 p.m. Eastern Time four Business Days prior to
      the
      Distribution Date. In preparing or furnishing the information to be provided
      by
      the Securities Administrator, the Master Servicer shall be entitled to rely
      conclusively on the accuracy and completeness of the information or data
      regarding the Mortgage Loans and the related REO Property that has been provided
      to the Master Servicer by the Servicer. The Securities Administrator shall
      be
      entitled to conclusively rely on the accuracy and completeness of the Mortgage
      Loan data provided by the Master Servicer and shall have no liability for any
      errors or omissions in such Mortgage Loan data or other information, and the
      Master Servicer shall have no liability for any errors or omissions in such
      mortgage loan data or information, and the Securities Administrator shall not
      be
      obligated to verify, reconcile, recompute or recalculate any such information
      or
      data.

     

    (b) Upon
      the
      reasonable advance written request of any Certificateholder that is a savings
      and loan, bank or insurance company, which request, if received by the Trustee
      or the Securities Administrator, will be promptly forwarded to the Master
      Servicer, the Master Servicer shall provide, or cause to be provided, (or,
      to
      the extent that such information or documentation is not required to be provided
      by a Servicer under the applicable Servicing Agreement, shall use reasonable
      efforts to obtain such information and documentation from such Servicer, and
      provide) to such Certificateholder such reports and access to information and
      documentation regarding the Mortgage Loans as such Certificateholder may
      reasonably deem necessary to comply with applicable regulations of the Office
      of
      Thrift Supervision or its successor or other regulatory authorities with respect
      to the NIM Securities or an investment in the Certificates; provided, however,
      that the Master Servicer shall be entitled to be reimbursed by such
      Certificateholder for such Master Servicer’s actual expenses incurred in
      providing such reports and access.

     

    
      
        
        

      

      
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    (c) Within
      90
      days, or such shorter period as may be required by statute or regulation, after
      the end of each calendar year, the Securities Administrator shall, have prepared
      and shall make available, upon written request, to each Person who at any time
      during the calendar year was a Certificateholder of record, and to any NIMs
      Insurer and make available to Certificate Owners (identified as such by the
      Clearing Agency) in accordance with applicable regulations, a report summarizing
      the items provided to Certificateholders pursuant to Section 4.03(a) on an
      annual basis as may be required to enable such Holders to prepare their federal
      income tax returns; provided, however that this Section 4.03(c) shall not be
      applicable where relevant reports or summaries are required elsewhere in this
      Agreement. Such information shall include the amount of original issue discount
      accrued on each Class of Certificates and information regarding the expenses
      of
      the Trust Fund. The Securities Administrator shall be deemed to have satisfied
      this requirement if it forwards such information in any other format permitted
      by the Code. The Master Servicer, to the extent available to the Master Servicer
      pursuant to this Agreement and each Servicing Agreement, shall provide the
      Securities Administrator with such Mortgage Loan level information as is
      necessary for the Securities Administrator to prepare such reports.

     

    (d) The
      Securities Administrator shall prepare and file with the Internal Revenue
      Service (“IRS”), on behalf of the Trust Fund, an application for an employer
      identification number on IRS Form SS-4 or by any other acceptable method. The
      Securities Administrator shall also file a Form 8811 as required. The Securities
      Administrator, upon receipt from the IRS of the Notice of Taxpayer
      Identification Number Assigned, shall upon request promptly forward a copy
      of
      such notice to the Master Servicer and the Depositor. The Securities
      Administrator shall furnish any other information that is required by the Code
      and regulations thereunder to be made available to Certificateholders. The
      Master Servicer shall provide the Securities Administrator with such information
      as is necessary for the Securities Administrator to comply with the foregoing
      to
      the extent available to the Master Servicer pursuant to this Agreement and
      each
      Servicing Agreement.

     

    Section
      4.04. Certificate
      Account.

     

    (a) The
      Securities Administrator shall establish and maintain in its name, as securities
      administrator, a trust account (the “Certificate Account”), entitled Wells Fargo
      Bank, N.A., as Securities Administrator for HSBC Bank USA, National Association
      as Trustee in trust for the holders of Structured Adjustable Rate Mortgage
      Loan
      Trust Mortgage Pass-Through Certificates, Series 2007-9, to be held in trust
      for
      the benefit of the Certificateholders until disbursed pursuant to the terms
      of
      this Agreement. The Certificate Account shall be an Eligible Account. If the
      existing Certificate Account ceases to be an Eligible Account, the Securities
      Administrator shall establish a new Certificate Account that is an Eligible
      Account within 20 Business Days and transfer all funds on deposit in such
      existing Certificate Account into such new Certificate Account. The Certificate
      Account shall relate solely to the Certificates issued hereunder and funds
      in
      the Certificate Account shall be held separate and apart from and shall not
      be
      commingled with any other monies including, without limitation, other monies
      of
      the Securities Administrator held under this Agreement.

     

    
      
        
        

      

      
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    (b) The
      Securities Administrator shall cause to be deposited into the Certificate
      Account on the day on which, or, if such day is not a Business Day, the Business
      Day immediately following the day on which, any monies are remitted by the
      Master Servicer to the Securities Administrator all such amounts. The Securities
      Administrator shall make withdrawals from the Certificate Account only for
      the
      following purposes:

     

    (i) to
      withdraw amounts deposited in the Certificate Account in error;

     

    (ii) to
      pay
      itself the Securities Administrator Fee and any investment income earned with
      respect to funds in the Certificate Account invested in Eligible Investments
      as
      set forth in subsection (c) below, and to make payments to itself, the Trustee
      and others prior to making distributions pursuant to Section 5.02 for any
      expenses or other indemnification owing to itself, the Trustee and others
      pursuant to any provision of this Agreement or any Custodial Agreement (to
      the
      extent payment of such expenses or other indemnification constitutes
“unanticipated expenses” within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii));

     

    (iii) to
      make
      payments of the Master Servicing Fee (to the extent not already withheld or
      withdrawn from the Collection Account by the Master Servicer) to the Master
      Servicer;

     

    (iv) to
      make
      distributions to the Certificateholders pursuant to Article V; and

     

    (v) to
      clear
      and terminate the Certificate Account pursuant to Section 7.02.

     

    (c) The
      Securities Administrator may invest, or cause to be invested, funds held in
      the
      Certificate Account, which funds, if invested, shall be invested in Eligible
      Investments (which may be obligations of the Securities Administrator). All
      such
      investments must mature no later than the next Distribution Date, and shall
      not
      be sold or disposed of prior to their maturity. All such Eligible Investments
      will be made in the name of the Securities Administrator (in its capacity as
      such) or its nominee. All income and gain realized from any such investment
      shall be paid to the Securities Administrator and shall be subject to its
      withdrawal on order from time to time. The amount of any losses incurred in
      respect of any such investments shall be paid by the Securities Administrator
      for deposit in the Certificate Account out of its own funds, without any right
      of reimbursement therefor, immediately as realized. Funds held in the
      Certificate Account that are not invested shall be held in cash. 

     

    (d) Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Eligible Investment, or if a default occurs
      in
      any other performance required under any Eligible Investment, the Securities
      Administrator may and, subject to Section 6.01 and Section 6.02(iv), upon the
      request of the NIMS Insurer, shall take such action as may be appropriate to
      enforce such payment or performance, including the institution and prosecution
      of appropriate proceedings.

     

    
      
        
        

      

      
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    ARTICLE
      V

     

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

     

    Section
      5.01. Distributions
      Generally.

     

    (a) Subject
      to Section 7.01 with respect to the final distribution on the Certificates,
      on
      each Distribution Date the Securities Administrator (or any Paying Agent) shall
      make distributions in accordance with this Article V. Such distributions shall
      be made by wire transfer if the Certificateholder has provided the Securities
      Administrator with wire instructions or by check mailed to the address of such
      Certificateholder as it appears in the books of the Securities Administrator
      if
      the Certificateholder has not provided the Securities Administrator with wire
      instructions in immediately available funds to an account specified in the
      request and at the expense of such Certificateholder; provided, however, that
      the final distribution in respect of any Certificate shall be made only upon
      presentation and surrender of such Certificate at the Corporate Trust Office.
      Wire transfers may be made at the expense of the Holder requesting such wire
      transfer by deducting a wire transfer fee from the related distribution.
      Notwithstanding such final payment of principal of any of the Certificates,
      each
      Residual Certificate will remain outstanding until the termination of each
      REMIC
      and the payment in full of all other amounts due with respect to the Residual
      Certificate and at such time such final payment in retirement of the Residual
      Certificate will be made only upon presentation and surrender of such
      Certificate at the Corporate Trust Office of the Certificate Registrar. If
      any
      payment required to be made on the Certificates is to be made on a day that
      is
      not a Business Day, then such payment will be made on the next succeeding
      Business Day.

     

    (b) All
      distributions or allocations made with respect to Certificateholders within
      each
      Class on each Distribution Date shall be allocated among the outstanding
      Certificates in such Class equally in proportion to their respective initial
      Certificate Principal Amounts (or initial Notional Amounts or Percentage
      Interests).

     

    (c) The
      Securities Administrator (or Paying Agent, as applicable) shall make payments
      to
      Certificateholders and any other person pursuant to this Article V based solely
      on the information set forth in the monthly report furnished by the Securities
      Administrator in accordance with Section 4.03(a), and shall be entitled to
      conclusively rely on such information and reports, and on the calculations
      contained therein, when making distributions to Certificateholders and any
      other
      party. The Securities Administrator (or Paying Agent, as applicable) shall
      have
      no liability for any errors in such reports or information, and shall not be
      required to verify, recompute, reconcile or recalculate any such information
      or
      data.

     

    Section
      5.02. Distributions
      from the Certificate Account.

     

    (a) On
      each
      Distribution Date, the Securities
      Administrator
      (or any
      successor Paying Agent, as applicable) shall withdraw from the Certificate
      Account the Total Distribution Amount (excluding all Prepayment Penalty Amounts)
      and shall allocate such amount to the interests issued in respect of each REMIC
      and shall distribute such amount as specified in this Section. 

     

    (b) On
      each
      Distribution Date, the Securities Administrator (or Paying Agent, as applicable)
      shall distribute the Interest Remittance Amount for Pool 1 as
      follows:

     

    
      
        
        

      

      
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    (i) to
      the
      Securities Administrator, the payment of the Securities Administrator Fee
      allocable to Pool 1 for such Distribution Date;

     

    (ii) concurrently,
      pro rata, to the Pool 1 Senior Certificates, Current Interest and any
      Carryforward Interest for such classes for such Distribution Date (any shortfall
      in Current Interest and Carryforward Interest to be allocated between such
      Classes in proportion to the amount of Current Interest and Carryforward
      Interest that would otherwise be distributable thereon);

     

    (iii) 
      to the
      Pool 1 Subordinate Certificates in accordance with the Pool 1 Subordinate
      Priority, Current Interest and Carryforward Interest for such classes for such
      Distribution Date; and

     

    (iv) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      pursuant to Section 5.02(e) below, any such Interest Remittance Amount for
      Pool
      1 remaining undistributed for such Distribution Date.

     

    (c) The
      Principal Distribution Amount for Pool 1 will be distributed on each
      Distribution Date, as follows:

     

    (i) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on or after the Stepdown
      Date and with respect to which a Trigger Event is in effect, until the aggregate
      Certificate Principal Amount of the Pool 1 Certificates equals the Target Amount
      for such Distribution Date, the Securities Administrator shall distribute the
      Principal Distribution Amount for Pool 1 in the following order of
      priority:

     

    (A)
      to
      the Securities Administrator, the payment of the Securities Administrator Fee
      allocable to Pool 1 for such Distribution Date (to the extent not distributed
      pursuant to Section 5.02(b) above);

     

    (B)
      concurrently to the Pool 1 Senior Certificates (other than the Class 1-AX
      Certificates), pro rata, until the Class Principal Amount of each such Class
      has
      been reduced to zero;

     

    (C)
      to
      the Pool 1 Subordinate Certificates, in accordance with the Pool 1 Subordinate
      Priority, until the Class Principal Amount of each such Class has been reduced
      to zero; and

     

    (D)
      for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      pursuant to Section 5.02(e) below, any such Principal Distribution Amount for
      Pool 1 remaining undistributed after application pursuant to clauses (A) through
      (C) above.

     

    (ii) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) with respect to
      which a Trigger Event is not in effect, the Securities Administrator shall
      distribute the Principal Distribution Amount for Pool 1 for such Distribution
      Date in the following order of priority:

     

    
      
        
        

      

      
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    (A)
      to
      the Securities Administrator, the payment of the Securities Administrator Fee
      allocable to Pool 1 for such Distribution Date (to the extent not distributed
      pursuant to Section 5.02(b) above);

     

    (B)
      (1)
      so long as any of the Pool 1 Subordinate Certificates are outstanding, to the
      Pool 1 Senior Certificates (other than the Class 1-AX Certificates), in
      accordance with the Pool 1 Senior Priority, in an amount equal to the lesser
      of
      (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1
      for
      such Distribution Date over (b) the amount distributed on such Distribution
      Date
      pursuant to clause (A) above, and (y) the Senior Principal Distribution Amount
      for Pool 1 for such Distribution Date until the Class Principal Amount of each
      such class has been reduced to zero; or (2) otherwise to the Pool 1 Senior
      Certificates, in accordance with the Pool 1 Senior Priority, the exceess, if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      clause (A) above, in each case until the Class Principal Amount of each such
      class has been reduced to zero;

     

    (C)
      to
      the Class M-1 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      clauses (A) through (B) above, and (y) the M-1 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (D)
      to
      the Class M-2 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      clauses (A) through (C) above, and (y) the M-2 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (E)
      to
      the Class M-3 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      Clauses (A) through (D) above, and (y) the M-3 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (F)
      to
      the Class M-4 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      clauses (A) through (E) above, and (y) the M-4 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    
      
        
        

      

      
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    (G)
      to
      the Class M-5 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      clauses (A) through (F) above, and (y) the M-5 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (H)
      to
      the Class M-6 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      clauses (A) through (G) above, and (y) the M-6 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (I)
      to
      the Class M-7 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      clauses (A) through (H) above, and (y) the M-7 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero; and

     

    (J)
      for
      application as part of Monthly Excess Cashflow for such Distribution Date
      pursuant to Section 5.02(e) below, any such Principal Distribution Amount for
      Pool 1 remaining undistributed after application pursuant to clauses (A) through
      (I) above. 

     

    (d) On
      each
      Distribution Date, the Available Distribution Amount for Pool 2 will be
      allocated among the Classes of Senior Certificates relating to Pool 2, and
      among
      the Classes of the Pool 2 Subordinate Certificates as follows:

     

    (i) from
      the
      Available Distribution Amount for Pool 2, to the Securities Administrator,
      the
      payment of the Securities Administrator Fee allocable to Pool 2 for such
      Distribution Date;

     

    (ii) from
      the
      Available Distribution Amount for Pool 2, to payment of Accrued Certificate
      Interest on each Class of Senior Certificates, as reduced by such Class’s
      allocable share of any Net Prepayment Interest Shortfalls for Pool 2 for such
      Distribution Date; provided, however, that any shortfall in available amounts
      for Pool 2 will be allocated among the Classes of Pool 2 Certificates, in
      proportion to the amount of such interest (as so reduced) that would otherwise
      be distributable thereon;

     

    (iii) from
      the
      Available Distribution Amount for Pool 2, to payment of any outstanding Interest
      Shortfalls on each Class of Pool 2 Senior Certificates, as reduced by such
      Class’s allocable share of any Net Prepayment Interest Shortfalls for Pool 2 for
      such Distribution Date; provided, however, that any shortfall in available
      amounts for either such Mortgage Pool will be allocated among the Classes of
      Pool 2 Certificates in proportion to the amount of such interest (as so reduced)
      that would otherwise be distributable thereon;

     

    
      
        
        

      

      
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    (iv) to
      the
      Pool 2 Senior Certificates (other than the Class 2-AX Certificates) to the
      extent of the remaining related Available Distribution Amount, in reduction
      of
      their Class Principal Amounts sequentially as follows:

     

    (A) first,
      to
      the Class R-II Certificate, in reduction of its Class Principal Amount until
      its
      Class Principal Amount has been reduced to zero;

     

    (B) second,
      concurrently on a pro rata basis to the Class 2-A1 and Class 2-A2 Certificates,
      until their Class Principal Amounts have been reduced to zero;

     

    (v) from
      the
      remaining Available Distribution Amount for Pool 2, subject to the prior
      distribution of amounts pursuant to Section 5.02(h) in the case of clauses
      (C),
      (F), (I), (L), (O) and (R), to the Pool 2 Subordinate Certificates, in the
      following order of priority:

     

    (A) to
      the
      Class 2-B1 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (B) to
      the
      Class 2-B1 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (C) to
      the
      Class 2-B1 Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Class Percentage of each Subordinate Principal
      Distribution Amount for such Distribution Date, except as provided in Section
      5.02(h), until the Class Principal Amount thereof has been reduced to
      zero;

     

    (D) to
      the
      Class 2-B2 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (E) to
      the
      Class 2-B2 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (F) to
      the
      Class 2-B2 Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Class Percentage of each Subordinate Principal
      Distribution Amount for such Distribution Date, except as provided in Section
      5.02(h), until the Class Principal Amount thereof has been reduced to
      zero;

     

    (G) to
      the
      Class 2-B3 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    
      
        
        

      

      
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    (H) to
      the
      Class 2-B3 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (I)  to
      the
      Class 2-B3 Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Class Percentage of each Subordinate Principal
      Distribution Amount for such Distribution Date, except as provided in Section
      5.02(h), until the Class Principal Amount thereof has been reduced to
      zero;

     

    (J) to
      the
      Class 2-B4 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (K) to
      the
      Class 2-B4 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (L) to
      the
      Class 2-B4 Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Class Percentage of each Subordinate Principal
      Distribution Amount for such Distribution Date, except as provided in Section
      5.02(h), until the Class Principal Amount thereof has been reduced to
      zero;

     

    (M) to
      the
      Class 2-B5 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (N) to
      the
      Class 2-B5 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (O) to
      the
      Class 2-B5 Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Class Percentage of each Subordinate Principal
      Distribution Amount for such Distribution Date, except as provided in Section
      5.02(h), until the Class Principal Amount thereof has been reduced to
      zero;

     

    (P) to
      the
      Class 2-B6 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date; 

     

    (Q) to
      the
      Class 2-B6 Certificates, any Interest Shortfall for such Class on such
      Distribution Date; and

     

    (R) to
      the
      Class 2-B6 Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Class Percentage of each Subordinate Principal
      Distribution Amount for such Distribution Date, except as provided in Section
      5.02(h), until the Class Principal Amount thereof has been reduced to
      zero.

     

    
      
        
        

      

      
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    (e) Any
      Monthly Excess Cashflow for each Distribution Date, will on each Distribution
      Date be distributed in the following order of priority:

     

    (i) For
      each
      Distribution Date, Monthly Excess Cashflow will be paid to the Pool 1
      Certificates in the following order of priority:

     

    (A)
      concurrently, on a pro rata basis, based on amounts due, to the Pool 1 Senior
      Certificates, Current Interest and any Carryforward Interest for such Classes
      for such Distribution Date due pursuant to Section 5.02(b)(ii) above, to the
      extent unpaid pursuant to such section;

     

    (B)
      to
      the Pool 1 Subordinate Certificates, in accordance with the Pool 1 Subordinate
      Priority, Current Interest and any Carryforward Interest for each such class
      and
      such Distribution Date to the extent unpaid pursuant to Section 5.02(b)(iii)
      above;

     

    (C)
      to
      the Trustee and Securities Administrator, previously unreimbursed extraordinary
      costs, liabilities and expenses, to the extent allocable to Pool 1;

     

    (ii) For
      each
      Distribution Date occurring (a) before the Stepdown Date or (b) on or after
      the
      Stepdown Date but for which a Trigger Event is in effect, then until the
      aggregate Class Principal Amounts of the Pool 1 Certificates equals the Target
      Amount for such Distribution Date, in reduction of the Class Principal Amounts
      of the Pool 1 Certificates in the following order of priority:

     

    (A)
      to
      each Class of Pool 1 Senior Certificates (other than the Class 1-AX
      Certificates), in accordance with the Pool 1 Senior Priority, in reduction
      of
      their respective Class Principal Amounts, until the Class Principal Amount
      of
      each such Class has been reduced to zero; and

     

    (B)
      to
      the Pool 1 Subordinate Certificates, in accordance with the Pool 1 Subordinate
      Priority in reduction of their respective Class Principal Amounts, until the
      Class Principal Amount of each such Class has been reduced to zero;

     

    (iii) For
      each
      Distribution Date occurring on or after the Stepdown Date and for which a
      Trigger Event is not in effect in the following order of priority:

     

    (A)
      to
      each Class of Pool 1 Senior Certificates (other than the Class 1-AX
      Certificates), in accordance with the Pool 1 Senior Priority, in reduction
      of
      their respective Class Principal Amounts, until the aggregate Class Principal
      Amount of such Pool 1 Senior Certificates, after giving effect to distributions
      on such Distribution Date, equals the Senior Target Amount;

     

    (B)
      to
      the Class M-1 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Pool 1 Senior Certificates and
      the
      Class M-1 Certificates, after giving effect to distributions on such
      Distribution Date, equals the M-1 Target Amount;

     

    
      
        
        

      

      
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    (C)
      to
      the Class M-2 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Pool 1 Senior Certificates and
      the
      Class M-1 and Class M-2 Certificates, after giving effect to distributions
      on
      such Distribution Date, equals the M-2 Target Amount;

     

    (D)
      to
      the Class M-3 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Pool 1 Senior Certificates and
      the
      Class M-1, Class M-2 and Class M-3 Certificates, after giving effect to
      distributions on such Distribution Date, equals the M-3 Target
      Amount;

     

    (E)
      to
      the Class M-4 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Pool 1 Senior Certificates and
      the
      Class M-1, Class M-2, Class M-3 and Class M-4 Certificates, after giving effect
      to distributions on such Distribution Date, equals the M-4 Target Amount;


     

    (F)
      to
      the Class M-5 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Pool 1 Senior Certificates and
      the
      Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates, after
      giving effect to distributions on such Distribution Date, equals the M-5 Target
      Amount; and

     

    (G)
      to
      the Class M-6 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Pool 1 Senior Certificates and
      the
      Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6
      Certificates, after giving effect to distributions on such Distribution Date,
      equals the M-6 Target Amount;

     

    (H)
      to
      the Class M-7 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Pool 1 Senior Certificates and
      the
      Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class
      M-7
      Certificates, after giving effect to distributions on such Distribution Date,
      equals the M-7 Target Amount; and

     

    (iv) to
      the
      Basis Risk Reserve Fund, the amount of any Basis Risk Payment with respect
      to
      the Pool 1 Certificates and then from the Basis Risk Reserve Fund, in the
      following order of priority:

     

    (A)
      to
      the Pool 1 Senior Certificates (other than the Class 1-AX Certificates), the
      amount of any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for each
      such Class and such Distribution Date, pro rata in proportion to the amount
      of
      such shortfalls;

     

    (B)
      to
      the Pool 1 Subordinate Certificates, in accordance with the Subordinate
      Priority, any applicable Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      for each such class and such Distribution Date;

     

    
      
        
        

      

      
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    (C)
      to
      the 1-X Component of the Class X Certificates, any amounts remaining in the
      Pool
      1 Basis Risk Reserve Fund in excess of amounts required to be on deposit therein
      after satisfying Section 5.02(e)(iv)(A) and 5.02(e)(iv)(B) above for that
      Distribution Date;

     

    (v) pro
      rata
      in proportion to their respective Deferred Amounts (and any interest accrued
      on
      such Deferred Amounts at the related Certificate Interest Rate), to the Pool
      1
      Senior Certificates (other than the Class 1-AX Certificates), any applicable
      Deferred Amount and any interest accrued on such Deferred Amounts for each
      such
      Class and such Distribution Date;

     

    (vi) to
      the
      Pool 1 Subordinate Certificates, in accordance with the Pool 1 Subordinate
      Priority, any Deferred Amount for each such Class and such Distribution
      Date;

     

    (vii) to
      the
      1-X Component of the Class X Certificates, the 1-X Component Distributable
      Amount for such Distribution Date; and

     

    (viii) to
      the
      Class R-I Certificate, any remaining amount.

     

    (f) (i)
      On
      each Distribution Date on and prior to the 1-X Component Account Termination
      Date, the Securities Administrator (or Paying Agent, as applicable) shall
      withdraw the Class C Distributable Amount for such Distribution Date from the
      1-X Component Account, pursuant to Section 5.12 herein, and shall distribute
      such amount to the Class C Certificates. 

     

    (ii)
      On
      each Distribution Date on or prior to the 1-X Component Termination Date, the
      Securities Administrator shall withdraw amounts on deposit in the 1-X Component
      Account and distribute such amounts to the 1-X Component of the Class X
      Certificates, an amount equal to the excess, if any, of the sum of Realized
      Losses attributable to the Class C Mortgage Loans over the sum of all amounts
      distributed pursuant to this Section 5.02(f)(ii) on prior Distribution Dates to
      the 1-X Component of the Class X Certificates.

     

    (g) Net
      Prepayment Interest Shortfalls for Pool 2 shall be allocated among the Pool
      2
      Certificates proportionately based on the Accrued Certificate Interest otherwise
      distributable thereon.

     

    (h) (i)
      if on
      any Distribution Date the Credit Support Percentage for the Class 2-B1
      Certificates is less than the Original Credit Support Percentage for such Class,
      then, notwithstanding anything to the contrary in Section 5.02(d), no
      distribution of amounts described in clauses (ii) and (iii) of the definition
      of
      Subordinate Principal Distribution Amount will be made in respect of the Class
      2-B2, Class 2-B3, Class 2-B4, Class 2-B5 or Class 2-B6 Certificates on such
      Distribution Date; (ii) if on any Distribution Date the Credit Support
      Percentage for the Class 2-B2 Certificates is less than the Original Credit
      Support Percentage for such Class, then, notwithstanding anything to the
      contrary in Section 5.02(d), no distribution of amounts described in clauses
      (ii) and (iii) of the definition of Subordinate Principal Distribution Amount
      will be made in respect of the Class 2-B3, Class 2-B4, Class 2-B5 or Class
      2-B6
      Certificates on such Distribution Date; (iii) if on any Distribution Date the
      Credit Support Percentage for the Class 2-B3 Certificates is less than the
      Original Credit Support Percentage for such Class, then, notwithstanding
      anything to the contrary in Section 5.02(d), no distribution of amounts
      described in clauses (ii) and (iii) of the definition of Subordinate Principal
      Distribution Amount will be made in respect of the Class 2-B4, Class 2-B5 or
      Class 2-B6 Certificates on such Distribution Date; (iv) if on any Distribution
      Date the Credit Support Percentage for the Class 2-B4 Certificates is less
      than
      the Original Credit Support Percentage for such Class, then, notwithstanding
      anything to the contrary in Section 5.02(d), no distribution of amounts
      described in clauses (ii) and (iii) of the definition of Subordinate Principal
      Distribution Amount will be made in respect of the Class 2-B5 or Class 2-B6
      Certificates on such Distribution Date; and (v) if on any Distribution Date
      the
      Credit Support Percentage for the Class 2-B5 Certificates is less than the
      Original Credit Support Percentage for such Class, then, notwithstanding
      anything to the contrary in Section 5.02(d), no distribution of amounts
      described in clauses (ii) and (iii) of the definition of Subordinate Principal
      Distribution Amount will be made in respect of the Class 2-B6 Certificates
      on
      such Distribution Date.

     

    
      
        
        

      

      
        95

        
          

        

      

      
        
        

      

       

    

    (i) On
      each
      Distribution Date, the Securities Administrator (or Paying Agent, as applicable)
      shall distribute to the Holders of the Class 1-AP Certificates, any Prepayment
      Penalty Amounts paid by borrowers upon voluntary full or partial prepayment
      of
      the Mortgage Loans in Pool 1 that are deposited in the Collection Account
      pursuant to the underlying servicing agreements. On each Distribution Date,
      the
      Paying Agent shall distribute to the Holders of the Class 2-AP Certificates,
      any
      Prepayment Penalty Amounts paid by borrowers upon voluntary full or partial
      prepayment of the Mortgage Loans in Pool 2 that are deposited in the Collection
      Account pursuant to the underlying servicing agreements.

     

    (j) On
      each
      Distribution Date, the Securities Administrator (or Paying Agent, as applicable)
      shall distribute to the Holder of the Class R-II Certificates any Available
      Distribution Amount for Pool 2, remaining for such Distribution Date after
      application of all amounts described in paragraph (a) through (i) of this
      Section 5.02. Any distributions pursuant to this paragraph (j) shall not reduce
      the Class Principal Amount of the Class R-II Certificate.

     

    Section
      5.03. Allocation
      of Realized Losses. 

     

    (a) (i)
      On
      each Distribution Date, the Class Principal Amounts of the Pool 1 Certificates
      shall be reduced by the amount of any Applied Loss Amount for such Distribution
      Date in the following order of priority:

     

    first,
      to the
      Class M-7 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    second,
      to the
      Class M-6 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    third,
      to the
      Class M-5 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    fourth,
      to the
      Class M-4 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    
      
        
        

      

      
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    fifth,
      to the
      Class M-3 Certificates, until the Class Principal Amount thereof has been
      reduced to zero; 

     

    sixth,
      to
      the
      Class M-2 Certificates, until the Class Principal Amount thereof has been
      reduced to zero; 

     

    seventh,
      to the
      Class M-1 Certificates, until the Class Principal Amount thereof has been
      reduced to zero; and

     

    eighth,
      to the
      Classes of Pool 1 Senior Certificates, pro
      rata,
      in
      accordance with their Class Principal Amounts; provided, however, that
any
      Applied Loss Amount otherwise allocable to the Class 1-A1 Certificates pursuant
      to this Section 5.03 shall be allocated to the Class 1-A2 Certificates until
      the
      Class Principal Amount of such Class has been reduced to zero.
      

     

    (ii) On
      any
      Distribution Date, the principal portion of each Realized Loss (other than
      any
      Excess Loss) in respect of Pool 2 shall be allocated in the following order
      of
      priority:

     

    first,
      to the
      Class 2-B6 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    second,
      to the
      Class 2-B5 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    third,
      to the
      Class 2-B4 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    fourth,
      to the
      Class 2-B3 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    fifth,
      to the
      Class 2-B2 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    sixth,
      to the
      Class 2-B1 Certificates, until the Class Principal Amount thereof has been
      reduced to zero; and

     

    seventh,
      to the
      Classes of Pool 2 Senior Certificates (other than the Class 2-AX Certificates),
      pro rata, in accordance with their Class Principal Amount; provided, however,
      that any Realized Losses otherwise allocable to the Class 2-A1 Certificates
      pursuant to this Section 5.03 shall be allocated to the Class 2-A2 Certificates
      until the Class Principal Amount of such Class has been reduced to
      zero.

     

    Notwithstanding
      the foregoing, the first $0.02 of principal portion of Realized Losses in Pool
      2
      shall not be allocated to any Class of Certificates.

     

    
      
        
        

      

      
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    (b) With
      respect to any Distribution Date, the principal portion of any Excess Loss
      in
      respect of a Mortgage Loan shall be allocated if such Mortgage Loan is in Pool
      2, pro
      rata,
      to the
      related Pool 2 Certificates on the basis of the Certificate Principal Balances;
      provided, that any such loss allocated to any Class of Accrual Certificates
      shall be allocated (subject to Section
      5.03(c)) on the basis of the lesser of (x) the Class Principal Amount thereof
      immediately prior to the applicable Distribution Date and (y) the Class
      Principal Amount thereof on the Closing Date (as reduced by any Realized Losses
      previously allocated thereto)

     

    (c) Any
      Applied Loss Amounts or Realized Losses allocated to a Class of Certificates
      pursuant to Section 5.03(a) or (b) shall be allocated among the Certificates
      of
      such Class in proportion to their respective Certificate Principal Amounts
      of
      such Certificates. Any allocation of Applied Loss Amounts or Realized Losses
      pursuant to this paragraph (c) shall be accomplished by reducing the Certificate
      Principal Amount of the related Certificates on the related Distribution Date
      in
      accordance with Section 5.03(d).

     

    (d) Applied
      Loss Amounts or Realized Losses allocated in accordance with this Section 5.03
      shall be allocated on the Distribution Date in the month following the month
      in
      which such loss was incurred and, in the case of the principal portion thereof,
      after giving effect to distributions made on such Distribution
      Date.

     

    (e) On
      each
      Distribution Date, amounts described in clauses (i) and (ii) of the definition
      of Subordinate Certificate Writedown Amount for such date shall effect
      corresponding reductions in the Class Principal Amount of the lowest ranking
      Class of outstanding Pool 2 Subordinate Certificates, which reductions shall
      occur on such Distribution Date after giving effect to distributions made on
      such Distribution Date.

     

    Section
      5.04. Advances
      by the Master Servicer and the Securities Administrator.

     

    (a) Advances
      shall be made in respect of each Deposit Date as provided herein. If, on any
      Determination Date, the Master Servicer determines that any Scheduled Payments
      due during the related Due Period (other than Balloon Payments) have not been
      received, the Master Servicer shall, or shall cause the applicable Servicer
      to,
      advance such amount on the Deposit Date immediately following such Determination
      Date, less an amount, if any, to be set forth in an Officer’s Certificate to be
      delivered to the Securities Administrator on such Determination Date, which
      if
      advanced the Master Servicer or such Servicer has determined would not be
      recoverable from amounts received with respect to such Mortgage Loan, including
      late payments, Liquidation Proceeds, Insurance Proceeds or otherwise. The
      Securities Administrator shall be able to rely conclusively on any
      non-recoverability determination made by the Master Servicer. If the Master
      Servicer determines that an Advance is required, it shall on the Deposit Date
      immediately following such Determination Date either (i) remit to the Securities
      Administrator from its own funds (or funds advanced by the applicable Servicer)
      for deposit in the Certificate Account immediately available funds in an amount
      equal to such Advance, (ii) cause to be made an appropriate entry in the records
      of the Collection Account that funds in such account being held for future
      distribution or withdrawal have been, as permitted by this Section 5.04, used
      by
      the Master Servicer to make such Advance, and remit such immediately available
      funds to the Securities Administrator for deposit in the Certificate Account
      or
      (iii) make Advances in the form of any combination of clauses (i) and (ii)
      aggregating the amount of such Advance. Any funds being held in the Collection
      Account for future distribution to Certificateholders and so used shall be
      replaced by the Master Servicer from its own funds by remittance to the
      Securities Administrator for deposit in the Certificate Account on or before
      any
      future Deposit Date to the extent that funds in the Certificate Account on
      such
      Deposit Date shall be less than payments to Certificateholders required to
      be
      made on the related Distribution Date. The Securities Administrator shall be
      entitled to conclusively rely upon any determination by the Master Servicer
      that
      an Advance, if made, would constitute a non-recoverable advance. The Master
      Servicer and each Servicer shall be entitled to be reimbursed from the
      Collection Account for all Advances made by it as provided in Section 4.02.
      

     

    
      
        
        

      

      
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    (b) In
      the
      event that the Master Servicer fails for any reason to make an Advance required
      to be made pursuant to Section 5.04(a) on or before the Deposit Date, the
      Securities Administrator, solely in its capacity as successor master servicer
      pursuant to Section 6.14, shall, on or before the related Distribution Date,
      deposit in the Certificate Account an amount equal to the excess of (a) Advances
      required to be made by the Master Servicer or any Servicer that would have
      been
      deposited in such Certificate Account over (b) the amount of any Advance made
      by
      the Master Servicer or such Servicer with respect to such Distribution Date;
      provided, however, that the Securities Administrator shall be required to make
      such Advance only if it is not prohibited by law from doing so and it has
      determined that such Advance would be recoverable from amounts to be received
      with respect to such Mortgage Loan, including late payments, Liquidation
      Proceeds, Insurance Proceeds, or otherwise. The Securities Administrator shall
      be entitled to be reimbursed from the Certificate Account for Advances made
      by
      it pursuant to this Section 5.04 as if it were the Master Servicer.

     

    Section
      5.05. Compensating
      Interest Payments.

     

    The
      Master Servicer shall not be responsible for making any Compensating Interest
      Payments not made by the Servicers. Any Compensating Interest Payments on Pool
      2
      Mortgage Loans made by the Servicers shall be a component of the Available
      Distribution Amount. Any Compensating Interest Payments on Pool 1 Mortgage
      Loans
      made by the Servicers shall be a component of the Interest Remittance
      Amount.

     

    Section
      5.06. Reserved.

     

    Section
      5.07. Basis
      Risk Reserve Funds.

     

    (a) On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      the
      name of the Trustee, and on behalf of the Trust Fund, in trust for the benefit
      of the holders of the Pool 1 Certificates, the Basis Risk Reserve Fund. The
      Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit
      therein shall be held separate and apart from, and shall not be commingled
      with,
      any other moneys, including, without limitation, other moneys of the Securities
      Administrator held pursuant to this Agreement.

     

    (b) On
      each
      Distribution Date the Securities Administrator shall distribute in the order
      of
      priority and to the extent specified in Section 5.02(e)(iv) of this Agreement
      the sum of (without duplication) any amounts then on deposit in the Basis Risk
      Reserve Fund, including any earnings thereon. On any Distribution Date, any
      amounts that the Securities Administrator is not required to distribute from
      the
      Basis Risk Reserve Fund pursuant to Section 5.02(e)(iv)of this Agreement shall
      remain on deposit in the Basis Risk Reserve Fund.

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

       

    

    (c) Funds
      in
      the Basis Risk Reserve Fund shall be invested in Eligible Investments. In the
      absence of written instructions from Lehman Brothers Holdings as to investment
      of funds on deposit in the Basis Risk Reserve Fund, such funds shall remain
      uninvested. The Basis Risk Reserve Fund will be terminated after the termination
      of the Trust Fund pursuant to Article VII.

     

    Section
      5.08. Intentionally
      Omitted.

     

    Section
      5.09. Intentionally
      Omitted.

     

    Section
      5.10. Intentionally
      Omitted. 

     

    Section
      5.11. Intentionally
      Omitted. 

     

    Section
      5.12. 1-X
      Component Account.

     

    (a) No
      later
      than the first date on which any NIM Securities are issued, the Securities
      Administrator shall establish and maintain in the name of the Trustee, on behalf
      of the Trust Fund, for the benefit of the holders of the Class X Certificates,
      the 1-X Component Account and the Depositor may deposit a dollar amount into
      the
      1-X Component Account. The 1-X Component Account shall be an Eligible Account,
      and funds on deposit therein shall be held separate and apart from, and shall
      not be commingled with, any other moneys, including, without limitation, other
      moneys of the Securities Administrator held pursuant to this
      Agreement.

     

    (b) Funds
      in
      the 1-X Component Account may be invested in Eligible Investments having fixed
      maturities described in clauses (i), (iv), (v) or (vii) of the definition
      thereof by the Securities Administrator at the written direction of the holders
      of the Class C Certificates maturing on or prior to the next succeeding
      Distribution Date. No Eligible Investments shall be acquired or disposed of
      for
      the primary purpose of recognizing gains or decreasing losses from market value
      changes. Any funds held in the 1-X Component Account that are not invested
      shall
      be held in cash. In the absence of such written direction, all funds in the
      1-X
      Component Account shall remain uninvested. Any investment earnings on such
      amounts shall be payable to the Class C Certificates. The Securities
      Administrator shall account for the 1-X Component Account as an outside reserve
      fund within the meaning of Treasury regulation 1.860G-2(h) and not an asset
      of
      any REMIC created pursuant to this Agreement. The Class C Certificates shall
      evidence ownership of the 1-X Component Account for federal tax purposes and
      the
      Holders thereof shall direct the Securities Administrator in writing as to
      the
      investment of amounts therein. Upon termination of the 1-X Component Account,
      any amounts remaining in the 1-X Component Account shall be distributed to
      the
      holders of the Class C Certificates in the same manner as if distributed
      pursuant to section 5.02(f)(i) hereof. The Securities Administrator shall have
      no liability for losses on investments in Eligible Investments made pursuant
      to
      this Section 5.12(b) (other than as obligor on any such investments).


     

    (c) On
      each
      Distribution Date on or prior to the 1-X Component Termination Date, amounts
      on
      deposit in the 1-X Component Account will be withdrawn and applied to make
      payments on the Class X and Class C Certificates, as provided in Section
      5.02(f)(i) of this Agreement. Any amounts that the Securities Administrator
      is
      not required to distribute from the 1-X Component Account pursuant to section
      5.02(f) of this Agreement shall remain on deposit in the 1-X Component
      Account.

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

       

    

    (d) The
      1-X
      Component Account shall terminate on the earlier of (i) the 1-X Component
      Account Termination Date or (ii) the Distribution Date on which the amount
      on
      deposit in the 1-X Component Account is reduced to zero.

     

    Section
      5.13. The
      Class P Reserve Fund.

     

    (a) The
      Securities Administrator shall establish and maintain two segregated trust
      accounts that are Eligible Account, which shall be titled “Class 1-AP Reserve
      Fund, Wells Fargo Bank, N.A. as Securities Administrator for HSBC Bank USA,
      National Association, as trustee, in trust for the registered holders of
      Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through
      Certificates, Series 2007-9” (the “Class 1-AP Reserve Fund”) and “Class 2-AP
      Reserve Fund, Wells Fargo Bank, N.A. as Securities Administrator for HSBC Bank
      USA, National Association, as trustee, in trust for the registered holders
      of
      Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through
      Certificates, Series 2007-9” (the “Class 2-AP Reserve Fund”). The Securities
      Administrator shall credit each of the Class 1-AP Reserve Fund and the Class
      2-AP Reserve Fund with $1,000 remitted for such purpose to the Securities
      Administrator by LBH. Funds deposited in the Class 1-AP Reserve Fund and the
      Class 2-AP Reserve Fund shall be held in trust by the Securities Administrator
      on behalf of the Certificateholders until distributed pursuant to Section
      5.13(c).

     

    (b) Funds
      in
      each of the Class 1-AP Reserve Fund and the Class 2-AP Reserve Fund shall remain
      uninvested.

     

    (c) On
      the
      Distribution Date in November 2010, the Securities Administrator shall
      distribute $1,000 from the Class 1-AP Reserve Fund to the Holders of the Class
      1-AP Certificates and on the Distribution Date in November 2010, the Securities
      Administrator shall distribute $1,000 from the Class 2-AP Reserve Fund to the
      Holders of the Class 2-AP Certificates.

     

    ARTICLE
      VI

     

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR;

    EVENTS
      OF
      DEFAULT

     

    Section
      6.01. Duties
      of Trustee and Securities Administrator.

     

    (a) The
      Trustee and the Securities Administrator, except during the continuance of
      an
      Event of Default (of which a Responsible Officer of the Trustee or Securities
      Administrator shall have actual knowledge) undertake to perform such duties
      and
      only such duties as are specifically set forth in this Agreement. Any permissive
      right of the Trustee or the Securities Administrator provided for in this
      Agreement shall not be construed as a duty of the Trustee or the Securities
      Administrator. If an Event of Default (of which a Responsible Officer of the
      Trustee or Securities Administrator shall have actual knowledge) has occurred
      and has not otherwise been cured or waived, the Trustee or the Securities
      Administrator shall exercise such of the rights and powers vested in it by
      this
      Agreement and use the same degree of care and skill in their exercise as a
      prudent Person would exercise or use under the circumstances in the conduct
      of
      such Person’s own affairs unless the Securities Administrator is acting as
      Master Servicer, in which case the Securities Administrator shall use the same
      degree of care and skill as the Master Servicer hereunder.

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

       

    

    (b) Each
      of
      the Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to the Trustee or the Securities Administrator which
      are
      specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they are in the form required
      by this Agreement; provided, however, that neither the Trustee nor the
      Securities Administrator shall be responsible for the accuracy or content of
      any
      such resolution, certificate, statement, opinion, report, document, order or
      other instrument furnished by the Master Servicer, the NIMS Insurer or any
      Servicer to the Trustee or the Securities Administrator, as applicable, pursuant
      to this Agreement, and neither the Trustee nor the Securities Administrator
      shall be required to recalculate or verify any numerical information furnished
      to the Trustee or the Securities Administrator pursuant to this Agreement.
      Subject to the immediately preceding sentence, if any such resolution,
      certificate, statement, opinion, report, document, order or other instrument
      is
      found not to conform on its face to the form required by this Agreement in
      a
      material manner the Trustee or the Securities Administrator, as applicable,
      shall notify the Person providing such resolutions, certificates, statements,
      opinions, reports or other documents of the non-conformity, and if the
      instrument is not corrected to the Trustee’s or the Securities Administrator’s
      satisfaction, the Trustee or the Securities Administrator, as applicable, will
      provide notice thereof to the Certificateholders and any NIMS Insurer and will,
      at the expense of the Trust Fund, which expense shall be reasonable given the
      scope and nature of the required action, take such further action as directed
      by
      the Certificateholders and any NIMS Insurer.

     

    (c) Neither
      the Trustee nor the Securities Administrator shall have any liability arising
      out of or in connection with this Agreement, except for its negligence or
      willful misconduct. No provision of this Agreement shall be construed to relieve
      the Trustee or the Securities Administrator from liability for its own negligent
      action, its own negligent failure to act or its own willful misconduct;
      provided, however, that:

     

    (i) Neither
      the Trustee nor the Securities Administrator shall be personally liable with
      respect to any action taken, suffered or omitted to be taken by it in good
      faith
      in accordance with the consent or direction of Holders of Certificates as
      provided in Section 6.18 hereof;

     

    (ii) For
      all
      purposes under this Agreement, the Securities Administrator shall not be deemed
      to have notice of any Event of Default (other than resulting from a failure
      by
      the Master Servicer to remit funds or to furnish information to the Securities
      Administrator when required to do so) unless a Responsible Officer of the
      Securities Administrator has actual knowledge thereof or unless written notice
      of any event which is in fact such a default is received by the Securities
      Administrator at the address provided in Section 11.07, and such notice
      references the Holders of the Certificates and this Agreement; and

     

    (iii) For
      all
      purposes under this Agreement, the Trustee shall not be deemed to have notice
      or
      be required to take notice of any default or Event of Default unless a
      Responsible Officer of the Trustee has actual knowledge thereof or unless
      written notice of any event which is in fact such a default is received by
      the
      Trustee at the Corporate Trust Office, and such notice references the Holders
      of
      the Certificates and this Agreement. In the absence of receipt of such notice
      or
      actual knowledge, the Trustee may conclusively assume that there is no default
      or Event of Default; 

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

       

    

    (iv) The
      Securities Administrator shall not be responsible for the acts or omissions
      of
      any Servicer, Custodian, Trustee or the Master Servicer, it being understood
      that this Agreement shall not be construed to render any of them agents of
      one
      another.

     

    (d) The
      Trustee shall have no duty hereunder with respect to any complaint, claim,
      demand, notice or other document it may receive or which may be alleged to
      have
      been delivered to or served upon it by the parties as a consequence of the
      assignment of any Mortgage Loan hereunder; provided, however, that the Trustee
      shall use its commercially reasonable efforts to remit to the Master Servicer
      upon receipt any such complaint, claim, demand, notice or other document (i)
      which is delivered to the Corporate Trust Office of the Trustee, (ii) of which
      a
      Responsible Officer has actual knowledge, and (iii) which contains information
      sufficient to permit the Trustee to make a determination that the real property
      to which such document relates is a Mortgaged Property.

     

    (e) Neither
      the Trustee or the Securities Administrator shall be personally liable with
      respect to any action taken, suffered or omitted to be taken by it in good
      faith
      in accordance with the direction of any NIMS Insurer or Certificateholders
      of
      any Class holding Certificates which evidence, as to such Class, Percentage
      Interests aggregating not less than 25% as to the time, method and place of
      conducting any proceeding for any remedy available to the Trustee or the
      Securities Administrator, as applicable, or exercising any trust or power
      conferred upon the Trustee or the Securities Administrator, as applicable,
      under
      this Agreement.

     

    (f) Neither
      the Trustee nor the Securities Administrator shall be required to perform
      services under this Agreement, or to expend or risk its own funds or otherwise
      incur financial liability for the performance of any of its duties hereunder
      or
      the exercise of any of its rights or powers if there is reasonable ground for
      believing that the timely payment of its fees and expenses or the repayment
      of
      such funds or adequate indemnity against such risk or liability is not
      reasonably assured to it, and none of the provisions contained in this Agreement
      shall in any event require the Trustee or the Securities Administrator to
      perform, or be responsible for the manner of performance of, any of the
      obligations of the Master Servicer or any Servicer under this Agreement or
      any
      Servicing Agreement except during such time, if any, as the Trustee or the
      Securities Administrator shall be the successor to, and be vested with the
      rights, duties, powers and privileges of the Master Servicer in accordance
      with
      the terms of this Agreement.

     

    (g) Neither
      the Securities Administrator nor the Trustee shall be held liable by reason
      of
      any insufficiency in any account (including without limitation the Collection
      Account and Certificate Account) held by or on behalf of the Trustee of the
      Securities Administrator resulting from any investment loss on any Eligible
      Investment included therein (except to the extent that the Trustee or the
      Securities Administrator, as applicable, is the obligor and has defaulted
      thereon).

     

    (h) Except
      as
      otherwise provided herein, neither the Trustee nor the Securities Administrator
      shall have any duty (A) to see to any recording, filing, or depositing of this
      Agreement or any agreement referred to herein or any financing statement or
      continuation statement evidencing a security interest, or to see to the
      maintenance of any such recording or filing or depositing or to any
      re-recording, re-filing or re-depositing of any thereof, (B) to see to any
      insurance, (C) to see to the payment or discharge of any tax, assessment, or
      other governmental charge or any lien or encumbrance of any kind owing with
      respect to, assessed or levied against, any part of the Trust Fund other than
      from funds available in the Collection Account or the Certificate Account,
      or
      (D) to confirm or verify the contents of any reports or certificates of the
      Master Servicer, any Custodian, any Servicer, the NIMS Insurer or the Depositor
      delivered to the Trustee or the Securities Administrator pursuant to this
      Agreement believed by the Trustee or the Securities Administrator, as
      applicable, to be genuine and to have been signed or presented by the proper
      party or parties.

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

       

    

    (i) Neither
      the Securities Administrator nor the Trustee shall be liable in its individual
      capacity for an error of judgment made in good faith by a Responsible Officer
      or
      other officers of the Trustee or the Securities Administrator, as applicable,
      unless it shall be proved that the Trustee or the Securities Administrator,
      as
      applicable, was negligent in ascertaining the pertinent facts.

     

    (j) Notwithstanding
      anything in this Agreement to the contrary, neither the Securities Administrator
      nor the Trustee shall be liable for special, indirect or consequential losses
      or
      damages of any kind whatsoever (including, but not limited to, lost profits),
      even if the Trustee or the Securities Administrator, as applicable, has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action.

     

    (k) Neither
      the Securities Administrator nor the Trustee shall be responsible for the acts
      or omissions of the other or any Servicer, Custodian or the Master Servicer,
      it
      being understood that this Agreement shall not be construed to render any of
      them agents of one another.

     

    (l) For
      so
      long as the Depositor is subject to Exchange Act reporting requirements for
      the
Structured
      Adjustable Rate Mortgage Loan Trust Mortgage
      Pass-Through Certificates, Series 2007-9,
      the
      Securities Administrator shall give prior written notice to the Sponsor, the
      Master Servicer and the Depositor of the appointment of any Subcontractor by
      it
      and a written description (in form and substance satisfactory to the Sponsor
      and
      the Depositor) of the role and function of each Subcontractor utilized by the
      Securities Administrator, specifying (A) the identity of each such Subcontractor
      and (B) which elements of the servicing criteria set forth under Item 1122(d)
      of
      Regulation AB will be addressed in assessments of compliance provided by each
      such Subcontractor..

     

    (m) The
      Trustee and the Securities Administrator shall each notify the Sponsor, the
      Master Servicer and the Depositor within five (5) calendar days of knowledge
      thereof (i) of any legal proceedings pending against the Trustee or the
      Securities Administrator, as applicable, of the type described in Item 1117
      (§
229.1117) of Regulation AB, and (ii) of any merger, consolidation or sale of
      substantially all of the assets of the Trustee or the Securities Administrator,
      as applicable, and (iii) if the Trustee or the Securities Administrator, as
      applicable, shall become (but only to the extent not previously disclosed)
      at
      any time an affiliate of any of the parties listed on Exhibit R hereto. On
      or
      before March 1st of each year, the Depositor shall distribute the information
      on
      Exhibit R to the Trustee and the Securities Administrator.

     

    
      
        
        

      

      
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    Section
      6.02. Certain
      Matters Affecting the Trustee and the Securities Administrator.

     

    Except
      as
      otherwise provided in Section 6.01:

     

    (a) Each
      of
      the Trustee and the Securities Administrator may request, and may rely upon
      and
      shall be protected in acting or refraining from acting upon any resolution,
      Officer’s Certificate, certificate of auditors, Opinion of Counsel or any other
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, approval, bond or other paper or document believed by it to be genuine
      and to have been signed or presented by the proper party or
      parties;

     

    (b) Each
      of
      the Trustee and the Securities Administrator may consult with counsel and any
      advice or opinion of its counsel shall be full and complete authorization and
      protection in respect of any action taken or suffered or omitted by it hereunder
      in good faith and in accordance with such advice or opinion of
      counsel;

     

    (c) Neither
      the Trustee nor the Securities Administrator shall be personally liable for
      any
      action taken, suffered or omitted by it in good faith and reasonably believed
      by
      it to be authorized or within the discretion or rights or powers conferred
      upon
      it by this Agreement;

     

    (d) Unless
      an
      Event of Default shall have occurred and be continuing, neither the Trustee
      nor
      the Securities Administrator shall be bound to make any investigation into
      the
      facts or matters stated in any resolution, certificate, statement, instrument,
      opinion, report, notice, request, consent, order, approval, bond or other paper
      or document (provided the same appears regular on its face), unless requested
      in
      writing to do so by any NIMS Insurer or Holders of at least a majority in Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates;
      provided, however, that, if the payment within a reasonable time to the Trustee
      or the Securities Administrator, as applicable, of the costs, expenses or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee or the Securities Administrator, not reasonably
      assured to the Trustee or the Securities Administrator by the security afforded
      to it by the terms of this Agreement, the Trustee or the Securities
      Administrator, as applicable, may require indemnity, satisfactory to the Trustee
      or the Securities Administrator, as applicable, against such expense or
      liability or payment of such estimated expenses as a condition to proceeding.
      The reasonable expense thereof shall be paid by the Holders requesting such
      investigation and if not reimbursed by the requesting party shall be reimbursed
      to the Securities Administrator or Trustee, as applicable, by the Trust
      Fund;

     

    (e) Each
      of
      the Trustee and the Securities Administrator may execute any of the trusts
      or
      powers hereunder or perform any duties hereunder either directly or by or
      through agents, custodians, or attorneys, which agents, custodians or attorneys
      shall have any and all of the rights, powers, duties and obligations of the
      Trustee and the Securities Administrator, respectively, conferred on them by
      such appointment provided that each of the Trustee and the Securities
      Administrator shall continue to be responsible for its duties and obligations
      hereunder to the extent provided herein, and provided further that neither
      the
      Trustee nor the Securities Administrator shall be responsible for any misconduct
      or negligence on the part of any such agent or attorney appointed with due
      care
      by the Trustee or the Securities Administrator, as applicable;

     

    (f) Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement or to
      institute, conduct or defend any litigation hereunder or in relation hereto,
      in
      each case at the request, order or direction of any of the Certificateholders
      pursuant to the provisions of this Agreement, unless such Certificateholders
      shall have offered to the Trustee or the Securities Administrator, as
      applicable, security or indemnity satisfactory to the Trustee or the Securities
      Administrator, as applicable, against the costs, expenses and liabilities which
      may be incurred therein or thereby;

     

    
      
        
        

      

      
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    (g) The
      right
      of the Trustee and the Securities Administrator to perform any discretionary
      act
      enumerated in this Agreement shall not be construed as a duty, and neither
      the
      Trustee nor the Securities Administrator shall be answerable for other than
      its
      negligence or willful misconduct in the performance of such act;
      and

     

    (h) Neither
      the Trustee nor the Securities Administrator shall be required to give any
      bond
      or surety in respect of the execution of the Trust Fund created hereby or the
      powers granted hereunder.

     

    Section
      6.03. Trustee
      and Securities Administrator Not Liable for Certificates.

     

    Neither
      the Trustee nor the Securities Administrator make any representations as to
      the
      validity or sufficiency of this Agreement or any Custodial Agreement, of the
      Certificates (other than, with respect to the Securities Administrator, the
      certificate of authentication on the Certificates), or of any Mortgage Loan
      or
      Servicing Agreement, or related document save that the Trustee and the
      Securities Administrator each represent that, assuming due execution and
      delivery by the other parties hereto, this Agreement has been duly authorized,
      executed and delivered by it and constitutes its valid and binding obligation,
      enforceable against it in accordance with its terms except that such
      enforceability may be subject to (A) applicable bankruptcy and insolvency laws
      and other similar laws affecting the enforcement of the rights of creditors
      generally, and (B) general principles of equity regardless of whether such
      enforcement is considered in a proceeding in equity or at law. Neither the
      Trustee nor the Securities Administrator shall be accountable for the use or
      application by the Depositor of funds paid to the Depositor in consideration
      of
      the assignment of the Mortgage Loans to the Trust Fund by the Depositor or
      for
      the use or application of any funds deposited into the Collection Account,
      the
      Certificate Account, any Escrow Account or any other fund or account maintained
      with respect to the Certificates. Neither the Trustee nor the Securities
      Administrator shall be responsible for the legality or validity of this
      Agreement, the Custodial Agreements or the Servicing Agreements or the validity,
      priority, perfection or sufficiency of the security for the Certificates issued
      or intended to be issued hereunder. Except as otherwise provided herein, neither
      the Trustee nor the Securities Administrator shall have any responsibility
      for
      filing any financing or continuation statement in any public office at any
      time
      or to otherwise perfect or maintain the perfection of any security interest
      or
      lien granted to it hereunder or to record this Agreement.

     

    Section
      6.04. Trustee
      and Securities Administrator May Own Certificates.

     

    The
      Trustee, the Securities Administrator and any Affiliate or agent of the Trustee
      or Securities Administrator in its individual or any other capacity may become
      the owner or pledgee of Certificates and may transact banking and trust business
      with the other parties hereto with the same rights it would have if it were
      not
      Trustee, Securities Administrator or such agent.

     

    
      
        
        

      

      
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    Section
      6.05. Eligibility
      Requirements for Trustee and Securities Administrator.

     

    Each
      of
      the Trustee and the Securities Administrator hereunder shall at all times be
      (i)
      an institution insured by the FDIC and (ii) a corporation or national banking
      association, organized and doing business under the laws of any State or the
      United States of America, authorized under such laws to exercise corporate
      trust
      powers, having a combined capital and surplus of not less than $50,000,000
      and a
      rating of not less than “A-” by S&P, and subject to supervision or
      examination by federal or state authority. If such corporation or national
      banking association publishes reports of condition at least annually, pursuant
      to law or to the requirements of the aforesaid supervising or examining
      authority, then, for the purposes of this Section, the combined capital and
      surplus of such corporation or national banking association shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. In case at any time either the Trustee or the Securities
      Administrator shall cease to be eligible in accordance with provisions of this
      Section, the Trustee or the Securities Administrator, as applicable, shall
      resign immediately in the manner and with the effect specified in Section
      6.06.

     

    Section
      6.06. Resignation
      and Removal of Trustee and Securities Administrator.

     

    (a) Each
      of
      the Trustee and the Securities Administrator may at any time resign and be
      discharged from the trust hereby created by giving written notice thereof to
      the
      Trustee or the Securities Administrator, as applicable, the Depositor, the
      Rating Agencies, any NIMS Insurer and the Master Servicer. Upon receiving such
      notice of resignation, the Depositor will promptly appoint a successor trustee
      acceptable to any NIMS Insurer or successor Securities Administrator, as
      applicable, by written instrument, one copy of which instrument shall be
      delivered to the resigning Trustee or resigning Securities Administrator, as
      applicable, one copy to the successor trustee or to the successor securities
      administrator, as applicable, one copy to each of the Rating Agencies and one
      copy to each of the Master Servicer and any NIMS Insurer. If no successor
      trustee or successor securities administrator, as applicable shall have been
      so
      appointed and shall have accepted appointment within 30 days after the giving
      of
      such notice of resignation, the resigning Trustee or resigning Securities
      Administrator, as applicable, may petition any court of competent jurisdiction
      for the appointment of a successor trustee.

     

    (b) If
      at any
      time (i) either the Trustee or the Securities Administrator shall cease to
      be
      eligible in accordance with the provisions of Section 6.05 and shall fail to
      resign after written request therefor by the Depositor or any NIMS Insurer,
      (ii)
      the Trustee or the Securities Administrator shall become incapable of acting,
      or
      shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or
      the
      Securities Administrator or of either of their property shall be appointed,
      or
      any public officer shall take charge or control of the Trustee or the Securities
      Administrator or of either of their property or affairs for the purpose of
      rehabilitation, conservation or liquidation, (iii) a tax is imposed or
      threatened with respect to the Trust Fund by any state in which the Trustee
      or
      the Trust Fund held by the Trustee is located, (iv) the Trustee shall fail
      to
      provide the information required pursuant to Subsection 6.01 (l), (v) the
      continued use of the Trustee or the Securities Administrator would result in
      a
      downgrading of the rating by the Rating Agencies of any Class of Certificates
      with a rating or (vi) the Securities Administrator shall fail to observe or
      perform in any material respect any of the covenants or agreement of the
      Securities Administrator contained in this Agreement including any failure
      to
      provide the information, reports, assessments or attestations required pursuant
      to Section 9.25(a) or 9.25(b) hereof, then the Depositor or any NIMS Insurer
      shall remove the Trustee or the Securities Administrator, as applicable, and
      appoint a successor trustee or successor securities administrator, as
      applicable, by written instrument, one copy of which instrument shall be
      delivered to the Trustee or the Securities Administrator, as applicable, so
      removed, one copy to the successor trustee or the successor securities
      administrator, as applicable, one copy to each of the Rating Agencies and one
      copy to the Master Servicer and any NIMS Insurer.

     

    
      
        
        

      

      
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    (c) The
      Holders of more than 50% of the Class Principal Amount (or Class Notional
      Amount) of each Class of Certificates (or any NIMS Insurer in the event of
      failure of the Trustee or the Securities Administrator to perform its
      obligations hereunder) may at any time upon 30 days’ written notice to the
      Trustee or the Securities Administrator and the Depositor remove the Trustee
      by
      such written instrument, signed by such Holders or their attorney-in-fact duly
      authorized (or by any NIMS Insurer), one copy of which instrument shall be
      delivered to the Depositor, one copy to the Trustee or Securities Administrator,
      as applicable, so removed and one copy to the Master Servicer and any NIMS
      Insurer; the Depositor shall thereupon appoint a successor trustee or successor
      securities administrator in accordance with this Section mutually acceptable
      to
      the Depositor and the Master Servicer and any NIMS Insurer.

     

    (d) Any
      resignation or removal of the Trustee or Securities Administrator and
      appointment of a successor trustee or successor securities administrator
      pursuant to any of the provisions of this Section shall become effective upon
      acceptance of appointment by the successor trustee or successor securities
      administrator, as applicable, as provided in Section 6.07.

     

    Section
      6.07. Successor
      Trustee and Successor Securities Administrator.

     

    (a) Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master
      Servicer, any NIMS Insurer and to its predecessor trustee or predecessor
      securities administrator, as applicable, an instrument accepting such
      appointment hereunder, and thereupon the resignation or removal of the
      predecessor trustee or predecessor securities administrator, as applicable,
      shall become effective and such successor trustee or successor securities
      administrator, as applicable, without any further act, deed or conveyance,
      shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder, with like effect as if originally named as trustee or
      securities administrator, as applicable, herein. The predecessor trustee shall
      deliver to the successor trustee (or assign to the successor trustee its
      interest under each Custodial Agreement, to the extent permitted thereunder)
      all
      Mortgage Files and documents and statements related to each Mortgage File held
      by it hereunder, and shall duly assign, transfer, deliver and pay over to the
      successor trustee the entire Trust Fund, together with all necessary instruments
      of transfer and assignment or other documents properly executed necessary to
      effect such transfer and such of the record or copies thereof maintained by
      the
      predecessor trustee in the administration hereof as may be requested by the
      successor trustee and shall thereupon be discharged from all duties and
      responsibilities under this Agreement. In addition, the Master Servicer and
      the
      predecessor trustee or predecessor securities administrator, as applicable,
      shall execute and deliver such other instruments and do such other things as
      may
      reasonably be required to more fully and certainly vest and confirm in the
      successor trustee or securities administrator, as applicable all such rights,
      powers, duties and obligations.

     

    (b) No
      successor trustee or securities administrator, as applicable, shall accept
      appointment as provided in this Section unless at the time of such appointment
      such successor trustee or securities administrator, as applicable, shall be
      eligible under the provisions of Section 6.05.

     

    
      
        
        

      

      
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    (c) Upon
      acceptance of appointment by a successor trustee or successor securities
      administrator, as applicable, as provided in this Section, the Master Servicer
      shall mail notice of the succession of such trustee or securities administrator,
      as applicable and to all Holders of Certificates at their addresses as shown
      in
      the Certificate Register and to the Rating Agencies. The expenses of such
      mailing shall be borne by the party initiating the replacement of the Trustee
      or
      Securities Administrator, as applicable.

     

    Section
      6.08. Merger
      or Consolidation of Trustee or Securities Administrator. 

     

    Any
      Person into which the Trustee or Securities Administrator may be merged or
      with
      which it may be consolidated, or any Person resulting from any merger,
      conversion or consolidation to which the Trustee or Securities Administrator
      shall be a party, or any Persons succeeding to the corporate trust business
      of
      the Trustee or the Securities Administrator, shall be the successor to the
      Trustee or the Securities Administrator hereunder, without the execution or
      filing of any paper or any further act on the part of any of the parties hereto,
      anything herein to the contrary notwithstanding, provided that such Person
      shall
      be eligible under the provisions of Section 6.05. As a condition to the
      succession to the Trustee or the Securities Administrator under this Agreement
      by any Person (i) into which the Trustee or the Securities Administrator, as
      applicable, may be merged or consolidated, or (ii) which may be appointed as
      a
      successor to the Trustee or the Securities Administrator, as applicable, the
      Trustee or the Securities Administrator, as applicable, shall notify the
      Depositor and the Master Servicer, at least 15 calendar days prior to the
      effective date of such succession or appointment, of such succession or
      appointment and shall furnish to the Depositor in writing and in form and
      substance reasonably satisfactory to the Depositor, all information reasonably
      necessary for the Trustee or the Securities Administrator, as applicable, to
      accurately and timely report, pursuant to Section 6.20, the event under Item
      6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the
      Exchange Act are required to be filed under the Exchange Act). 

     

    Section
      6.09. Appointment
      of Co-Trustee, Separate Trustee or Custodian.

     

    (a) Notwithstanding
      any other provisions hereof, at any time, the Trustee, the Depositor or the
      Certificateholders evidencing more than 50% of the Class Principal Amount (or
      Class Notional Amount) of each Class of Certificates shall each have the power
      from time to time to appoint one or more Persons approved by the Trustee and
      any
      NIMS Insurer to act either as co-trustees jointly with the Trustee, or as
      separate trustees, or as custodians, for the purpose of holding title to,
      foreclosing or otherwise taking action with respect to any Mortgage Loan outside
      the state where the Trustee has its principal place of business where such
      separate trustee or co-trustee is necessary or advisable (or the Trustee has
      been advised by the Master Servicer that such separate trustee or co-trustee
      is
      necessary or advisable) under the laws of any state in which a property securing
      a Mortgage Loan is located or for the purpose of otherwise conforming to any
      legal requirement, restriction or condition in any state in which a property
      securing a Mortgage Loan is located or in any state in which any portion of
      the
      Trust Fund is located. The separate trustees, co-trustees, or custodians so
      appointed shall be trustees or custodians for the benefit of all the
      Certificateholders and shall have such powers, rights and remedies as shall
      be
      specified in the instrument of appointment; provided, however, that no such
      appointment shall, or shall be deemed to, constitute the appointee an agent
      of
      the Trustee. The obligation of the Securities Administrator to make Advances
      pursuant to Section 5.04 and 6.14 hereof shall not be affected or assigned
      by
      the appointment of a co-trustee, provided, however, that prior to the
      appointment hereunder of any such co-trustee, separate trustee, or custodian
      pursuant to this Section 6.09, such Person shall enter into an agreement, in
      form and substance satisfactory to the Depositor, the Master Servicer and the
      Securities Administrator, relating to the satisfaction of such Person of its
      reporting obligations under Regulation AB with respect to the Trust Fund.
      Neither the Securities Administrator nor the Trustee shall be responsible for
      any action or omission of any separate trustee, co-trustee or custodian.
      Notwithstanding the foregoing, if such co-custodian or co-trustee is determined
      to be a Servicing Function Participant, no such co-custodian or co-trustee
      shall
      be vested with any powers, rights and remedies under this Agreement unless
      such
      party has agreed to comply with all Regulation AB requirements set forth under
      this Agreement or each Custodial Agreement, as applicable.

     

    
      
        
        

      

      
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    (b) Every
      separate trustee, co-trustee, and custodian shall, to the extent permitted
      by
      law, be appointed and act subject to the following provisions and
      conditions:

     

    (i) all
      powers, duties, obligations and rights conferred upon the Trustee in respect
      of
      the receipt, custody and payment of moneys shall be exercised solely by the
      Trustee;

     

    (ii) all
      other
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee, co-trustee, or custodian jointly, except to the extent
      that under any law of any jurisdiction in which any particular act or acts
      are
      to be performed the Trustee shall be incompetent or unqualified to perform
      such
      act or acts, in which event such rights, powers, duties and obligations,
      including the holding of title to the Trust Fund or any portion thereof in
      any
      such jurisdiction, shall be exercised and performed by such separate trustee,
      co-trustee, or custodian;

     

    (iii) no
      trustee or custodian hereunder shall be personally liable by reason of any
      act
      or omission of any other trustee or custodian hereunder; and

     

    (iv) the
      Trustee or the Certificateholders evidencing more than 50% of the Aggregate
      Voting Interests of the Certificates may at any time accept the resignation
      of
      or remove any separate trustee, co-trustee or custodian, so appointed by it
      or
      them, if such resignation or removal does not violate the other terms of this
      Agreement.

     

    (c) Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee,
      co-trustee or custodian shall refer to this Agreement and the conditions of
      this
      Article VI. Each separate trustee and co-trustee, upon its acceptance of the
      trusts conferred, shall be vested with the estates or property specified in
      its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy given to any NIMS
      Insurer.

     

    
      
        
        

      

      
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    (d) Any
      separate trustee, co-trustee or custodian may, at any time, constitute the
      Trustee its agent or attorney-in-fact with full power and authority, to the
      extent not prohibited by law, to do any lawful act under or in respect of this
      Agreement on its behalf and in its name. If any separate trustee, co-trustee
      or
      custodian shall die, become incapable of acting, resign or be removed, all
      of
      its estates, properties, rights, remedies and trusts shall vest in and be
      exercised by the Trustee, to the extent permitted by law, without the
      appointment of a new or successor trustee.

     

    (e) No
      separate trustee, co-trustee or custodian hereunder shall be required to meet
      the terms of eligibility as a successor trustee under Section 6.05 hereunder
      and
      no notice to Certificateholders of the appointment shall be required under
      Section 6.07 hereof.

     

    (f) The
      Trustee agrees to instruct the co-trustees, if any, to the extent necessary
      to
      fulfill the Trustee’s obligations hereunder.

     

    (g) The
      Trust
      Fund shall pay the reasonable compensation of the co-trustees to the extent,
      and
      in accordance with the standards, specified in Section 6.12 hereof (which
      compensation shall not reduce any compensation payable to the Trustee under
      such
      Section).

     

    (h) Notwithstanding
      the foregoing, for so long as reports are required to be filed with the
      Commission under the Exchange Act with respect to the Trust, the Securities
      Administrator shall not utilize any Subcontractor for the performance of its
      duties hereunder if such Subcontractor would be “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB without (a) giving
      notice to the Seller, the Master Servicer, the Securities Administrator and
      the
      Depositor and (b) requiring any such Subcontractor to provide to the Securities
      Administrator an assessment of compliance as provided in Section 9.25(a) and
      an
      attestation report as provided in Section 9.25(b), which reports the Securities
      Administrator shall include in its assessment and attestation reports. The
      Securities Administrator shall indemnify the Depositor, the Master Servicer
      and
      any director, officer, employee or agent of each of the Depositor and the Master
      Servicer and hold them harmless against any and all claims, losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments, and any other costs, fees and expenses that any of them may
      sustain arising out of or based upon (i) the failure by the Securities
      Administrator to give notice of the engagement of any Subcontractor or (ii)
      the
      failure by such Subcontractor engaged by the Securities Administrator to provide
      the Securities Administrator or the Master Servicer and the Depositor, either
      directly or indirectly through the Securities Administrator, an assessment
      of
      compliance as provided in Section 9.25(a) and an attestation report as provided
      in Section 9.25(b). This indemnity shall survive the termination of this
      Agreement or the earlier resignation or removal of the Securities
      Administrator.

     

    Section
      6.10. Authenticating
      Agents.

     

    (a) The
      Trustee may appoint one or more Authenticating Agents which shall be authorized
      to act on behalf of the Trustee in authenticating Certificates. The Trustee
      hereby appoints the Securities Administrator to act as the initial
      Authenticating Agent, and the Securities Administrator hereby accepts such
      appointment. Notwithstanding anything to the contrary provided herein, wherever
      reference is made in this Agreement to the authentication of Certificates by
      the
      Trustee or the Trustee’s certificate of authentication, such reference shall be
      deemed to include authentication on behalf of the Trustee by an Authenticating
      Agent and a certificate of authentication executed on behalf of the Trustee
      by
      an Authenticating Agent. Each Authenticating Agent must be a corporation
      organized and doing business under the laws of the United States of America
      or
      of any state, having a combined capital and surplus of at least $15,000,000,
      authorized under such laws to do a trust business and subject to supervision
      or
      examination by federal or state authorities and acceptable to any NIMS Insurer,
      such consent shall not be unreasonably withheld.

     

    
      
        
        

      

      
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    (b) Any
      Person into which any Authenticating Agent may be merged or converted or with
      which it may be consolidated, or any Person resulting from any merger,
      conversion or consolidation to which any Authenticating Agent shall be a party,
      or any Person succeeding to the corporate agency business of any Authenticating
      Agent, shall continue to be the Authenticating Agent without the execution
      or
      filing of any paper or any further act on the part of the Trustee or the
      Authenticating Agent.

     

    (c) Any
      Authenticating Agent may at any time resign by giving at least 30 days’ advance
      written notice of resignation to the Trustee, any NIMS Insurer and the
      Depositor. The Trustee may at any time terminate the agency of any
      Authenticating Agent by giving written notice of termination to such
      Authenticating Agent, any NIMS Insurer and the Depositor. Upon receiving a
      notice of resignation or upon such a termination, or in case at any time any
      Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this Section 6.10, the Trustee may appoint a successor
      Authenticating Agent, shall give written notice of such appointment to the
      Depositor and any NIMS Insurer and shall mail notice of such appointment to
      all
      Holders of Certificates. Any successor Authenticating Agent upon acceptance
      of
      its appointment hereunder shall become vested with all the rights, powers,
      duties and responsibilities of its predecessor hereunder, with like effect
      as if
      originally named as Authenticating Agent. No successor Authenticating Agent
      shall be appointed unless eligible under the provisions of this Section 6.10.
      No
      Authenticating Agent shall have responsibility or liability for any action
      taken
      by it as such at the direction of the Trustee, provided that such action was
      undertaken without negligence or willful misconduct. Any Authenticating Agent
      shall be entitled to reasonable compensation for its services and, if paid
      by
      the Trustee, it shall be a reimbursable expense pursuant to Section
      6.12.

     

    Section
      6.11. Indemnification
      of Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator and their respective directors,
      officers, employees and agents shall be entitled to indemnification from the
      Trust Fund for any loss, liability or expense incurred in connection with any
      legal proceeding or incurred without negligence or willful misconduct on their
      part, (it being understood that the negligence or willful misconduct of any
      Custodian shall not constitute negligence or willful misconduct on the part
      of
      the Trustee or its directors, officers, employees or agents for such purpose),
      arising out of, or in connection with, the acceptance or administration of
      the
      trusts created hereunder or in connection with the performance of their duties
      hereunder or under the Certificates, the Mortgage Loan Sale Agreement, any
      Custodial Agreement or any Servicing Agreement, including any applicable fees
      and expenses payable pursuant to Section 6.12 and the costs and expenses of
      defending themselves against any claim in connection with the exercise or
      performance of any of their powers or duties hereunder, provided
      that:

     

    
      
        
        

      

      
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    (a) with
      respect to any such claim, the Trustee or the Securities Administrator, as
      applicable, shall have given the Depositor, the Master Servicer and the Holders
      written notice thereof promptly after a Responsible Officer of the Trustee
      or
      the Securities Administrator, as applicable, shall have knowledge thereof;
      provided that failure to so notify shall not relieve the Trust Fund of the
      obligation to indemnify the Trustee or the Securities Administrator, however,
      any reasonable delay by the Trustee or the Securities Administrator to provide
      written notice to the Depositor, the Master Servicer and the Holders promptly
      after the Trustee or the Securities Administrator shall have obtained knowledge
      of a claim shall not relieve the Trust Fund of the obligation to indemnify
      the
      Trustee or the Securities Administrator under this Section 6.11;

     

    (b) while
      maintaining control over its own defense, the Trustee or the Securities
      Administrator, as applicable, shall cooperate and consult fully with the
      Depositor in preparing such defense; 

     

    (c) notwithstanding
      anything to the contrary in this Section 6.11, the Trust Fund shall not be
      liable for settlement of any such claim by the Trustee or the Securities
      Administrator, as applicable, entered into without the prior consent of the
      Depositor, which consent shall not be unreasonably withheld; and

     

    (d) any
      such
      loss, liability or expense identified by the Trust Fund must constitute an
      “unanticipated expense” within the meaning of Treasury Regulations Section
      1.860G-1(b)(3)(ii).

     

    The
      provisions of this Section 6.11 shall survive any termination of this Agreement
      and the resignation or removal of the Trustee or the Securities Administrator,
      as applicable, and shall be construed to include, but not be limited to any
      loss, liability or expense under any environmental law.

     

    Section
      6.12. Fees
      and Expenses of Trustee, Securities Administrator and Custodian.

     

    The
      Securities Administrator shall be entitled to (a) the Securities Administrator
      Fee, and is authorized to pay itself the amount of income or gain earned from
      investment of funds in the Certificate Account and (b) reimbursement of all
      reasonable expenses, disbursements and advances incurred or made by the
      Securities Administrator in accordance with this Agreement (including fees
      and
      expenses of its counsel and all persons not regularly in its employment and
      any
      amounts described in Section 10.01 to which the Securities Administrator is
      entitled as provided therein), except any such expenses, disbursements and
      advancements that either (i) arise from its negligence, bad faith or willful
      misconduct or (ii) do not constitute “unanticipated expenses” within the meaning
      of Treasury Regulations Section 1.860G-1(b)(3)(ii). The Trustee shall be paid
      the Trustee Fee by the Securities Administrator from its own funds, as
      separately agreed with the Securities Administrator. Each Custodian shall
      receive compensation and reimbursement or payment of its expenses under the
      Custodial Agreement as provided therein; provided that, to the extent required
      under Section 6 or Section 20 of the Custodial Agreement, the Securities
      Administrator (or any successor Paying Agent on behalf of the Trustee) is hereby
      authorized to pay such compensation or reimbursement from amounts on deposit
      in
      the Certificate Account prior to any distributions to Certificateholders
      pursuant to Section 5.02 hereof.

     

    Section
      6.13. Collection
      of Monies.

     

    Except
      as
      otherwise expressly provided in this Agreement, the Trustee or Securities
      Administrator, as applicable, may demand payment or delivery of, and shall
      receive and collect, all money and other property payable to or receivable
      by it
      pursuant to this Agreement. The Trustee or Securities Administrator, as
      applicable, shall hold all such money and property received by it as part of
      the
      Trust Fund and shall distribute it as provided in this Agreement. If the
      Securities Administrator shall not have timely received amounts to be remitted
      with respect to the Mortgage Loans from the Master Servicer, the Securities
      Administrator shall request the Master Servicer to make such distribution as
      promptly as practicable or legally permitted. If the Securities Administrator
      shall subsequently receive any such amount, it may withdraw such
      request.

     

    
      
        
        

      

      
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    Section
      6.14. Events
      of Default; Securities Administrator To Act; Appointment of
      Successor.

     

    (a) The
      occurrence of any one or more of the following events shall constitute an “Event
      of Default”:

     

    (i) Any
      failure by the Master Servicer to furnish to the Securities Administrator the
      Mortgage Loan data sufficient to prepare the reports described in Section
      4.03(a) which continues unremedied for a period of two (2) Business Days after
      the date upon which written notice of such failure shall have been given to
      such
      Master Servicer by the Trustee or the Securities Administrator or to such Master
      Servicer, the Securities Administrator and the Trustee by any NIMS Insurer
      or
      Holders of not less than 25% of the Class Principal Amount (or Class Notional
      Amount) of each Class of Certificates affected thereby; or

     

    (ii) Any
      failure by the Master Servicer to duly perform, within the required time period
      and without notice, its obligations to provide any certifications required
      pursuant to Sections 9.25 or 9.26; or

     

    (iii) Except
      with respect to those items listed in clause (ii) above, any failure by the
      Master Servicer to duly perform, within the required time period, without notice
      or grace period, its obligations to provide any information, data or materials
      required to be provided hereunder pursuant to Sections 9.23 and 9.29(b),
      including any items required to be included in any Exchange Act report;
      or

     

    (iv) Any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of such
      Master Servicer contained in this Agreement which continues unremedied for
      a
      period of 30 days (or 15 days, in the case of a failure to maintain any
      Insurance Policy required to be maintained pursuant to this Agreement, or 10
      days, in the case of a failure to comply with the requirements of Sections
      9.03)
      after the date on which written notice of such failure, requiring the same
      to be
      remedied, shall have been given to such Master Servicer by the Trustee or
      Securities Administrator, or to such Master Servicer, the Securities
      Administrator and the Trustee by any NIMS Insurer or the Holders of not less
      than 25% of the Class Principal Amount (or Class Notional Amount) of each Class
      of Certificates affected thereby or by any NIMS Insurer; or

     

    (v) A
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      for
      the appointment of a conservator or receiver or liquidator in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Master Servicer, and such decree or order shall have
      remained in force undischarged or unstayed for a period of 60 days or any Rating
      Agency reduces or withdraws or threatens to reduce or withdraw the rating of
      the
      Certificates because of the financial condition or loan servicing capability
      of
      such Master Servicer; or

     

    
      
        
        

      

      
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    (vi) The
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities, voluntary liquidation or similar proceedings of or relating to
      such
      Master Servicer or of or relating to all or substantially all of its property;
      or

     

    (vii) The
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of any applicable
      insolvency or reorganization statute, make an assignment for the benefit of
      its
      creditors or voluntarily suspend payment of its obligations; or

     

    (viii) 
      The
      Master Servicer shall be dissolved, or shall dispose of all or substantially
      all
      of its assets, or consolidate with or merge into another entity or shall permit
      another entity to consolidate or merge into it, such that the resulting entity
      does not meet the criteria for a successor servicer as specified in Section
      9.27
      hereof; or

     

    (ix) If
      a
      representation or warranty set forth in Section 9.14 hereof shall prove to
      be
      incorrect as of the time made in any respect that materially and adversely
      affects the interests of the Certificateholders, and the circumstance or
      condition in respect of which such representation or warranty was incorrect
      shall not have been eliminated or cured within 60 days after the date on which
      written notice of such incorrect representation or warranty shall have been
      given to the Master Servicer by the Trustee or to the Master Servicer and the
      Trustee by the Holders of not less than 25% of the Aggregate Certificate
      Principal Amount of each Class of Certificates or by any NIMS Insurer;
      or

     

    (x) A
      sale or
      pledge of any of the rights of the Master Servicer hereunder or an assignment
      of
      this Agreement by the Master Servicer or a delegation of the rights or duties
      of
      the Master Servicer hereunder shall have occurred in any manner not otherwise
      permitted hereunder, any NIMS Insurer and Certificateholders holding more than
      50% of the Class Principal Amount (or Class Notional Amount) of each Class
      of
      Certificates; or

     

    (xi) The
      Master Servicer has notice or actual knowledge that any Servicer at any time
      is
      not either an FNMA- or FHLMC-approved Seller/Servicer, and the Master Servicer
      has not terminated the rights and obligations of such Servicer under the
      applicable Servicing Agreement and replaced such Servicer with an FNMA- or
      FHLMC-approved servicer within 60 days of the date the Master Servicer receives
      such notice or actual knowledge; or

     

    (xii) After
      any
      receipt of notice from any NIMS Insurer, any failure of the Master Servicer
      to
      remit to the Securities Administrator any payment required to be made to the
      Securities Administrator for the benefit of Certificateholders under the terms
      of this Agreement, including any Advance, on any Deposit Date, which such
      failure continues unremedied after 1:00 p.m. Eastern Standard Time one Business
      Day after the date upon which notice of such failure shall have been given
      to
      the Master Servicer and the Trustee by the Securities
      Administrator.

     

    
      
        
        

      

      
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    If
      an
      Event of Default described in clauses (i) through (xi) of this Section 6.14
      shall occur, then, in each and every case, subject to applicable law, so long
      as
      any such Event of Default shall not have been remedied within any period of
      time
      prescribed by this Section 6.14, the Trustee, by notice in writing to the Master
      Servicer may, and shall, if so directed by Certificateholders evidencing more
      than 50% of the Class Principal Amount (or Class Notional Amount) of each Class
      of Certificates or any NIMS Insurer, terminate all of the rights and obligations
      of the Master Servicer hereunder and in and to the Mortgage Loans and the
      proceeds thereof. If an Event of Default described in clause (xii) of this
      Section 6.14(a) shall occur, then, in each and every case, subject to applicable
      law, so long as such Event of Default shall not have been remedied within the
      time period prescribed by clause (xii) of this Section 6.14(a), the Trustee,
      by
      notice in writing to the Master Servicer and the NIMS Insurer, shall promptly
      terminate all of the rights and obligations of the Master Servicer hereunder
      and
      in and to the Mortgage Loans and the proceeds thereof. On or after the receipt
      by the Master Servicer of such written notice, all authority and power of the
      Master Servicer, and only in its capacity as Master Servicer under this
      Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass
      to and be vested in the Securities Administrator pursuant to and under the
      terms
      of this Agreement; provided, however, the parties acknowledge that
      notwithstanding the preceding sentence, there may be a transition period, not
      to
      exceed 90 days, in order to effect the transfer of the Master Servicer’s
      obligations to the Securities Administrator, the Securities Administrator is
      hereby authorized and empowered to execute and deliver, on behalf of the
      defaulting Master Servicer as attorney-in-fact or otherwise, any and all
      documents and other instruments, and to do or accomplish all other acts or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents or otherwise. The defaulting Master
      Servicer agrees to cooperate with the Trustee and the Securities Administrator
      in effecting the termination of the defaulting Master Servicer’s
      responsibilities and rights hereunder as Master Servicer including, without
      limitation, notifying Servicers of the assignment of the master servicing
      function and providing the Securities Administrator or its designee all
      documents and records in electronic or other form reasonably requested by it
      to
      enable the Securities Administrator or its designee to assume the defaulting
      Master Servicer’s functions hereunder and the transfer to the Securities
      Administrator for administration by it of all amounts which shall at the time
      be
      or should have been deposited by the defaulting Master Servicer in the
      Collection Account maintained by such defaulting Master Servicer and any other
      account or fund maintained with respect to the Certificates or thereafter
      received with respect to the Mortgage Loans. The Master Servicer being
      terminated (or the Trust Fund, if the Master Servicer is unable to fulfill
      its
      obligations hereunder) as a result of the Event of Default shall bear all costs
      of a master servicing transfer, including but not limited to those of the
      Trustee and Securities Administrator reasonably allocable to specific employees
      and overhead, legal fees and expenses, accounting and financial consulting
      fees
      and expenses, and costs of amending the Agreement, if necessary. The Securities
      Administrator shall be entitled to be reimbursed from the Master Servicer (or
      by
      the Trust Fund, if the Master Servicer is unable to fulfill its obligations
      hereunder) for all costs associated with the transfer of servicing from the
      predecessor Master Servicer, including, without limitation, any costs or
      expenses associated with the complete transfer of all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the Securities Administrator to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the Securities Administrator to master
      service the Mortgage Loans properly and effectively. If the terminated Master
      Servicer does not pay such reimbursement within thirty (30) days of its receipt
      of an invoice therefor, such reimbursement shall be an expense of the Trust
      Fund
      and the Securities Administrator shall be entitled to withdraw such
      reimbursement from amounts on deposit in the Certificate Account pursuant to
      Section 4.04; provided that the terminated Master Servicer shall reimburse
      the
      Trust Fund for any such expense incurred by the Trust Fund; and provided,
      further, that the Trustee shall decide whether and to what extent it is in
      the
      best interest of the Certificateholders to pursue any remedy against any party
      obligated to make such reimbursement.

     

    
      
        
        

      

      
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    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement to the extent provided
      in Section 4.02(i), (ii), (iii), (iv), (v), (vi), (vii) and (x) to the extent
      such reimbursement relates to the period prior to such Master Servicer’s
      termination.

     

    If
      any
      Event of Default shall occur of which a Responsible Officer of the Trustee
      or
      Securities Administrator has actual knowledge, the Trustee or Securities
      Administrator shall promptly notify any NIMS Insurer, the Trustee or Securities
      Administrator, as applicable, shall promptly notify the Securities Administrator
      or Trustee and the Rating Agencies of the nature and extent of such Event of
      Default upon becoming aware of the occurrence thereof through the proper
      execution of its duties under this Agreement. The Securities Administrator
      shall
      immediately give written notice to the Master Servicer upon such Master
      Servicer’s failure to remit funds on the Deposit Date.

     

    (b) On
      and
      after the time the Master Servicer (and the Securities Administrator, if notice
      is sent by any NIMS Insurer) receives a notice of termination from the Trustee
      or Securities Administrator pursuant to Section 6.14(a) or the Trustee and
      the
      Securities Administrator receive the resignation of the Master Servicer
      evidenced by an Opinion of Counsel pursuant to Section 9.28 and within a period
      of time not to exceed 90 days after the Securities Administrator receives
      written notice from the Trustee pursuant to Section 6.14(a) or Section 9.28,
      the
      Securities Administrator, unless another master servicer acceptable to the
      NIMS
      Insurer, such consent shall not be unreasonably withheld, shall have been
      appointed, shall be the successor in all respects to the Master Servicer in
      its
      capacity as such under this Agreement and the transactions set forth or provided
      for herein and shall have all the rights and powers and be subject to all the
      responsibilities, duties and liabilities relating thereto and arising thereafter
      placed on the Master Servicer hereunder, including the obligation to make
      Advances; provided, however, that any failure to perform such duties or
      responsibilities caused by the Master Servicer’s or the Trustee’s failure to
      provide information required by this Agreement shall not be considered a default
      by the Securities Administrator hereunder. In addition, the Securities
      Administrator shall have no responsibility for any act or omission of the Master
      Servicer prior to the issuance of any notice of termination. The Securities
      Administrator shall have no liability relating to the representations and
      warranties of the Master Servicer set forth in Section 9.14. In the Securities
      Administrator’s capacity as such successor, the Securities Administrator shall
      have the same limitations on liability herein granted to the Master Servicer.
      As
      compensation therefor, the Securities Administrator shall be entitled to receive
      all compensation payable to the Master Servicer under this Agreement, including
      the Master Servicing Fee and the compensation described in Section 9.21. The
      Securities Administrator shall be entitled to be reimbursed from the Master
      Servicer (or by the Trust Fund if the Master Servicer is unable to fulfill
      its
      obligations hereunder) for all costs associated with the transfer of master
      servicing from the predecessor master servicer, including, without limitation,
      any costs or expenses associated with the complete transfer of all master
      servicing data and the completion, correction or manipulation of such master
      servicing data as may be required by the Securities Administrator to correct
      any
      errors or insufficiencies in the master servicing data or otherwise to enable
      the Securities Administrator to master service the Mortgage Loans properly
      and
      effectively.

     

    
      
        
        

      

      
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    (c) Notwithstanding
      the above, the Securities Administrator may, if it shall be unwilling to
      continue to so act or if any NIMS Insurer so requests in writing to the
      Securities Administrator, or shall, if it is unable to so act, request the
      Depositor to appoint, petition a court of competent jurisdiction to appoint,
      or
      appoint on its own behalf any established housing and home finance institution
      servicer, master servicer, servicing or mortgage servicing institution
      acceptable to the NIMS Insurer having a net worth of not less than $15,000,000
      and meeting such other standards for a successor master servicer as are set
      forth in this Agreement, as the successor to such Master Servicer in the
      assumption of all of the responsibilities, duties or liabilities of a master
      servicer, like the Master Servicer. Any entity designated by the Trustee or
      the
      Securities Administrator as a successor master servicer may be an Affiliate
      of
      the Trustee or the Securities Administrator; provided, however, that, unless
      such Affiliate meets the net worth requirements and other standards set forth
      herein for a successor master servicer, the Securities Administrator, in its
      individual capacity shall agree, at the time of such designation, to be and
      remain liable to the Trust Fund for such Affiliate’s actions and omissions in
      performing its duties hereunder. In connection with such appointment and
      assumption, the Trustee or the Securities Administrator may make such
      arrangements for the compensation of such successor out of payments on Mortgage
      Loans as it and such successor shall agree; provided, however, that no such
      compensation shall be in excess of that permitted to the Master Servicer
      hereunder. The Trustee, the Securities Administrator and such successor shall
      take such actions, consistent with this Agreement, as shall be necessary to
      effectuate any such succession and may make other arrangements with respect
      to
      the servicing to be conducted hereunder which are not inconsistent herewith.
      The
      Master Servicer shall cooperate with the Trustee, the Securities Administrator
      and any successor master servicer in effecting the termination of the Master
      Servicer’s responsibilities and rights hereunder including, without limitation,
      notifying Mortgagors of the assignment of the master servicing functions and
      providing the Securities Administrator and successor master servicer, as
      applicable, all documents and records in electronic or other form reasonably
      requested by it to enable it to assume the Master Servicer’s functions hereunder
      and the transfer to the Securities Administrator or such successor master
      servicer, as applicable, all amounts which shall at the time be or should have
      been deposited by the Master Servicer in the Collection Account and any other
      account or fund maintained with respect to the Certificates or thereafter be
      received with respect to the Mortgage Loans. Neither the Securities
      Administrator nor any other successor master servicer shall be deemed to be
      in
      default hereunder by reason of any failure to make, or any delay in making,
      any
      distribution hereunder or any portion thereof caused by (i) the failure of
      the
      Master Servicer to deliver, or any delay in delivering, cash, documents or
      records to it, (ii) the failure of the Master Servicer to cooperate as required
      by this Agreement, (iii) the failure of the Master Servicer to deliver the
      Mortgage Loan data to the Securities Administrator as required by this Agreement
      or (iv) restrictions imposed by any regulatory authority having jurisdiction
      over the Master Servicer.

     

    
      
        
        

      

      
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    Section
      6.15. Additional
      Remedies of Trustee Upon Event of Default.

     

    During
      the continuance of any Event of Default, so long as such Event of Default shall
      not have been remedied, the Trustee, in addition to the rights specified in
      Section 6.14, shall have the right, in its own name and as trustee of an express
      trust, to take all actions now or hereafter existing at law, in equity or by
      statute to enforce its rights and remedies and to protect the interests, and
      enforce the rights and remedies, of any NIMS Insurer and the Certificateholders
      (including the institution and prosecution of all judicial, administrative
      and
      other proceedings and the filings of proofs of claim and debt in connection
      therewith). Except as otherwise expressly provided in this Agreement, no remedy
      provided for by this Agreement shall be exclusive of any other remedy, and
      each
      and every remedy shall be cumulative and in addition to any other remedy, and
      no
      delay or omission to exercise any right or remedy shall impair any such right
      or
      remedy or shall be deemed to be a waiver of any Event of Default.

     

    Section
      6.16. Waiver
      of Defaults.

     

    35%
      or
      more of the Aggregate Voting Interests of Certificateholders (with the consent
      of any NIMS Insurer) may waive any default or Event of Default by the Master
      Servicer in the performance of its obligations hereunder, except that a default
      in the making of any required deposit to the Certificate Account that would
      result in a failure of the Securities Administrator (or any successor Paying
      Agent on behalf of the Trustee) to make any required payment of principal of
      or
      interest on the Certificates may only be waived with the consent of 100% of
      the
      affected Certificateholders and with the consent of any NIMS Insurer. Upon
      any
      such waiver of a past default, such default shall cease to exist, and any Event
      of Default arising therefrom shall be deemed to have been remedied for every
      purpose of this Agreement. No such waiver shall extend to any subsequent or
      other default or impair any right consequent thereon except to the extent
      expressly so waived.

     

    Section
      6.17. Notification
      to Holders.

     

    Upon
      termination of the Master Servicer or appointment of a successor to the Master
      Servicer, in each case as provided herein, the Securities Administrator shall
      promptly mail notice thereof by first class mail to the Trustee and the
      Certificateholders at their respective addresses appearing on the Certificate
      Register and any NIMS Insurer. The Trustee shall also, within 45 days after
      the
      occurrence of any Event of Default, of which a Responsible Officer of the
      Trustee has actual knowledge, give written notice thereof to any NIMS Insurer,
      the Securities Administrator, and upon receipt of such notice, the Securities
      Administrator shall notify and the Certificateholders, unless such Event of
      Default shall have been cured or waived prior to the issuance of such notice
      and
      within such 45-day period.

     

    Section
      6.18. Directions
      by Certificateholders and Duties of Trustee During Event of
      Default.

     

    Subject
      to the provisions of Section 8.01 hereof, during the continuance of any Event
      of
      Default, Holders of Certificates evidencing not less than 25% of the Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates may,
      with the consent of any NIMS Insurer, direct the time, method and place of
      conducting any proceeding for any remedy available to the Trustee, or exercising
      any trust or power conferred upon the Trustee, under this Agreement; provided,
      however, that the Trustee shall be under no obligation to pursue any such
      remedy, or to exercise any of the trusts or powers vested in it by this
      Agreement (including, without limitation, (i) the conducting or defending of
      any
      administrative action or litigation hereunder or in relation hereto and (ii)
      the
      terminating of the Master Servicer or any successor master servicer from its
      rights and duties as master servicer hereunder) at the request, order or
      direction of any of the Certificateholders, or any NIMS Insurer, unless such
      Certificateholders, or any NIMS Insurer, shall have offered to the Trustee
      security or indemnity reasonably satisfactory to it against the cost, expenses
      and liabilities which may be incurred therein or thereby; and, provided further,
      that, subject to the provisions of Section 8.01, the Trustee shall have the
      right to decline to follow any such direction if the Trustee, in accordance
      with
      an Opinion of Counsel, determines that the action or proceeding so directed
      may
      not lawfully be taken or if the Trustee in good faith determines that the action
      or proceeding so directed would involve it in personal liability for which
      it is
      not indemnified to its satisfaction or be unjustly prejudicial to the
      non-assenting Certificateholders.

     

    
      
        
        

      

      
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    Section
      6.19. Action
      Upon Certain Failures of the Master Servicer and Upon Event of
      Default.

     

    In
      the
      event that a Responsible Officer of the Trustee shall have actual knowledge
      of
      any action or inaction of the Master Servicer that would become an Event of
      Default upon the Master Servicer’s failure to remedy the same after notice, the
      Trustee shall give notice thereof to the Master Servicer. Notwithstanding
      anything to the contrary provided herein, and for all purposes of this
      Agreement, in the absence of actual knowledge by a Responsible Officer of the
      Trustee, the Trustee shall not be deemed to have knowledge of any failure of
      the
      Master Servicer or any other Event of Default unless notified in writing by
      the
      Depositor, the Securities Administrator, the Master Servicer or a
      Certificateholder.

     

    Section
      6.20. Preparation
      of Tax Returns and Other Reports.

     

    (a) [Reserved].

     

    (b) [Reserved].

     

    (c) The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. Thereafter, the Securities Administrator shall, in accordance with
      industry standards and the rules of the Commission as in effect from time to
      time (the “Rules”), prepare and file with the Commission via the Electronic Data
      Gathering and Retrieval System (“EDGAR”), the reports listed in subsections (d)
      through (g) of this Section 6.20 in respect of the Trust Fund as and to the
      extent required under the Exchange Act.

     

    (d) Reports
      Filed on Form 10-D. 

     

    (i) Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act reporting requirements), the Securities Administrator shall prepare
      and file on behalf of the Trust Fund any Form 10-D required by the Exchange
      Act,
      in form and substance as required by the Exchange Act. The Securities
      Administrator shall file each Form 10-D with a copy of the related Distribution
      Date Statement attached thereto. Any disclosure in addition to the Distribution
      Date Statement that is required to be included on Form 10-D (“Additional Form
      10-D Disclosure”) shall be determined and prepared by and at the direction of
      the Depositor pursuant to the following paragraph and the Securities
      Administrator will have no duty or liability for any failure hereunder to
      determine or prepare any Additional Form 10-D Disclosure, except as set forth
      in
      the next paragraph.

     

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit P-1 hereto, within five calendar days after the related
      Distribution Date, (A) certain parties to the Structured Adjustable Rate
      Mortgage Loan Trust 2007-9 transaction shall be required to provide to the
      Securities Administrator and the Depositor, to the extent known by a Responsible
      Officer thereof, in EDGAR-compatible form (which may be Word or Excel documents
      easily convertible to EDGAR format), or in such other form as otherwise agreed
      upon by the Securities Administrator and such party, the form and substance
      of
      any Additional Form 10-D Disclosure, if applicable, and include with such
      Additional Form 10-D Disclosure, an Additional Disclosure Notification in the
      form attached hereto as Exhibit P-4, and (B) the Depositor will approve, as
      to
      form and substance, or disapprove, as the case may be, the inclusion of the
      Additional Form 10-D Disclosure on Form 10-D. The Sponsor will be responsible
      for any reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-D Disclosure
      on Form 10-D pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-D, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-D to the Exchange Act Signing Party
      for review and approval. If the Master Servicer is the Exchange Act Signing
      Party and the Form 10-D includes Additional Form 10-D Disclosure, then the
      Form
      10-D shall also be electronically distributed to the Depositor for review and
      approval. No later than two Business Days prior to the 15th calendar day after
      the related Distribution Date, a duly authorized officer of the Exchange Act
      Signing Party shall sign the Form 10-D and return an electronic or fax copy
      of
      such signed Form 10-D (with an original executed hard copy to follow by
      overnight mail) to the Securities Administrator. If a Form 10-D cannot be filed
      on time or if a previously filed Form 10-D needs to be amended, the Securities
      Administrator will follow the procedures set forth in subsection (h)(ii) of
      this
      Section 6.20. Promptly (but no later than one Business Day) after the deadline
      for filing such report with the Commission, the Securities Administrator will
      make available on its internet website a final executed copy of each Form 10-D
      filed by the Securities Administrator. Each party to this Agreement acknowledges
      that the performance by the Securities Administrator of its duties under this
      Section 6.20(d) related to the timely preparation and filing of Form 10-D is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Section 6.20(d). The Securities
      Administrator shall have no liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare and/or timely
      file such Form 10-D, where such failure results from the Securities
      Administrator’s inability or failure to obtain or receive, on a timely basis,
      any information from any other party hereto needed to prepare, arrange for
      execution or file such Form 10-D, not resulting from its own negligence, bad
      faith or willful misconduct.

     

    
      
        
        

      

      
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    (e) Reports
      Filed on Form 10-K.

     

    (i) Unless
      and until a Form 15 suspension notice shall have been filed, on or prior to
      the
      90th calendar day after the end of each fiscal year of the Trust Fund or such
      earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”)
      (it being understood that the fiscal year for the Trust Fund ends on December
      31st of each year), commencing in March 2008, the Securities Administrator
      shall
      prepare and file on behalf of the Trust Fund a Form 10-K, in form and substance
      as required by the Exchange Act. Each such Form 10-K shall include the following
      items, in each case to the extent they have been delivered to the Securities
      Administrator within the applicable time frames set forth in this Agreement
      and
      in the related Servicing Agreements and Custodial Agreements, (A) an annual
      compliance statement for each Servicer, each Additional Servicer and the Master
      Servicer, as described under Section 9.26 hereof and in each Servicing
      Agreement, (B)(I) the annual reports on assessment of compliance with servicing
      criteria for each Servicer, each Custodian, each Additional Servicer, the Master
      Servicer, each Subservicer, each Subcontractor, any Servicing Function
      Participant and the Securities Administrator (each, a “Reporting Servicer”), as
      described under Section 9.25(a) hereof and in each Servicing Agreement and
      Custodial Agreement, and (II) if any Reporting Servicer’s report on assessment
      of compliance with servicing criteria described under Section 9.25(a) hereof
      or
      in any Servicing Agreement or Custodial Agreement identifies any material
      instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if any Reporting Servicer’s report on assessment of compliance
      with servicing criteria described under Section 9.25(a) hereof or in the any
      Servicing Agreement or Custodial Agreement is not included as an exhibit to
      such
      Form 10-K, disclosure that such report is not included and an explanation why
      such report is not included, (C)(I) the registered public accounting firm
      attestation report for each Reporting Servicer, as described under Section
      9.25(b) hereof and in each Servicing Agreement and Custodial Agreement and
      (II)
      if any registered public accounting firm attestation report described under
      Section 9.25(b) hereof or in any Servicing Agreement or Custodial Agreement
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if any such registered public accounting firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (D) a Sarbanes-Oxley Certification. Any disclosure or information
      in addition to (A) through (D) above that is required to be included on Form
      10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and
      at the direction of the Depositor pursuant to the following paragraph and the
      Securities Administrator will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-K Disclosure, except
      as
      set forth in the next paragraph. 

     

    (ii) As
      set
      forth on Exhibit P-2 hereto, no later than March 15 of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2008,
      (A) the parties to the Structured Adjustable Rate Mortgage Loan Trust 2007-9
      transaction shall be required to provide to the Securities Administrator and
      the
      Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-K Disclosure, if applicable and include with such Additional
      Form 10-K Disclosure, an Additional Disclosure Notification in the form attached
      hereto as Exhibit P-4, and (B) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-K Disclosure on Form 10-K. The Securities Administrator has no duty
      under this Agreement to monitor or enforce the performance by the parties listed
      on Exhibit P-2 of their duties under this paragraph or proactively solicit
      or
      procure from such parties any Form 10-K Disclosure Information. The Sponsor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      Securities Administrator in connection with including any Additional Form 10-K
      Disclosure on Form 10-K pursuant to this paragraph. 

     

    
      
        
        

      

      
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    (iii) After
      preparing the Form 10-K, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-K to the Exchange Act Signing Party
      for review and approval. If the Master Servicer is the Exchange Act Signing
      Party and the Form 10-K includes Additional Form 10-K Disclosure, then the
      Form
      10-K shall also be electronically distributed to the Depositor for review and
      approval. No later than the close of business New York City time on the 4th
      Business Day prior to the 10-K Filing Deadline, a senior officer of the Exchange
      Act Signing Party shall sign the Form 10-K and return an electronic or fax
      copy
      of such signed Form 10-K (with an original executed hard copy to follow by
      overnight mail) to the Securities Administrator. If a Form 10-K cannot be filed
      on time or if a previously filed Form 10-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in subsection (h)(ii) of
      this
      Section 6.20. Promptly (but no later than one Business Day) after the deadline
      for filing such report with the Commission, the Securities Administrator will
      make available on its internet website a final executed copy of each Form 10-K
      filed by the Securities Administrator. The parties to this Agreement acknowledge
      that the performance by the Securities Administrator of its duties under this
      Section 6.20(e) related to the timely preparation and filing of Form 10-K is
      contingent upon such parties (and any Additional Servicer or Servicing Function
      Participant) strictly observing all applicable deadlines in the performance
      of
      their duties under this Section 6.20(e), Section 9.25(a), Section 9.25(b) and
      Section 9.26. The Securities Administrator shall have no liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare and/or timely file such Form 10-K, where such failure results from
      the
      Securities Administrator’s inability or failure to obtain or receive, on a
      timely basis, any information from any other party hereto needed to prepare,
      arrange for execution or file such Form 10-K, not resulting from its own
      negligence, bad faith or willful misconduct.

     

    (iv) Each
      Form
      10-K shall include the Sarbanes-Oxley Certification. The Securities
      Administrator, the Paying Agent (if other than the Securities Administrator)
      and, if the Depositor is the Exchange Act Signing Party, the Master Servicer,
      shall, and the Securities Administrator, the Paying Agent and the Master
      Servicer (if applicable) shall cause any Servicing Function Participant engaged
      by it to, provide to the Person who signs the Sarbanes-Oxley Certification
      (the
“Certifying Person”), by March 15 of each year in which the Trust Fund is
      subject to the reporting requirements of the Exchange Act, a certification
      (each, a “Back-Up Certification”), in the form attached hereto as Exhibit Q-1
      or, in the case of (x) the Paying Agent (if other than the Securities
      Administrator), in the form attached hereto as Exhibit Q-2 and (y) the
      Securities Administrator, the form attached hereto as Exhibit Q-2), upon which
      the Certifying Person, the entity for which the Certifying Person acts as an
      officer, and such entity’s officers, directors and Affiliates (collectively with
      the Certifying Person, “Certification Parties”) can reasonably rely. The senior
      officer of the Exchange Act Signing Party shall serve as the Certifying Person
      on behalf of the Trust Fund. In the event the Master Servicer, the Paying Agent,
      the Securities Administrator or any Servicing Function Participant engaged
      by
      such parties is terminated or resigns pursuant to the terms of this Agreement,
      such party or Servicing Function Participant shall provide a Back-Up
      Certification to the Certifying Person pursuant to this Section 6.20(e)(iv)
      with
      respect to the period of time it was subject to this Agreement.

     

    
      
        
        

      

      
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    (v) Each
      person (including their officers or directors) that signs any Form 10-K
      Certification shall be entitled to indemnification from the Trust Fund for
      any
      liability or expense incurred by it in connection with such certification,
      other
      than any liability or expense attributable to such Person’s own bad faith,
      negligence or willful misconduct. The provisions of this subsection shall
      survive any termination of this Agreement and the resignation or removal of
      such
      Person.

     

    (f) Each
      of
      Form 10-D and Form 10-K requires the registrant to indicate (by checking “yes”
or “no”) that it “(1) has filed all reports required to be filed by Section 13
      or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter
      period that the registrant was required to file such reports), and (2) has
      been
      subject to such filing requirements for the past 90 days.” The Depositor shall
      notify the Securities Administrator in writing, no later than the fifth calendar
      day after the related Distribution Date with respect to the filing of a report
      on Form 10- D and no later than March 15th with respect to the filing of a
      report on Form 10-K, whether the Securities Administrator should indicate “[Yes
      ____] or [No____]” on Form 10-D or Form 10-K, as applicable; provided, that if
      the Securities Administrator does not receive such written notification from
      the
      Depositor, then the Trustee shall be entitled to affirmatively conclude that
      the
      Depositor (1) has filed all reports required to be filed by Section 13 or 15(d)
      of the Exchange Act during the preceding 12 months (or for such shorter period
      if applicable), and (2) has been subject to such filing requirements for the
      past 90 days. The Securities Administrator shall be entitled to rely on such
      written notification or an affirmative indication in the absence of such
      notification in timely preparing, executing and/or filing any such report in
      accordance with this Section 6.20(f).

     

    (g) Reports
      Filed on Form 8-K.

     

    (i) During
      any year in which the Trust Fund is subject to Exchange Act Reports, within
      four
      Business Days after the occurrence of an event requiring disclosure on Form
      8-K
      (each such event, a “Reportable Event”), or such later date as may be required
      by the Commission, and if requested by the Depositor, the Securities
      Administrator shall prepare and file on behalf of the Trust Fund any Form 8-K,
      as required by the Exchange Act, provided
      that the
      Depositor shall file the initial Form 8-K in connection with the issuance of
      the
      Certificates. Any disclosure or information related to a Reportable Event or
      that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
      Information”) shall be determined and prepared by and at the direction of the
      Depositor pursuant to the following paragraph and the Securities Administrator
      will have no duty or liability for any failure hereunder to determine or prepare
      any Form 8-K Disclosure Information or any Form 8-K, except as set forth in
      the
      next paragraph. 

     

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit P-3 hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than noon New York City time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (A) the parties
      to the Structured Adjustable Rate Mortgage Loan Trust 2007-9 transaction (as
      identified on Exhibit P-3) shall provide to the Securities Administrator and
      the
      Depositor, to the extent known by a Responsible Officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any Form
      8-K
      Disclosure Information, if applicable, and include with such Form 8-K Disclosure
      Information, an Additional Disclosure Notification in the form attached hereto
      as Exhibit P-4 and (B) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
      Information. The Securities Administrator has no duty under this Agreement
      to
      monitor or enforce the performance by the parties listed on Exhibit P-3 of
      their
      duties under this paragraph or proactively solicit or procure from such parties
      any Form 8-K Disclosure Information. The Sponsor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Form 8-K Disclosure Information
      on Form 8-K pursuant to this paragraph. 

     

    (iii) After
      preparing the Form 8-K, the Securities Administrator shall forward
      electronically, no later than noon New York city time on the 3rd Business Day
      after the Reportable Event, a draft copy of the Form 8-K to the Exchange Act
      Signing Party for review and approval. If the Master Servicer is the Exchange
      Act Signing Party, then the Form 8-K shall also be electronically distributed
      to
      the Depositor for review and approval. No later than noon New York City time
      on
      the 4th Business Day after the Reportable Event, a duly authorized officer
      of
      the Exchange Act Signing Party shall sign the Form 8-K and return an electronic
      or fax copy of such signed Form 8-K (with an original executed hard copy to
      follow by overnight mail) to the Securities Administrator. If a Form 8-K cannot
      be filed on time or if a previously filed Form 8-K needs to be amended, the
      Securities Administrator will follow the procedures set forth in subsection
      (h)(ii) of this Section 6.20. Promptly (but no later than one Business Day)
      after the deadline for filing such form with the Commission, the Securities
      Administrator will make available on its internet website a final executed
      copy
      of each Form 8-K prepared and filed by it pursuant to this Section 6.20(g).
      The
      parties to this Agreement acknowledge that the performance by the Securities
      Administrator of its duties under this Section 6.20(g) related to the timely
      preparation and filing of Form 8-K is contingent upon such parties strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 6.20(g). The Securities Administrator shall have no liability for any
      loss, expense, damage or claim arising out of or with respect to any failure
      to
      properly prepare and/or timely file such Form 8-K, where such failure results
      from the Securities Administrator’s inability or failure to obtain or receive,
      on a timely basis, any information from any other party hereto needed to
      prepare, arrange for execution or file such Form 8-K, not resulting from its
      own
      negligence, bad faith or willful misconduct. 

     

    
      
        
        

      

      
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    (h) Delisting;
      Amendments; Late Filings.

     

    (i) Prior
      to
      January 30 of the first year in which the Securities Administrator is able
      to do
      so under applicable law, unless otherwise directed by the Depositor, the
      Securities Administrator shall prepare and file a Form 15 relating to the
      automatic suspension of reporting in respect of the Trust Fund under the
      Exchange Act. 

     

    (ii) In
      the
      event that the Securities Administrator becomes aware that it will be unable
      to
      timely file with the Commission all or any required portion of any Form 8-K,
      10-D or 10-K required to be filed by this Agreement because required disclosure
      information was either not delivered to it or delivered to it after the delivery
      deadlines set forth in this Agreement or for any other reason, the Securities
      Administrator will promptly notify the Depositor. In the case of Form 10-D
      and
      10-K, the parties to this Agreement and each Servicer will cooperate to prepare
      and file a Form 12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to Rule
      12b-25 of the Exchange Act. In the case of Form 8-K, the Securities
      Administrator will, upon receipt of all required Form 8-K Disclosure Information
      and upon the approval and direction of the Depositor, include such disclosure
      information on the next Form 10-D. In the event that any previously filed Form
      8-K, 10-D or 10-K needs to be amended due to a change to an additional reporting
      item, the Securities Administrator will notify the Depositor and any applicable
      party and such parties will cooperate to prepare any necessary 8-K/A, 10-D/A
      or
      10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K
      shall be signed by a duly authorized officer or a senior officer of the Exchange
      Act Signing Party, as applicable. The parties to this Agreement acknowledge
      that
      the performance by the Securities Administrator of its duties under this Section
      6.20(h) related to the timely preparation and filing of Form 15, a Form 12b-25
      or any amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
      performing its duties under this Section. The Securities Administrator shall
      have no liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare and/or timely file any such Form
      15,
      Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where such failure
      results from the Securities Administrator’s inability or failure to obtain or
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 15, Form 12b-25 or any
      amendments to Forms 8-K, 10-D or 10-K, not resulting from its own negligence,
      bad faith or willful misconduct.

     

    
      
        
        

      

      
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    (i) Any
      party
      that signs any Exchange Act report that the Securities Administrator is required
      to file shall provide to the Securities Administrator prompt notice of the
      execution of such Exchange Act report along with the name and contact
      information for the person signing such report and shall promptly deliver to
      the
      Securities Administrator the original executed signature page for such report.
      In addition, each of the parties agrees to provide to the Securities
      Administrator such additional information related to such party as the
      Securities Administrator may reasonably request, including evidence of the
      authorization of the person signing any certification or statement, financial
      information and reports, and such other information related to such party or
      its
      performance hereunder. 

     

    (j) The
      Depositor and the Master Servicer, by mutual agreement, shall determine which
      of
      the Depositor or the Master Servicer shall be the initial Exchange Act Signing
      Party. Upon such determination, the Depositor shall timely notify the Securities
      Administrator, and such notice shall provide contact information for the
      Exchange Act Signing Party. If the Depositor and Master Servicer, at any time,
      mutually agree to change the identity of the Exchange Act Signing Party, the
      Depositor shall provide timely notice to the Securities Administrator of any
      such change.

     

    Section
      6.21. Reporting
      Requirements of the Commission.

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 6.01,
      6.20, 9.25 and 9.26 of this Agreement is to facilitate compliance by the
      Sponsor, the Master Servicer, the Securities Administrator and the Depositor
      with the provisions of Regulation AB, as such may be amended or clarified from
      time to time. Therefore, each of the parties agrees that (a) the obligations
      of
      the parties hereunder shall be interpreted in such a manner as to accomplish
      compliance with Regulation AB, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB and (c) the parties
      shall comply with reasonable requests made by the Sponsor, the Master Servicer,
      the Securities Administrator or the Depositor for delivery of additional or
      different information as the Sponsor, the Master Servicer, the Securities
      Administrator or the Depositor may determine in good faith is necessary to
      comply with the provisions of Regulation AB, provided that such information
      is
      available without unreasonable effort or expense and within such timeframe
      as
      may be reasonably requested.

     

    Section
      6.22. No
      Merger. 

     

    Neither
      the Trustee nor the Securities Administrator shall cause or otherwise knowingly
      permit the assets of the Trust Fund to be merged or consolidated with any other
      entity, except as a result of a final judicial determination.

     

    Section
      6.23. Indemnification
      by the Securities Administrator  

     

    The
      Securities Administrator (including in its capacity as Paying Agent) agrees
      to
      indemnify the Depositor and the Trustee, the Master Servicer, and each of their
      respective directors, officers, employees and agents and the Trust Fund and
      hold
      each of them harmless from and against any losses, damages, penalties, fines,
      forfeitures, legal fees and expenses and related costs, judgments, and any
      other
      costs, fees and expenses that any of them may sustain arising out of or based
      upon the engagement of any Subcontractor in violation of Section 6.01(l) or
      any
      failure by the Securities Administrator to deliver when and as required, the
      information pursuant to Section 6.01(m), the disclosure and certificates
      applicable to the Securities Administrator pursuant to Section 6.20 or any
      assessment of compliance pursuant to Section 9.25(a). This indemnification
      shall
      survive the termination of this Agreement or the termination of the Securities
      Administrator hereunder.

     

    
      
        
        

      

      
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    ARTICLE
      VII

     

    PURCHASE
      AND TERMINATION

    OF
      THE
      TRUST FUND

     

    Section
      7.01. Termination
      of Trust Fund Upon Repurchase or Liquidation of All Mortgage
      Loans.

     

    (a) The
      respective obligations and responsibilities of the Trustee, the Securities
      Administrator and the Master Servicer created hereby (other than the obligation
      of the Securities Administrator to make payments to Certificateholders as set
      forth in Section 7.02, the obligation of the Master Servicer to make a final
      remittance to the Securities Administrator for deposit into the Certificate
      Account pursuant to Section 4.01 and the obligations of the Master Servicer
      to
      the Securities Administrator and the Trustee pursuant to Sections 9.10 and
      9.14), shall terminate on the earlier of (i) the final payment or other
      liquidation of the last Mortgage Loan remaining in the Trust Fund and the
      disposition of all REO Property and (ii) the sale of all remaining property
      held
      by the Trust Fund in accordance with Section 7.01(b); provided, however, that
      in
      no event shall the Trust Fund created hereby continue beyond the expiration
      of
      21 years from the death of the last survivor of the descendants of Joseph P.
      Kennedy, the late Ambassador of the United States to the Court of St. James’s,
      living on the date hereof. Any termination of the Trust Fund shall be carried
      out in such a manner so that the termination of each REMIC included therein
      shall qualify as a “qualified liquidation” under the REMIC
      Provisions.

     

    
      
        
        

      

      
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    (b) On
      any
      Distribution Date occurring after the date on which (x) the total Scheduled
      Principal Balance of the Mortgage Loans in Pool 1 is less than 10% of the
      Scheduled Principal Balance of the Mortgage Loans in Pool 1 as of the Cut-off
      Date or (y) the aggregate total Scheduled Principal Balance of the Mortgage
      Loans in Pool 2 is less than 10% of the aggregate Scheduled Principal Balance
      of
      the Mortgage Loans in Pool 2 as of the Cut-off Date the Master Servicer, with
      the prior written consent of any NIMS Insurer and the Seller (which consent
      will
      not be unreasonably withheld), may, upon written direction to the Securities
      Administrator, cause the Securities Administrator on behalf of the Trustee
      to
      sell (or arrange for the sale of) the assets to the party identified by the
      Master Servicer of (x) Pool 1 or (y) Pool 2, as applicable, and thereby effect
      the retirement of the related Certificates. Upon the repurchase of such Mortgage
      Loans, the Master Servicer shall, upon written direction to the Securities
      Administrator, cause each of the REMIC I-1, REMIC I-2 and REMIC I-3 (in the
      case
      of a sale of the assets described in clause (x) above), or REMIC II-1 and REMIC
      II-2 (in the case of a sale of the assets described in clause (y) above) to
      adopt a plan of complete liquidation pursuant to Section 7.03 hereof to sell
      all
      of its property. The property of the applicable Pool or Pools shall be sold
      at a
      price (the “Repurchase Price”) equal to: (i) 100% of the unpaid principal
      balance of each Mortgage Loan in such Pool on the day of such purchase plus
      interest accrued thereon at the applicable Mortgage Rate with respect to any
      such Mortgage Loan to the Due Date in the Due Period immediately preceding
      such
      Distribution Date, (ii) the fair market value of any applicable REO Property
      and
      any other applicable property (reduced, in the case of REO Property, by (x)
      reasonably anticipated disposition costs and (y) any amount by which the fair
      market value as so reduced exceeds the outstanding principal balance of the
      related Mortgage Loan), such fair market value to be determined by an appraiser
      or appraisers appointed by the Master Servicer with the consent of the
      Securities Administrator and any NIMS Insurer, and (iii) any unreimbursed
      Servicing Advances with respect to each applicable Mortgage Loan and; provided,
      however, if there are any NIM Securities outstanding, the Master Servicer may
      only exercise its option after receiving the prior written consent of the
      holders of such NIM Securities and, if such consent is given, the Purchase
      Price
      shall also include an amount equal to the sum of (1) any accrued interest on
      the
      NIM Securities related to the Mortgage Loans, (2) the unpaid principal balance
      of any such NIM Securities and (3) any other reimbursable expenses owed by
      the
      issuer of the NIM Securities (the “NIM Redemption Amount”). If the Master
      Servicer fails to exercise such right, the NIMS Insurer will have the option
      to
      direct the Master Servicer to exercise such option so long as it is insuring
      the
      NIMS Securities or it is owed any amounts in connection with its guaranty of
      the
      NIM Securities. Following receipt of such notice from the NIMS Insurer, the
      Master Servicer shall advise the NIMS Insurer whether it will exercise the
      option under this Section 7.01(b) for its own account and using its own funds,
      or whether it will exercise such option in its own name but for the NIMS
      Insurer's account and utilizing the NIMS Insurer's funds. If the Master Servicer
      exercises such option for the NIMS Insurer's account, the NIMS Insurer will
      remit the Purchase Price to the Master Servicer one Business Day prior to the
      day the Master Servicer is required to remit the Purchase Price to the
      Securities Administrator. Following its receipt from the NIMS Insurer of the
      entire Purchase Price and its subsequent remittance to the Securities
      Administrator of the entire Purchase Price, the Master Servicer will convey
      to
      the NIMS Insurer all of the rights it receives from the Securities Administrator
      on behalf of the Trustee with respect to the related Mortgage Loans as a result
      of such remittance. The Master Servicer and each Servicer (or the Securities
      Administrator, if applicable) shall be reimbursed from the Repurchase Price
      for
      any Mortgage Loan or related REO Property for any Advances or Servicing Advances
      made with respect to the Mortgage Loans that are reimbursable to the Master
      Servicer under this Agreement or to each Servicer under the related Servicing
      Agreement (or to the Trustee hereunder), together with any accrued and unpaid
      compensation and any other amounts due to the Master Servicer and the Trustee
      hereunder or the Custodians or the Servicers under their respective Custodial
      or
      Servicing Agreements, provided that any such compensation or other amount to
      be
      paid to the Custodians and any such other amounts to be paid to the Servicers
      are “unanticipated expenses” within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii). The Securities Administrator shall distribute the assets
      of
      the applicable Pool or Pools on the Distribution Date on which the repurchase
      occurred. If the NIMS Insurer directs the Master Servicer to exercise such
      right
      as described above, then (i) the Master Servicer shall cause each related REMIC
      to adopt a plan of complete liquidation as described above and (ii) the NIMS
      Insurer shall remit the Purchase Price in immediately available funds to the
      Master Servicer at least three Business Days prior to the applicable
      Distribution Date and, upon receipt of such funds from the NIMS Insurer, the
      Master Servicer shall promptly deposit such funds in the Collection Account.
      The
      NIMS Insurer shall be obligated to reimburse the Master Servicer and the
      Securities Administrator for their reasonable out-of-pocket expenses incurred
      in
      connection with the purchase of the Mortgage Loans and REO Property related
      to
      the Mortgage Pool at the direction of the NIMS Insurer and shall indemnify
      and
      hold harmless the Master Servicer, the Securities Administrator and the Trustee
      for any losses, liabilities or expenses resulting from any claims directly
      resulting from or relating to the Master Servicer’s or Securities
      Administrator’s sale or purchase of the Pool Assets at the direction of the NIMS
      Insurer, except to the extent such losses, liabilities or expenses arise out
      of
      or result from the Master Servicer’s or Securities Administrator’s, as the case
      may be, negligence, bad faith or willful misconduct. For purposes of the REMIC
      Provisions, any NIM Redemption Amount shall not be treated as having been paid
      into any REMIC.

     

    
      
        
        

      

      
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    Section
      7.02. Procedure
      Upon Termination of Trust Fund.

     

    (a) Notice
      of
      any termination of the Trust Fund (or the retirement of the Certificates related
      to Mortgage Pool 1 or Mortgage Pool 2, as applicable) pursuant to the provisions
      of Section 7.01, specifying the Distribution Date upon which the final
      distribution shall be made, shall be given promptly by the Securities
      Administrator by first class mail to the applicable Certificateholders, the
      Trustee and any NIMS Insurer mailed (x) no later than five Business Days after
      the Securities Administrator has received notice from the Master Servicer of
      its
      intent to exercise its right to cause the termination of the Trust Fund pursuant
      to Section 7.01(b) (or the retirement of the Certificates related to Mortgage
      Pool 1 or Mortgage Pool 2, as applicable, to the extent the other such Mortgage
      Pool is not terminated pursuant to such Section 7.01(b)) or (y) upon the final
      payment or other liquidation of the last Mortgage Loan or REO Property in the
      Trust Fund. Such notice shall specify (A) the Distribution Date upon which
      final
      distribution on the Certificates of all amounts required to be distributed
      to
      Certificateholders pursuant to Section 5.02 will be made upon presentation
      and
      surrender of the Certificates at the Corporate Trust Office, and (B) that the
      Record Date otherwise applicable to such Distribution Date is not applicable,
      distribution being made only upon presentation and surrender of the Certificates
      at the office or agency of the Securities Administrator therein specified.
      The
      Securities Administrator shall give such notice to the Trustee, the Master
      Servicer, the Depositor and the Certificate Registrar at the time such notice
      is
      given to Holders of the Certificates. Upon any such termination of the entire
      Trust Fund, the duties of the Certificate Registrar with respect to the
      applicable Certificates shall terminate and the Securities Administrator shall
      terminate, or request the Master Servicer to terminate, the Collection Account
      it maintains, and the Securities Administrator shall terminate the Certificate
      Account and any other account or fund maintained with respect to the related
      Certificates, subject to the Securities Administrator’s obligation hereunder to
      hold all amounts payable to Certificateholders in trust without interest pending
      such payment.

     

    (b) In
      the
      event that all of the Holders do not surrender their Certificates for
      cancellation within three months after the time specified in the above-mentioned
      written notice, the Securities Administrator shall give a second written notice
      to the remaining Certificateholders to surrender their Certificates for
      cancellation and receive the final distribution with respect thereto. If within
      one year after the second notice any Certificates shall not have been
      surrendered for cancellation, the Securities Administrator may take appropriate
      steps to contact the remaining Certificateholders concerning surrender of such
      Certificates, and the cost thereof shall be paid out of the amounts
      distributable to such Holders. If within two years after the second notice
      any
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator shall, subject to applicable state law relating to escheatment,
      hold all amounts distributable to such Holders for the benefit of such Holders.
      No interest shall accrue on any amount held by the Securities Administrator
      and
      not distributed to a Certificateholder due to such Certificateholder’s failure
      to surrender its Certificate(s) for payment of the final distribution thereon
      in
      accordance with this Section.

     

    
      
        
        

      

      
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    (c) Any
      reasonable expenses incurred by the Trustee and the Securities Administrator
      in
      connection with any termination or liquidation of the Trust Fund (or a Mortgage
      Group thereof) shall be paid from proceeds received from the liquidation of
      the
      Trust Fund, but only to the extent that such expenses constitute “unanticipated
      expenses” within the meaning of Treasury Regulations Section
      1.860G-1(b)(3)(ii).

     

    Section
      7.03. Additional
      Requirements under the REMIC Provisions.

     

    (a) Any
      sale
      pursuant to Section 7.01(b) shall be effected in accordance with the following
      additional requirements, unless the Securities Administrator seeks (at the
      request of the party exercising the option to repurchase all of the Mortgage
      Loans, pursuant to Section 7.01(b)), and subsequently receives, an Opinion
      of
      Counsel (at the expense of such requesting party), addressed to the Securities
      Administrator and any NIMS Insurer to the effect that the failure of the Trust
      Fund to comply with the requirements of this Section 7.03 will not (i) result
      in
      the imposition of taxes on any REMIC under the REMIC Provisions or (ii) cause
      any REMIC established hereunder to fail to qualify as a REMIC at any time that
      any Certificates are outstanding:

     

    (i) On
      the
      date specified for final payment of the Certificates, the Securities
      Administrator shall make final distributions of principal and interest on the
      Certificates and, after payment of, or provision for any outstanding expenses,
      distribute or credit, or cause to be distributed or credited, to the Holders
      of
      the Residual Certificates all cash on hand after such final payment (other
      than
      cash retained to meet claims), and the Trust Fund (and each related REMIC)
      shall
      terminate at that time; 

     

    (ii) in
      the
      case of a sale of the assets of Pool 1:

     

    (A) The
      Securities Administrator shall sell all of the assets of Pool 1 for cash and,
      within 90 days of such sale, shall distribute the proceeds of such sale to
      the
      Pool 1 Certificateholders in complete liquidation of REMIC I-1, REMIC I-2 and
      REMIC I-3; and

     

    (B) The
      Securities Administrator shall attach a statement to the final Federal income
      tax return for each of REMIC I-1, REMIC I-2 and REMIC I-3 stating that pursuant
      to Treasury Regulation § 1.860F-1, the first day of the 90-day liquidation
      period for each such REMIC was the date on which the Securities Administrator
      sold such assets; and

     

    (iii) in
      the
      case of a sale of the assets of Pool 2:

     

    (A) The
      Securities Administrator shall sell all of the assets of Pool 2 for cash and,
      within 90 days of such sale, shall distribute the proceeds of such sale to
      the
      Pool 2 Certificateholders in complete liquidation of REMIC II-1 and REMIC II-2;
      and

     

    
      
        
        

      

      
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    (B) The
      Securities Administrator shall attach a statement to the final Federal income
      tax return for REMIC II-1 and REMIC II-2 stating that pursuant to Treasury
      Regulation § 1.860F-1, the first day of the 90-day liquidation period for each
      such REMIC was the date on which the Securities Administrator sold such
      assets.

     

    (b) By
      its
      acceptance of a Residual Certificate, each Holder thereof hereby (i) authorizes
      the Securities Administrator to take the action described in paragraph (a)
      above
      and (ii) agrees to take such other action as may be necessary to facilitate
      liquidation of any REMIC created under this Agreement, which authorization
      shall
      be binding upon all successor Residual Certificateholders.

     

    Section
      7.04. Optional
      Purchase Right of NIMS Insurer.

     

    The
      NIMS
      Insurer may purchase any Distressed Mortgage Loan for a purchase price equal
      to
      the outstanding principal balance of such Mortgage Loan, plus accrued interest
      thereon to the date of repurchase plus any unreimbursed Advances, Servicing
      Advances, Servicing Fees, General Servicing Fees or Securities Administrator
      Fees and any unreimbursed expenses of the Securities Administrator allocable
      to
      such Distressed Mortgage Loan. Any such purchase shall be accomplished by the
      NIM Insurer’s remittance of the purchase price for the Distressed Mortgage Loan
      to the Master Servicer for deposit into the Collection Account.

     

    ARTICLE
      VIII

     

    RIGHTS
      OF
      CERTIFICATEHOLDERS

     

    Section
      8.01. Limitation
      on Rights of Holders.

     

    (a) The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or take any action or proceeding
      in any court for a partition or winding up of this Trust Fund, nor otherwise
      affect the rights, obligations and liabilities of the parties hereto or any of
      them. Except as otherwise expressly provided herein, no Certificateholder,
      solely by virtue of its status as a Certificateholder, shall have any right
      to
      vote or in any manner otherwise control the Master Servicer or the operation
      and
      management of the Trust Fund, or the obligations of the parties hereto, nor
      shall anything herein set forth, or contained in the terms of the Certificates,
      be construed so as to constitute the Certificateholders from time to time as
      partners or members of an association, nor shall any Certificateholder be under
      any liability to any third person by reason of any action taken by the parties
      to this Agreement pursuant to any provision hereof.

     

    (b) No
      Certificateholder, solely by virtue of its status as Certificateholder, shall
      have any right by virtue or by availing of any provision of this Agreement
      to
      institute any suit, action or proceeding in equity or at law upon or under
      or
      with respect to this Agreement, unless such Holder previously shall have given
      to the Trustee a written notice of an Event of Default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      evidencing not less than 25% of the Class Principal Amount (or Class Notional
      Amount or Percentage Interest) of Certificates of each Class affected thereby
      shall have made written request upon the Trustee to institute such action,
      suit
      or proceeding in its own name as Trustee hereunder and shall have offered to
      the
      Trustee such indemnity reasonably satisfactory to it as it may require against
      the cost, expenses and liabilities to be incurred therein or thereby, and the
      Trustee, for sixty days after its receipt of such notice, request and offer
      of
      indemnity, shall have neglected or refused to institute any such action, suit
      or
      proceeding and no direction inconsistent with such written request has been
      given such Trustee during such sixty-day period by such Certificateholders;
      it
      being understood and intended, and being expressly covenanted by each
      Certificateholder with every other Certificateholder and the Trustee, that
      no
      one or more Holders of Certificates shall have any right in any manner whatever
      by virtue or by availing of any provision of this Agreement to affect, disturb
      or prejudice the rights of the Holders of any other of such Certificates, or
      to
      obtain or seek to obtain priority over or preference to any other such Holder,
      or to enforce any right under this Agreement, except in the manner herein
      provided and for the benefit of all Certificateholders. For the protection
      and
      enforcement of the provisions of this Section, each and every Certificateholder
      and the Trustee shall be entitled to such relief as can be given either at
      law
      or in equity.

     

    
      
        
        

      

      
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    Section
      8.02. Access
      to List of Holders.

     

    (a) If
      the
      Securities Administrator, or any other party other than the Trustee is acting
      as
      Certificate Registrar, then the Certificate Registrar will furnish or cause
      to
      be furnished to the Trustee, within fifteen days after receipt by the
      Certificate Registrar of a request by the Trustee in writing, a list, in such
      form as the Trustee may reasonably require, of the names and addresses of the
      Certificateholders of each Class as of the most recent Record Date.

     

    (b) If
      three
      or more Holders or Certificate Owners (hereinafter referred to as “Applicants”)
      apply in writing to the Securities Administrator, and such application states
      that the Applicants desire to communicate with other Holders with respect to
      their rights under this Agreement or under the Certificates and is accompanied
      by a copy of the communication which such Applicants propose to transmit, then
      the Securities Administrator shall, within five Business Days after the receipt
      of such application, afford such Applicants reasonable access during the normal
      business hours of the Securities Administrator to the most recent list of
      Certificateholders held by the Securities Administrator or shall, as an
      alternative, send, at the Applicants’ expense, the written communication
      proffered by the Applicants to all Certificateholders at their addresses as
      they
      appear in the Certificate Register.

     

    (c) Every
      Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
      and holding a Certificate, agrees with the Depositor, the Securities
      Administrator, the Master Servicer, the Certificate Registrar and the Trustee
      that neither the Depositor, the Securities Administrator, the Master Servicer,
      the Certificate Registrar nor the Trustee shall be held accountable by reason
      of
      the disclosure of any such information as to the names and addresses of the
      Certificateholders hereunder, regardless of the source from which such
      information was derived..

     

    Section
      8.03. Acts
      of Holders of Certificates.

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by Holders or Certificate
      Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
      by
      one or more instruments of substantially similar tenor signed by such Holders
      in
      person or by agent duly appointed in writing; and, except as herein otherwise
      expressly provided, such action shall become effective when such instrument
      or
      instruments are delivered to the Trustee, the Securities Administrator and,
      where expressly required herein, to the Master Servicer. Such instrument or
      instruments (as the action embodies therein and evidenced thereby) are herein
      sometimes referred to as an “Act” of the Holders signing such instrument or
      instruments. Proof of execution of any such instrument or of a writing
      appointing any such agents shall be sufficient for any purpose of this Agreement
      and conclusive in favor of the Trustee, the Securities Administrator and Master
      Servicer, if made in the manner provided in this Section. Each of the Trustee,
      the Securities Administrator and Master Servicer shall promptly notify the
      others of receipt of any such instrument by it, and shall promptly forward
      a
      copy of such instrument to the others. 

     

    
      
        
        

      

      
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    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      any notary public or other officer authorized by law to take acknowledgments
      or
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by an
      officer of a corporation or a member of a partnership on behalf of such
      corporation or partnership, such certificate or affidavit shall also constitute
      sufficient proof of his authority. The fact and date of the execution of any
      such instrument or writing, or the authority of the individual executing the
      same, may also be proved in any other manner which the Trustee or Securities
      Administrator deems sufficient.

     

    (c) The
      ownership of Certificates (whether or not such Certificates shall be overdue
      and
      notwithstanding any notation of ownership or other writing thereon made by
      anyone other than the Trustee or Securities Administrator) shall be proved
      by
      the Certificate Register, and none of the Trustee, the Securities Administrator,
      the Master Servicer and the Depositor shall be affected by any notice to the
      contrary.

     

    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Certificate shall bind every future Holder of the
      same Certificate and the Holder of every Certificate issued upon the
      registration of transfer thereof or in exchange therefor or in lieu thereof,
      in
      respect of anything done, omitted or suffered to be done by the Trustee, the
      Securities Administrator or the Master Servicer in reliance thereon, whether
      or
      not notation of such action is made upon such Certificate.

     

    ARTICLE
      IX


     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

    BY
      THE
      MASTER SERVICER

     

    Section
      9.01. Duties
      of the Master Servicer.

     

    The
      Certificateholders, by their purchase and acceptance of the Certificates,
      appoint Aurora Loan Services LLC, as Master Servicer. For and on behalf of
      the
      Depositor, the Trustee and the Certificateholders, the Master Servicer shall
      master service the Mortgage Loans in accordance with the provisions of this
      Agreement and the provisions of the applicable Servicing Agreement.

     

    
      
        
        

      

      
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    Section
      9.02. Master
      Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
      Policy.

     

    (a) The
      Master Servicer, at its expense, shall maintain in effect a Fidelity Bond and
      an
      Errors and Omissions Insurance Policy, affording coverage with respect to all
      directors, officers, employees and other Persons acting on such Master
      Servicer’s behalf, and covering errors and omissions in the performance of the
      Master Servicer’s obligations hereunder. The Master Servicer Errors and
      Omissions Insurance Policy and the Master Servicer Fidelity Bond shall be in
      such form and amount that would meet the requirements of FNMA or FHLMC if it
      were the purchaser of the Mortgage Loans, and if the Master Servicer receives
      notice that such policy is or shall be cancelled, it shall immediately notify
      the NIMs Insurer. The Master Servicer shall provide the Trustee and any NIMS
      Insurer upon request, with a copy of such policy and fidelity bond. The Master
      Servicer shall (i) require each Servicer to maintain an Errors and Omissions
      Insurance Policy and a Fidelity Bond in accordance with the provisions of the
      applicable Servicing Agreement, (ii) cause each Servicer to provide to the
      Master Servicer certificates evidencing that such policy and bond is in effect
      and to furnish to the Master Servicer any notice of cancellation, non-renewal
      or
      modification of the policy or bond received by it, as and to the extent provided
      in the applicable Servicing Agreement, and (iii) furnish copies of the
      certificates and notices referred to in clause (ii) to the Securities
      Administrator upon its request. The Fidelity Bond and Errors and Omissions
      Insurance Policy may be obtained and maintained in blanket form.

     

    (b) The
      Master Servicer shall promptly report to the Securities Administrator any
      material changes that may occur in the Master Servicer Fidelity Bond or the
      Master Servicer Errors and Omissions Insurance Policy and shall furnish to
      the
      Securities Administrator, on request, certificates evidencing that such bond
      and
      insurance policy are in full force and effect. The Master Servicer shall
      promptly report to the Securities Administrator all cases of embezzlement or
      fraud, if such events involve funds relating to the Mortgage Loans. The total
      losses, regardless of whether claims are filed with the applicable insurer
      or
      surety, shall be disclosed in such reports together with the amount of such
      losses covered by insurance. If a bond or insurance claim report is filed with
      any of such bonding companies or insurers, the Master Servicer shall promptly
      furnish a copy of such report to the Securities Administrator. Any amounts
      relating to the Mortgage Loans collected by the Master Servicer under any such
      bond or policy shall be promptly remitted by the Master Servicer to the
      Securities Administrator for deposit into the Certificate Account. Any amounts
      relating to the Mortgage Loans collected by any Servicer under any such bond
      or
      policy shall be remitted to the Master Servicer to the extent provided in the
      applicable Servicing Agreement.

     

    Section
      9.03. Master
      Servicer’s Financial Statements and Related Information.

     

    For
      each
      year this Agreement is in effect, the Master Servicer shall submit to each
      Rating Agency, any NIMS Insurer, and the Depositor a copy of the annual audited
      financial statements of its corporate parent on or prior to March 31st of each
      year commencing on March 31, 2008.  Such financial statements shall include
      comparative balance sheets, income statements, statement of changes in
      shareholder's equity, statements of cash flows, a consolidating schedule showing
      consolidated subsidiaries and any related notes required pursuant to generally
      accepted accounting principles, certified by a nationally recognized firm of
      Independent Accountants to the effect that such financial statements were
      examined and prepared in accordance with generally accepted accounting
      principles applied on a basis consistent with that of the preceding
      year.

     

    
      
        
        

      

      
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    Section
      9.04. Power
      to Act; Procedures.

     

    (a) The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and each Servicer shall have full power and authority (to
      the
      extent provided in the applicable Servicing Agreement) to do any and all things
      that it may deem necessary or desirable in connection with the servicing and
      administration of the Mortgage Loans, including but not limited to the power
      and
      authority (i) to execute and deliver, on behalf of the Certificateholders and
      the Trustee, customary consents or waivers and other instruments and documents,
      (ii) to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
      and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the applicable
      Servicing Agreement, as applicable; provided that the Master Servicer shall
      not
      take, or knowingly permit any Servicer to take, any action that is inconsistent
      with or prejudices the interests of the Trust Fund or the Certificateholders
      in
      any Mortgage Loan or the rights and interests of the Depositor, the Trustee
      and
      the Certificateholders under this Agreement. The Master Servicer further is
      authorized and empowered by the Trustee, on behalf of the Certificateholders
      and
      the Trustee, in its own name or in the name of any Servicer (to the extent
      permitted in the applicable Servicing Agreement), when the Master Servicer
      or a
      Servicer, as the case may be, believes it is appropriate in its best judgment
      to
      register any Mortgage Loan with MERS, or cause the removal from the registration
      of any Mortgage Loan on the MERS system, to execute and deliver, on behalf
      of
      the Trustee and the Certificateholders or any of them, any and all instruments
      of assignment and other comparable instruments with respect to such assignment
      or re-recording of a Mortgage in the name of MERS, solely as nominee for the
      Trustee and its successors and assigns. The Master Servicer shall represent
      and
      protect the interests of the Trust Fund in the same manner as it protects its
      own interests in mortgage loans in its own portfolio in any claim, proceeding
      or
      litigation regarding a Mortgage Loan and shall not make or knowingly permit
      any
      Servicer to make any modification, waiver or amendment of any term of any
      Mortgage Loan that would cause any REMIC included in the Trust Fund to fail
      to
      qualify as a REMIC or result in the imposition of any tax under Section 860F(a)
      or Section 860G(d) of the Code. Without limiting the generality of the
      foregoing, the Master Servicer in its own name or in the name of a Servicer,
      and
      each Servicer, to the extent such authority is delegated to such Servicer by
      the
      Master Servicer under the applicable Servicing Agreement, is hereby authorized
      and empowered by the Trustee when the Master Servicer or a Servicer, as the
      case
      may be, believes it appropriate in its best judgment and in accordance with
      Accepted Servicing Practices and the applicable Servicing Agreement, to execute
      and deliver, on behalf of itself and the Certificateholders, the Trustee or
      any
      of them, any and all instruments of satisfaction or cancellation, or of partial
      or full release or discharge and all other comparable instruments, with respect
      to the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
      shall furnish the Master Servicer or a Servicer, upon request, with any powers
      of attorney prepared by the Master Servicer or such Servicer empowering the
      Master Servicer or such Servicer to execute and deliver instruments of
      satisfaction or cancellation, or of partial or full release or discharge, and
      to
      foreclose upon or otherwise liquidate Mortgaged Property, and to appeal,
      prosecute or defend in any court action relating to the Mortgage Loans or the
      Mortgaged Property, in accordance with the applicable Servicing Agreement and
      this Agreement, and the Trustee shall execute and deliver such other documents,
      as the Master Servicer may request, necessary or appropriate to enable the
      Master Servicer to master service the Mortgage Loans and carry out its duties
      hereunder and to allow each Servicer to service the Mortgage Loans, in each
      case
      in accordance with Accepted Servicing Practices (and the Trustee shall have
      no
      liability for misuse of any such powers of attorney by the Master Servicer
      or
      the applicable Servicer). If the Master Servicer or the Trustee has been advised
      that it is likely that the laws of the state in which action is to be taken
      prohibit such action if taken in the name of the Trustee or that the Trustee
      would be adversely affected under the “doing business” or tax laws of such state
      if such action is taken in its name, then upon request of the Trustee, the
      Master Servicer shall join with the Trustee in the appointment of a co-trustee
      pursuant to Section 6.09 hereof. In the performance of its duties hereunder,
      the
      Master Servicer shall be an independent contractor and shall not, except in
      those instances where it is taking action in the name of the Trustee, be deemed
      to be the agent of the Trustee. Notwithstanding anything to the contrary, the
      Master Servicer shall not without Trustee’s written consent: (i) initiate any
      action, suit or proceeding solely under the Trustee’s name without indicating
      the Master Servicer’s representative capacity or (ii) take any action with the
      intent to cause, and which actually does cause, the Trustee to be registered
      to
      do business in any state.

     

    
      
        
        

      

      
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    (b) In
      master
      servicing and administering the Mortgage Loans, the Master Servicer shall employ
      procedures and exercise the same care that it customarily employs and exercises
      in master servicing and administering loans for its own account, giving due
      consideration to Accepted Servicing Practices where such practices do not
      conflict with this Agreement. Consistent with the foregoing, the Master Servicer
      may, and may permit any Servicer to, in its discretion (i) waive any late
      payment charge (but not any Prepayment Penalty Amount, except as set forth
      below) and (ii) extend the due dates for payments due on a Mortgage Note;
      provided, however, that the maturity of any Mortgage Loan shall not be extended
      past the Final Scheduled Distribution Date. In the event of any extension
      described in clause (ii) above, the Master Servicer shall make or cause to
      be
      made Advances on the related Mortgage Loan in accordance with the provisions
      of
      Section 5.04 on the basis of the amortization schedule of such Mortgage Loan
      without modification thereof by reason of such extension. Notwithstanding
      anything to the contrary in this Agreement, the Master Servicer shall not make
      or knowingly permit any modification, waiver or amendment of any material term
      of any Mortgage Loan unless: (1) such Mortgage Loan is in default or default
      by
      the related Mortgagor is, in the reasonable judgment of the Master Servicer
      or
      the applicable Servicer, reasonably foreseeable, (2) in the case of a waiver
      of
      a Prepayment Penalty Amount if (a) such waiver would maximize recovery of total
      proceeds taking into account the value of such Prepayment Penalty Amount and
      the
      related Mortgage Loan or (b) the prepayment is not the result of a refinance
      by
      the Servicer or any of its affiliates (i) the collection of the Prepayment
      Penalty Amount would be in violation of applicable laws or (ii) the collection
      of such Prepayment Penalty Amount would be considered “predatory” pursuant to
      written guidance published or issued by any applicable federal, state or local
      regulatory authority acting in its official capacity and having jurisdiction
      over such matters, and (3) such modification, waiver or amendment would not
      cause an Adverse REMIC Event.

     

    
      
        
        

      

      
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    Section
      9.05. Servicing
      Agreements Between the Master Servicer and Servicers; Enforcement of Servicers’
Obligations.

     

    (a) Each
      Servicing Agreement requires the applicable Servicer to service the Mortgage
      Loans in accordance with the provisions thereof. References in this Agreement
      to
      actions taken or to be taken by the Master Servicer include such actions taken
      or to be taken by a Servicer pursuant to a Servicing Agreement. Any fees, costs
      and expenses and other amounts payable to such Servicers shall be deducted
      from
      amounts remitted to the Master Servicer by the applicable Servicer (to the
      extent permitted by the applicable Servicing Agreement) and shall not be an
      obligation of the Trust, the Trustee or the Master Servicer.

     

    (b) The
      Master Servicer shall not be required to (i) take any action with respect to
      the
      servicing of any Mortgage Loan that the related Servicer is not required to
      take
      under the related Servicing Agreement and (ii) cause a Servicer to take any
      action or refrain from taking any action if the related Servicing Agreement
      does
      not require the Servicer to take such action or refrain from taking such action;
      in both cases notwithstanding any provision of this Agreement that requires
      the
      Master Servicer to take such action or cause the Servicer to take such
      action.

     

    (c) The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of each Servicer under the related Servicing
      Agreement, and shall use its reasonable best efforts to enforce the obligations
      of each Servicer under the related Servicing Agreement and shall, upon its
      obtaining actual knowledge of the failure of a Servicer to perform its
      obligations in accordance with the related Servicing Agreement, to the extent
      that the non-performance of any such obligations would have a material adverse
      effect on a Mortgage Loan, the Trust Fund or Certificateholders, terminate
      the
      rights and obligations of such Servicer thereunder to the extent and in the
      manner permitted by the related Servicing Agreement and either act as servicer
      of the related Mortgage Loans or enter into a Servicing Agreement with a
      successor Servicer. Such enforcement, including, without limitation, the legal
      prosecution of claims, termination of Servicing Agreements and the pursuit
      of
      other appropriate remedies, shall be in such form and carried out to such an
      extent and at such time as the Master Servicer, in its good faith business
      judgment, would require were it the owner of the related Mortgage Loans. The
      Master Servicer shall pay the costs of such enforcement at its own expense,
      and
      shall be reimbursed therefor initially only (i) from a general recovery
      resulting from such enforcement only to the extent, if any, that such recovery
      exceeds all amounts due in respect of the related Mortgage Loans, (ii) from
      a
      specific recovery of costs, expenses or attorneys’ fees against the party
      against whom such enforcement is directed, and then, to the extent that such
      amounts are insufficient to reimburse the Master Servicer for the costs of
      such
      enforcement or (iii) from the Collection Account.

     

    (d) The
      Master Servicer shall be entitled to conclusively rely on any certifications
      or
      other information provided by the Servicers under the terms of the applicable
      Servicing Agreement, in its preparation of any certifications, filings or
      reports, in accordance with the terms hereof or as may be required by applicable
      law or regulation.

     

    Section
      9.06. Collection
      of Taxes, Assessments and Similar Items.

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, the Master Servicer
      shall
      cause each Servicer to establish and maintain one or more custodial accounts
      at
      a depository institution (which may be a depository institution with which
      the
      Master Servicer or any Servicer establishes accounts in the ordinary course
      of
      its servicing activities), the accounts of which are insured to the maximum
      extent permitted by the FDIC (each, an “Escrow Account”) and shall deposit
      therein any collections of amounts received with respect to amounts due for
      taxes, assessments, water rates, Standard Hazard Insurance Policy premiums
      or
      any comparable items for the account of the Mortgagors. Withdrawals from any
      Escrow Account may be made (to the extent amounts have been escrowed for such
      purpose) only in accordance with the applicable Servicing Agreement. Each
      Servicer shall be entitled to all investment income not required to be paid
      to
      Mortgagors on any Escrow Account maintained by such Servicer. The Master
      Servicer shall make (or cause to be made) to the extent provided in the
      applicable Servicing Agreement advances to the extent necessary in order to
      effect timely payment of taxes, water rates, assessments, Standard Hazard
      Insurance Policy premiums or comparable items in connection with the related
      Mortgage Loan (to the extent that the Mortgagor is required, but fails, to
      pay
      such items), provided that it has determined that the funds so advanced are
      recoverable from escrow payments, reimbursement pursuant to Section 4.02(v)
      or
      otherwise.

     

    
      
        
        

      

      
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    (b) Costs
      incurred by the Master Servicer or by Servicers in effecting the timely payment
      of taxes and assessments on the properties subject to the Mortgage Loans may
      be
      added to the amount owing under the related Mortgage Note where the terms of
      the
      Mortgage Note so permit; provided, however, that the addition of any such cost
      shall not be taken into account for purposes of calculating the distributions
      to
      be made to Certificateholders. Such costs, to the extent that they are
      unanticipated expenses within the meaning of Treasury Regulations Section
      1.860G-1(b)(3)(ii) shall be recoverable by the Master Servicer pursuant to
      Section 4.02(v).

     

    Section
      9.07. Termination
      of Servicing Agreements; Successor Servicers.

     

    (a) The
      Master Servicer shall be entitled to terminate the rights and obligations of
      any
      Servicer under the applicable Servicing Agreement in accordance with the terms
      and conditions of such Servicing Agreement and without any limitation by virtue
      of this Agreement; provided, however, that in the event of termination of any
      Servicing Agreement by the Master Servicer or the related Servicer, the Master
      Servicer shall either act as Servicer of the related Mortgage Loans, or enter
      into a Servicing Agreement with a successor Servicer.

     

    The
      parties acknowledge that notwithstanding the preceding sentence, there may
      be a
      transition period, not to exceed 90 days, in order to effect the transfer of
      servicing to a successor Servicer. The Master Servicer shall be entitled to
      be
      reimbursed from each Servicer (or by the Trust Fund, if such Servicer is unable
      to fulfill its obligations hereunder) for all costs associated with the transfer
      of servicing from the predecessor servicer, including without limitation, any
      costs or expenses associated with the complete transfer of all servicing data
      and the completion, correction or manipulation of such servicing data, as may
      be
      required by the Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the Master Servicer to service the
      Mortgage Loans properly and effectively.

     

    (b) If
      the
      Master Servicer acts as Servicer, it will not assume liability for the
      representations and warranties of the Servicer, if any, that it replaces. The
      Master Servicer shall use reasonable efforts to have the successor Servicer
      assume liability for the representations and warranties made by the terminated
      Servicer in respect of the related Mortgage Loans, and in the event of any
      such
      assumption by the successor Servicer, the Trustee or the Master Servicer, as
      applicable, may, in the exercise of its business judgment, release the
      terminated Servicer from liability for such representations and
      warranties.

     

    
      
        
        

      

      
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    Section
      9.08. Master
      Servicer Liable for Enforcement.

     

    Notwithstanding
      any Servicing Agreement, the Master Servicer shall remain obligated and liable
      to the Trustee and the Certificateholders in accordance with the provisions
      of
      this Agreement, to the extent of its obligations hereunder, without diminution
      of such obligation or liability by virtue of such Servicing Agreements or
      arrangements. The Master Servicer shall use commercially reasonable efforts
      to
      ensure that the Mortgage Loans are serviced in accordance with the provisions
      of
      this Agreement and shall use commercially reasonable efforts to enforce the
      provisions of each Servicing Agreement for the benefit of the
      Certificateholders. The Master Servicer shall be entitled to enter into any
      agreement with the Servicers for indemnification of the Master Servicer and
      nothing contained in this Agreement shall be deemed to limit or modify such
      indemnification. Except as expressly set forth herein, the Master Servicer
      shall
      have no liability for the acts or omissions of any Servicer in the performance
      by such Servicer of its obligations under the related Servicing
      Agreement.

     

    Section
      9.09. No
      Contractual Relationship Between the Servicers, any NIMS Insurer and Trustee
      or
      Depositor.

     

    Any
      Servicing Agreement that may be entered into and any other transactions or
      services relating to the Mortgage Loans involving a Servicer in its capacity
      as
      such and not as an originator shall be deemed to be between such Servicer,
      the
      Seller and the Master Servicer, the Securities Administrator and the Trustee
      and
      the Depositor shall not be deemed parties thereto and shall have no claims,
      rights, obligations, duties or liabilities with respect to such Servicer except
      as set forth in Section 9.10 hereof.

     

    Section
      9.10. Assumption
      of Servicing Agreement by Securities
      Administrator.

     

    (a) In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Event of Default under this Agreement), after a
      period not to exceed ninety days after the Securities Administrator receives
      written notice from the Trustee pursuant to Section 6.14 or Section 9.28, as
      applicable, the Securities Administrator shall thereupon assume all of the
      rights and obligations of such Master Servicer hereunder and enforce the rights
      under each Servicing Agreement entered into with respect to the Mortgage Loans.
      The Securities Administrator, its designee or any successor master servicer
      appointed by the Securities Administrator or the Trustee shall be deemed to
      have
      assumed all of the Master Servicer’s interest herein and therein to the same
      extent as if such Servicing Agreement had been assigned to the assuming party,
      except that the Master Servicer shall not thereby be relieved of any liability
      or obligations of the Master Servicer under such Servicing Agreement accruing
      prior to its replacement as Master Servicer, and shall be liable to the
      Securities Administrator, and hereby agrees to indemnify and hold harmless
      the
      Securities Administrator from and against all costs, damages, expenses and
      liabilities (including reasonable attorneys’ fees) incurred by the Securities
      Administrator as a result of such liability or obligations of the Master
      Servicer and in connection with the Securities Administrator’s assumption (but
      not its performance, except to the extent that costs or liability of the
      Securities Administrator are created or increased as a result of negligent
      or
      wrongful acts or omissions of the Master Servicer prior to its replacement
      as
      Master Servicer) of the Master Servicer’s obligations, duties or
      responsibilities thereunder; provided that the Master Servicer shall not
      indemnify or hold harmless the Securities Administrator against negligent or
      willful misconduct of the Securities Administrator.

     

    
      
        
        

      

      
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    (b) The
      Master Servicer that has been terminated shall, upon request of the Securities
      Administrator but at the expense of such Master Servicer or at the expense
      of
      the Trust Fund, deliver to the assuming party all documents and records relating
      to each Servicing Agreement and the related Mortgage Loans and an accounting
      of
      amounts collected and held by it and otherwise use its best efforts to effect
      the orderly and efficient transfer of each Servicing Agreement to the assuming
      party.

     

    Section
      9.11. “Due-on-Sale”
      Clauses; Assumption Agreements.

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, to the extent Mortgage
      Loans contain enforceable due-on-sale clauses, and to the extent that the Master
      Servicer has knowledge of the conveyance of a Mortgaged Property, the Master
      Servicer shall use its reasonable best efforts to cause the Servicers to enforce
      such clauses in accordance with the applicable Servicing Agreement. If
      applicable law prohibits the enforcement of a due-on-sale clause or such clause
      is otherwise not enforced in accordance with the applicable Servicing Agreement,
      and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may
      be
      released from liability in accordance with the applicable Servicing
      Agreement.

     

    (b) The
      Master Servicer or the related Servicer, as the case may be, shall be entitled
      to approve a request from a Mortgagor for the granting of an easement thereon
      in
      favor of another Person or any alteration or demolition of the related Mortgaged
      Property if it has determined, exercising its good faith business judgment
      in
      the same manner as it would if it were the owner of the related Mortgage Loan,
      that the security for, and the timely and full collectability of, such Mortgage
      Loan would not be materially adversely affected thereby. Any fee collected
      by
      the Master Servicer or the related Servicer for processing such a request will
      be retained by the Master Servicer or such Servicer as additional servicing
      compensation.

     

    Section
      9.12. Release
      of Mortgage Files.

     

    (a) Upon
      (i)
      becoming aware of the payment in full of any Mortgage Loan, (ii) the receipt
      by
      the Master Servicer of a notification that payment in full has been or will
      be
      escrowed in a manner customary for such purposes, or (iii) in the case of a
      Mortgage Loan as to which the related Mortgaged Property is located in
      California, receipt by the Master Servicer of notification from the applicable
      Servicer that the Servicer reasonably expects that payment in full will be
      received promptly, the Master Servicer will, or will cause the applicable
      Servicer to, promptly notify the Trustee (or the applicable Custodian) by a
      certification (which certification shall include a statement to the effect
      that
      all amounts received or to be received in connection with such payment that
      are
      required to be deposited in the Collection Account maintained by the Master
      Servicer pursuant to Section 4.01 have been or will be so deposited) of a
      Servicing Officer and shall request the Trustee or the applicable Custodian,
      to
      deliver to the applicable Servicer the related Mortgage File. In lieu of sending
      a hard copy certification of a Servicing Officer, the Master Servicer may,
      or
      may cause the Servicer to, deliver the request for release in a mutually
      agreeable electronic format. To the extent that such a request, on its face,
      originates from a Servicing Officer, no signature shall be required. Upon
      receipt of such certification and request, the Trustee or the applicable
      Custodian, shall promptly release the related Mortgage File to the applicable
      Servicer and neither the Trustee nor the Custodian shall have any further
      responsibility with regard to such Mortgage File. The Master Servicer is
      authorized, and each Servicer, to the extent such authority is delegated to
      such
      Servicer by the Master Servicer under the applicable Servicing Agreement, is
      authorized, to give, as agent for the Trustee, as the mortgagee under the
      Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
      assignment of mortgage without recourse) regarding the Mortgaged Property
      subject to the Mortgage, which instrument of satisfaction or assignment, as
      the
      case may be, shall be delivered to the Person or Persons entitled thereto
      against receipt therefor of such payment, it being understood and agreed that
      no
      expenses incurred in connection with such instrument of satisfaction or
      assignment, as the case may be, shall be chargeable to the Collection
      Account.

     

    
      
        
        

      

      
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    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of, or other legal
      proceedings relating to, any Mortgage Loan and in accordance with Accepted
      Servicing Practices and the applicable Servicing Agreement, the Trustee shall
      execute such pleadings, request for trustee’s sale or other documents as shall
      be prepared and furnished to the Trustee by the Master Servicer, or by a
      Servicer (in form reasonably acceptable to the Trustee) and as are necessary
      to
      the prosecution of any such proceedings. The Trustee or the Custodian, shall,
      upon request of the Master Servicer, or of a Servicer, and delivery to the
      Trustee or the applicable Custodian, of a trust receipt signed by a Servicing
      Officer substantially in the form annexed hereto as Exhibit C or in the form
      annexed to the applicable Custodial Agreement as Exhibit C, release the related
      Mortgage File held in its possession or control to the Master Servicer (or
      the
      applicable Servicer). Such trust receipt shall obligate the Master Servicer
      or
      applicable Servicer to return the Mortgage File to the Trustee or Custodian,
      as
      applicable, when the need therefor by the Master Servicer or applicable Servicer
      no longer exists unless (i) the Mortgage Loan shall be liquidated, in which
      case, upon receipt of a certificate of a Servicing Officer similar to that
      herein above specified, the trust receipt shall be released by the Trustee
      or
      the Custodian, as applicable, to the Master Servicer (or the applicable
      Servicer) or (ii) the Mortgage File has been delivered directly or through
      a
      Servicer to an attorney, or to a public trustee or other public official as
      required by law, for purposes of initiating or pursuing legal action or other
      proceedings for the foreclosure of the Mortgaged Property either judicially
      or
      non-judicially, and the Master Servicer has delivered directly or through a
      Servicer to the Trustee a certificate of a Servicing Officer certifying as
      to
      the name and address of the Person to which such Mortgage File or such document
      was delivered and the purpose or purposes of such delivery.

     

    Section
      9.13. Documents,
      Records and Funds in Possession of Master Servicer To Be Held for
      Trustee.

     

    (a) The
      Master Servicer shall transmit, or cause the applicable Servicer to transmit,
      to
      the Trustee or the applicable custodian such documents and instruments coming
      into the possession of the Master Servicer or such Servicer from time to time
      as
      are required by the terms hereof to be delivered to the Trustee or the
      applicable Custodian. Any funds received by the Master Servicer or by a Servicer
      in respect of any Mortgage Loan or which otherwise are collected by the Master
      Servicer or by a Servicer as a Subsequent Recovery, Liquidation Proceeds or
      Insurance Proceeds in respect of any Mortgage Loan shall be held for the benefit
      of the Trustee and the Certificateholders subject to the Master Servicer’s right
      to retain or withdraw from the Collection Account the Master Servicing Fee
      and
      other amounts provided in this Agreement, and to the right of each Servicer
      to
      retain its Servicing Fee and other amounts as provided in the applicable
      Servicing Agreement. The Master Servicer shall, and shall (to the extent
      provided in the applicable Servicing Agreement) cause each Servicer to, provide
      access to information and documentation regarding the Mortgage Loans to the
      Trustee, its agents and accountants and to any NIMS Insurer at any time upon
      reasonable request and during normal business hours, and to Certificateholders
      that are savings and loan associations, banks or insurance companies, the Office
      of Thrift Supervision, the FDIC and the supervisory agents and examiners of
      such
      Office and Corporation or examiners of any other federal or state banking or
      insurance regulatory authority if so required by applicable regulations of
      the
      Office of Thrift Supervision or other regulatory authority, such access to
      be
      afforded without charge but only upon reasonable request in writing and during
      normal business hours at the offices of the Master Servicer designated by it.
      In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information. The Master Servicer shall
      afford the NIMS Insurer, and shall (to the extent provided in the Servicing
      Agreement) cause the Servicer to afford the NIMS Insurer, upon reasonable
      advance notice, during normal business hours access to all records related
      to
      their respective rights and obligations hereunder and access to officers of
      the
      Master Servicer and the Servicer responsible for such obligations.

     

    
      
        
        

      

      
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    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
      Servicer, or by such Servicer, for and on behalf of the Trustee and the
      Certificateholders and shall be and remain the sole and exclusive property
      of
      the Trustee; provided, however, that the Master Servicer and each Servicer
      shall
      be entitled to setoff against, and deduct from, any such funds any amounts
      that
      are properly due and payable to the Master Servicer or such Servicer under
      this
      Agreement or the applicable Servicing Agreement and shall be authorized to
      remit
      such funds to the Securities Administrator in accordance with this
      Agreement.

     

    (c) The
      Master Servicer hereby acknowledges that concurrently with the execution of
      this
      Agreement, the Trustee shall own or, to the extent that a court of competent
      jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
      to
      the Depositor not to constitute a sale, the Trustee shall have a security
      interest in the Mortgage Loans and in all Mortgage Files representing such
      Mortgage Loans and in all funds and investment property now or hereafter held
      by, or under the control of, a Servicer or the Master Servicer that are
      collected by such Servicer or the Master Servicer in connection with the
      Mortgage Loans, whether as scheduled installments of principal and interest
      or
      as full or partial prepayments of principal or interest or as a Subsequent
      Recovery, Liquidation Proceeds or Insurance Proceeds or otherwise, and in all
      proceeds of the foregoing and proceeds of proceeds (but excluding any fee or
      other amounts to which such Servicer is entitled under the applicable Servicing
      Agreement, or the Master Servicer or the Depositor is entitled to hereunder);
      and the Master Servicer agrees that so long as the Mortgage Loans are assigned
      to and held by the Trustee or any Custodian, all documents or instruments
      constituting part of the Mortgage Files, and such funds relating to the Mortgage
      Loans which come into the possession or custody of, or which are subject to
      the
      control of, the Master Servicer or any Servicer shall be held by the Master
      Servicer or such Servicer for and on behalf of the Trustee as the Trustee’s
      agent and bailee for purposes of perfecting the Trustee’s security interest
      therein as provided by the applicable Uniform Commercial Code or other
      laws.

     

    (d) The
      Master Servicer agrees that it shall not, and shall not authorize any Servicer
      to, create, incur or subject any Mortgage Loans, or any funds that are deposited
      in any custodial account, Escrow Account or the Collection Account, or any
      funds
      that otherwise are or may become due or payable to the Trustee, to any claim,
      lien, security interest, judgment, levy, writ of attachment or other
      encumbrance, nor assert by legal action or otherwise any claim or right of
      setoff against any Mortgage Loan or any funds collected on, or in connection
      with, a Mortgage Loan.

     

    
      
        
        

      

      
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    Section
      9.14. Representations
      and Warranties of the Master Servicer.

     

    (a) The
      Master Servicer hereby represents and warrants to the Depositor, the Securities
      Administrator and the Trustee, for the benefit of the Certificateholders, as
      of
      the Closing Date that:

     

    (i) it
      is
      validly existing and in good standing under the jurisdiction of its formation,
      and as Master Servicer has full power and authority to transact any and all
      business contemplated by this Agreement and to execute, deliver and comply
      with
      its obligations under the terms of this Agreement, the execution, delivery
      and
      performance of which have been duly authorized by all necessary company action
      on the part of the Master Servicer;

     

    (ii) the
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement will not (A) violate
      the Master Servicer’s certificate of formation or limited liability company
      agreement, (B) violate any law or regulation or any administrative decree or
      order to which it is subject or (C) constitute a default (or an event which,
      with notice or lapse of time, or both, would constitute a default) under, or
      result in the breach of, any material contract, agreement or other instrument
      to
      which the Master Servicer is a party or by which it is bound or to which any
      of
      its assets are subject, which violation, default or breach would materially
      and
      adversely affect the Master Servicer’s ability to perform its obligations under
      this Agreement;

     

    (iii) this
      Agreement constitutes, assuming due authorization, execution and delivery hereof
      by the other respective parties hereto, a legal, valid and binding obligation
      of
      the Master Servicer, enforceable against it in accordance with the terms hereof,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium and other laws affecting the enforcement of
      creditors’ rights in general, and by general equity principles (regardless of
      whether such enforcement is considered in a proceeding in equity or at
      law);

     

    (iv) the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

     

    (v) the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any certificate of formation or limited liability company agreement
      provision or any other company restriction or any judgment, order, writ,
      injunction, decree, law or regulation that may materially and adversely affect
      its ability as Master Servicer to perform its obligations under this Agreement
      or that requires the consent of any third person to the execution of this
      Agreement or the performance by the Master Servicer of its obligations under
      this Agreement;

     

    
      
        
        

      

      
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    (vi) no
      litigation is pending or, to the best of the Master Servicer’s knowledge,
      threatened against the Master Servicer which would prohibit its entering into
      this Agreement or performing its obligations under this Agreement;

     

    (vii) the
      Master Servicer, or an Affiliate thereof the primary business of which is the
      servicing of conventional residential mortgage loans, is an FNMA- and FHLMC-
      approved seller/servicer;

     

    (viii) no
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Master
      Servicer of or compliance by the Master Servicer with this Agreement or the
      consummation of the transactions contemplated by this Agreement, except for
      such
      consents, approvals, authorizations and orders (if any) as have been
      obtained;

     

    (ix) the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Master Servicer; and

     

    (x) the
      Master Servicer has obtained an Errors and Omissions Insurance Policy and a
      Fidelity Bond in accordance with Section 9.02, each of which is in full force
      and effect, and each of which provides at least such coverage as is required
      hereunder.

     

    (b) It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 9.14 shall survive the execution and delivery of this Agreement. The
      Master Servicer shall indemnify the Depositor, the Securities Administrator
      and
      the Trustee and hold them harmless against any loss, damages, penalties, fines,
      forfeitures, legal fees and related costs, judgments, and other costs and
      expenses resulting from any claim, demand, defense or assertion based on or
      grounded upon, or resulting from, a breach of the Master Servicer’s
      representations and warranties contained in Section 9.14(a). Notwithstanding
      anything in this Agreement to the contrary, the Master Servicer shall not be
      liable for special, indirect or consequential losses or damages of any kind
      whatsoever (including, but not limited to, lost profits). It is understood
      and
      agreed that the enforcement of the obligation of the Master Servicer set forth
      in this Section to indemnify the Depositor, the Securities Administrator and
      the
      Trustee as provided in this Section constitutes the sole remedy (other than
      as
      set forth in Section 6.14) of the Depositor, the Securities Administrator and
      the Trustee, respecting a breach of the foregoing representations and
      warranties. Such indemnification shall survive any termination of the Master
      Servicer as Master Servicer hereunder, and any termination of this
      Agreement.

     

    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by any of the Depositor, Master Servicer, the
      Securities Administrator any NIMS Insurer or the Trustee or notice thereof
      by
      any one of such parties to the other parties.

     

    (c) It
      is
      understood and agreed that the representations and warranties of the Depositor
      set forth in Sections 2.03(a)(i) through (vi) shall survive the execution and
      delivery of this Agreement. The Depositor shall indemnify the Master Servicer
      and hold it harmless against any loss, damages, penalties, fines, forfeitures,
      legal fees and related costs, judgments, and other costs and expenses resulting
      from any claim, demand, defense or assertion based on or grounded upon, or
      resulting from, a breach of the Depositor’s representations and warranties
      contained in Sections 2.03(a)(i) through (vi). It is understood and agreed
      that
      the enforcement of the obligation of the Depositor set forth in this Section
      to
      indemnify the Master Servicer as provided in this Section constitutes the sole
      remedy of the Master Servicer respecting a breach by the Depositor of the
      representations and warranties in Sections 2.03(a)(i) through (vi).

     

    
      
        
        

      

      
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    Any
      cause
      of action against the Depositor relating to or arising out of the breach of
      the
      representations and warranties made in Sections 2.03(a)(i) through (vi) shall
      accrue upon discovery of such breach by either the Depositor or the Master
      Servicer or notice thereof by any one of such parties to the other
      parties.

     

    Section
      9.15. Closing
      Certificate and Opinion.

     

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Trustee and Lehman Brothers Inc. an Opinion of Counsel, dated
      the
      Closing Date, in form and substance reasonably satisfactory to the Depositor
      and
      Lehman Brothers Inc., as to the due authorization, execution and delivery of
      this Agreement by the Master Servicer and the enforceability
      thereof.

     

    Section
      9.16. Standard
      Hazard and Flood Insurance Policies.

     

    For
      each
      Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
      maintain, or cause to be maintained by each Servicer, standard fire and casualty
      insurance and, where applicable, flood insurance, all in accordance with the
      provisions of this Agreement and the related Servicing Agreement, as applicable.
      It is understood and agreed that such insurance shall be with insurers meeting
      the eligibility requirements set forth in the applicable Servicing Agreement
      and
      that no earthquake or other additional insurance is to be required of any
      Mortgagor or to be maintained on property acquired in respect of a defaulted
      loan, other than pursuant to such applicable laws and regulations as shall
      at
      any time be in force and as shall require such additional
      insurance.

     

    Pursuant
      to Section 4.01, any amounts collected by the Master Servicer, or by any
      Servicer, under any insurance policies maintained pursuant to this Section
      9.16
      (other than amounts to be applied to the restoration or repair of the property
      subject to the related Mortgage or released to the Mortgagor in accordance
      with
      the Master Servicer’s or the Servicer’s normal servicing procedures and Accepted
      Servicing Practices) shall be deposited into the Collection Account, subject
      to
      withdrawal pursuant to Section 4.02. Any cost incurred by the Master Servicer
      or
      any Servicer in maintaining any such insurance if the Mortgagor defaults in
      its
      obligation to do so shall be added to the amount owing under the Mortgage Loan
      where the terms of the Mortgage Loan so permit; provided, however, that the
      addition of any such cost shall not be taken into account for purposes of
      calculating the distributions to be made to Certificateholders and shall be
      recoverable by the Master Servicer or such Servicer pursuant to Section
      4.02.

     

    Section
      9.17. Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall, or shall cause each Servicer (to the extent provided
      in
      the applicable Servicing Agreement) to, prepare and present on behalf of the
      Trustee and the Certificateholders all claims under the Insurance Policies
      with
      respect to the Mortgage Loans, and take such actions (including the negotiation,
      settlement, compromise or enforcement of the insured’s claim) as shall be
      necessary to realize recovery under such policies. Any proceeds disbursed to
      the
      Master Servicer (or disbursed to a Servicer and remitted to the Master Servicer)
      in respect of such policies or bonds shall be promptly deposited in the
      Collection Account upon receipt, except that any amounts realized that are
      to be
      applied to the repair or restoration of the related Mortgaged Property or
      released to the Mortgagor in accordance with the Master Servicer’s or the
      Servicer’s normal servicing procedures need not be so deposited (or
      remitted).

     

    
      
        
        

      

      
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    Section
      9.18. Maintenance
      of the Primary Mortgage Insurance Policies.

     

    (a) The
      Master Servicer shall not take, or knowingly permit any Servicer (consistent
      with the applicable Servicing Agreement) to take, any action that would result
      in non-coverage under any applicable Primary Mortgage Insurance Policy of any
      loss which, but for the actions of such Master Servicer or Servicer, would
      have
      been covered thereunder. To the extent that coverage is available, the Master
      Servicer shall use its best reasonable efforts to keep in force and effect,
      or
      to cause each Servicer to keep in force and effect (to the extent that the
      Mortgage Loan requires the Mortgagor to maintain such insurance), primary
      mortgage insurance applicable to each Mortgage Loan in accordance with the
      provisions of this Agreement and the related Servicing Agreement, as applicable.
      The Master Servicer shall not, and shall not permit any Servicer to, cancel
      or
      refuse to renew any such Primary Mortgage Insurance Policy that is in effect
      at
      the date of the initial issuance of the Certificates and is required to be
      kept
      in force hereunder except as required by a applicable law or in accordance
      with
      the provisions of this Agreement and the related Servicing Agreement, as
      applicable.

     

    (b) The
      Master Servicer agrees to present, or to cause each Servicer to present, on
      behalf of the Trustee and the Certificateholders, claims to the insurer under
      any Primary Mortgage Insurance Policies and, in this regard, to take such
      reasonable action as shall be necessary to permit recovery under any Primary
      Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to
      Section 4.01, any amounts collected by the Master Servicer or any Servicer
      under
      any Primary Mortgage Insurance Policies shall be deposited in the Collection
      Account, subject to withdrawal pursuant to Section 4.02.

     

    Section
      9.19. Trustee
      To Retain Possession of Certain Insurance Policies and Documents.

     

    The
      Trustee (or the applicable Custodian, as directed by the Trustee), shall retain
      possession and custody of the originals of the Primary Mortgage Insurance
      Policies or certificate of insurance if applicable and any certificates of
      renewal as to the foregoing as may be issued from time to time as contemplated
      by this Agreement. Until all amounts distributable in respect of the
      Certificates have been distributed in full and the Master Servicer otherwise
      has
      fulfilled its obligations under this Agreement, the Trustee (or the applicable
      Custodian, on behalf of the Trustee) shall also retain possession and custody
      of
      each Mortgage File in accordance with and subject to the terms and conditions
      of
      this Agreement. The Master Servicer shall promptly deliver or cause to be
      delivered to the Trustee (or the applicable Custodian), upon the execution
      or
      receipt thereof the originals of the Primary Mortgage Insurance Policies and
      any
      certificates of renewal thereof, and such other documents or instruments that
      constitute portions of the Mortgage File that come into the possession of the
      Master Servicer from time to time.

     

    
      
        
        

      

      
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    Section
      9.20. Realization
      Upon Defaulted Mortgage Loans.

     

    (a)
      The
      Master Servicer shall use its reasonable best efforts to, or to cause each
      Servicer to, foreclose upon, repossess or otherwise comparably convert the
      ownership of Mortgaged Properties securing such of the Mortgage Loans as come
      into and continue in default and as to which no satisfactory arrangements can
      be
      made for collection of delinquent payments, all in accordance with the
      applicable Servicing Agreement. Alternatively, the Master Servicer may take,
      or
      authorize any Servicer to take, other actions in respect of a defaulted Mortgage
      Loan, which may include (i) accepting a short sale (a payoff of the
      Mortgage Loan for an amount less than the total amount contractually owed in
      order to facilitate a sale of the Mortgaged Property by the Mortgagor) or
      permitting a short refinancing (a payoff of the Mortgage Loan for an amount
      less
      than the total amount contractually owed in order to facilitate refinancing
      transactions by the Mortgagor not involving a sale of the Mortgaged Property),
      (ii) arranging for a repayment plan or (iii) agreeing to a
      modification in accordance with Section 9.04. In connection with such
      foreclosure or other conversion or action, the Master Servicer shall, consistent
      with Section 9.18, follow such practices and procedures as it shall reasonably
      determine to be in the best interests of the Trust Fund and the
      Certificateholders and which shall be consistent with its customary practices
      in
      performing its general mortgage servicing activities; provided that the Master
      Servicer shall not be liable in any respect hereunder if the Master Servicer
      is
      acting in connection with any such foreclosure or other conversion or action
      in
      a manner that is consistent with the provisions of this Agreement. Neither
      the
      Master Servicer, nor any Servicer, shall be required to expend its own funds
      or
      incur other reimbursable charges in connection with any foreclosure, or
      attempted foreclosure which is not completed, or toward the correction of any
      default on a related senior mortgage loan, or towards the restoration of any
      property unless it shall determine (i) that such restoration and/or
      foreclosure will increase the proceeds of liquidation of the Mortgage Loan
      to
      the Certificateholders after reimbursement to itself for such expenses or
      charges and (ii) that such expenses and charges will be recoverable to it
      through Liquidation Proceeds or Insurance Proceeds (as provided in Section
      4.02).

     

    (b) Notwithstanding
      the foregoing provisions of this Section 9.20 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Master Servicer
      has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Master Servicer
      shall not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trustee, the Trust
      Fund or the Certificateholders would be considered to hold title to, to be
      a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Master Servicer has obtained the prior written
      consent of the NIMS Insurer.

     

    
      
        
        

      

      
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    Section
      9.21. Compensation
      to the Master Servicer.

     

    The
      Master Servicer shall (i) be entitled, at its election, either (a) to pay itself
      the Master Servicing Fee, in respect of the Mortgage Loans out of any Mortgagor
      payment on account of interest prior to the deposit of such payment in the
      Collection Account it maintains or (b) to withdraw from the Collection Account
      the Master Servicing Fee to the extent permitted by Section 4.02(iv). The Master
      Servicer shall also be entitled, at its election, either (a) to pay itself
      the
      Master Servicing Fee in respect of each delinquent Mortgage Loan master serviced
      by it out of Liquidation Proceeds in respect of such Mortgage Loan or other
      recoveries with respect thereto to the extent permitted in Section 4.02 or
      (b)
      to withdraw from the Collection Account it maintains the Master Servicing Fee
      in
      respect of each Liquidated Mortgage Loan to the extent of such Liquidation
      Proceeds or other recoveries, to the extent permitted by Section 4.02. Servicing
      compensation in the form of assumption fees, if any, late payment charges,
      as
      collected, if any, or otherwise (but not including any Prepayment Penalty
      Amount) shall be retained by the Master Servicer (or the applicable Servicer)
      and shall not be deposited in the Collection Account. If the Master Servicer
      does not retain or withdraw the Master Servicing Fee from the Collection Account
      as provided herein, the Master Servicer shall be entitled to direct the Paying
      Agent to pay the Master Servicing Fee to such Master Servicer by withdrawal
      from
      the Certificate Account to the extent that payments have been received with
      respect to the applicable Mortgage Loan. The Master Servicer shall be required
      to pay all expenses incurred by it in connection with its activities hereunder
      and shall not be entitled to reimbursement therefor except as provided in this
      Agreement. Pursuant to Section 4.01(e), all income and gain realized from any
      investment of funds in the Collection Account shall be for the benefit of the
      Master Servicer as additional compensation. The provisions of this Section
      9.21
      are subject to the provisions of Section 6.14(b).

     

    Section
      9.22. REO
      Property.

     

    (a) In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
      or to its nominee, on behalf of the Certificateholders. The Master Servicer
      shall use its reasonable best efforts to sell, or, to the extent provided in
      the
      applicable Servicing Agreement, cause the applicable Servicer to sell, any
      REO
      Property as expeditiously as possible and in accordance with the provisions
      of
      this Agreement and the related Servicing Agreement, as applicable, but in all
      events within the time period, and subject to the conditions set forth in
      Article X hereof. Pursuant to its efforts to sell such REO Property, the Master
      Servicer shall protect and conserve, or cause the applicable Servicer to protect
      and conserve, such REO Property in the manner and to such extent required by
      the
      applicable Servicing Agreement, subject to Article X hereof.

     

    (b) The
      Master Servicer shall deposit or cause to be deposited all funds collected
      and
      received by it, or recovered from any Servicer, in connection with the operation
      of any REO Property in the Collection Account.

     

    (c) The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Advances as well as any unpaid Master Servicing Fees or Servicing Fees from
      Liquidation Proceeds received in connection with the final disposition of such
      REO Property; provided, that (without limitation of any other right of
      reimbursement that the Master Servicer or any Servicer shall have hereunder)
      any
      such unreimbursed Advances as well as any unpaid Master Servicing Fees or
      Servicing Fees may be reimbursed or paid, as the case may be, prior to final
      disposition, out of any net rental income or other net amounts derived from
      such
      REO Property.

     

    (d) The
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the applicable Servicer as provided above,
      shall be deposited in the Collection Account on or prior to the Determination
      Date in the month following receipt thereof (and the Master Servicer shall
      provide written notice to the Securities Administrator upon such deposit) and
      be
      remitted by wire transfer in immediately available funds to the Securities
      Administrator for deposit into the Certificate Account on the next succeeding
      Deposit Date.

     

    
      
        
        

      

      
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    Section
      9.23. Notices
      to the Depositor and the Securities
      Administrator. 

     

    (a) The
      Master Servicer shall promptly notify the Securities Administrator, the Sponsor
      and the Depositor (i) of any legal proceedings pending against the Master
      Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and
      (ii) if the Master Servicer shall become (but only to the extent not previously
      disclosed to the Master Servicer and the Depositor) at any time an affiliate
      of
      any of the parties listed on Exhibit R to this Agreement. On or before March
      1st
      of each
      year, the Depositor shall distribute the information in Exhibit R to the Master
      Servicer.

     

    (b) Not
      later
      than four Business Days prior to the Distribution Date of each month, the Master
      Servicer shall provide to the Securities Administrator, the Sponsor and the
      Depositor notice of the occurrence of any material modifications, extensions
      or
      waivers of terms, fees, penalties or payments relating to the Mortgage Loans
      during the related Collection Period or that have cumulatively become material
      over time (Item 1121(a)(11) of Regulation AB) along with all information, data,
      and materials related thereto as may be required to be included in the related
      Distribution Report on Form 10-D. The parties to this Agreement acknowledge
      that
      the performance by the Master Servicer of its duties under this Section 9.23(b)
      related to the timely preparation and delivery of such information is contingent
      upon each applicable Servicer strictly observing all requirements and deadlines
      in the performance of their duties under their related Servicing Agreements.
      The
      Master Servicer shall have no liability for any loss, expense, damage or claim
      arising out of or with respect to any failure to properly prepare and/or timely
      deliver all such information where such failure results from the Master
      Servicer’s inability or failure to obtain or receive, on a timely basis, any
      information from any Servicer needed to prepare or deliver such information,
      which failure does not result from the Master Servicer’s own negligence, bad
      faith or willful misconduct.

     

    (c) In
      the
      event of the appointment of any NIMS Insurer, the Depositor or Seller shall
      promptly notify the Master Servicer and the Securities Administrator of such
      appointment. 

     

    Section
      9.24. Reports
      to the Securities
      Administrator.

     

    (a) Not
      later
      than 30 days after each Distribution Date, the Master Servicer shall forward
      to
      the Securities Administrator and any NIMS Insurer a statement, deemed to have
      been certified by a Servicing Officer, setting forth the status of the
      Collection Account maintained by the Master Servicer as of the close of business
      on the related Distribution Date, indicating that all distributions required
      by
      this Agreement to be made by the Master Servicer have been made (or if any
      required distribution has not been made by the Master Servicer, specifying
      the
      nature and status thereof) and showing, for the period covered by such
      statement, the aggregate of deposits into and withdrawals from the Collection
      Account maintained by the Master Servicer. Copies of such statement shall be
      provided by the Master Servicer, upon request, to the Depositor, Attention:
      Contract Finance, and, upon request, any Certificateholders (or by the
      Securities Administrator at the Master Servicer’s expense if the Master Servicer
      shall fail to provide such copies (unless (i) the Master Servicer shall have
      failed to provide the Securities Administrator with such statement or (ii)
      the
      Securities Administrator shall be unaware of the Master Servicer’s failure to
      provide such statement)).

     

    
      
        
        

      

      
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    (b) Not
      later
      than two Business Days following each Distribution Date, the Master Servicer
      shall deliver to the Person designated by the Depositor, in a format consistent
      with other electronic loan level reporting supplied by the Master Servicer
      in
      connection with similar transactions, “loan level” information with respect to
      the Mortgage Loans as of the related Determination Date, to the extent that
      such
      information has been provided to the Master Servicer by the Servicers or by
      the
      Depositor.

     

    (c) All
      information, reports and statements prepared by the Master Servicer under this
      Agreement shall be based on information supplied to the Master Servicer by
      the
      Servicers without independent verification thereof and the Master Servicer
      shall
      be entitled to rely on such information.

     

    (d) The
      Master Servicer shall provide the Securities Administrator with such information
      as the Securities Administrator may reasonably request in connection with its
      responsibilities under Section 10.01 hereof provided that such information
      is in
      the possession of the Master Servicer.

     

    Section
      9.25. Assessment
      of Compliance and Attestation Reports. 

     

    (a) Assessment
      of Compliance

     

    (i) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2008,
      the Master Servicer, the Paying Agent (if other than the Securities
      Administrator) and the Securities Administrator, each at its own expense, shall
      furnish, and each such party shall cause any Servicing Function Participant
      engaged by it to furnish, each at its own expense, to the Sponsor, the
      Depositor, the Master Servicer and the Securities Administrator, a report on
      an
      assessment of compliance with the Relevant Servicing Criteria that contains
      (A)
      a statement by such party of its responsibility for assessing compliance with
      the Relevant Servicing Criteria, (B) a statement that such party used the
      Servicing Criteria to assess compliance with the Relevant Servicing Criteria,
      (C) such party’s assessment of compliance with the Relevant Servicing Criteria
      as of and for the fiscal year covered by the Form 10-K required to be filed
      pursuant to Section 6.20(e), including, if there has been any material instance
      of noncompliance with the Relevant Servicing Criteria, a discussion of each
      such
      failure and the nature and status thereof, and (D) a statement that a registered
      public accounting firm has issued an attestation report on such party’s
      assessment of compliance with the Relevant Servicing Criteria as of and for
      such
      period. Each such assessment, pursuant to clause (C) above, shall cover, at
      a
      minimum, the matters indicated as obligations with respect to such Person on
      Exhibit O attached hereto. If the Securities Administrator and the Paying Agent
      are the same party, the Relevant Servicing Criteria of the Paying Agent shall
      be
      included in the Securities Administrator's report. The Master Servicer shall
      furnish to the Securities Administrator copies of the assessments of compliance
      provided to it by the Custodians pursuant to the Custodial Agreements and by
      each Servicer pursuant to the related Servicing Agreement, to the extent that
      the Securities Administrator is not entitled to receive such assessments
      pursuant to each such applicable agreement.

     

    
      
        
        

      

      
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    (ii) When
      the
      Master Servicer, the Paying Agent (if other than the Securities Administrator)
      and the Securities Administrator (or any Servicing Function Participant engaged
      by it) submit their assessments to the Securities Administrator and the Master
      Servicer, such parties will also at such time include the assessment (and
      attestation pursuant to subsection (b) of this Section 9.25) of each Servicing
      Function Participant engaged by it and shall indicate to the Securities
      Administrator what Relevant Servicing Criteria will be addressed in any such
      reports prepared by any such Servicing Function Participant.

     

    (iii) Promptly
      after receipt of each report on assessment of compliance, the Securities
      Administrator shall confirm that the assessments, taken as a whole, address
      all
      applicable Servicing Criteria and taken individually address the Relevant
      Servicing Criteria (and disclose the inapplicability of the Servicing Criteria
      not determined to be Relevant Criteria) for each party as set forth on Exhibit
      O
      and on any similar exhibit set forth in each Servicing Agreement in respect
      of
      each Servicer, and each Custodial Agreement in respect of each Custodian, and
      shall notify the Depositor of any exceptions. By way of clarification and for
      the avoidance of doubt, it is acknowledged that the Securities Administrator
      shall rely exclusively on Exhibit O and any similar exhibit set forth in each
      Servicing Agreement in respect of each Servicer and each Custodial Agreement
      in
      respect of each Custodian, to determine such applicable Servicing Criteria
      and
      Relevant Servicing Criteria, as the case may be, and shall not otherwise be
      reporting on the content of or sufficiency of such assessments. 

     

    (b) Attestation
      Reports

     

    (i) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2008,
      the Master Servicer, the Paying Agent (if other than the Securities
      Administrator) and the Securities Administrator, each at its own expense, shall
      cause, and each such party shall cause any Servicing Function Participant
      engaged by it to cause, each at its own expense, a registered public accounting
      firm (which may also render other services to the Master Servicer, Paying Agent
      or Securities Administrator, as the case may be) that is a member of the
      American Institute of Certified Public Accountants to furnish a report to the
      Sponsor, the Depositor, the Master Servicer and the Securities Administrator,
      as
      applicable, to the effect that (A) it has obtained a representation regarding
      certain matters from the management of such party, which includes an assertion
      that such party has complied with the Relevant Servicing Criteria, and (B)
      on
      the basis of an examination conducted by such firm in accordance with standards
      for attestation engagements issued or adopted by the PCAOB, it is expressing
      an
      opinion as to whether such party’s compliance with the Relevant Servicing
      Criteria was fairly stated in all material respects, or it cannot express an
      overall opinion regarding such party’s assessment of compliance with the
      Relevant Servicing Criteria. If the Securities Administrator and the Paying
      Agent are the same party, the attestation report caused to be furnished by
      the
      Securities Administrator shall also address the Relevant Servicing Criteria
      of
      the Paying Agent. In the event that an overall opinion cannot be expressed,
      such
      registered public accounting firm shall state in such report why it was unable
      to express such an opinion. Such report must be available for general use and
      not contain restricted use language.

     

    
      
        
        

      

      
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    (ii) Promptly
      after receipt of such report from the Master Servicer, the Paying Agent, the
      Securities Administrator or any Servicing Function Participant engaged by such
      parties, the Securities Administrator shall confirm that each assessment
      submitted pursuant subsection (a) of this Section 9.25 is coupled with an
      attestation meeting the requirements of this Section and notify the Depositor
      of
      any exceptions.

     

    (c) The
      Securities Administrator’s, the Paying Agent’s and the Master Servicer’s
      obligation to provide assessments of compliance and attestations under this
      Section 9.25 shall terminate upon the filing of a Form 15 suspension notice
      on
      behalf of the Trust Fund.

     

    Section
      9.26. Annual
      Statement of Compliance with Applicable Servicing Criteria .

     

    The
      Master Servicer shall deliver (and the Master Servicer shall cause any
      Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
      and
      the Securities Administrator on or before March 15 of each year, commencing
      in
      March 2008, an Officer’s Certificate stating, as to the signer thereof, that (A)
      a review of such party’s activities during the preceding calendar year or
      portion thereof and of such party’s performance under this Agreement, or such
      other applicable agreement in the case of an Additional Servicer, has been
      made
      under such officer’s supervision and (B) to the best of such officer’s
      knowledge, based on such review, such party has fulfilled all its obligations
      under this Agreement, or such other applicable agreement in the case of an
      Additional Servicer, in all material respects throughout such year or portion
      thereof, or, if there has been a failure to fulfill any such obligation in
      any
      material respect, specifying each such failure known to such officer and the
      nature and status thereof.

     

    Section
      9.27. Merger
      or Consolidation.

     

    Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided, however, that the successor or resulting
      Person to the Master Servicer shall be a Person that shall be qualified and
      approved to service mortgage loans for FNMA or FHLMC and shall have a net worth
      of not less than $15,000,000. Notwithstanding the foregoing, as a condition
      to
      the succession to the Master Servicer under this Agreement by any Person (i)
      into which the Master Servicer may be merged or consolidated, or (ii) which
      may
      be appointed as a successor to the Master Servicer, the Master Servicer shall
      notify the Depositor, at least 15 calendar days prior to the effective date
      of
      such succession or appointment, of such succession or appointment and shall
      furnish to the Depositor in writing and in form and substance reasonably
      satisfactory to the Depositor, all information reasonably necessary for the
      Securities Administrator to accurately and timely report, pursuant to Section
      6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if
      such reports under the Exchange Act are required to be filed under the Exchange
      Act). 

     

    
      
        
        

      

      
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    Section
      9.28. Resignation
      of Master Servicer.

     

    Except
      as
      otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer shall
      not resign from the obligations and duties hereby imposed on it unless it or
      the
      Securities Administrator determines that the Master Servicer’s duties hereunder
      are no longer permissible under applicable law or are in material conflict
      by
      reason of applicable law with any other activities carried on by it and cannot
      be cured. Any such determination permitting the resignation of the Master
      Servicer shall be evidenced by an Opinion of Counsel that shall be Independent
      to such effect delivered to the Trustee and the Securities Administrator. In
      the
      event such determination of ineligibility of the Master Servicer to continue
      in
      the capacity of master servicer is made by the Master Servicer or the Securities
      Administrator, no such resignation shall become effective until a period of
      time
      not to exceed ninety days after the Securities Administrator receives written
      notice thereof from the Master Servicer or Trustee and until the Securities
      Administrator shall have assumed, or a successor master servicer shall have
      been
      appointed by the Trustee or the Securities Administrator, as applicable, such
      successor master servicer being acceptable to the NIMS Insurer, such consent
      shall not be unreasonably withheld, and until such successor shall have assumed,
      the Master Servicer’s responsibilities and obligations under this Agreement.
      Notice of such resignation shall be given promptly by the Master Servicer to
      the
      Depositor.

     

    Section
      9.29. Assignment
      or Delegation of Duties by the Master Servicer.

     

    (a) Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any other Person to perform
      any
      of the duties, covenants or obligations to be performed by the Master Servicer
      hereunder; provided, however, that the Master Servicer shall have the right
      without the prior written consent of the Trustee, the Securities Administrator,
      the Depositor or the Rating Agencies to delegate or assign to or subcontract
      with or authorize or appoint an Affiliate of the Master Servicer to perform
      and
      carry out any duties, covenants or obligations to be performed and carried
      out
      by the Master Servicer hereunder. In no case, however, shall any such
      delegation, subcontracting or assignment to an Affiliate of the Master Servicer
      relieve the Master Servicer of any liability hereunder. Notice of such permitted
      assignment shall be given promptly by the Master Servicer to the Depositor,
      the
      Securities Administrator, and the Trustee. If, pursuant to any provision hereof,
      the duties of the Master Servicer are transferred to a successor master
      servicer, the entire amount of the Master Servicing Fees and other compensation
      payable to the Master Servicer pursuant hereto, including amounts payable to
      or
      permitted to be retained or withdrawn by the Master Servicer pursuant to Section
      9.21 hereof, shall thereafter be payable to such successor master
      servicer.

     

    (b) Notwithstanding
      the foregoing, for so long as reports are required to be filed with the
      Commission under the Exchange Act with respect to the Trust, the Master Servicer
      shall not utilize any Subcontractor for the performance of its duties hereunder
      if such Subcontractor would be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB. 

     

    
      
        
        

      

      
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    Section
      9.30. Limitation
      on Liability of the Master Servicer and Others.

     

    (a) The
      Master Servicer undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement.

     

    (b) No
      provision of this Agreement shall be construed to relieve the Master Servicer
      from liability for its own negligent action, its own negligent failure to act
      or
      its own willful misconduct; provided, however, that the duties and obligations
      of the Master Servicer shall be determined solely by the express provisions
      of
      this Agreement, the Master Servicer shall not be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement; no implied covenants or obligations shall be read into this Agreement
      against the Master Servicer and, in absence of bad faith on the part of the
      Master Servicer, the Master Servicer may conclusively rely, as to the truth
      of
      the statements and the correctness of the opinions expressed therein, upon
      any
      certificates or opinions furnished to the Master Servicer and conforming to
      the
      requirements of this Agreement.

     

    (c) None
      of
      the Master Servicer, the Seller, any NIMS Insurer or the Depositor or any of
      the
      directors, officers, employees or agents of any of them shall be under any
      liability to the Trustee or the Certificateholders for any action taken or
      for
      refraining from the taking of any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Master Servicer, the Seller, any NIMS Insurer or the
      Depositor or any such person against any liability that would otherwise be
      imposed by reason of willful misfeasance, bad faith or negligence in its
      performance of its duties or by reason of reckless disregard for its obligations
      and duties under this Agreement. The Master Servicer, the Seller, any NIMS
      Insurer and the Depositor and any director, officer, employee or agent of the
      Master Servicer shall be entitled to indemnification by the Trust Fund and
      will
      be held harmless against any loss, liability or expense incurred in connection
      with any legal action relating to this Agreement or the Certificates other
      than
      any loss, liability or expense incurred by reason of willful misfeasance, bad
      faith or negligence in the performance of his or its duties hereunder or by
      reason of reckless disregard of his or its obligations and duties hereunder.
      The
      Master Servicer, the Seller and the Depositor and any director, officer,
      employee or agent of any of them may rely in good faith on any document of
      any
      kind prima facie properly executed and submitted by any Person respecting any
      matters arising hereunder. The Master Servicer shall be under no obligation
      to
      appear in, prosecute or defend any legal action that is not incidental to its
      duties to master service the Mortgage Loans in accordance with this Agreement
      and that in its opinion may involve it in any expenses or liability; provided,
      however, that the Master Servicer may in its sole discretion undertake any
      such
      action that it may deem necessary or desirable in respect to this Agreement
      and
      the rights and duties of the parties hereto and the interests of the
      Certificateholders hereunder. In such event, the legal expenses and costs of
      such action and any liability resulting therefrom shall be expenses, costs
      and
      liabilities of the Trust Fund and the Master Servicer shall be entitled to
      be
      reimbursed therefor out of the Collection Account it maintains as provided
      by
      Section 4.02. Notwithstanding anything herein to the contrary, neither the
      Master Servicer nor the Trustee shall have any liability for the servicing
      of
      the Additional Collateral, including, without limitation, the perfection,
      continuation, partial release, release, termination, realization upon,
      substitution, foreclosure, sale, or any other matter with respect to the
      Additional Collateral, or the enforcement of the Additional Collateral Servicing
      Agreement.

     

    
      
        
        

      

      
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    Section
      9.31. Indemnification;
      Third-Party Claims.

     

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor, the Trustee
      ,
      the Securities Administrator (including in its capacity as the Certificate
      Registrar and the Paying Agent), and their respective officers, directors,
      agents and affiliates, hold each of them harmless against any and all claims,
      losses, penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments, and any other costs, liability, fees and expenses that the Depositor,
      the Sponsor, the Trustee or the Securities Administrator (including in its
      capacity as the Certificate Registrar and the Paying Agent) may sustain arising
      out of or based upon (a) any material breach by the Master Servicer of any
      of
      its obligations hereunder, including particularly its obligations to provide
      any
      report under Section 9.25(a), Section 9.25(b) or Section 9.26 or any
      information, data or materials required to be included in any Exchange Act
      report, provided, however, that in no event shall the Master Servicer be liable
      for any special, consequential, indirect or punitive damages pursuant to this
      Section 9.31, even if advised of the possibility of such damages, (b) any
      material misstatement or omission on any information, data, or materials
      provided by the Master Servicer, or (c) the negligence, bad faith or willful
      misconduct of the Master Servicer in connection with its performance hereunder.
      The Depositor, the Sponsor, the Trustee and the Securities Administrator shall
      immediately notify the Master Servicer if a claim is made by a third party
      with
      respect to this Agreement or the Mortgage Loans entitling the Depositor, the
      Sponsor, the Trustee or the Securities Administrator to indemnification
      hereunder, whereupon the Master Servicer shall assume the defense of any such
      claim and pay all expenses in connection therewith, including counsel fees,
      and
      promptly pay, discharge and satisfy any judgment or decree which may be entered
      against it or them in respect of such claim. This indemnification shall survive
      the termination of this Agreement or the termination of the Master Servicer
      as a
      party to this Agreement.

     

    Section
      9.32. Allocation
      to Related Mortgage Pool.

     

    Payments
      described in this Article IX made from the Trust Fund shall be allocated and
      limited to collections or other recoveries on the related Mortgage Pool or
      Pools
      and shall be accounted for in such manner.

     

    ARTICLE
      X

     

    REMIC
      ADMINISTRATION

     

    Section
      10.01. REMIC
      and Grantor Trust Administration.

     

    (a) REMIC
      elections for each REMIC created hereunder as set forth in the Preliminary
      Statement and this Section 10.01 shall be made on Forms 1066 or other
      appropriate federal tax or information return for the taxable year ending on
      the
      last day of the calendar year in which the Certificates are issued. For purposes
      of such elections, (i) each of the REMIC I-1 Regular Interests is hereby
      designated as a regular interest in REMIC I-1; (ii) each of the REMIC I-2
      Regular Interests is hereby designated as a regular interest in REMIC I-2;
      (iii)
      each of the REMIC I-3 Regular Interests is hereby designated as a regular
      interest in REMIC I-3; (iv) each of the REMIC II-1 Regular Interests is hereby
      designated as a regular interest in REMIC II-1; and (v) each of the REMIC II-2
      Regular Interests is hereby designated as a regular interest in REMIC II-2.
      The
      Class LTI1-R Interest is hereby designated as the sole residual interest in
      REMIC I-1. The
      Class
      LTI2-R Interest is hereby designated as the sole residual interest in REMIC
      I-2.
The
      Residual I Interest is hereby designated as the sole residual interest in REMIC
      I-3. The Class LTII1-R Interest is hereby designated as the sole residual
      interest in REMIC II-1. The Class LTII2-R Interest is hereby designated as
      the
      sole residual interest in REMIC II-2. The Class R-I Certificate evidences
      ownership of the Class LTI1-R Interest, the Class LTI2-R Interest and the
      Residual I Interest. The Class R-II Certificate evidences ownership of the
      Class
      LTII1-R Interest and the Class LTII2-R Interest. The Class 1-AP and Class 2-AP
      Certificates shall be neither regular interests nor residual interests in any
      REMIC created hereunder. It is the intention of the parties hereto that the
      segregated pool of assets consisting of any collections of Prepayment Penalty
      Amounts (i) related to the Mortgage Loans in Pool
      1
      and (ii) related to the Mortgage Loans in Pool 2, each
      constitute a grantor trust for federal income tax purposes. The Trustee, by
      its
      execution and delivery hereof, acknowledges the assignment to it of the Grantor
      Trust Assets and declares that it holds and will hold such assets in trust
      for
      the exclusive use and benefit of all present and future Holders of the Class
      1-AP (in the case of collections of Prepayment Penalty Amounts related to Pool
      1) and Class 2-AP (in the case of collections of Prepayment Penalty Amounts
      related to Pool 2) Certificates. The
      rights of Holders of the Class 1-AP and Class 2-AP Certificates to receive
      distributions from the proceeds of the Grantor Trust Assets, and all ownership
      interests of such Holders in and to such distributions, shall be as set forth
      in
      this Agreement.

     

    
      
        
        

      

      
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    The
      Class
      1-AP Certificates shall be neither regular interests nor residual interests
      in
      any REMIC created hereunder. It is the intention of the parties hereto that
      the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      related to the Mortgage Loans in Pool 1 distributable to the Class 1-AP
      Certificates and the related Class P Reserve Fund shall constitute a grantor
      trust for federal income tax purposes. The Trustee, by its execution and
      delivery hereof, acknowledges the assignment to it of the rights to receive
      such
      Prepayment Premiums and Class P Reserve Fund and declares that it holds and
      will
      hold such assets in trust for the exclusive use and benefit of all present
      and
      future Holders of the Class 1-AP Certificates. The rights of Holders of the
      Class 1-AP Certificates to receive distributions from the proceeds of such
      Prepayment Premiums and Class P Reserve Fund, and all ownership interests of
      such Holders in and to such distributions, shall be as set forth in this
      Agreement.

     

    The
      Class
      2-AP Certificates shall be neither regular interests nor residual interests
      in
      any REMIC created hereunder. It is the intention of the parties hereto that
      the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      related to the Mortgage Loans in Pool 2 distributable to the Class 2-AP
      Certificates and the related Class P Reserve Fund shall constitute a grantor
      trust for federal income tax purposes. The Trustee, by its execution and
      delivery hereof, acknowledges the assignment to it of the rights to receive
      such
      Prepayment Premiums and Class P Reserve Fund and declares that it holds and
      will
      hold such assets in trust for the exclusive use and benefit of all present
      and
      future Holders of the Class 2-AP Certificates. The rights of Holders of the
      Class 2-AP Certificates to receive distributions from the proceeds of such
      Prepayment Premiums and Class P Reserve Fund, and all ownership interests of
      such Holders in and to such distributions, shall be as set forth in this
      Agreement.

     

    
      
        
        

      

      
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    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code. The latest possible maturity date
      for
      purposes of Treasury Regulation Section 1.860G-1(a)(4) is the “Latest Possible
      Maturity Date”.

     

    (c) The
      Securities Administrator shall represent the Trust Fund in any administrative
      or
      judicial proceeding relating to an examination or audit by any governmental
      taxing authority with respect thereto. The Securities Administrator shall pay
      any and all tax related expenses (not including taxes) of each REMIC and each
      Grantor Trust, including but not limited to any professional fees or expenses
      related to audits or any administrative or judicial proceedings with respect
      to
      such REMIC or such Grantor Trust that involve the Internal Revenue Service
      or
      state tax authorities, but only to the extent that (i) such expenses are
      ordinary or routine expenses, including expenses of a routine audit but not
      expenses of litigation (except as described in (ii)); or (ii) such expenses
      or
      liabilities (including taxes and penalties) are attributable to the negligence
      or willful misconduct of the Securities Administrator in fulfilling its duties
      hereunder (including its duties as tax return preparer). The Securities
      Administrator shall be entitled to reimbursement from the Certificate Account
      of
      the expenses to the extent (x) provided in clause (i) above and (y) in the
      case
      of expenses relating to a REMIC provided for hereunder, such expenses are
“unanticipated expenses” within the meaning of Treasury Regulations Section
      1.860G-1(b)(3)(ii). Any reimbursement described in the preceding sentence shall
      be allocated and limited to collections or other recoveries on the related
      Mortgage Pool and shall be accounted for in such manner.

     

    (d) The
      Securities Administrator shall prepare and file, and the Trustee shall sign,
      all
      of each REMIC’s federal and state tax and information returns as such REMIC’s
      direct representative. The Securities Administrator shall prepare and file,
      and
      the Trustee shall sign, all of the tax returns in respect of each Grantor Trust.
      The Securities Administrator shall comply with such requirement by filing Form
      1041. The expenses of preparing and filing such returns shall be borne by the
      Securities Administrator. If any Disqualified Organization acquires any
      Ownership Interest in a Residual Certificate, then the Securities Administrator
      will upon request provide to the Internal Revenue Service, and to the persons
      specified in Sections 860E(e)(3) and (6) of the Code, such information as
      required in Section 860D(a)(6)(B) of the Code needed to compute the tax imposed
      under Section 860E(e) of the Code on transfers of residual interests to
      disqualified organizations and the Securities Administrator will be reimbursed
      by the Trust for all expenses incurred therewith solely from amounts received
      for the provision of such information from persons specified in Sections
      860E(e)(3) and (6) of the Code.

     

    (e) The
      Securities Administrator or its designee shall perform on behalf of each REMIC
      and each Grantor Trust all reporting and other tax compliance duties that are
      the responsibility of such REMIC or Grantor Trust under the Code, the REMIC
      Provisions, or other compliance guidance issued by the Internal Revenue Service
      or any state or local taxing authority. Among its other duties, if required
      by
      the Code, the REMIC Provisions, or other such guidance, the Securities
      Administrator shall provide (i) to the Treasury or other governmental authority
      such information as is necessary for the application of any tax relating to
      the
      transfer of a Residual Certificate to any disqualified person or organization
      and (ii) to the Certificateholders such information or reports as are required
      by the Code or REMIC Provisions.

     

    
      
        
        

      

      
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    (f) The
      Trustee, Securities Administrator, the Master Servicer and the Holders of
      Certificates shall take any action, within their respective control and scope
      of
      their duties, or cause any REMIC hereunder to take any action necessary to
      create or maintain the status of such REMIC as a REMIC under the REMIC
      Provisions and shall assist each other as necessary to create or maintain such
      status. Neither the Trustee, the Securities Administrator, the Master Servicer
      nor the Holder of any Residual Certificate shall take any action, cause any
      REMIC to take any action or fail to take (or fail to cause to be taken) any
      action within their respective control and scope of their duties, that, under
      the REMIC Provisions, if taken or not taken, as the case may be, could (i)
      endanger the status of any such REMIC as a REMIC or (ii) result in the
      imposition of a tax upon any such REMIC (including but not limited to the tax
      on
      prohibited transactions as defined in Code Section 860F(a)(2) and the tax on
      prohibited contributions set forth on Section 860G(d) of the Code) (either
      such
      event, an “Adverse REMIC Event”) unless the Trustee, the Securities
      Administrator, the NIMS Insurer and the Master Servicer have received an Opinion
      of Counsel (at the expense of the party seeking to take such action) to the
      effect that the contemplated action will not endanger such status or result
      in
      the imposition of such a tax. In addition, prior to taking any action with
      respect to any such REMIC or the assets therein, or causing any such REMIC
      to
      take any action, which is not expressly permitted under the terms of this
      Agreement, any Holder of a Residual Certificate will consult with the Trustee,
      the Securities Administrator, the NIMS Insurer, the Master Servicer, or their
      respective designees, in writing, with respect to whether such action could
      cause an Adverse REMIC Event to occur with respect to such REMIC, and no such
      Person shall take any such action or cause such REMIC to take any such action
      as
      to which the Trustee, the NIMS Insurer or the Master Servicer has advised it
      in
      writing that an Adverse REMIC Event could occur.

     

    (g) The
      Securities Administrator shall prepare or cause to be prepared on behalf of
      the
      Trust Fund, based upon information calculated in accordance with this Agreement
      pursuant to instructions given by the Depositor, and further, the Trustee shall
      sign and Securities Administrator shall file, federal tax returns (including
      but
      not limited to appropriate REMIC elections on Form 1066) and appropriate state
      income tax returns and such other returns as may be required by applicable
      law
      relating to the Trust Fund, and shall file any other documents to the extent
      required by applicable state tax law (to the extent such documents are in the
      Trustee’s possession). The Securities Administrator shall forward copies to the
      Depositor of all such returns and Form 1099 supplemental tax information and
      such other information within the control of the Securities Administrator as
      the
      Depositor may reasonably request in writing, and shall distribute to each
      Certificateholder such forms and furnish such information within the control
      of
      the Securities Administrator as are required by the Code and the REMIC
      Provisions to be furnished to them, and will prepare and distribute to
      Certificateholders Form 1099 (supplemental tax information) (or otherwise
      furnish information within the control of the Securities Administrator) to
      the
      extent required by applicable law. The Master Servicer will indemnify the
      Securities Administrator and the Trustee for any liability of or assessment
      against the Securities Administrator or the Trustee, as applicable, resulting
      from any error in any of such tax or information returns directly resulting
      from
      errors in the information provided by such Master Servicer.

     

    (h) The
      Securities Administrator shall prepare and file with the Internal Revenue
      Service (“IRS”), on behalf of each REMIC, an application on IRS Form SS-4. The
      Securities Administrator, upon receipt from the IRS of the Notice of Taxpayer
      Identification Number Assigned for each REMIC, shall promptly forward copies
      of
      such notices to the Trustee, the Master Servicer and the Depositor. The
      Securities Administrator will file an IRS Form 8811 for the REMICs created
      hereunder. The Trustee shall sign such forms referred to in this Section
      10.01(h) as may be required under applicable law

     

    
      
        
        

      

      
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    (i) Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      the related REMIC by federal or state governmental authorities. To the extent
      that such Trust taxes are not paid by a Residual Certificateholder, the
      Securities Administrator shall pay any remaining REMIC taxes out of current
      or
      future amounts otherwise distributable to the Holder of the Residual Certificate
      in such REMIC or, if no such amounts are available, out of other amounts held
      in
      the Collection Account, and shall reduce amounts otherwise payable to holders
      of
      regular interests in such REMIC, as the case may be.

     

    (j) The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to each REMIC on a calendar year and on an accrual
      basis.

     

    (k) No
      additional contributions of assets shall be made to any REMIC, except as
      expressly provided in this Agreement with respect to Qualified Substitute
      Mortgage Loans and any contributions from the Funding Account as provided for
      in
      Section 5.06 hereof.

     

    (l) Neither
      the Securities Administrator nor the Master Servicer shall enter into any
      arrangement by which any REMIC will receive a fee or other compensation for
      services.

     

    (m) Upon
      the
      request of any Rating Agency or any NIMS Insurer, the Securities Administrator
      shall deliver to such Rating Agency and to the NIMS Insurer an Officer’s
      Certificate stating the Securities Administrator’s compliance with the
      provisions of this Section 10.01. 

     

    (n) REMIC
      I-1
      shall consist of all of the assets of the Trust Fund related to Pool 1 (other
      than (i) the Basis Risk Reserve Fund, (ii) the rights to receive Prepayment
      Penalty Amounts distributable to the Class P Certificates and the Class P
      Reserve Funds, (iii) the 1-X Component Account, (iv) the Lower Tier Interests
      and (v) any of the grantor trusts described in Section 10.01 hereof). The REMIC
      I-1 Regular Interests shall be designated as the regular interests in REMIC
      I-1,
      and the Class LTI1-R Interest shall be designated as the sole class of residual
      interest in REMIC I-1. Each of the REMIC I-1 Regular Interests shall have the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC I-2 shall be the REMIC I-1 Regular Interests. The REMIC I-2
      Regular Interests shall be designated as the regular interests in REMIC I-2,
      and
      the Class LTI2-R Interest shall be designated as the sole class of residual
      interest in REMIC I-2. Each of the REMIC I-2 Regular Interests shall have the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC I-3 shall be the REMIC I-2 Regular Interests. The REMIC I-3
      Regular Interests shall be designated as the regular interests in REMIC I-3
      and
      the Residual I Interest shall be designated as the sole class of residual
      interest in REMIC I-3.

     

    The
      beneficial ownership of the Class LTI1-R Interest, the Class LTI2-R Interest
      and
      the Residual I Interest shall be represented by the Class R-I Certificate.
      None
      of the Class LTI1-R Interest, the Class LTI2-R Interest and the Residual I
      Interest shall have a principal balance or bear interest.

     

    
      
        
        

      

      
        160

        
          

        

      

      
        
        

      

    

     

    REMIC
      II-1 shall consist of all of the assets of the Trust Fund related to Pool 2
      (other than the rights to receive Prepayment Penalty Amounts distributable
      to
      the Class 2-AP Certificates and the Class P Reserve Funds). The REMIC II-1
      Regular Interests shall be designated as the regular interests in REMIC II-1,
      and the Class LTII1-R Interest shall be designated as the sole class of residual
      interest in REMIC II-1. 

     

    The
      assets of REMIC II-2 shall be the REMIC II-1 Regular Interests. The REMIC II-2
      Regular Interests shall be designated as the regular interests in REMIC II-2
      and
      the Class LTII2-R Interest shall be designated as the sole class of residual
      interest in REMIC II-2.

     

    The
      beneficial ownership of the Class LTII1-R Interest and Class LTII2-R Interest
      shall be represented by the Class R-II Certificate. The entitlement of the
      Class
      R-II Certificate to payments of principal and interest shall be attributable
      to
      its representation of the Class LTII2-R Interest.

     

    (o) It
      is
      intended that the rights of each Class of Pool 1 Senior P&I Certificates to
      receive payments in respect of Excess Interest shall be treated as a right
      in
      interest rate cap contracts written by the holders of the Class X Certificates
      in favor of the holders of each Class of the Pool 1 Senior P&I Certificates
      and such shall be accounted for as property held separate and apart from the
      regular interests in REMIC I-3 held by the holders of the Pool 1 Senior P&I
      Certificates. This provision is intended to satisfy the requirements of Treasury
      Regulations Section 1.860G-2(i) for the treatment of property rights coupled
      with REMIC interests to be separately respected and shall be interpreted
      consistently with such regulation. On each Distribution Date, to the extent
      that
      any of the Pool 1 Senior P&I Certificates receive payments in respect of
      Excess Interest, such amounts, to the extent not derived from payments in
      respect of Class I Shortfalls, will be treated as distributed by REMIC I-3
      to
      the Class X Certificates in
      respect of the Uncertificated Class 1-X Interest pro
      rata
      and then
      paid to the relevant Class of Pool 1 Senior P&I Certificates pursuant to the
      related interest rate cap agreement. The Securities Administrator is hereby
      directed to perform its duties and obligations in accordance with this Section
      10.01(o).

     

    (p) The
      parties hereto intend that the Uncertificated Class 1-X Interest, the Basis
      Risk
      Reserve Fund and the obligation of the holders of the Class X Certificates
      to
      pay amounts of Excess Interest to the holders of the Pool 1 Senior P&I
      Certificates shall be treated as a “grantor trust” under the Code, and the
      provisions hereof shall be interpreted consistently with this intention. In
      furtherance of such intention, the Securities Administrator shall (i) furnish
      or
      cause to be furnished to the holders of the Class X Certificates information
      regarding their allocable share, if any, of the income with respect to such
      grantor trust, (ii) file or cause to be filed with the Internal Revenue Service
      Form 1041 (together with any necessary attachments) and such other forms as
      may
      be applicable and (iii) comply with such information reporting obligations
      with
      respect to payments from such grantor trust to the holders of Pool 1
      Certificates and Class X Certificates as may be applicable under the Code.
      The
      Securities Administrator is hereby directed to perform its duties and
      obligations in accordance with this Section 10.01(p).

     

    
      
        
        

      

      
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    (q) [Reserved.]

     

    (r) Payments
      in the nature of expenses, reimbursements and indemnifications made from the
      Trust Fund shall be allocated and limited to collections or other recoveries
      on
      the related Mortgage Pool or Mortgage Pools (if applicable) and shall be
      accounted for in such manner.

     

    (s) The
      Securities Administrator shall treat the 1-X Component Account as an outside
      reserve fund within the meaning of Treasury Regulation 1.860G-2(h) that is
      owned
      by the Holder of the Class C Certificates and that is not an asset of any REMIC.
      

     

    (t) REMIC
      I-1:
      On each
      Distribution Date, the Securities Administrator shall first pay or charge as
      an
      expense of REMIC I-1 all expenses of the Trust Fund related to Pool 1 for such
      Distribution Date.

     

    All
      payments received by REMIC I-1 with respect to the Mortgage Loans in Pool 1
      (net
      of expenses described in the preceding paragraph) shall be paid to the REMIC
      I-1
      Regular Interests until the principal balance of all such interests have been
      reduced to zero and any losses allocated to such interests have been reimbursed.
      Any excess amounts shall be distributed to the Class LTI1-R
      Interest.

     

    On
      each
      Distribution Date,

     

    (i) interest
      shortfalls with respect to the Mortgage Loans in Pool 1 shall be allocated
      to
      the REMIC I-1 Regular Interests pro
      rata
      based on
      interest otherwise accrued thereon;

     

    (ii) the
      principal balance of each REMIC I-1 Regular Interest shall be increased by
      the
      amount of interest accrued thereon (net of interest shortfalls allocated thereto
      pursuant to the immediately preceding clause (i));

     

    (iii) cash
      received by REMIC I-1 with respect to the Mortgage Loans in Pool 1 shall be
      distributed to, and losses with respect to the Mortgage Loans in Pool 1 shall
      be
      allocated, first, to each of the REMIC I-1 Marker Classes, in reduction of
      its
      principal balance so that its principal balance is a close as possible to 50%
      of
      the principal balance of its Corresponding Class, and second, to
      the
      Class LTI1-X Interest in reduction of its principal balance so that its
      principal balance is as close as possible to the sum of (x) 50% of the aggregate
      Scheduled Principal Balance of the Mortgage Loans in Pool 1 and (y) 50% of
      the
      Overcollateralization Amount with respect to Pool 1.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Pool 1 Certificate as a result of the proviso in the definition of
      Certificate Principal Amount, then there shall be a corresponding increase
      in
      the principal amount of the REMIC I-1 Regular Interests allocated as
      follows:

     

    first,
      to each
      of the REMIC I-1 Regular Interests (other than the Class LTI1-X Interest) so
      that the principal balance of each such interest is as close as possible to
      50%
      of the principal balances of its Corresponding Class; and

     

    
      
        
        

      

      
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    second,
      to the
      Class LTI1-X Interest so that the principal balance of such interest is as
      close
      as possible to the sum of (x) 50% of the aggregate Scheduled Principal Balance
      of the Mortgage Loans in Pool 1 and (y) 50% of the Overcollateralization Amount
      with
      respect to Pool 1.

     

    REMIC
      I-2:
      All
      payments received by REMIC I-2 with respect to the REMIC I-1 Regular Interests
      shall be paid to the REMIC I-2 Regular Interests until the principal balance
      of
      all such interests have been reduced to zero and any losses allocated to such
      interests have been reimbursed. Any excess amounts shall be distributed to
      the
      Class LTI2-R
      Interest.

     

    The
      REMIC
      I-2 Regular Interests (other than the Class LTI2-X Interest) shall be entitled
      to all payments and allocations made with respect to their respective Related
      Certificates (disregarding any payments in respect of Excess Interest);
      provided, however, that for this purpose the Class 1-AX Certificates shall
      be
      treated as a Related Certificate of (i) the Class LTI2-1A1 Interest to the
      extent of the portion of its Class Notional Amount that is attributable to
      the
      Class Principal Amount of the Class 1-A1 Certificates and (ii) the Class
      LTI2-1A2 Interest to the extent of the portion of its Class Notional Amount
      that
      is attributable to the Class Principal Amount of the Class 1-A2 Certificates.
      The Class LTI2-X Interest shall be entitled to all payments and allocations
      made
      with respect to the Uncertificated Class 1-X Interest.

     

    (u) Notwithstanding
      the priority and sources of payments set forth in Article 5 hereof or otherwise,
      the Securities Administrator shall account for all distributions with respect
      to
      a Class of Pool 1 Certificates in amounts that differ from those payable
      pursuant to the regular interest or interests in REMIC I-3 corresponding to
      such
      Class as amounts paid or received (as appropriate) pursuant to any interest
      rate
      cap contracts or notional principal contracts provided for in this Section.
      In
      no event shall any such amounts be treated as payments with respect to a
“regular interest” in a REMIC within the meaning of Code Section
      860G(a)(1).

     

    (v) The
      Trustee shall provide the Securities Administrator such information (to the
      extent that the Trustee has such information) as the Securities Administrator
      may reasonably request in connection with its responsibilities under this
      Section 10.01.

     

    Section
      10.02. Prohibited
      Transactions and Activities.

     

    Neither
      the Depositor, the Master Servicer nor the Trustee shall sell, dispose of,
      or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of the REMIC holding such Mortgage Loan pursuant to
      Article VII of this Agreement, (iv) a substitution pursuant to Article II of
      this Agreement, or (v) a repurchase of Mortgage Loans pursuant to Article II
      of
      this Agreement, nor acquire any assets for any REMIC, nor sell or dispose of
      any
      investments in the Certificate Account for gain, nor accept any contributions
      to
      any REMIC after the Closing Date (other than, if applicable, any contributions
      from the Funding Account as provided in Section 5.06 hereof), unless it has
      received an Opinion of Counsel (at the expense of the party causing such sale,
      disposition, or substitution), a copy of which shall be provided to any NIMS
      Insurer, that such disposition, acquisition, substitution, or acceptance will
      not (a) affect adversely the status of such REMIC as a REMIC or of the
      Certificates other than the Residual Certificates as the regular interests
      therein, (b) affect the distribution of interest or principal on the
      Certificates, (c) result in the encumbrance of the assets transferred or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause such REMIC to be subject to a tax on prohibited transactions or
      prohibited contributions pursuant to the REMIC Provisions.

     

    
      
        
        

      

      
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    Section
      10.03. Indemnification
      with Respect to Certain Taxes and Loss of REMIC Status.

     

    In
      the
      event that a REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or
      incurs federal, state or local taxes as a result of a prohibited transaction
      or
      prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Trustee or the Securities Administrator, as applicable,
      of
      its duties and obligations set forth herein, the Trustee or the Securities
      Administrator, as applicable, shall indemnify the NIMS Insurer and the Holder
      of
      the related Residual Certificate against any and all losses, claims, damages,
      liabilities or expenses (“Losses”) resulting from such negligence; provided,
      however, that neither the Trustee or the Securities Administrator shall be
      liable for any such Losses attributable to the action or inaction of the Master
      Servicer, the NIMS Insurer, the Depositor, or the Holder of such Residual
      Certificate or any other party, as applicable, nor for any such Losses resulting
      from misinformation provided by the Master Servicer, the Holder of such Residual
      Certificate on which the Trustee or the Securities Administrator, as applicable,
      has relied. The foregoing shall not be deemed to limit or restrict the rights
      and remedies of the Holder of such Residual Certificate now or hereafter
      existing at law or in equity. Notwithstanding the foregoing, however, in no
      event shall the Trustee or the Securities Administrator have any liability
      pursuant to this Section 10.03 (1) for any action or omission that is taken
      in
      accordance with and in compliance with the express terms of, or which is
      expressly permitted by the terms of, this Agreement, (2) for any Losses other
      than arising out of a negligent performance by the Trustee or the Securities
      Administrator, respectively, of its duties and obligations set forth herein,
      and
      (3) for any special or consequential damages to Certificateholders (in addition
      to payment of principal and interest on the Certificates).

     

    Section
      10.04. REO
      Property.

     

    (a) Notwithstanding
      any other provision of this Agreement, the Master Servicer, acting on behalf
      of
      the Trustee hereunder, shall not (except to the extent provided in the
      applicable Servicing Agreement), knowingly permit any Servicer to, rent, lease,
      or otherwise earn income or otherwise take or fail to take any action on behalf
      of any REMIC with respect to any REO Property which might cause such REO
      Property to fail to qualify as “foreclosure” property within the meaning of
      section 860G(a)(8) of the Code or result in the receipt by any REMIC of any
      “income from non-permitted assets” within the meaning of section 860F(a)(2) of
      the Code or any “net income from foreclosure property” which is subject to tax
      under the REMIC Provisions unless the Master Servicer has advised, or has caused
      the applicable Servicer to advise, the Trustee and the Securities Administrator
      in writing to the effect that, under the REMIC Provisions, such action would
      not
      adversely affect the status of any REMIC as a REMIC and any income generated
      for
      such REMIC by the REO Property would not result in the imposition of a tax
      upon
      such REMIC.

     

    
      
        
        

      

      
        164

        
          

        

      

      
        
        

      

    

     

    (b) The
      Master Servicer shall make, or shall cause the applicable Servicer to make,
      reasonable efforts to sell any REO Property for its fair market value. In any
      event, however, the Master Servicer shall, or shall cause the applicable
      Servicer to, dispose of any REO Property within three years from the end of
      the
      calendar year of its acquisition by the Trust Fund unless the Master Servicer
      has received a grant of extension from the Internal Revenue Service to the
      effect that, under the REMIC Provisions and any relevant proposed legislation
      and under applicable state law, the applicable REMIC may hold REO Property
      for a
      longer period without adversely affecting the REMIC status of such REMIC or
      causing the imposition of a Federal or state tax upon such REMIC. If such an
      extension has been received, then (a) the Master Servicer shall provide a copy
      of such extension to the Trustee and the Securities Administrator and (b) the
      Master Servicer, acting on behalf of the Trustee and the Securities
      Administrator hereunder, shall, or shall cause the applicable Servicer to,
      continue to attempt to sell the REO Property for its fair market value for
      such
      period longer than three years as such extension permits (the “Extended
      Period”). If the Master Servicer has not received such an extension, or the
      Master Servicer is acting on behalf of the Trustee and the Securities
      Administrator hereunder, or the applicable Servicer is unable to sell the REO
      Property within 33 months after its acquisition by the Trust Fund or if the
      Trustee has received such an extension, and the Trustee, or the Master Servicer
      acting on behalf of the Trustee hereunder, is unable to sell the REO Property
      within the period ending three months before the close of the Extended Period,
      the Master Servicer shall, or shall cause the applicable Servicer to, before
      the
      end of the three year period or the Extended Period, as applicable, (i) purchase
      such REO Property at a price equal to the REO Property’s fair market value or
      (ii) auction the REO Property to the highest bidder (which may be the Master
      Servicer) in an auction reasonably designed to produce a fair price prior to
      the
      expiration of the three-year period or the Extended Period, as the case may
      be.

     

    Section
      10.05. WHFIT
      Provisions. 

     

    (a) Each
      of
      the grantor trusts identified in Section 10.01(a) is a WHFIT that is a WHMT.
      The
Securities
      Administrator, on behalf of the Trustee
      will report as required under the WHFIT Regulations to the extent such
      information as is reasonably necessary to enable the Securities Administrator,
      on behalf of the Trustee to do so is provided to the Securities Administrator,
      on behalf of the Trustee on a timely basis. The Securities Administrator, on
      behalf of the Trustee will not be liable for any tax reporting penalties that
      may arise under the WHFIT Regulations as a result of the Depositor incorrectly
      determining the status of the grantor trust as a WHFIT.

     

    (b) The
      Securities Administrator, on behalf of the Trustee will report required WHFIT
      information using either the cash or accrual method, except to the extent the
      WHFIT Regulations specifically require a different method. The Securities
      Administrator, on behalf of the Trustee will be under no obligation to determine
      whether any certificate holder uses the cash or accrual method. In addition,
      the
      Securities Administrator, on behalf of the Trustee will not be responsible
      or
      liable for providing subsequently amended, revised or updated information to
      any
      certificate holder, unless requested by the certificate holder or as required
      under applicable law.

     

    (c) The
      Securities Administrator, on behalf of the Trustee shall not be liable for
      failure to meet the reporting requirements of the WHFIT Regulations nor for
      any
      penalties thereunder if such failure is due to: (i) the lack of reasonably
      necessary information being provided to the Securities Administrator, on behalf
      of the Trustee or (ii) incomplete, inaccurate or untimely information being
      provided to the Securities Administrator, on behalf of the Trustee. Each owner
      of a class of securities representing, in whole or in part, beneficial ownership
      of an interest in a WHFIT, by acceptance of its interest in such class of
      securities, will be deemed to have agreed to provide the Securities
      Administrator, on behalf of the Trustee with information regarding any sale
      of
      such securities, including the price, amount of proceeds and date of sale.
      Absent receipt of such information, and unless informed otherwise by the
      Depositor, the Securities Administrator, on behalf of the Trustee will assume
      there is no secondary market trading of WHFIT interests.

     

    
      
        
        

      

      
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    (d) To
      the
      extent required by the WHFIT Regulations, the Securities Administrator, on
      behalf of the Trustee will use reasonable efforts to publish on an appropriate
      website the CUSIPs for the certificates that represent ownership of a WHFIT.
      The
      CUSIPs so published will represent the Rule 144A CUSIPs. The Securities
      Administrator, on behalf of the Trustee will make reasonable good faith efforts
      to keep the website accurate and updated to the extent CUSIPs have been
      received. Absent the receipt of a CUSIP, the Securities Administrator, on behalf
      of the Trustee will use a reasonable identifier number in lieu of a CUSIP.
      The
      Securities Administrator, on behalf of the Trustee will not be liable for
      investor reporting delays that result from the receipt of inaccurate or untimely
      CUSIP information.

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01. Binding
      Nature of Agreement; Assignment.

     

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

     

    Section
      11.02. Entire
      Agreement.

     

    This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

     

    Section
      11.03. Amendment.

     

    (a) This
      Agreement may be amended from time to time by the Depositor, the Master
      Servicer, the Securities Administrator and the Trustee, with the consent of
      the
      NIMS Insurer, but without the consent of any Holders, (i) to cure any ambiguity,
      (ii) to cause the provisions herein to conform to or be consistent with or
      in
      furtherance of the statements made with respect to the Certificates, the Trust
      Fund or this Agreement in any Offering Document; or to correct or supplement
      any
      provision herein which may be inconsistent with any other provisions herein
      or
      with the provisions of any Servicing Agreement, (iii) to make any other
      provisions with respect to matters or questions arising under this Agreement
      or
      (iv) to add, delete, or amend any provisions to the extent necessary or
      desirable to comply with any requirements imposed by the Code and the REMIC
      Provisions as evidenced by an Opinion of Counsel. No such amendment effected
      pursuant to the preceding sentence shall, as evidenced by an Opinion of Counsel,
      result in an Adverse REMIC Event, nor shall such amendment effected pursuant
      to
      clause (iii) of such sentence adversely affect in any material respect the
      interests of any Holder. Prior to entering into any amendment without the
      consent of Holders pursuant to this paragraph, the Trustee and the NIMS Insurer
      may require an Opinion of Counsel (at the expense of the party requesting such
      amendment) to the effect that such amendment is permitted under this Section.
      Any such amendment shall be deemed not to adversely affect in any material
      respect any Holder, if the Trustee and the NIMS Insurer receive written
      confirmation from each Rating Agency that such amendment will not cause such
      Rating Agency to reduce, qualify or withdraw the then current rating assigned
      to
      the Certificates (and any Opinion of Counsel requested by the Trustee in
      connection with any such amendment may rely expressly on such confirmation
      as
      the basis therefor).

     

    
      
        
        

      

      
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    (b) This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the Securities Administrator, the NIMS Insurer and the Trustee, with
      the consent of the Holders of not less than 66 2/3% of the Class Principal
      Amount (or Percentage Interest) of each Class of Certificates affected thereby
      for the purpose of adding any provisions to or changing in any manner or
      eliminating any of the provisions of this Agreement or of modifying in any
      manner the rights of the Holders; provided, however, that no such amendment
      shall be made unless the Trustee receives an Opinion of Counsel addressed to
      the
      Trustee and the NIMS Insurer, at the expense of the party requesting the change,
      that such change will not cause an Adverse REMIC Event; and provided further,
      that no such amendment may (i) reduce in any manner the amount of, or delay
      the
      timing of, payments received on Mortgage Loans which are required to be
      distributed on any Certificate, without the consent of the Holder of such
      Certificate or (ii) reduce the aforesaid percentages of Class Principal Amount
      (or Percentage Interest) of Certificates of each Class, the Holders of which
      are
      required to consent to any such amendment without the consent of the Holders
      of
      100% of the Class Principal Amount (or Class Notional Amount or Percentage
      Interest) of each Class of Certificates affected thereby. For purposes of this
      paragraph, references to “Holder” or “Holders” shall be deemed to include, in
      the case of any Class of Book-Entry Certificates, the related Certificate
      Owners.

     

    (c) Promptly
      after the execution of any such amendment, the Securities Administrator on
      behalf of the Trustee shall furnish written notification of the substance of
      such amendment to each Holder, the NIMS Insurer, the Depositor and to the Rating
      Agencies.

     

    (d) It
      shall
      not be necessary for the consent of Holders under this Section 11.03 to approve
      the particular form of any proposed amendment, but it shall be sufficient if
      such consent shall approve the substance thereof. The manner of obtaining such
      consents and of evidencing the authorization of the execution thereof by Holders
      shall be subject to such reasonable regulations as the Securities Administrator
      may prescribe.

     

    (e) Notwithstanding
      anything to the contrary in any Servicing Agreement, the Trustee shall not
      consent to any amendment of any Servicing Agreement unless (i) such amendment
      is
      effected pursuant to the standards provided in this Section with respect to
      amendment of this Agreement and (ii) except for a Permitted Servicing Amendment,
      any such amendment pursuant to Section 11.03(a)(iii) shall not be materially
      inconsistent with the provisions of such Servicing Agreement.

     

    (f) Notwithstanding
      anything to the contrary in this Section 11.03, this Agreement may be amended
      from time to time by the Depositor, the Master Servicer, the Securities
      Administrator and the Trustee to the extent necessary, in the judgment of the
      Depositor and its counsel, to comply with the Securities Exchange Act of 1934,
      Regulation AB and any related rules and regulations.

     

    
      
        
        

      

      
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    Section
      11.04. Voting
      Rights.

     

    Except
      to
      the extent that the consent of all affected Certificateholders is required
      pursuant to this Agreement, with respect to any provision of this Agreement
      requiring the consent of Certificateholders representing specified percentages
      of aggregate outstanding Certificate Principal Amount (or Notional Amount or
      Percentage Interest), Certificates owned by the Depositor, the Securities
      Administrator, the Master Servicer, the Trustee or any Servicer or Affiliates
      thereof are not to be counted so long as such Certificates are owned by the
      Depositor, the Securities Administrator, the Master Servicer, the Trustee or
      any
      Servicer or Affiliates thereof.

     

    Section
      11.05. Provision
      of Information.

     

    (a) For
      so
      long as any of the Certificates of any Series or Class are “restricted
      securities” within the meaning of Rule 144(a)(3) under the Act, each of the
      Depositor, the Master Servicer, the Securities Administrator and the Trustee
      agree to cooperate with each other to provide to any Certificateholders and
      to
      any prospective purchaser of Certificates designated by such Certificateholder,
      upon the request of such Certificateholder or prospective purchaser, any
      information required to be provided to such holder or prospective purchaser
      to
      satisfy the condition set forth in Rule 144A(d)(4) under the Act. Any
      reasonable, out-of-pocket expenses incurred by the Trustee or the Securities
      Administrator in providing such information shall be reimbursed by the
      Depositor.

     

    (b) The
      Securities Administrator will make available to any person to whom a Prospectus
      was delivered, upon the request of such person specifying the document or
      documents requested, (i) a copy (excluding exhibits) of any report on Form
      8-K,
      Form 10-D or Form 10-K filed with the Securities and Exchange Commission
      pursuant to Section 6.20(c) and (ii) a copy of any other document incorporated
      by reference in the Prospectus to the extent in the possession of the Securities
      Administrator. Any reasonable out-of-pocket expenses incurred by the Securities
      Administrator in providing copies of such documents shall be reimbursed by
      the
      Depositor.

     

    Section
      11.06. Governing
      Law.

     

    THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
      BE
      DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO CONFLICT OF LAWS
      PRINCIPLES APPLIED IN NEW YORK (OTHER THAN SECTION 5-1401 OF THE GENERAL
      OBLIGATIONS LAW).

     

    Section
      11.07. Notices.

     

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given when delivered to such party at the relevant
      address, facsimile number or electronic mail address set forth below (or at
      such
      other address, facsimile number or electronic mail address as such party may
      designate from time to time by written notice in accordance with this Section
      11.07): received by (a) in the case of the Depositor, Structured Asset
      Securities Corporation, 745 Seventh Avenue, 13th Floor, New York, New York
      10019, Attention: Mark Zusy, (b) in the case of the Certificate Registrar,
      its
      Corporate Trust Office, (c) in the case of the Trustee, the Corporate Trust
      Office, (d) in the case of the Securities Administrator, its Corporate Trust
      Office, (e) in the case of the NIMS Insurer, if any, as set forth in the
      Indenture, and (f) in the case of the Master Servicer, Aurora Loan Services
      LLC,
      10350 Park Meadows Drive, Littleton, Colorado 80124; Attention: Master Servicing
      or as to each party such other address as may hereafter be furnished by such
      party to the other parties in writing. Any notice required or permitted to
      be
      mailed to a Holder shall be given by first class mail, postage prepaid, at
      the
      address of such Holder as shown in the Certificate Register. Any notice so
      mailed within the time prescribed in this Agreement shall be conclusively
      presumed to have been duly given, whether or not the Holder receives such
      notice.

     

    
      
        
        

      

      
        168

        
          

        

      

      
        
        

      

    

     

    Section
      11.08. Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    Section
      11.09. Indulgences;
      No Waivers.

     

    Neither
      the failure nor any delay on the part of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any right, remedy, power or privilege
      preclude any other or further exercise of the same or of any other right,
      remedy, power or privilege, nor shall any waiver of any right, remedy, power
      or
      privilege with respect to any occurrence be construed as a waiver of such right,
      remedy, power or privilege with respect to any other occurrence. No waiver
      shall
      be effective unless it is in writing and is signed by the party asserted to
      have
      granted such waiver.

     

    Section
      11.10. Headings
      Not To Affect Interpretation.

     

    The
      headings contained in this Agreement are for convenience of reference only,
      and
      they shall not be used in the interpretation hereof.

     

    Section
      11.11. Benefits
      of Agreement.

     

    Nothing
      in this Agreement or in the Certificates, express or implied, shall give to
      any
      Person, other than the parties to this Agreement and their successors hereunder,
      the Holders of the Certificates, any benefit or any legal or equitable right,
      power, remedy or claim under this Agreement, except to the extent specified
      in
      Section 11.14.

     

    Section
      11.12. Special
      Notices to the Rating Agencies and NIMS Insurer.

     

    (a) The
      Depositor shall give prompt notice to the Rating Agencies of the occurrence
      of
      any of the following events of which it has notice:

     

    (i) any
      amendment to this Agreement pursuant to Section 11.03;

     

    
      
        
        

      

      
        169

        
          

        

      

      
        
        

      

    

     

    (ii) any
      Assignment by the Master Servicer of its rights hereunder or delegation of
      its
      duties hereunder;

     

    (iii) the
      occurrence of any Event of Default described in Section 6.14;

     

    (iv) any
      notice of termination given to the Master Servicer pursuant to Section 6.14
      and
      any resignation of the Master Servicer hereunder;

     

    (v) the
      appointment of any successor to any Master Servicer pursuant to Section 6.14;
      and

     

    (vi) the
      making of a final payment pursuant to Section 7.02.

     

    (b) All
      notices to the Rating Agencies provided for this Section shall be in writing
      and
      sent by first class mail, telecopy or overnight courier, as
      follows:

     

    If
      to
      Fitch, to:

    


    Fitch,
      Inc.

    1
      State
      Street Plaza

    New
      York,
      New York 10041

    


    If
      to
      S&P, to:

    


    Standard
      & Poor’s 

    55
      Water
      Street

    New
      York,
      New York 10041

    


    (c) The
      Securities Administrator shall provide or make available to the Rating Agencies
      reports prepared pursuant to Section 4.03. In addition, the Securities
      Administrator shall, at the expense of the Trust Fund, make available to each
      Rating Agency such information as such Rating Agency may reasonably request
      regarding the Certificates or the Trust Fund, to the extent that such
      information is reasonably available to the Securities
      Administrator.

     

    Section
      11.13. Counterparts.

     

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

     

    Section
      11.14. Transfer
      of Servicing.

     

    The
      Seller agrees that it shall provide written notice to the Trustee, the
      Securities Administrator and the Master Servicer thirty days prior to any
      transfer or assignment by the Seller of its rights under any Servicing Agreement
      or of the servicing thereunder or delegation of its rights or duties thereunder
      or any portion thereof to any Person other than the initial Servicer under
      such
      Servicing Agreement; provided that the Seller shall not be required to provide
      prior notice of any transfer of servicing that occurs within three months
      following the Closing Date to an entity that is a Servicer on the Closing Date.
      In addition, the ability of the Seller to transfer or assign its rights and
      delegate its duties under a Servicing Agreement or to transfer the servicing
      thereunder to a successor servicer shall be subject to the following
      conditions:

     

    
      
        
        

      

      
        170

        
          

        

      

      
        
        

      

    

     

    (i) Satisfaction
      of the conditions to such transfer as set forth in the Servicing Agreement
      including, without limitation, receipt of written consent of the Master Servicer
      to such transfer;

     

    (ii) Receipt
      of the written consent of the NIMS Insurer, such consent not to be unreasonably
      withheld;

     

    (iii) Such
      successor servicer must be qualified to service loans for FNMA or
      FHLMC;

     

    (iv) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      applicable Servicing Agreement, exclusive of any experience in mortgage loan
      origination, and must be reasonably acceptable to the Master Servicer, whose
      approval shall not be unreasonably withheld;

     

    (v) Such
      successor servicer must execute and deliver to the Trustee, the Securities
      Administrator and the Master Servicer an agreement, in form and substance
      reasonably satisfactory to the Trustee, the Securities Administrator and the
      Master Servicer, that contains an assumption by such successor servicer of
      the
      due and punctual performance and observance of each covenant and condition
      to be
      performed and observed by the applicable Servicer under the applicable Servicing
      Agreement or, in the case of a transfer of servicing to a party that is already
      a Servicer pursuant to this Agreement, an agreement to add the related Mortgage
      Loans to the Servicing Agreement already in effect with such
      Servicer;

     

    (vi) If
      the
      successor servicer is not a Servicer of Mortgage Loans at the time of such
      transfer, there must be delivered to the Trustee and the Securities
      Administrator a letter from each Rating Agency to the effect that such transfer
      of servicing will not result in a qualification, withdrawal or downgrade of
      the
      then-current rating of any of the Certificates;

     

    (vii) The
      Seller shall, at its cost and expense, take such steps, or cause the terminated
      Servicer to take such steps, as may be necessary or appropriate to effectuate
      and evidence the transfer of the servicing of the Mortgage Loans to such
      successor servicer, including, but not limited to, the following: (A) to the
      extent required by the terms of the Mortgage Loans and by applicable federal
      and
      state laws and regulations, the Seller shall cause the prior Servicer to timely
      mail to each obligor under a Mortgage Loan any required notices or disclosures
      describing the transfer of servicing of the Mortgage Loans to the successor
      servicer; (B) prior to the effective date of such transfer of servicing, the
      Seller shall cause the prior Servicer to transmit to any related insurer
      notification of such transfer of servicing; (C) on or prior to the effective
      date of such transfer of servicing, the Seller shall cause the prior Servicer
      to
      deliver to the successor servicer all Mortgage Loan Documents and any related
      records or materials; (D) on or prior to the effective date of such transfer
      of
      servicing, the Seller shall cause the prior Servicer to transfer to the
      successor servicer, or, if such transfer occurs after a Remittance Date but
      before the next succeeding Deposit Date, to the Master Servicer, all funds
      held
      by the applicable Servicer in respect of the Mortgage Loans; (E) on or prior
      to
      the effective date of such transfer of servicing, the Seller shall cause the
      prior Servicer to, after the effective date of the transfer of servicing to
      the
      successor servicer, continue to forward to such successor servicer, within
      one
      Business Day of receipt, the amount of any payments or other recoveries received
      by the prior Servicer, and to notify the successor servicer of the source and
      proper application of each such payment or recovery; and (F) the Seller shall
      cause the prior Servicer to, after the effective date of transfer of servicing
      to the successor servicer, continue to cooperate with the successor servicer
      to
      facilitate such transfer in such manner and to such extent as the successor
      servicer may reasonably request.

     

    
      
        
        

      

      
        171

        
          

        

      

      
        
        

      

    

     

    Section
      11.15. Conflicts.

     

    To
      the
      extent that the terms of this Agreement conflict with the terms of any Servicing
      Agreement, the related Servicing Agreement shall govern, unless such provisions
      shall adversely affect the Trustee or the Trust Fund or the status of any REMIC
      created hereunder as a REMIC, provided that nothing in this Section 11.15 shall
      be construed to limit the rights or obligations of the Master Servicer under
      Section 9.05 of this Agreement.

     

    Section
      11.16. Third
      Party Rights.

     

    The
      NIMS
      Insurer shall be deemed a third-party beneficiary of this Agreement to the
      same
      extent as if it were a party hereto, and shall have the right to enforce the
      provisions of this Agreement.

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

    


    
      
        
        

      

      
        172

        
          

        

      

      
        
        

      

    


    IN
      WITNESS WHEREOF, the Depositor, the Securities Administrator, the Trustee and
      the Master Servicer have caused their names to be signed hereto by their
      respective officers hereunto duly authorized as of the day and year first above
      written.

    
      	 	 	 
	 	
              STRUCTURED
                ASSET
                SECURITIES

              CORPORATION,
                as
                Depositor

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name: 
              Michael C. Hitzmann
	 	Title:  
               Senior Vice President


    

     

    
      	
            	 	 
	 	
              HSBC
                BANK USA,
                NATIONAL ASSOCIATION,

              not
                in its
                Individual Capacity, but solely as

              Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
              
	 	Title:


    

     

    
      	
            	 	 
	 	
              WELLS
                FARGO BANK,
                N.A.,

              as
                Securities Administrator

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
              
	 	Title:



      	
            	 	 
	 	
              AURORA
                LOAN
                SERVICES LLC, 

              as
                Master Servicer

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name: 
              Michele Olds
	 	Title:   
              Vice President


    

     

     

    Solely
      for purposes of Sections 2.05 and 11.14,

    accepted
      and agreed to by:

     

    LEHMAN
      BROTHERS HOLDINGS INC.

    


    
      	
              By:

            	
               

              
                

              

            	 
	 	
              Name: 
                Ellen Kiernan

            
	 	
              Title:  
                Authorized Signatory

            


    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    


    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    INTENTIONALLY
      OMITTED

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    


    EXHIBIT
      B-1

    


    FORM
      OF
      INITIAL CERTIFICATION


    
      

        
          	 	 	
                  Date

                	 
	
                  HSBC
                    Bank USA, National Association

                	 	 	 	 
	
                  425
                    Fifth Avenue

                	 	 	 	 
	
                  New
                    York, New York 10018

                	 	 	 	 
	 	 	 	 	 
	
                  Structured
                    Asset Securities Corporation

                	 	 	 	 
	
                  745
                    Seventh Avenue, 13th
                    Floor

                	 	 	 	 
	
                  New
                    York, New York 10019

                	 	 	 	 
	 	 	 	 	 
	
                  Aurora
                    Loan Services LLC

                	 	 	 	 
	
                  10350
                    Park Meadows Drive, 

                	 	 	 	 
	
                  Littleton,
                    Colorado 80124

                	 	 	 	 
	 	 	 	 	 
	
                  [NIMS
                    Insurer, if applicable]

                	 	 	 	 


        

      

    

     

    
      	 	
              Re:

            	
              Trust
                Agreement (the “Trust Agreement”), dated as of September 1, 2007 among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
                Administrator and HSBC Bank USA, National Association, as Trustee,
                with
                respect to Structured Adjustable Rate Mortgage Loan Trust Mortgage
                Pass-Through Certificates, Series
                2007-9

            


    

    


    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(a) of the Trust Agreement, subject to review of
      the
      contents thereof, the undersigned, as Custodian on behalf of the Trustee, hereby
      certifies that it (or its custodian) has received the documents listed in
      Section 2.01(b) of the Trust Agreement for each Mortgage File pertaining to
      each
      Mortgage Loan listed on Schedule A, to the Trust Agreement, subject to any
      exceptions noted on Schedule I hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

    
      	 	 	 
	 	
              [Custodian],
                on behalf of

              HSBC
                Bank USA, National Association,

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
	 	Title:


    

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-2

     

    FORM
      OF
      INTERIM CERTIFICATION

    

      
        	 	 	
                Date

              	 
	
                HSBC
                  Bank USA, National Association

              	 	 	 
	
                425
                  Fifth Avenue

              	 	 	 	 
	
                New
                  York, New York 10018

              	 	 	 	 
	 	 	 	 	 
	
                Structured
                  Asset Securities Corporation

              	 	 	 	 
	
                745
                  Seventh Avenue, 13th Floor

              	 	 	 	 
	
                New
                  York, New York 10019

              	 	 	 	 
	 	 	 	 	 
	
                Aurora
                  Loan Services LLC

              	 	 	 	 
	
                10350
                  Park Meadows Drive

              	 	 	 	 
	
                Littleton,
                  Colorado 80124

              	 	 	 	 
	 	 	 	 	 
	
                [NIMS
                  Insurer, if applicable]

              	 	 	 	 


      

    

     

    
      	 	
              Re:

            	
              Trust
                Agreement (the “Trust Agreement”), dated as of September 1, 2007 among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
                Administrator and HSBC Bank USA, National Association, as Trustee,
                with
                respect to Structured Adjustable Rate Mortgage Loan Trust Mortgage
                Pass-Through Certificates, Series
                2007-9

            


    

    


    Ladies
      and Gentlemen:

    


    In
      accordance with Section 2.02(b) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it (or its custodian) has received the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents identified above and has determined that
      each such document appears regular on its face and appears to relate to the
      Mortgage Loan identified in such document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said

     

    Trust
      Agreement including, but not limited to, Section 2.02(b).

      	
            	 	 
	 	
              
                [Custodian],
                  on behalf of

                HSBC
                  Bank USA, National Association,

                as
                  Trustee

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
	 	Title:


    

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

    


    EXHIBIT
      B-3

     

    FORM
      OF
      FINAL CERTIFICATION

    

      
        	 	 	
                Date

              	 
	 	 	 	 
	
                HSBC
                  Bank USA, National Association

              	 	 	 	 
	
                425
                  Fifth Avenue

              	 	 	 	 
	
                New
                  York, New York 10018

              	 	 	 	 
	 	 	 	 	 
	
                Structured
                  Asset Securities Corporation

              	 	 	 	 
	
                745
                  Seventh Avenue, 13th Floor

              	 	 	 	 
	
                New
                  York, New York 10019

              	 	 	 	 
	 	 	 	 	 
	
                Aurora
                  Loan Services LLC

              	 	 	 	 
	
                10350
                  Park Meadows Drive

              	 	 	 	 
	
                Littleton,
                  Colorado 80124

              	 	 	 	 
	 	 	 	 	 
	
                [NIMS
                  Insurer, if applicable]

              	 	 	 	 


      

    

     

    
      	 	
              Re:

            	
              Trust
                Agreement (the “Trust Agreement”), dated as of September 1, 2007 among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as securities
                administrator and HSBC Bank USA, National Association, as Trustee,
                with
                respect to Structured Adjustable Rate Mortgage Loan Trust Mortgage
                Pass-Through Certificates, Series
                2007-9

            


    

    


    Ladies
      and Gentlemen:

    In
      accordance with Section 2.02(d) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it (or its custodian) has received the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears to be complete and, based on an examination of such
      documents, the information set forth in the Mortgage Loan Schedule is
      correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said

     

    Trust
      Agreement.

    
      	
            	 	 
	 	
              
                
                  [Custodian],
                    on behalf of

                  HSBC
                    Bank USA, National Association,

                  as
                    Trustee

                

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
	 	Title:


    

     

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of HSBC Bank USA, National Association, as trustee (the “Trustee”)
      under the Trust Agreement dated as of September 1, 2007, among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, Wells Fargo Bank, N.A., as Securities Administrator and the Trustee
      relating to Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
      Certificates, Series 2007-9, without recourse.

    
      	
            	 	 
	 	 	
              

            
	 	 	
              [current
                signatory on note]

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
	 	Title:


    

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

     

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

    
      	
            	 	
              Date

            	 
	 	 	 	 
	
              [Addressed
                to Trustee

              or,
                if applicable, custodian]

            	 	 	 	 


    

     

    In
      connection with the administration of the mortgages held by you as custodian
      on
      behalf of the Trustee under a certain Trust Agreement dated as of September
      1,
      2007 among Structured Asset Securities Corporation, as Depositor, Aurora Loan
      Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
      Administrator, and HSBC Bank USA,
      National
      Association, as
      Trustee
      (the “Trust Agreement”), the undersigned Master Servicer hereby requests a
      release of the Mortgage File held by you as Trustee with respect to the
      following described Mortgage Loan for the reason indicated below.

     

    Mortgagor’s
      Name:

        

    

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    
      	
              1.

            	
              Mortgage
                Loan paid in full. (The Master Servicer hereby certifies that all
                amounts
                received in connection with the loan have been or will be credited
                to the
                Collection Account or the Certificate Account (whichever is applicable)
                pursuant to the Trust Agreement.)

            


    

     

    
      	
              2.

            	
              The
                Mortgage Loan is being foreclosed.

            


    

     

    
      	
              3.

            	
              Mortgage
                Loan substituted. (The Master Servicer hereby certifies that a Qualifying
                Substitute Mortgage Loan has been assigned and delivered to you along
                with
                the related Mortgage File pursuant to the Trust
                Agreement.)

            


    

     

    
      	
              4.

            	
              Mortgage
                Loan repurchased. (The Master Servicer hereby certifies that the
                Purchase
                Price has been credited to the Collection Account or the Certificate
                Account pursuant to the Trust
                Agreement.)

            


    

     

    
      	
              5.

            	
              Other.
                (Describe)

            


    

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Trust Agreement and will
      be
      returned to you within ten (10) days of our receipt of the Mortgage File, except
      if the Mortgage Loan has been paid in full, or repurchased or substituted for
      a
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently) and except if the Mortgage Loan is being foreclosed
      (in which case the Mortgage File will be returned when no longer required by
      us
      for such purpose).

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

    
      	
            	 	 
	 	 	
              

            
	 	 	
              [Name
                of Master Servicer]

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
	 	Title:
              Servicing Officer


    

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D-1

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

    

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              


      

    

     

    [NAME
      OF
      OFFICER], _________________ being first duly sworn, deposes and
      says:

     

    That
      he
      [she] is [title of officer] ________________________ of [name of Purchaser]
      _________________________________________ (the “Purchaser”), a
      _______________________ [description of type of entity] duly organized and
      existing under the laws of the [State of __________] [United States], on behalf
      of which he [she] makes this affidavit.

     

    
      
        	1.	
                That
                  the Purchaser’s Taxpayer Identification Number is
                  ______________.

              


      

    

     

    
      	
              2.

            	
              That
                the Purchaser is not a “disqualified organization” within the meaning of
                Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                (the
                “Code”) and will not be a “disqualified organization” as of
                __________________ [date of transfer], and that the Purchaser is
                not
                acquiring a Residual Certificate (as defined in the Agreement) for
                the
                account of, or as agent (including a broker, nominee, or other middleman)
                for, any person or entity from which it has not received an affidavit
                substantially in the form of this affidavit. For these purposes,
                a
                “disqualified organization” means the United States, any state or
                political subdivision thereof, any foreign government, any international
                organization, any agency or instrumentality of any of the foregoing
                (other
                than an instrumentality if all of its activities are subject to tax
                and a
                majority of its board of directors is not selected by such governmental
                entity), any cooperative organization furnishing electric energy
                or
                providing telephone service to persons in rural areas as described
                in Code
                Section 1381(a)(2)(C), any “electing large partnership” within the meaning
                of Section 775 of the Code, or any organization (other than a farmers’
                cooperative described in Code Section 521) that is exempt from federal
                income tax unless such organization is subject to the tax on unrelated
                business income imposed by Code Section
                511.

            


    

     

    
      	
              3.

            	
              That
                the Purchaser is not, and on _______________ [date of transfer] will
                not
                be, an employee benefit plan or arrangement subject to Title I of
                the
                Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a
                plan subject to Section 4975 of the Internal Revenue Code of 1986,
                as
                amended (the “Code”) or a plan subject to any provisions under any
                federal, state, local, non-U.S. or other laws or regulations that
                are
                substantively similar to the foregoing provisions of ERISA or the
                Code
                (collectively, a “Plan”), and is not directly or indirectly acquiring the
                Residual Certificate for, on behalf of or with any assets of any
                such
                Plan.

            


    

     

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

     

    
      	
              4.

            	
              That
                the Purchaser hereby acknowledges that under the terms of the Trust
                Agreement (the “Agreement”) among Structured Asset Securities Corporation,
                HSBC Bank USA, National Association, as Trustee, Wells Fargo Bank,
                N.A.,
                as Securities Administrator and Aurora Loan Services LLC, as Master
                Servicer, dated as of September 1, 2007, no transfer of a Residual
                Certificate shall be permitted to be made to any person unless the
                Depositor and the Securities Administrator have received a certificate
                from such transferee containing the representations in paragraphs
                2, 3 and
                4 hereof.

            


    

     

    
      	
              5.

            	
              That
                the Purchaser does not hold REMIC residual securities as nominee
                to
                facilitate the clearance and settlement of such securities through
                electronic book-entry changes in accounts of participating organizations
                (such entity, a “Book-Entry
                Nominee”).

            


    

     

    
      	
              6.

            	
              That
                the Purchaser does not have the intention to impede the assessment
                or
                collection of any federal, state or local taxes legally required
                to be
                paid with respect to such Residual Certificate, and that the Purchaser
                has
                provided financial statements or other financial information requested
                by
                the transferor in connection with the transfer of the Residual Certificate
                in order to permit the transferor to assess the financial capability
                of
                the Purchaser to pay such taxes.

            


    

     

    
      	
              7.

            	
              That
                the Purchaser will not transfer a Residual Certificate to any person
                or
                entity (i) as to which the Purchaser has actual knowledge that the
                requirements set forth in paragraph 2, paragraph 5 or paragraph 9
                hereof
                are not satisfied or that the Purchaser has reason to believe does
                not
                satisfy the requirements set forth in paragraph 6 hereof, and (ii)
                without
                obtaining from the prospective Purchaser an affidavit substantially
                in
                this form and providing to the Securities Administrator a written
                statement substantially in the form of Exhibit D-2 to the
                Agreement.

            


    

     

    
      	
              8.

            	
              That
                the Purchaser understands that, as the holder of a Residual Certificate,
                the Purchaser may incur tax liabilities in excess of any cash flows
                generated by the interest and that it intends to pay taxes associated
                with
                holding such Residual Certificate as they become
                due.

            


    

     

    
      	
              9.

            	
              That
                the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person that
                holds
                a Residual Certificate in connection with the conduct of a trade
                or
                business within the United States and has furnished the transferor
                and the
                Securities Administrator with an effective Internal Revenue Service
                Form
                W-8 ECI (Certificate of Foreign Person’s Claim for Exemption From
                Withholding on Income Effectively Connected with the Conduct of a
                Trade or
                Business in the United States) or successor form at the time and
                in the
                manner required by the Code. “Non-U.S. Person” means any person other than
                (i) a citizen or resident of the United States; (ii) a corporation
                (or
                entity treated as a corporation for tax purposes) created or organized
                in
                the United States or under the laws of the United States or of any
                state
                thereof, including, for this purpose, the District of Columbia; (iii)
                a
                partnership (or entity treated as a partnership for tax purposes)
                organized in the United States or under the laws of the United States
                or
                of any state thereof, including, for this purpose, the District of
                Columbia (unless provided otherwise by future Treasury regulations);
                (iv)
                an estate whose income is includible in gross income for United States
                income tax purposes regardless of its source; (v) a trust, if a court
                within the United States is able to exercise primary supervision
                over the
                administration of the trust and one or more U.S. Persons have authority
                to
                control all substantial decisions of the trust or; (vi) and, to the
                extent
                provided in Treasury regulations, certain trusts in existence prior
                to
                August 20, 1996 that are treated as United States persons prior to
                such
                date and elect to continue to be treated as United States
                persons.

            


    

     

    
      
        
        

      

      
        D-1-2

        
          

        

      

      
        
        

      

    

     

    
      	
              10.

            	
              That
                the Purchaser agrees to such amendments of the Trust Agreement as
                may be
                required to further effectuate the restrictions on transfer of any
                Residual Certificate to such a “disqualified organization,” an agent
                thereof, a Book-Entry Nominee, or a person that does not satisfy
                the
                requirements of paragraph 6 and paragraph 9
                hereof.

            


    

     

    
      	
              11.

            	
              That
                the Purchaser consents to the designation of the Securities Administrator
                as its agent to act as “tax matters person” of the Trust Fund pursuant to
                the Trust Agreement.

            


    

     

    Terms
      used in this transfer affidavit which are not otherwise defined herein have
      the
      respective meanings assigned thereto in the Trust Agreement.

     

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

    


    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________, 20__.

     

    
      	
            	 	 
	 	 	
              

            
	 	 	
              [name
                of Purchaser]

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
	 	Title:
              


    

     

    Personally
      appeared before me the above-named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________, 20__.

     

    NOTARY
      PUBLIC

     

    _________________________________

     

    COUNTY
      OF_____________________

     

    STATE
      OF_______________________

     

    My
      commission expires the _____ day of __________, 20__.

     

    
      
        
        

      

      
        D-1-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D-2

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

     

    
      	
            	 	
              Date

            	 
	 	 	 	 


    

     

    
      	 	
              Re:

            	
              Structured
                Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates,
                Series 2007-9

            


    

     

    _______________________
      (the “Transferor”) has reviewed the attached affidavit of
      _____________________________ (the “Transferee”), and has no actual knowledge
      that such affidavit is not true and has no reason to believe that the
      information contained in paragraph 6 thereof is not true, and has no reason
      to
      believe that the Transferee has the intention to impede the assessment or
      collection of any federal, state or local taxes legally required to be paid
      with
      respect to a Residual Certificate. In addition, the Transferor has conducted
      a
      reasonable investigation at the time of the transfer and found that the
      Transferee had historically paid its debts as they came due and found no
      significant evidence to indicate that the Transferee will not continue to pay
      its debts as they become due.

    
      	 	 	 
	 	 	Very
              truly yours,
	 	 	 
	
            	 	 
	 	
              

            
	 	Name:
	 	Title:
              


    

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    SERVICING
      AGREEMENT

     

    Servicing
      Agreement, dated as of September 1, 2007, by and between Lehman Brothers
      Holdings Inc., as seller, Aurora Loan Services LLC, as servicer and Aurora
      Loan
      Services LLC, as Master Servicer.

     

    See
      Exhibit 99.2

     

    Transfer
      Notice, dated as of September 1, 2007, by and between Lehman Brothers Holdings
      Inc., as seller and Colonial Savings, F.A., as servicer.

    


    Intentionally
      Omitted

    


    Reconstituted
      Servicing Agreement, dated as of September 1, 2007, by and between Lehman
      Brothers Holdings Inc., as seller and Countrywide Home Loans Servicing LP,
      as
      servicer.

    


    See
      Exhibit 99.3

    


    Reconstituted
      Servicing Agreement, dated as of September 1, 2007, by and between Lehman
      Brothers Holdings Inc., as seller and Wells Fargo Bank, N.A., as
      servicer.

    


    Intentionally
      Omitted

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

    Re: Structured
      Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates,
      Series 2007-9

     

    Reference
      is hereby made to the Trust Agreement (the “Trust Agreement”), dated as of
      September 1, 2007 among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as
      Securities Administrator and HSBC Bank USA, National Association, as Trustee.
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Trust Agreement.

     

    This
      letter relates to $_________ initial Certificate Principal Amount of Class
          
      Certificates
      which are held in the form of Definitive Certificates registered in the name
      of
                                
      (the
“Transferor”). The Transferor has requested a transfer of such Definitive
      Certificates for Definitive Certificates of such Class registered in the name
      of
      [insert name of transferee].

     

    In
      connection with such request, and in respect of such Certificates, the
      Transferor hereby certifies that such Certificates are being transferred in
      accordance with (i) the transfer restrictions set forth in the Trust Agreement
      and the Certificates and (ii) Rule 144A under the Act to a purchaser that the
      Transferor reasonably believes is a “qualified institutional buyer” within the
      meaning of Rule 144A purchasing for its own account or for the account of a
      “qualified institutional buyer”, which purchaser is aware that the sale to it is
      being made in reliance upon Rule 144A, in a transaction meeting the requirements
      of Rule 144A and in accordance with any applicable securities laws of any state
      of the United States or any other applicable jurisdiction.

     

    This
      certificate and the statements contained herein are made for the benefit of
      the
      Trustee, the Placement Agent and the Depositor.

    
      	
            	 	 
	 	 	
              

            
	 	 	
              [Name
                of Transferor]

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
	 	Title:
              
	 	 
	Dated:
              __________________, ________	 


    

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      G

     

    FORM
      OF
      PURCHASER’S LETTER FOR

     

    INSTITUTIONAL
      ACCREDITED INVESTOR

     

    
      	
            	 	
              Date

            	 
	 	 	 	 


    

     

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
      Certificates, Series 2007-9 (the “Privately Offered Certificates”) of Structured
      Asset Securities Corporation (the “Depositor”) which are held in the form of
      Definitive Certificates, we confirm that:

     

    1. We
      understand that the Privately Offered Certificates have not been, and will
      not
      be, registered under the Securities Act of 1933, as amended (the “Securities
      Act”), and may not be sold except as permitted in the following sentence. We
      agree, on our own behalf and on behalf of any accounts for which we are acting
      as hereinafter stated, that if we should sell any Privately Offered Certificates
      within two years of the later of the date of original issuance of the Privately
      Offered Certificates or the last day on which such Privately Offered
      Certificates are owned by the Depositor or any affiliate of the Depositor (which
      includes the Placement Agent) we will do so only (A) to the Depositor, (B)
      to
“qualified institutional buyers” (within the meaning of Rule 144A under the
      Securities Act) in accordance with Rule 144A under the Securities Act (“QIBs”),
      (C) pursuant to the exemption from registration provided by Rule 144 under
      the
      Securities Act, or (D) to an institutional “accredited investor” within the
      meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities
      Act that is not a QIB (an “Institutional Accredited Investor”) which, prior to
      such transfer, delivers to the Securities Administrator under the Trust
      Agreement (the “Trust Agreement”), dated as of September 1, 2007 among
      Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
      LLC,
      as Master Servicer, Wells Fargo Bank N.A., as Securities Administrator and
      HSBC
      Bank USA, National Association, as Trustee, a signed letter in the form of
      this
      letter; and we further agree, in the capacities stated above, to provide to
      any
      person purchasing any of the Privately Offered Certificates from us a notice
      advising such purchaser that resales of the Privately Offered Certificates
      are
      restricted as stated herein.

     

    2. We
      understand that, in connection with any proposed resale of any Privately Offered
      Certificates to an Institutional Accredited Investor, we will be required to
      furnish to the Securities Administrator, the Certificate Registrar and the
      Depositor a certification from such transferee in the form hereof to confirm
      that the proposed sale is being made pursuant to an exemption from, or in a
      transaction not subject to, the registration requirements of the Securities
      Act.
      We further understand that the Privately Offered Certificates purchased by
      us
      will bear a legend to the foregoing effect.

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

     

    3. We
      are
      acquiring the Privately Offered Certificates for investment purposes and not
      with a view to, or for offer or sale in connection with, any distribution in
      violation of the Securities Act. We have such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits and
      risks of our investment in the Privately Offered Certificates, and we and any
      account for which we are acting are each able to bear the economic risk of
      such
      investment.

     

    4. We
      are an
      Institutional Accredited Investor and we are acquiring the Privately Offered
      Certificates purchased by us for our own account or for one or more accounts
      (each of which is an Institutional Accredited Investor) as to each of which
      we
      exercise sole investment discretion.

     

    5. We
      have
      received such information as we deem necessary in order to make our investment
      decision.

     

    6. If
      we are
      acquiring an ERISA-Restricted Certificate, we are not a Plan and we are not
      acquiring the ERISA-Restricted Certificate for, on behalf of or with any assets
      of a Plan, except as may be permitted pursuant to Section 3.03(d) of the Trust
      Agreement.

     

    Terms
      used in this letter which are not otherwise defined herein have the respective
      meanings assigned thereto in the Trust Agreement.

     

    You
      and
      the Depositor, the Securities Administrator and the Trustee are entitled to
      rely
      upon this letter and are irrevocably authorized to produce this letter or a
      copy
      hereof to any interested party in any administrative or legal proceeding or
      official inquiry with respect to the matters covered hereby.

    
      	
            	 	 
	 	 	Very
              truly yours,
	 	 	 
	 	 	 
	 	 	
              

            
	 	 	
              [Purchaser]

            
	 
 	 
 	 
 
	 	By  	 
	 	
              

            
	 	Name:
	 	Title:
              


    

     

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      H

     

    [FORM
      OF
      ERISA TRANSFER AFFIDAVIT]

     

    

      
        	
                
                  STATE
                    OF NEW YORK

                

              	
                )

              
	 	
                )
                  ss.:

              
	
                
                  COUNTY
                    OF NEW YORK

                

              	
                )

              


      

    

    
       

    

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1. The
      undersigned is the ______________________ of (the “Investor”), a [corporation
      duly organized] and existing under the laws of __________, on behalf of which
      he
      makes this affidavit.

     

    2. The
      Investor in an ERISA-Restricted Certificate (A) is not, and on _______________
      [date of transfer] will not be, an employee benefit plan or arrangement subject
      to Title I of the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”), a plan subject to Section 4975 of the Internal Revenue Code of 1986,
      as amended (the “Code”) or a plan subject to any provisions under any federal,
      state, local, non-U.S. or other laws or regulations that are substantively
      similar to the foregoing provisions of ERISA or the Code (“Similar Law”)
      (collectively, a “Plan”), and is not directly or indirectly acquiring the
      Certificate for, on behalf of or with any assets of any such Plan, (B) if the
      Certificate has been the subject of an ERISA-Qualifying Underwriting, is an
      insurance company that is acquiring the Certificate with assets of an “insurance
      company general account” as defined in Section V(E) of Prohibited Transaction
      Class Exemption (“PTCE”) 95-60 and the acquisition and holding of the
      Certificate are covered and exempt under Sections I and III of PTCE 95-60,
      or
      (C) solely in the case of a Definitive Certificate, shall herewith deliver
      an
      Opinion of Counsel satisfactory to the Certificate Registrar, the Securities
      Administrator and the Depositor, and upon which the Securities Administrator,
      the Certificate Registrar and the Depositor shall be entitled to rely, to the
      effect that the acquisition and holding of such Certificate by the Investor
      will
      not result in a nonexempt prohibited transaction under Title I of ERISA or
      Section 4975 of the Code, or a violation of Similar Law, and will not subject
      the Trustee, the Master Servicer, the Securities Administrator, the Certificate
      Registrar, any Servicer or the Depositor to any obligation in addition to those
      undertaken by such entities in the Trust Agreement, which Opinion of Counsel
      shall not be an expense of the Trustee, the Master Servicer, the Securities
      Administrator, the Certificate Registrar, any Servicer or the
      Depositor.

     

    3. Capitalized
      terms used but not defined herein shall have the meanings given to such terms
      in
      the Trust Agreement.

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20__.

    
      	 	 	 
	 	 	
              

            
	 	 	
              [Investor]

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
	 	Title:
              


    

     

    ATTEST:

     

    __________________________________

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            


    

     

    Personally
      appeared before me the above-named ___________________, known or proved to
      me to
      be the same person who executed the foregoing instrument and to be the
      _________________ of the Investor, and acknowledged that he executed the same
      as
      his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of ___________ 20___.

     

     

        __________________________________

        NOTARY
      PUBLIC

     

        My
      commission
      expires the

        ____
      day of
      __________, 20__.

     

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      I

     

    MONTHLY
      REMITTANCE ADVICE

     

    INTENTIONALLY
      OMITTED

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      J

     

    MONTHLY
      ELECTRONIC DATA TRANSMISSION

     

    INTENTIONALLY
      OMITTED

    


    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      K

     

    CUSTODIAL
      AGREEMENTS

    


    1.
      Custodial Agreement, dated as of September 1, 2007, by and between LaSalle
      Bank
      National Association, as custodian and HSBC Bank USA, National Association,
      as
      trustee.

     

    Intentionally
      Omitted

     

    2.
      Custodial Agreement, dated as of September 1, 2007, by and between U.S. Bank
      National Association, as custodian and HSBC Bank USA, National Association,
      as
      trustee.

     

    Intentionally
      Omitted

     

    3.
      Custodial Agreement, dated as of September 1, 2007, by and between Wells Fargo
      Bank, N.A., as custodian and HSBC Bank USA, National Association, as
      trustee.

     

    Intentionally
      Omitted

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      L-1

     

    FORM
      OF TRANSFER CERTIFICATE

    FOR
      TRANSFER FROM RESTRICTED GLOBAL SECURITY

    TO
      REGULATION S GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(ii)

    of
      the
      Agreement)

     

    
      	 	
              Re:

            	
              Structured
                Adjustable Rate Mortgage Loan Trust Mortgage Loan Trust Mortgage
                Pass-Through Certificates, Series
                2007-9

            


    

     

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, Wells Fargo Bank, N.A. and HSBC Bank USA National Association, as
      Trustee, dated as of September 1, 2007. Capitalized terms used but not defined
      herein shall have the meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
      aggregate
      principal amount of Securities which are held in the form of a Restricted Global
      Security with DTC in the name of [name of transferor]                                   
      (the
“Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Regulation S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Agreement and the Securities and in accordance with Rule 904 of
      Regulation S, and that:

     

    a. the
      offer
      of the Securities was not made to a person in the United States;

     

    b. at
      the
      time the buy order was originated, the transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the transferee was outside the United States;

     

    c. no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

     

    d. the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended;
      and

     

    e. the
      transferee is not a U.S. person (as defined in Regulation S).

     

    The
      Depositor and the Trustee are entitled to rely upon this letter and are
      irrevocably authorized to produce this letter or a copy hereof to any interested
      party in any administrative or legal proceedings or official inquiry with
      respect to the matters covered hereby. Terms used in this certificate have
      the
      meanings set forth in Regulation S.

    
      	
            	 	 
	 	[Name
              of Transferor]
	 	By:  	 
	 	Name:
	 	 Title:
              


    

     

    Date:             
       ,
      ____

     

    
      
        
        

      

      
        L-1-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      L-2

    


    FORM
      OF TRANSFER CERTIFICATE FOR TRANSFER

    FROM
      REGULATION S GLOBAL SECURITY

    TO
      RESTRICTED GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(iii)

    of
      the
      Agreement)

     

    
      	 	
              Re:

            	
              Structured
                Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates,
                Series 2007-9

            


    

     

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, Wells Fargo Bank, N.A., as Securities Administrator and HSBC Bank
      USA,
      National Association, as Trustee, dated as of September 1, 2007. Capitalized
      terms used but not defined herein shall have the meanings given to them in
      the
      Agreement.

     

    This
      letter relates to U.S. $                            
      aggregate
      principal amount of Securities which are held in the form of a Regulations
      S
      Global Security in the name of [name of transferor]                                                       
      (the
      “Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such Securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Agreement and the Securities
      and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a transferee that the Transferor reasonably believes is purchasing the
      Securities for its own account or an account with respect to which the
      transferee exercises sole investment discretion, the transferee and any such
      account is a qualified institutional buyer within the meaning of Rule 144A,
      in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      jurisdiction.

    
      	
            	 	 
	 	[Name
              of Transferor]
	 	By:  	 
	 	Name:
	 	 Title:
              


       

      Date:             
         ,
        ____

    

    


    
      
        
        

      

      
        L-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      M

     

    [RESERVED]

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      N

     

    [RESERVED]

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      O

    


    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE


    


    Key:
      X
      -
      obligation    

    


    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements. Capitalized terms used herein but not defined herein shall have
      the
      meanings assigned to them in the Trust Agreement dated as of September 1, 2007
      (the “Trust Agreement”), by and among HSBC Bank USA, National Association, (the
“Trustee”), Aurora Loan Services LLC, as master servicer (the “Master
      Servicer”), Wells Fargo Bank, N.A., as securities administrator (“Securities
      Administrator”) and Structured Asset Securities Corporation, as depositor (the
“Depositor”). 


    

      
        	
                Reg AB

                Reference

              	
                Servicing Criteria

              	
                Securities
                  Administrator

              	
                Master

                Servicer

              	
                Paying Agent

              	
                Trustee

              
	 	
                General Servicing
                   Considerations

              	 	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 	
                X

              	 	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.


              	 	 	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained. 

              	 	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	 	
                X

              	 	 
	 	
                Cash Collection and Administration

              	 	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	 	
                X

              	
                X

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	 	
                X

              	
                X

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	 	
                X

              	 	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 


      

       

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

       

        	
                Reg AB

                Reference

              	
                Servicing Criteria

              	
                Securities
                  Administrator

              	
                Master

                Servicer

              	
                Paying Agent

              	
                Trustee

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	 	
                X

              	 	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	 	 	
                X

              	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	 	
                X

              	
                X

              	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	 	
                X

              	
                X

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	 	
                X

              	
                X

              	 
	 	
                Pool
                  Asset Administration

              	 	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	 	 	 	 


      

       

      
        
          
          

        

        
          O-2

          
            

          

        

        
          
          

        

      

       

    

    
      	
              Reg AB

              Reference

            	
              Servicing Criteria

            	
              Securities
                Administrator

            	
              Master

              Servicer

            	
              Paying Agent

            	
              Trustee

            
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	 	 	 	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	
              X

            	 	 	 
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	 	 	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	 	 	 	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor’s pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	 	
              X

            	 	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	 	
              X

            	 	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	 	 	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	 	 	 	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements. 

            	 	 	 	 


    

     

    
      
        
        

      

      
        O-3

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg AB

              Reference

            	
              Servicing Criteria

            	
              Securities
                Administrator

            	
              Master

              Servicer

            	
              Paying Agent

            	
              Trustee

            
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	 	 	 	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission. 

            	 	 	 	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements. 

            	 	 	 	 
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	 	
              X

            	 	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	 	 	 	 


    

    
       

      
        
          
          

        

        
          O-4

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      P-1

    


    ADDITIONAL
      FORM 10-D DISCLOSURE

     

    
      
        	
                Item
                  on Form 10-D

              	 	
                Party
                  Responsible

              
	
                Item
                  1: Distribution and Pool Performance Information

                 

                Information
                  included in the Distribution Date Statement

                 

                 

                Any
                  information required by 1121 which is NOT included on the Distribution
                  Date Statement

              	 	
                 

                 

                Master
                  Servicer (as to any Servicer, to the extent provided by such Servicer)
                  and
                  Paying Agent 

                 

                Depositor
                  (to the extent of any additional information that has not already
                  been
                  provided by the Master Servicer)

              
	
                Item
                  2: Legal Proceedings

                 

                per
                  Item 1117 of Reg AB

              	 	
                (i)
                  All parties to the Trust Agreement (as to themselves), (ii) the
                  Trustee as
                  to the issuing entity, (iii) the Depositor as to the sponsor, any
                  1110(b)
                  originator, any 1100(d)(1) party and (iv) the Master Servicer,
                  as to any
                  Servicer, to the extent provided by such Servicer

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

              	 	
                Depositor

              
	
                Item
                  4: Defaults Upon Senior Securities

              	 	
                Securities
                  Administrator

              
	
                Item
                  5: Submission of Matters to a Vote of Security Holders

              	 	
                Securities
                  Administrator

              
	
                Item
                  6: Significant Obligors of Pool Assets

              	 	
                Depositor

              
	
                Item
                  7: Significant Enhancement Provider Information

              	 	
                Depositor

              
	
                Item
                  8: Other Information

              	 	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  9: Exhibits

              	
                Depositor

              


      

    

    


    
      
        
        

      

      
        P-1-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P-2

     

    ADDITIONAL
      FORM 10-K DISCLOSURE

    

      
        	
                Item
                  on Form 10-K

              	 	
                Party
                  Responsible

              
	
                Item
                  1B: Unresolved Staff Comments

              	 	
                Depositor

              
	
                Item
                  9B: Other Information

              	 	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	 	
                Depositor,
                  Servicer, Master Servicer, Subservicer

              
	
                Additional
                  Item:

                 

                Disclosure
                  per Item 1117 of Reg AB

              	 	
                (i)
                  All parties to the Trust Agreement (as to themselves), (ii) the
                  Securities
                  Administrator and Depositor as to the issuing entity, (iii) the
                  Depositor
                  as to the sponsor, any 1110(b) originator, any 1100(d)(1) party
                  and (iv)
                  the Master Servicer, as to any Servicer, to the extent provided
                  by such
                  Servicer

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1119 of Reg AB

              	 	
                (i)
                  All parties to the Trust Agreement as to themselves, (ii) the Depositor
                  as
                  to the sponsor, originator, significant obligor, enhancement or
                  support
                  provider and (iii) the Master Servicer, as to any Servicer, to
                  the extent
                  provided by such Servicer

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1112(b) of Reg AB

              	 	
                Depositor

              
	
                Additional
                  Item:

                Disclosure
                  per Items 1114(b) and 1115(b) of

                Reg
                  AB

              	 	
                Depositor

              


      

    

     

    
      
        
        

      

      
        P-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P-3

     

    ADDITIONAL
      FORM 8-K DISCLOSURE


    

      
        	
                Item
                  on Form 8-K

              	 	
                Party
                  Responsible

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

              	 	
                Any
                  party to the Trust Agreement which is a party to such
                  agreement

              
	
                Item
                  1.02- Termination of a Material Definitive Agreement

              	 	
                Any
                  party to the Trust Agreement which is a party to such
                  agreement

              
	
                Item
                  1.03- Bankruptcy or Receivership

              	 	
                Depositor

              
	
                Item
                  2.04- Triggering Events that Accelerate or Increase a Direct Financial
                  Obligation or an Obligation under an Off-Balance Sheet
                  Arrangement

              	 	
                Depositor

              
	
                Item
                  3.03- Material Modification to Rights of Security Holders

              	 	
                Securities
                  Administrator and Depositor

              
	
                Item
                  5.03- Amendments of Articles of Incorporation or Bylaws; Change
                  of Fiscal
                  Year

              	 	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational Material

              	 	
                Depositor

              
	
                Item
                  6.02- Change of Servicer or Trustee

              	 	
                Master
                  Servicer (as to itself and as to any Servicer, to the extent provided
                  by
                  such Servicer), Trustee (as to itself), Seller

              
	
                Item
                  6.03- Change in Credit Enhancement or External Support

              	 	
                Depositor

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	 	
                Securities
                  Administrator

              
	
                Item
                  6.05- Securities Act Updating Disclosure

              	 	
                Depositor

              
	
                Item
                  7.01- Reg FD Disclosure

              	 	
                Depositor

              
	
                Item
                  8.01

              	 	
                Depositor

              
	
                Item
                  9.01

              	 	
                Depositor

              


      

    

    


    
      
        
        

      

      
        P-3-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P-4

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    


    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 13th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, SARM 2007-9

    


    HSBC
      Bank
      USA, National Association

    425
      Fifth
      Avenue

    New
      York,
      New York 10018

    Attention:
      CTLA—Structured Finance

    


    RE: 
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

    


    Ladies
      and Gentlemen:

     

    In
      accordance with Section [ ] of the Trust Agreement, dated as of September 1,
      2007, by and among Structured Asset Securities Corporation, as Depositor, Aurora
      Loan Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
      Administrator, HSBC Bank USA, National Association, as Trustee, the undersigned,
      as [ ], hereby notifies you that certain events have come to our attention
      that
      [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

     

    Description
      of Additional Form [10-D][10-K][8-K] Disclosure:

     

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:


     

    Any
      inquiries related to this notification should be directed to [ ], phone number:
      [ ]; email address: [ ]. 

     

    
      	 	 	 
	 	
              [NAME
                OF PARTY],

              as
                [role]

            
	
            	 	 
	 	By:  	 
	 	
              

            
	 	Name:
	 	Title:
              


    

     

    
      
        
        

      

      
        P-4-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q-1

     

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION

    [
       
 ]

    [
       
 ]

    [
       
 ]


     

    
      	 	
              Re:

            	
              SARM
                2007-9

            


    

     

    [_______],
      the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
      the Master Servicer and the Securities Administrator, and each of their
      officers, directors and affiliates that:

     

    (1) I
      have
      reviewed [the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
      report on assessment of the Company’s compliance with the Servicing Criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of
      1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
      report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
      Act and Section 1122(b) of Regulation AB (the “Attestation
      Report”), and all servicing reports, officer’s certificates and other
      information relating to the servicing of the Mortgage Loans by the Company
      during 200[ ] that were delivered by the Company to any of the Depositor, the
      Master Servicer and the Securities Administrator pursuant to the Agreement
      (collectively, the “Company Servicing Information”);

     

    (2) Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the Depositor, the
      Master Servicer and the Securities Administrator;

     

    (4) I
      am
      responsible for reviewing the activities performed by [_______] as [_______]
      under the [_______] (the “Agreement”), and based on my knowledge[and the
      compliance review conducted in preparing the Compliance Statement] and except
      as
      disclosed in [the Compliance Statement,] the Servicing Assessment or the
      Attestation Report, the Company has fulfilled its obligations under the
      Agreement in all material respects; and

     

    (5) [The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and] [The] [the] Servicing Assessment and Attestation Report required
      to be provided by the Company and [by any Subservicer or Subcontractor] pursuant
      to the Agreement, have been provided to the Depositor, the Master Servicer
      and
      the Securities Administrator. Any material instances of noncompliance described
      in such reports have been disclosed to the Depositor, the Master Servicer and
      the Securities Administrator. Any material instance of noncompliance with the
      Servicing Criteria has been disclosed in such reports.

     

    
      
        
        

      

      
        Q-1-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Trust Agreement, dated as of September 1, 2007 (the “Trust Agreement”) by and
      among Structured Asset Securities Corporation, as Depositor, Wells Fargo Bank,
      N.A., as Securities Administrator, HSBC Bank USA, National Association, as
      Trustee and Aurora Loan Services LLC, as Master Servicer. Capitalized terms
      used
      but not defined herein shall have the meanings given to them in the Trust
      Agreement.

     

    
      	 	 	 	 
	
            	 	 	
              [_______]

              
                as
                  [_______]

              

            
	 	 	By:  	 
	 	Name:	 
	 	Title:
              	 
	 	Date:	 


    

     

    
      
        
        

      

      
        Q-1-2

        
          

        

      

      
        
        

      

    

    


    EXHIBIT
      Q-2

    


    FORM
      OF
      CERTIFICATION TO BE

    PROVIDED
      BY THE SECURITIES
      ADMINISTRATOR

    


    
      	
              Re:

            	
              Structured
                Adjustable Rate Mortgage Loan Trust (the “Trust”),
                Mortgage Pass-Through Certificates, Series 2007-9, issued pursuant
                to the
                Trust Agreement, dated as of September 1, 2007, among Structured
                Asset
                Securities Corporation, as Depositor, Aurora Loan Services, LLC,
                as Master
                Servicer, Wells Fargo Bank, N.A., as Securities Administrator and
                HSBC
                Bank USA, National Association, as
                Trustee

            


    

     

    The
      Securities Administrator hereby certifies to the Depositor and the Master
      Servicer, and their respective officers, directors and affiliates, and with
      the
      knowledge and intent that they will rely upon this certification,
      that:

     

    1. I
      have
      reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
      Report”), and all reports on Form 10-D required to be filed in respect of period
      covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

    2. To
      my
      knowledge, (a) the Reports, taken as a whole, do not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make
      the statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by the Annual
      Report, and (b) the Securities Administrator’s assessment of compliance and
      related attestation report referred to below, taken as a whole, do not contain
      any untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which
      such statements were made, not misleading with respect to the period covered
      by
      such assessment of compliance and attestation report;

    3. To
      my
      knowledge, the distribution information required to be provided by the
      Securities Administrator under the Trust Agreement for inclusion in the Reports
      is included in the Reports;

    4. I
      am
      responsible for reviewing the activities performed by the Securities
      Administrator under the Trust Agreement, and based on my knowledge and the
      compliance review conducted in preparing the assessment of compliance of the
      Securities Administrator required in the Annual Report under Item 1123 of
      Regulation AB, and except as disclosed in the Reports, the Securities
      Administrator has fulfilled its obligations under the Trust Agreement in all
      material respects; and

    5. The
      report on assessment of compliance with servicing criteria applicable to the
      Securities Administrator for asset-backed securities of the Securities
      Administrator and each Subcontractor utilized by the Securities Administrator
      and related attestation report on assessment of compliance with servicing
      criteria applicable to it required to be included in the Annual Report in
      accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and
      15d-18 has been included as an exhibit to the Annual Report. Any material
      instances of non-compliance are described in such report and have been disclosed
      in the Annual Report.

    In
      giving
      the certifications above, the Securities Administrator has reasonably relied
      on
      information provided to it by the following unaffiliated parties: [names of
      servicer(s), master servicer, subservicer(s), depositor, trustee,
      custodian(s)]

     

    
      
        
        

      

      
        Q-2-1

        
          

        

      

      
        
        

      

    

    

      
        	
                Date:

              	 	 
	 	 
	
                Wells
                  Fargo Bank, N.A., as Securities Administrator

              	 
	 	 
	 	 
	
                [Signature]

              	 
	
                [Title]

              	 


      

    

     

    
      
        
        

      

      
        Q-2-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      R

    


    TRANSACTION
      PARTIES

    


    Trustee:
      HSBC Bank USA, National Association

    


    Securities
      Administrator: Wells Fargo Bank, N.A.

    


    Master
      Servicer: Aurora Loan Services LLC

    


    Credit
      Risk Manager: N/A

    


    PMI
      Insurer: N/A

    


    Interest
      Rate Swap Counterparty: N/A

    


    Interest
      Rate Cap Counterparty: N/A

    


    Servicers:
      Aurora Loan Services LLC, Colonial Savings F.A., Countrywide Home Loans
      Servicing LP, and Wells Fargo Bank, N.A.

    


    Originators:
      Countrywide Home Loans, Inc., GreenPoint Mortgage Funding, Inc., Lehman Brothers
      Bank, FSB, Sovereign Bank FSB and Wells Fargo Home Mortgage.

    


    Custodians:
      LaSalle Bank National Association, U.S. Bank National Association and Wells
      Fargo Bank, N.A.

    


    Seller:
      Lehman Brothers Holdings Inc.

    


    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

     

    MORTGAGE
      LOAN SCHEDULE

     

    On
      file
      at the offices of:

    Dechert
      LLP

    2929
      Arch
      Street

    Philadelphia,
      Pennsylvania 19104

    Attn:
      Steven J. Molitor

    Telephone:
      (215) 994-2777

    Telecopier:
      (215) 994-2222