Document:

EXECUTION

    

    

    
 

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor,

    

    AURORA
      LOAN SERVICES LLC,

    as
      Master
      Servicer,

    

    and

    

    LASALLE
      BANK NATIONAL ASSOCIATION,

    as
      Trustee

    

    ___________________________

    

    TRUST
      AGREEMENT

    

    

    Dated
      as
      of July 1, 2007

    ___________________________

    

    LEHMAN
      XS
      TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES
      2007-14H

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    

    
      	 	 	
              Page

            
	 	 	 
	
              ARTICLE
                I DEFINITIONS

            	
              17

            
	 	 	 
	
              Section
                1.01.

            	
              Definitions

            	
              17

            
	
              Section
                1.02.

            	
              Calculations
                Respecting Mortgage Loans

            	
              61

            
	
              Section
                1.03.

            	
              Calculations
                Respecting Accrued Interest

            	
              61

            
	 	 
	
              ARTICLE
                II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

            	
              61

            
	 	 	 
	
              Section
                2.01.

            	
              Creation
                and Declaration of Trust Fund; Conveyance of Mortgage
                Loans

            	
              61

            
	
              Section
                2.02.

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

            	
              66

            
	
              Section
                2.03.

            	
              Representations
                and Warranties of the Depositor

            	
              68

            
	
              Section
                2.04.

            	
              Discovery
                of Breach

            	
              69

            
	
              Section
                2.05.

            	
              Repurchase,
                Purchase or Substitution of Mortgage Loans

            	
              70

            
	
              Section
                2.06.

            	
              Grant
                Clause

            	
              71

            
	 	 
	
              ARTICLE
                III THE CERTIFICATES

            	
              73

            
	 	 	 
	
              Section
                3.01.

            	
              The
                Certificates

            	
              73

            
	
              Section
                3.02.

            	
              Registration

            	
              73

            
	
              Section
                3.03.

            	
              Transfer
                and Exchange of Certificates

            	
              74

            
	
              Section
                3.04.

            	
              Cancellation
                of Certificates

            	
              78

            
	
              Section
                3.05.

            	
              Replacement
                of Certificates

            	
              78

            
	
              Section
                3.06.

            	
              Persons
                Deemed Owners

            	
              79

            
	
              Section
                3.07.

            	
              Temporary
                Certificates

            	
              79

            
	
              Section
                3.08.

            	
              Appointment
                of Paying Agent

            	
              79

            
	
              Section
                3.09.

            	
              Book-Entry
                Certificates

            	
              80

            
	 	 
	
              ARTICLE
                IV ADMINISTRATION OF THE TRUST FUND

            	
              82

            
	 	 	 
	
              Section
                4.01.

            	
              Collection
                Account

            	
              82

            
	
              Section
                4.02.

            	
              Application
                of Funds in the Collection Account

            	
              84

            
	
              Section
                4.03.

            	
              Reports
                to Certificateholders

            	
              86

            
	
              Section
                4.04.

            	
              Certificate
                Account

            	
              91

            
	 	 
	
              ARTICLE
                V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

            	
              92

            
	 	 	 
	
              Section
                5.01.

            	
              Distributions
                Generally

            	
              92

            
	
              Section
                5.02.

            	
              Distributions
                from the Certificate Account

            	
              93

            
	
              Section
                5.03.

            	
              Allocation
                of Losses

            	
              104

            
	
              Section
                5.04.

            	
              Advances
                by Master Servicer, Servicers and Trustee

            	
              105

            
	
              Section
                5.05.

            	
              Compensating
                Interest Payments

            	
              106

            
	
              Section
                5.06.

            	
              Basis
                Risk Reserve Fund

            	
              106

            
	
              Section
                5.07.

            	
              Supplemental
                Interest Trust; Swap and Cap Accounts

            	
              107

            
	
              Section
                5.08.

            	
              Rights
                of Swap Counterparty

            	
              110

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                5.09.

            	
              Termination
                Receipts

            	
              110

            
	
              Section
                5.10.

            	
              The
                Certificate Insurance Policy

            	
              112

            
	 	 
	
              ARTICLE
                VI CONCERNING THE TRUSTEE EVENTS OF DEFAULT

            	
              114

            
	 	 	 
	
              Section
                6.01.

            	
              Duties
                of Trustee and Paying Agent

            	
              114

            
	
              Section
                6.02.

            	
              Certain
                Matters Affecting the Trustee

            	
              118

            
	
              Section
                6.03.

            	
              Trustee
                Not Liable for Certificates

            	
              120

            
	
              Section
                6.04.

            	
              Trustee
                May Own Certificates

            	
              120

            
	
              Section
                6.05.

            	
              Eligibility
                Requirements for Trustee

            	
              120

            
	
              Section
                6.06.

            	
              Resignation
                and Removal of Trustee

            	
              121

            
	
              Section
                6.07.

            	
              Successor
                Trustee

            	
              122

            
	
              Section
                6.08.

            	
              Merger
                or Consolidation of Trustee

            	
              122

            
	
              Section
                6.09.

            	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian

            	
              123

            
	
              Section
                6.10.

            	
              Authenticating
                Agents

            	
              125

            
	
              Section
                6.11.

            	
              Indemnification
                of Trustee

            	
              126

            
	
              Section
                6.12.

            	
              Fees
                and Expenses of Trustee and Custodians

            	
              126

            
	
              Section
                6.13.

            	
              Collection
                of Monies

            	
              127

            
	
              Section
                6.14.

            	
              Events
                of Default; Trustee To Act; Appointment of Successor

            	
              127

            
	
              Section
                6.15.

            	
              Additional
                Remedies of Trustee Upon Event of Default

            	
              132

            
	
              Section
                6.16.

            	
              Waiver
                of Defaults

            	
              132

            
	
              Section
                6.17.

            	
              Notification
                to Holders

            	
              132

            
	
              Section
                6.18.

            	
              Directions
                by Certificateholders and Duties of Trustee During Event of
                Default

            	
              132

            
	
              Section
                6.19.

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

            	
              133

            
	
              Section
                6.20.

            	
              Preparation
                of Tax Returns and Reports to the Commission

            	
              133

            
	
              Section
                6.21.

            	
              Compliance
                with Regulation AB

            	
              142

            
	
              Section
                6.22.

            	
              No
                Merger

            	
              143

            
	 	 
	
              ARTICLE
                VII PURCHASE OF MORTGAGE LOANS AND TERMINATION OF THE TRUST
                FUND

            	
              143

            
	 	 	 
	
              Section
                7.01.

            	
              Purchase
                of Mortgage Loans; Termination of the Trust Fund Upon Purchase or
                Liquidation of Mortgage Loans; Purchase of the Pooling REMIC 1 Regular
                Interests

            	
              143

            
	
              Section
                7.02.

            	
              Procedure
                Upon Termination of Trust Fund or Purchase of Pooling REMIC 1 Regular
                Interests

            	
              145

            
	
              Section
                7.03.

            	
              Additional
                Requirements for any Trust Fund Termination Event or Purchase of
                the
                Pooling REMIC 1 Regular Interests

            	
              146

            
	
              Section
                7.04.

            	
              Optional
                Purchase Right of NIMS Insurer

            	
              147

            
	 	 
	
              ARTICLE
                VIII RIGHTS OF CERTIFICATEHOLDERS

            	
              148

            
	 	 	 
	
              Section
                8.01.

            	
              Limitation
                on Rights of Holders

            	
              148

            
	
              Section
                8.02.

            	
              Access
                to List of Holders

            	
              149

            
	
              Section
                8.03.

            	
              Acts
                of Holders of Certificates

            	
              149

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

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

            	
              150

            
	 	 	 
	
              Section
                9.01.

            	
              Duties
                of the Master Servicer

            	
              150

            
	
              Section
                9.02.

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

            	
              150

            
	
              Section
                9.03.

            	
              Master
                Servicer’s Financial Statements and Related Information

            	
              151

            
	
              Section
                9.04.

            	
              Power
                to Act; Procedures

            	
              151

            
	
              Section
                9.05.

            	
              Enforcement
                of Servicer’s and Master Servicer’s Obligations

            	
              154

            
	
              Section
                9.06.

            	
              Collection
                of Taxes, Assessments and Similar Items

            	
              154

            
	
              Section
                9.07.

            	
              Termination
                of Servicing Agreements; Successor Servicers

            	
              155

            
	
              Section
                9.08.

            	
              Master
                Servicer Liable for Enforcement

            	
              156

            
	
              Section
                9.09.

            	
              No
                Contractual Relationship Between Any Servicer and Trustee or
                Depositor

            	
              156

            
	
              Section
                9.10.

            	
              Assumption
                of Servicing Agreement by Trustee

            	
              156

            
	
              Section
                9.11.

            	
              Due-on-Sale
                Clauses; Assumption Agreements; Easements

            	
              157

            
	
              Section
                9.12.

            	
              Release
                of Mortgage Files

            	
              157

            
	
              Section
                9.13.

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

            	
              159

            
	
              Section
                9.14.

            	
              Representations
                and Warranties of the Master Servicer

            	
              160

            
	
              Section
                9.15.

            	
              Opinion

            	
              162

            
	
              Section
                9.16.

            	
              Standard
                Hazard and Flood Insurance Policies

            	
              162

            
	
              Section
                9.17.

            	
              Presentment
                of Claims and Collection of Proceeds

            	
              163

            
	
              Section
                9.18.

            	
              Maintenance
                of the Primary Mortgage Insurance Policies

            	
              163

            
	
              Section
                9.19.

            	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents

            	
              164

            
	
              Section
                9.20.

            	
              Realization
                Upon Defaulted Mortgage Loans

            	
              164

            
	
              Section
                9.21.

            	
              Compensation
                to the Master Servicer

            	
              165

            
	
              Section
                9.22.

            	
              REO
                Property

            	
              165

            
	
              Section
                9.23.

            	
              Notice
                to the Sponsor, the Depositor and the Trustee

            	
              166

            
	
              Section
                9.24.

            	
              Reports
                to the Trustee

            	
              166

            
	
              Section
                9.25.

            	
              Assessment
                of Compliance and Attestation Reports

            	
              167

            
	
              Section
                9.26.

            	
              Annual
                Statement of Compliance with Applicable Servicing Criteria

            	
              168

            
	
              Section
                9.27.

            	
              Merger
                or Consolidation

            	
              169

            
	
              Section
                9.28.

            	
              Resignation
                of Master Servicer

            	
              169

            
	
              Section
                9.29.

            	
              Assignment
                or Delegation of Duties by the Master Servicer

            	
              170

            
	
              Section
                9.30.

            	
              Limitation
                on Liability of the Master Servicer and Others

            	
              170

            
	
              Section
                9.31.

            	
              Indemnification;
                Third-Party Claims

            	
              171

            
	 	 
	
              ARTICLE
                X REMIC ADMINISTRATION

            	
              172

            
	 	 	 
	
              Section
                10.01.

            	
              REMIC
                Administration

            	
              172

            
	
              Section
                10.02.

            	
              Prohibited
                Transactions and Activities

            	
              175

            
	
              Section
                10.03.

            	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status

            	
              175

            
	
              Section
                10.04.

            	
              REO
                Property

            	
              175

            
	 	 
	
              ARTICLE
                XI MISCELLANEOUS PROVISIONS

            	
              176

            
	 	 	 
	
              Section
                11.01.

            	
              Binding
                Nature of Agreement; Assignment

            	
              176

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                11.02.

            	
              Entire
                Agreement

            	
              176

            
	
              Section
                11.03.

            	
              Amendment

            	
              176

            
	
              Section
                11.04.

            	
              Voting
                Rights

            	
              179

            
	
              Section
                11.05.

            	
              Provision
                of Information

            	
              179

            
	
              Section
                11.06.

            	
              Governing
                Law

            	
              179

            
	
              Section
                11.07.

            	
              Notices

            	
              179

            
	
              Section
                11.08.

            	
              Severability
                of Provisions

            	
              180

            
	
              Section
                11.09.

            	
              Indulgences;
                No Waivers

            	
              180

            
	
              Section
                11.10.

            	
              Headings
                Not To Affect Interpretation

            	
              180

            
	
              Section
                11.11.

            	
              Benefits
                of Agreement

            	
              180

            
	
              Section
                11.12.

            	
              Special
                Notices to the Rating Agencies, the Certificate Insurer and any NIMS
                Insurer

            	
              181

            
	
              Section
                11.13.

            	
              Conflicts

            	
              182

            
	
              Section
                11.14.

            	
              Counterparts

            	
              182

            
	
              Section
                11.15.

            	
              Transfer
                of Servicing

            	
              182

            
	
              Section
                11.16.

            	
              Matters
                Relating to the Certificate Insurance Policy

            	
              184

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    ATTACHMENTS

    

    
      	
              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

            	
              List
                of 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

            	
              [Reserved]

            

    

    
      	
              Exhibit
                J

            	
              Form
                of Ambac Certificate Insurance
                Policy

            

    

    
      	
              Exhibit
                K

            	
              List
                of 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

            	
              Form
                of Back-up Certification to be Provided by the Trustee to the Depositor
                

            

    

    
      	
              Exhibit
                N-1

            	
              Swap
                Agreement

            

    

    
      	
              Exhibit
                N-2

            	
              Cap
                Agreement

            

    

    
      	
              Exhibit
                O

            	
              Servicing
                Criteria to be Addressed in Report on Assessment of
                Compliance

            

    

    
      	
              Exhibit
                P

            	
              Transaction
                Parties

            

    

    
      	
              Exhibit
                Q

            	
              Additional
                Form 10-D Disclosure

            

    

    
      	
              Exhibit
                R

            	
              Additional
                Form 10-K Disclosure

            

    

    
      	
              Exhibit
                S

            	
              Additional
                Form 8-K Disclosure

            

    

    

    
      	
              Schedule
                A

            	
              Mortgage
                Loan Schedule 

            

    

    

    
      	
              Schedule
                B

            	
              Early
                Payment Default Mortgage Loan
                Schedule

            

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      TRUST AGREEMENT (“Trust Agreement”), dated as of July 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”), and LASALLE BANK NATIONAL ASSOCIATION, a national
      banking association, as trustee (the “Trustee”).

    

    PRELIMINARY
      STATEMENT 

    

    The
      Depositor has acquired the Mortgage Loans from 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, the Certificate Insurer, any NIMS Insurer and the
      Swap Counterparty. The Depositor, the Trustee 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, the Trustee shall elect that the Trust Fund (exclusive of
      (i)
      the Basis Risk Reserve Fund, (ii) the Swap Agreement, (iii) the Swap Account,
      (iv) the Cap Agreement, (v) the Cap Account, (vi) the Supplemental Interest
      Trust, (vii) the obligation to pay Class I Shortfalls, (viii) the Collateral
      Account, (ix) the right to receive FPD Premiums and (x) the rights to receive
      (and the obligations to pay) Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls (collectively, the “Excluded Trust Assets”), be treated for federal
      income tax purposes as comprising five real estate mortgage investment conduits
      (each, a “REMIC”): Pooling REMIC 1, Lower-Tier REMIC 1, Middle-Tier REMIC 1,
      Middle-Tier REMIC 2, and the Upper-Tier REMIC. 

     

    Pooling
      REMIC 1 shall hold the assets of the Trust Fund, other than any Excluded Trust
      Assets, and shall issue several uncertificated interests and shall also issue
      the Class LT-R Certificate, which is hereby designated as the sole residual
      interest in Pooling REMIC 1. Each uncertificated interest in Pooling REMIC
      1 is
      hereby designated as a REMIC regular interest. 

     

    Lower-Tier
      REMIC 1 shall hold the uncertificated interests issued by Pooling REMIC 1 and
      shall issue several uncertificated interests. Each such interest, other than
      the
      LT1-R Interest, is hereby designated as a REMIC regular interest. The LT1-R
      Interest is hereby designated as the sole residual interest in Lower-Tier REMIC
      1.

     

    Middle-Tier
      REMIC 1 shall hold the uncertificated interests issued by Lower-Tier REMIC
      1,
      other than the LT1-R Interest, and shall issue several uncertificated interests.
      Each such interest, other than the Class MT1-R Interest, is hereby designated
      as
      a REMIC regular interest. The Class MT1-R Interest is hereby designated as
      the
      sole residual interest in Middle-Tier REMIC 1.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Middle-Tier
      REMIC 2 shall hold the uncertificated interests issued by Middle-Tier REMIC
      1,
      other than the MT1-R Interest, and shall issue several uncertificated interests.
      Each such interest, other than the Class MT2-R Interest, is hereby designated
      as
      a REMIC regular interest. The Class MT2-R Interest is hereby designated as
      the
      sole residual interest in Middle-Tier REMIC 2.

    
      
        

          The
            Upper-Tier REMIC shall hold the uncertificated interests issued by Middle-Tier
            REMIC 2, other than the Class MT2-R Interest. Each of the Offered Certificates
            represents ownership of regular interests in the Upper-Tier REMIC. Each
            of the
            Offered Certificates (other than the Class A-IO Certificates) also represents
            the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls.
            In
            addition, each of the Offered Certificates represents the obligation
            to pay
            Class I Shortfalls. For federal income tax purposes, the Class XS Component
            of
            the Class X Certificates represents ownership of regular interests in
            the
            Upper-Tier REMIC and also represents the obligation to make payments
            in respect
            of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the LIBOR
            Certificates to the extent payable from Monthly Excess Cashflow. The
            Class CX
            and Class SX Components of the Class 1-X Certificates shall not represent
            an
            interest in any REMIC formed hereby. The Class P Certificates represent
            ownership of regular interests in the Upper-Tier REMIC. The Class R Certificate
            represents ownership of the sole class of residual interest in the Upper-Tier
            REMIC as well as ownership of the Class LT1-R, Class MT1-R, and Class
            MT2-R
            Interests.

           

          Pooling
            REMIC 1

          

          Pooling
            REMIC 1 shall issue one uncertificated interest in respect of each Mortgage
            Loan
            held by the Trust on the Closing Date, each of which is hereby designated
            as a
            regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”).
            Pooling REMIC 1 shall also issue the Class LT-R Certificate, which shall
            represent the sole class of residual interest in Pooling REMIC 1. Each
            Pooling
            REMIC 1 Regular Interest shall have an initial principal balance equal
            to the
            Scheduled Principal Balance of the Mortgage Loan to which it relates
            and shall
            bear interest at a per annum rate equal to the Net Mortgage Rate of such
            Mortgage Loan. In the event a Qualifying Substitute Mortgage Loan is
            substituted
            for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest
            payable on such Qualifying Mortgage Loan shall be distributed on such
            Pooling
            REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate
            of the
            Original Mortgage Loan.

           

          On
            each
            Distribution Date, the Trustee shall first pay or charge as an expense
            of
            Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses
            with
            respect to the Swap Agreement) that are deducted in computing the Interest
            Remittance Amount for such Distribution Date.

           

          On
            each
            Distribution Date the Trustee shall distribute the aggregate Interest
            Remittance
            Amount (net of expenses described in the preceding paragraph) with respect
            to
            each of the Lower-Tier Interests in Pooling REMIC 1 based on the above-described
            interest rates.

           

          On
            each
            Distribution Date, the Trustee shall distribute the aggregate Principal
            Remittance Amount among the Pooling REMIC 1 Regular Interests in accordance
            with
            the amount of the Principal Remittance Amount attributable to the Mortgage
            Loan
            corresponding to each such Pooling REMIC 1 Regular Interest. All losses
            on the
            Mortgage Loans shall be allocated among the Pooling REMIC 1 Regular Interest
            in
            the same manner that principal distributions are allocated.

           

          
            
              
              

            

            
              2

              
                

              

            

            
              
              

            

          

          On
            each
            Distribution Date, the Trustee shall distribute the Prepayment Premiums
            collected during the preceding Prepayment Period, in the case of Principal
            Prepayments in full, or during the related Collection Period, in the
            case of
            Principal Prepayments in part, to the Pooling REMIC 1 Regular Interest
            corresponding to the Mortgage Loan with respect to which such amounts
            were
            received.

           

          Lower-Tier
            REMIC 1

           

          The
            following table sets forth (or describes) the designation, interest rate,
            and
            initial principal balance for each interest in Lower-Tier REMIC 1, each
            of
            which, other than the LT1-R Lower-Tier Interest) is hereby designated
            as a
            regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular
            Interests):

          

          

          
            	
                    Designation

                  	 	
                    Initial Principal 

                    Balance

                  	 	
                     

                    Interest
                      Rate

                  
	
                    LT1-A

                  	 	
                    (5)

                  	 	
                    (1)

                  
	
                    LT1-F1

                  	 	
                    $     13,351,862.50

                  	 	
                    (2)

                  
	
                    LT1-V1

                  	 	
                    $     13,351,862.50

                  	 	
                    (3)

                  
	
                    LT1-F2

                  	 	
                    $     12,879,731.00

                  	 	
                    (2)

                  
	
                    LT1-V2

                  	 	
                    $     12,879,731.00

                  	 	
                    (3)

                  
	
                    LT1-F3

                  	 	
                    $     12,423,947.50

                  	 	
                    (2)

                  
	
                    LT1-V3

                  	 	
                    $     12,423,947.50

                  	 	
                    (3)

                  
	
                    LT1-F4

                  	 	
                    $     11,984,520.00

                  	 	
                    (2)

                  
	
                    LT1-V4

                  	 	
                    $     11,984,520.00

                  	 	
                    (3)

                  
	
                    LT1-F5

                  	 	
                    $     11,560,656.00

                  	 	
                    (2)

                  
	
                    LT1-V5

                  	 	
                    $     11,560,656.00

                  	 	
                    (3)

                  
	
                    LT1-F6

                  	 	
                    $     11,151,773.50

                  	 	
                    (2)

                  
	
                    LT1-V6

                  	 	
                    $     11,151,773.50

                  	 	
                    (3)

                  
	
                    LT1-F7

                  	 	
                    $     10,757,332.50

                  	 	
                    (2)

                  
	
                    LT1-V7

                  	 	
                    $     10,757,332.50

                  	 	
                    (3)

                  
	
                    LT1-F8

                  	 	
                    $     10,376,660.50

                  	 	
                    (2)

                  
	
                    LT1-V8

                  	 	
                    $     10,376,660.50

                  	 	
                    (3)

                  
	
                    LT1-F9

                  	 	
                    $     10,009,634.50

                  	 	
                    (2)

                  
	
                    LT1-V9

                  	 	
                    $     10,009,634.50

                  	 	
                    (3)

                  
	
                    LT1-F10

                  	 	
                    $       9,655,560.50

                  	 	
                    (2)

                  
	
                    LT1-V10

                  	 	
                    $       9,655,560.50

                  	 	
                    (3)

                  
	
                    LT1-F11

                  	 	
                    $     28,834,693.00

                  	 	
                    (2)

                  
	
                    LT1-V11

                  	 	
                    $     28,834,693.00

                  	 	
                    (3)

                  
	
                    LT1-F12

                  	 	
                    $       9,795,592.50

                  	 	
                    (2)

                  
	
                    LT1-V12

                  	 	
                    $       9,795,592.50

                  	 	
                    (3)

                  
	
                    LT1-F13

                  	 	
                    $       9,386,220.00

                  	 	
                    (2)

                  
	
                    LT1-V13

                  	 	
                    $       9,386,220.00

                  	 	
                    (3)

                  
	
                    LT1-F14

                  	 	
                    $       8,993,959.50

                  	 	
                    (2)

                  

          

           

          
            
              
              

            

            
              3

              
                

              

            

            
              
              

            

          

           

          
            	
                    Designation

                  	 	
                    Initial Principal 

                    Balance

                  	 	
                     

                    Interest
                      Rate

                  
	
                    LT1-V14

                  	 	
                    $       8,993,959.50

                  	 	
                    (3)

                  
	
                    LT1-F15

                  	 	
                    $       8,617,998.50

                  	 	
                    (2)

                  
	
                    LT1-V15

                  	 	
                    $       8,617,998.50

                  	 	
                    (3)

                  
	
                    LT1-F16

                  	 	
                    $       8,257,810.00

                  	 	
                    (2)

                  
	
                    LT1-V16

                  	 	
                    $       8,257,810.00

                  	 	
                    (3)

                  
	
                    LT1-F17

                  	 	
                    $       7,912,656.50

                  	 	
                    (2)

                  
	
                    LT1-V17

                  	 	
                    $       7,912,656.50

                  	 	
                    (3)

                  
	
                    LT1-F18

                  	 	
                    $       7,581,886.00

                  	 	
                    (2)

                  
	
                    LT1-V18

                  	 	
                    $       7,581,886.00

                  	 	
                    (3)

                  
	
                    LT1-F19

                  	 	
                    $       7,264,991.00

                  	 	
                    (2)

                  
	
                    LT1-V19

                  	 	
                    $       7,264,991.00

                  	 	
                    (3)

                  
	
                    LT1-F20

                  	 	
                    $       6,961,321.00

                  	 	
                    (2)

                  
	
                    LT1-V20

                  	 	
                    $       6,961,321.00

                  	 	
                    (3)

                  
	
                    LT1-F21

                  	 	
                    $       6,670,350.00

                  	 	
                    (2)

                  
	
                    LT1-V21

                  	 	
                    $       6,670,350.00

                  	 	
                    (3)

                  
	
                    LT1-F22

                  	 	
                    $       6,391,535.00

                  	 	
                    (2)

                  
	
                    LT1-V22

                  	 	
                    $       6,391,535.00

                  	 	
                    (3)

                  
	
                    LT1-F23

                  	 	
                    $     28,531,694.50

                  	 	
                    (2)

                  
	
                    LT1-V23

                  	 	
                    $     28,531,694.50

                  	 	
                    (3)

                  
	
                    LT1-F24

                  	 	
                    $       5,747,094.00

                  	 	
                    (2)

                  
	
                    LT1-V24

                  	 	
                    $       5,747,094.00

                  	 	
                    (3)

                  
	
                    LT1-F25

                  	 	
                    $       5,467,044.00

                  	 	
                    (2)

                  
	
                    LT1-V25

                  	 	
                    $       5,467,044.00

                  	 	
                    (3)

                  
	
                    LT1-F26

                  	 	
                    $       5,200,629.00

                  	 	
                    (2)

                  
	
                    LT1-V26

                  	 	
                    $       5,200,629.00

                  	 	
                    (3)

                  
	
                    LT1-F27

                  	 	
                    $       4,947,196.50

                  	 	
                    (2)

                  
	
                    LT1-V27

                  	 	
                    $       4,947,196.50

                  	 	
                    (3)

                  
	
                    LT1-F28

                  	 	
                    $       4,706,110.00

                  	 	
                    (2)

                  
	
                    LT1-V28

                  	 	
                    $       4,706,110.00

                  	 	
                    (3)

                  
	
                    LT1-F29

                  	 	
                    $       4,476,766.00

                  	 	
                    (2)

                  
	
                    LT1-V29

                  	 	
                    $       4,476,766.00

                  	 	
                    (3)

                  
	
                    LT1-F30

                  	 	
                    $       4,258,513.50

                  	 	
                    (2)

                  
	
                    LT1-V30

                  	 	
                    $       4,258,513.50

                  	 	
                    (3)

                  
	
                    LT1-F31

                  	 	
                    $       4,050,971.50

                  	 	
                    (2)

                  
	
                    LT1-V31

                  	 	
                    $       4,050,971.50

                  	 	
                    (3)

                  
	
                    LT1-F32

                  	 	
                    $       3,853,545.50

                  	 	
                    (2)

                  
	
                    LT1-V32

                  	 	
                    $       3,853,545.50

                  	 	
                    (3)

                  
	
                    LT1-F33

                  	 	
                    $       3,665,737.00

                  	 	
                    (2)

                  
	
                    LT1-V33

                  	 	
                    $       3,665,737.00

                  	 	
                    (3)

                  
	
                    LT1-F34

                  	 	
                    $       3,487,078.00

                  	 	
                    (2)

                  
	
                    LT1-V34

                  	 	
                    $       3,487,078.00

                  	 	
                    (3)

                  
	
                    LT1-F35

                  	 	
                    $       3,317,122.50

                  	 	
                    (2)

                  
	
                    LT1-V35

                  	 	
                    $       3,317,122.50

                  	 	
                    (3)

                  
	
                    LT1-F36

                  	 	
                    $       3,155,436.50

                  	 	
                    (2)

                  
	
                    LT1-V36

                  	 	
                    $       3,155,436.50

                  	 	
                    (3)

                  

          

           

          
            
              
              

            

            
              4

              
                

              

            

            
              
              

            

          

           

          
            	
                    Designation

                  	 	
                    Initial Principal

                    Balance

                  	 	
                     

                    Interest
                      Rate

                  
	
                    LT1-F37

                  	 	
                    $       3,001,691.00

                  	 	
                    (2)

                  
	
                    LT1-V37

                  	 	
                    $       3,001,691.00

                  	 	
                    (3)

                  
	
                    LT1-F38

                  	 	
                    $       2,855,380.00

                  	 	
                    (2)

                  
	
                    LT1-V38

                  	 	
                    $       2,855,380.00

                  	 	
                    (3)

                  
	
                    LT1-F39

                  	 	
                    $       2,716,221.00

                  	 	
                    (2)

                  
	
                    LT1-V39

                  	 	
                    $       2,716,221.00

                  	 	
                    (3)

                  
	
                    LT1-F40

                  	 	
                    $       2,583,818.00

                  	 	
                    (2)

                  
	
                    LT1-V40

                  	 	
                    $       2,583,818.00

                  	 	
                    (3)

                  
	
                    LT1-F41

                  	 	
                    $       2,457,866.50

                  	 	
                    (2)

                  
	
                    LT1-V41

                  	 	
                    $       2,457,866.50

                  	 	
                    (3)

                  
	
                    LT1-F42

                  	 	
                    $       2,338,051.00

                  	 	
                    (2)

                  
	
                    LT1-V42

                  	 	
                    $       2,338,051.00

                  	 	
                    (3)

                  
	
                    LT1-F43

                  	 	
                    $       2,224,073.50

                  	 	
                    (2)

                  
	
                    LT1-V43

                  	 	
                    $       2,224,073.50

                  	 	
                    (3)

                  
	
                    LT1-F44

                  	 	
                    $       2,115,650.50

                  	 	
                    (2)

                  
	
                    LT1-V44

                  	 	
                    $       2,115,650.50

                  	 	
                    (3)

                  
	
                    LT1-F45

                  	 	
                    $       2,012,509.50

                  	 	
                    (2)

                  
	
                    LT1-V45

                  	 	
                    $       2,012,509.50

                  	 	
                    (3)

                  
	
                    LT1-F46

                  	 	
                    $       1,914,395.00

                  	 	
                    (2)

                  
	
                    LT1-V46

                  	 	
                    $       1,914,395.00

                  	 	
                    (3)

                  
	
                    LT1-F47

                  	 	
                    $       1,821,061.50

                  	 	
                    (2)

                  
	
                    LT1-V47

                  	 	
                    $       1,821,061.50

                  	 	
                    (3)

                  
	
                    LT1-F48

                  	 	
                    $       1,732,275.50

                  	 	
                    (2)

                  
	
                    LT1-V48

                  	 	
                    $       1,732,275.50

                  	 	
                    (3)

                  
	
                    LT1-F49

                  	 	
                    $       1,647,816.50

                  	 	
                    (2)

                  
	
                    LT1-V49

                  	 	
                    $       1,647,816.50

                  	 	
                    (3)

                  
	
                    LT1-F50

                  	 	
                    $       1,567,473.00

                  	 	
                    (2)

                  
	
                    LT1-V50

                  	 	
                    $       1,567,473.00

                  	 	
                    (3)

                  
	
                    LT1-F51

                  	 	
                    $       1,491,045.50

                  	 	
                    (2)

                  
	
                    LT1-V51

                  	 	
                    $       1,491,045.50

                  	 	
                    (3)

                  
	
                    LT1-F52

                  	 	
                    $       1,418,342.00

                  	 	
                    (2)

                  
	
                    LT1-V52

                  	 	
                    $       1,418,342.00

                  	 	
                    (3)

                  
	
                    LT1-F53

                  	 	
                    $       1,349,223.50

                  	 	
                    (2)

                  
	
                    LT1-V53

                  	 	
                    $       1,349,223.50

                  	 	
                    (3)

                  
	
                    LT1-F54

                  	 	
                    $       1,284,160.00

                  	 	
                    (2)

                  
	
                    LT1-V54

                  	 	
                    $       1,284,160.00

                  	 	
                    (3)

                  
	
                    LT1-F55

                  	 	
                    $       1,221,533.50

                  	 	
                    (2)

                  
	
                    LT1-V55

                  	 	
                    $       1,221,533.50

                  	 	
                    (3)

                  
	
                    LT1-F56

                  	 	
                    $       1,161,937.00

                  	 	
                    (2)

                  
	
                    LT1-V56

                  	 	
                    $       1,161,937.00

                  	 	
                    (3)

                  
	
                    LT1-F57

                  	 	
                    $       1,105,256.50

                  	 	
                    (2)

                  
	
                    LT1-V57

                  	 	
                    $       1,105,256.50

                  	 	
                    (3)

                  
	
                    LT1-F58

                  	 	
                    $       1,051,411.50

                  	 	
                    (2)

                  
	
                    LT1-V58

                  	 	
                    $       1,051,411.50

                  	 	
                    (3)

                  
	
                    LT1-F59

                  	 	
                    $     20,477,586.50

                  	 	
                    (2)

                  
	
                    LT1-V59

                  	 	
                    $     20,477,586.50

                  	 	
                    (3)

                  
	
                    LT1-R

                  	 	
                    (4)

                  	 	
                    (4)

                  

          

          

            
              
                
                

              

              
                5

                
                  

                

              

              
                
                

              

            

          

          ___________________________

          
            	
                    (1)

                  	
                    For
                      any Distribution Date (and the related Accrual Period) the
                      interest rate
                      for the LT1-A Interest shall be the Net WAC Rate.
                      

                  

          

           

          
            	
                    (2)

                  	
                    For
                      any Distribution Date (and the related Accrual Period) the
                      interest rate
                      for each of these Lower-Tier Interests shall be the lesser
                      of (i) the
                      REMIC Swap Rate for such Distribution Date, and (ii) the product
                      of (a)
                      the Net WAC Rate and (b) 2.

                  

          

           

          
            	
                    (3)

                  	
                    For
                      any Distribution Date (and the related Accrual Period) the
                      interest rate
                      for each of these Lower-Tier Interests shall be the excess,
                      if any, of (i)
                      the product of (a) the Net WAC Rate and (b) 2, over (ii) the
                      REMIC Swap
                      Rate for such Distribution Date.

                  

          

           

          
            	
                    (4)

                  	
                    The
                      LT1-R interest shall not have a principal amount and shall
                      not bear
                      interest. The LT1-R interest is hereby designated as the sole
                      class of
                      residual interest in Lower-Tier REMIC
                      1.

                  

          

           

          
            	
                    (5)

                  	
                    This
                      interest shall have an initial principal balance equal to the
                      aggregate
                      principal balance of the Mortgage Loans as of the Cut-off Date
                      minus the
                      aggregate initial principal balance of the other regular interests
                      in
                      Lower-Tier REMIC 1.

                  

          

           

          On
            each
            Distribution Date, the Trustee shall distribute the aggregate Interest
            Remittance Amount (net of expenses described under Pooling REMIC 1) with
            respect
            to each of the Lower-Tier Interests in Lower-Tier REMIC 1 based on the
            above-described interest rates.

           

          On
            each
            Distribution Date, the Trustee shall distribute the aggregate Principal
            Remittance Amount with respect to the Lower-Tier REMIC 1 Interests, first
            to the
            LT1-A Interest until its principal balance is reduced to zero, and then
            sequentially, to the other Lower-Tier Interests in Lower-Tier REMIC 1
            in
            ascending order of their numerical designation, and, with respect to
            each pair
            of Lower-Tier Interests having the same numerical designation, in equal
            amounts
            to each such Lower-Tier Interest, until the principal balance of each
            is reduced
            to zero. All losses on the Mortgage Loans shall be allocated among the
            Lower-Tier Interests in Lower-Tier REMIC 1 in the same manner that principal
            distributions are allocated.

           

          On
            each
            Distribution Date, the Trustee shall distribute the Prepayment Premiums
            collected during the preceding Prepayment Period, in the case of Principal
            Prepayments in full, or during the related Collection Period, in the
            case of
            Principal Prepayments in part, to the LT1-F59 and LT1-V59 Lower-Tier
            Interests,
            respectively.

           

          Middle-Tier
            REMIC 1:

           

          The
            following table sets forth the designations, principal balances and interest
            rates for each interest in Middle-Tier REMIC 1, each of which (other
            than the
            Class MT1-R Interest) is hereby designated as a regular interest in Middle-Tier
            REMIC 1 (the “Middle-Tier REMIC 1 Regular Interests”):

           

          
            
              
              

            

            
              6

              
                

              

            

            
              
              

            

          

           

          
            	
                    Middle-Tier
                      

                    REMIC
                      1

                    Designation

                  	 	
                    Middle-Tier
                      

                    REMIC
                      1

                    Interest
                      Rate

                  	 	
                    Initial
                      Class 

                    Principal
                      Amount

                  	 	
                    Corresponding
                      Class of 

                    Certificate(s)
                      or 

                    Components

                  
	
                    MT1-A1-1

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    A1-1,
                      AIO

                  
	
                    MT1-A1-2

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    A1-2,
                      AIO

                  
	
                    MT1-A2-1-1

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    A2-1-1,
                      AIO

                  
	
                    MT1-A2-1-2

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    A2-1-2,
                      AIO

                  
	
                    MT1-A2-2

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    A2-2,
                      AIO

                  
	
                    MT1-A3

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    A3,
                      AIO

                  
	
                    MT1-A4

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    A4,
                      AIO

                  
	
                    MT1-M1

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    M1

                  
	
                    MT1-M2

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    M2

                  
	
                    MT1-M3

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    M3

                  
	
                    MT1-M4

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    M4

                  
	
                    MT1-M5

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    M5

                  
	
                    MT1-M6

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    M6

                  
	
                    MT1-M7

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    M7

                  
	
                    MT1-M8

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    M8

                  
	
                    MT1-M9

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    M9

                  
	
                    MT1-M10

                  	 	
                    (1)

                  	 	
                    (3)

                  	 	
                    M10

                  
	
                    MT1-Q

                  	 	
                    (1)

                  	 	
                    (4)

                  	 	
                    N/A

                  
	
                    MT1-IO

                  	 	
                    (2)

                  	 	
                    (2)

                  	 	
                    N/A

                  
	
                    MT1-R

                  	 	
                    (5)

                  	 	
                    (5)

                  	 	
                    R

                  

          

          ___________________________

          
            	 	
                    (1)

                  	
                    For
                      any Distribution Date (and the related Accrual Period) the
                      interest rate
                      for each of these Interests in Middle-Tier REMIC 1 is a per
                      annum rate
                      equal to the weighted average of the interest rates on the
                      Lower-Tier
                      Interests in Lower-Tier REMIC 1 for such Distribution Date,
provided,
                      however, that
                      for any Distribution Date on which the Class MT1-IO Interest
                      is entitled
                      to a portion of the interest accruals on a Lower-Tier Interest
                      in
                      Lower-Tier REMIC 1 having an “F” in its class designation, as described in
                      footnote two below, such weighted average shall be computed
                      by first
                      subjecting the rate on such Lower-Tier Interest in REMIC 1
                      to a cap equal
                      to Swap LIBOR for such Distribution Date.

                  

          

           

          
            	 	
                    (2)

                  	
                    The
                      Class MT1-IO is an interest only class that does not have a
                      principal
                      balance. For only those Distribution Dates listed in the first
                      column in
                      the table below, the Class MT1-IO shall be entitled to interest
                      accrued on
                      the Lower-Tier Interest in Lower-Tier REMIC 1 listed in second
                      column in
                      the table below at a per annum rate equal to the excess, if
                      any, of (i)
                      the interest rate for such Lower-Tier Interest in Lower-Tier
                      REMIC 1 for
                      such Distribution Date over (ii) Swap LIBOR for such Distribution
                      Date.

                  

          

           

          
            	
                    Distribution
                      Dates

                  	
                    Lower-Tier
                      REMIC 1
                      Designation

                  
	
                    2

                  	
                    LT1-F1

                  
	
                    2-3

                  	
                    LT1-F2

                  
	
                    2-4

                  	
                    LT1-F3

                  
	
                    2-5

                  	
                    LT1-F4

                  
	
                    2-6

                  	
                    LT1-F5

                  
	
                    2-7

                  	
                    LT1-F6

                  
	
                    2-8

                  	
                    LT1-F7

                  
	
                    2-9

                  	
                    LT1-F8

                  
	
                    2-10

                  	
                    LT1-F9

                  
	
                    2-11

                  	
                    LT1-F10

                  

          

          
            
              
              

            

            
              7

              
                

              

            

            
              
              

            

          

          

          
            	
                    2-12

                  	
                    LT1-F11

                  
	
                    2-13

                  	
                    LT1-F12

                  
	
                    2-14

                  	
                    LT1-F13

                  
	
                    2-15

                  	
                    LT1-F14

                  
	
                    2-16

                  	
                    LT1-F15

                  
	
                    2-17

                  	
                    LT1-F16

                  
	
                    2-18

                  	
                    LT1-F17

                  
	
                    2-19

                  	
                    LT1-F18

                  
	
                    2-20

                  	
                    LT1-F19

                  
	
                    2-21

                  	
                    LT1-F20

                  
	
                    2-22

                  	
                    LT1-F21

                  
	
                    2-23

                  	
                    LT1-F22

                  
	
                    2-24

                  	
                    LT1-F23

                  
	
                    2-25

                  	
                    LT1-F24

                  
	
                    2-26

                  	
                    LT1-F25

                  
	
                    2-27

                  	
                    LT1-F26

                  
	
                    2-28

                  	
                    LT1-F27

                  
	
                    2-29

                  	
                    LT1-F28

                  
	
                    2-30

                  	
                    LT1-F29

                  
	
                    2-31

                  	
                    LT1-F30

                  
	
                    2-32

                  	
                    LT1-F31

                  
	
                    2-33

                  	
                    LT1-F32

                  
	
                    2-34

                  	
                    LT1-F33

                  
	
                    2-35

                  	
                    LT1-F34

                  
	
                    2-36

                  	
                    LT1-F35

                  
	
                    2-37

                  	
                    LT1-F36

                  
	
                    2-38

                  	
                    LT1-F37

                  
	
                    2-39

                  	
                    LT1-F38

                  
	
                    2-40

                  	
                    LT1-F39

                  
	
                    2-41

                  	
                    LT1-F40

                  
	
                    2-42

                  	
                    LT1-F41

                  
	
                    2-43

                  	
                    LT1-F42

                  
	
                    2-44

                  	
                    LT1-F43

                  
	
                    2-45

                  	
                    LT1-F44

                  
	
                    2-46

                  	
                    LT1-F45

                  
	
                    2-47

                  	
                    LT1-F46

                  
	
                    2-48

                  	
                    LT1-F47

                  
	
                    2-49

                  	
                    LT1-F48

                  
	
                    2-50

                  	
                    LT1-F49

                  
	
                    2-51

                  	
                    LT1-F50

                  
	
                    2-52

                  	
                    LT1-F51

                  
	
                    2-53

                  	
                    LT1-F52

                  
	
                    2-54

                  	
                    LT1-F53

                  
	
                    2-55

                  	
                    LT1-F54

                  
	
                    2-56

                  	
                    LT1-F55

                  
	
                    2-57

                  	
                    LT1-F56

                  
	
                    2-58

                  	
                    LT1-F57

                  

          

          
            
              
              

            

            
              8

              
                

              

            

            
              
              

            

          

          

          
            	
                    2-59

                  	
                    LT1-F58

                  
	
                    2-60

                  	
                    LT1-F59

                  

          

           

          
            	 	
                    (3)

                  	
                    This
                      interest shall have an initial principal balance equal to one-half
                      of the
                      initial Class Principal Amount of its Corresponding Class of
                      Certificates.

                  

          

           

          
            	 	
                    (4)

                  	
                    This
                      interest shall have an initial principal balance equal to the
                      excess of
                      (i) the Aggregate Loan Balance as of the Cut-off Date, over
                      (ii) the
                      aggregate initial class principal amount of each other regular
                      interest in
                      Middle-Tier REMIC 1.

                  

          

           

          
            	 	
                    (5)

                  	
                    The
                      Class MT1-R interest is the sole class of residual interests
                      in
                      Middle-Tier REMIC 1. It does not have an interest rate or a
                      principal
                      balance.

                  

          

           

          On
            each
            Distribution Date, interest shall be distributed on the Lower-Tier Interests
            in
            Middle-Tier REMIC 1 based on the above-described interest rates,
            provided,
            however,
            that
            interest that accrues on the Class MT1-Q Interest shall be deferred in
            an amount
            equal to one-half of the increase, if any, in the Overcollateralization
            Amount
            for such Distribution Date. Any interest so deferred shall itself bear
            interest
            at the interest rate for the Class MT1-Q Interest. An amount equal to
            the
            interest so deferred shall be distributed as additional principal on
            the other
            interests in Middle-Tier REMIC 1 having a principal balance in the manner
            described under priority (a) below.

           

          On
            each
            Distribution Date principal shall be distributed, and Realized Losses
            shall be
            allocated, among the interests in Middle-Tier REMIC 1 in the following
            order of
            priority:

           

          (a)
            First, to the Class MT1-A1-1, Class MT-A1-2, Class MT1-A2-1-1, Class
            MT-A2-1-2,
            Class MT-A2-2, Class MT1-A3, Class MT1-A4, Class MT1-M1, Class MT1-M2,
            Class
            MT1-M3, Class MT1-M4, Class MT1-M5, Class MT1-M6, Class MT1-M7, Class
            MT1-M8,
            Class MT1-M9 and Class MT1-M10 Interests until the principal balance
            of each
            such interest equals one-half of the Class Principal Amount of the Corresponding
            Class of Certificates immediately after such Distribution Date; and

           

          (b)
            Second, to the Class MT1-Q Interests, any remaining amounts.

           

          On
            each
            Distribution Date, the Trustee shall be deemed to have distributed the
            Prepayment Premiums passed through with respect to the LT1-F59 and LT1-V59
            Lower-Tier Interests in Lower-Tier REMIC 1 on such Distribution Date
            to the
            Class MT1-Q Interest.

           

          Middle-Tier
            REMIC 2:

           

          The
            following table sets forth the designations, principal balances and interest
            rates for each interest in Middle-Tier REMIC 2, each of which (other
            than the
            Class MT2-R Interest) is hereby designated as a regular interest in Middle-Tier
            REMIC 2 (the “Middle-Tier REMIC 2 Regular Interests”):

           

          
            
              
              

            

            
              9

              
                

              

            

            
              
              

            

          

          

           

          
            	
                    Middle-Tier
                      

                    REMIC
                      2

                    Designation

                  	 	
                    Middle-Tier
                      

                    REMIC
                      2

                    Interest
                      Rate

                  	 	
                    Initial
                      Class 

                    Principal
                      Amount

                  	 	
                    Corresponding
                      Class of 

                    Certificate(s)
                      or 

                    Components

                  
	
                    MT2-A1-1

                  	 	
                    (2)

                  	 	
                    (9)

                  	 	
                    A1-1,
                      AIO

                  
	
                    MT2-A1-2

                  	 	
                    (3)

                  	 	
                    (9)

                  	 	
                    A1-2,
                      AIO

                  
	
                    MT2-A2-1-1

                  	 	
                    (4)

                  	 	
                    (9)

                  	 	
                    A2-1-1,
                      AIO

                  
	
                    MT2-A2-1-2

                  	 	
                    (5)

                  	 	
                    (9)

                  	 	
                    A2-1-2,
                      AIO

                  
	
                    MT2-A2-2

                  	 	
                    (6)

                  	 	
                    (9)

                  	 	
                    A2-2,
                      AIO

                  
	
                    MT2-A3

                  	 	
                    (7)

                  	 	
                    (9)

                  	 	
                    A3,
                      AIO

                  
	
                    MT2-A4

                  	 	
                    (8)

                  	 	
                    (9)

                  	 	
                    A4,
                      AIO

                  
	
                    MT2-M1

                  	 	
                    (1)

                  	 	
                    (9)

                  	 	
                    M1

                  
	
                    MT2-M2

                  	 	
                    (1)

                  	 	
                    (9)

                  	 	
                    M2

                  
	
                    MT2-M3

                  	 	
                    (1)

                  	 	
                    (9)

                  	 	
                    M3

                  
	
                    MT2-M4

                  	 	
                    (1)

                  	 	
                    (9)

                  	 	
                    M4

                  
	
                    MT2-M5

                  	 	
                    (1)

                  	 	
                    (9)

                  	 	
                    M5

                  
	
                    MT2-M6

                  	 	
                    (1)

                  	 	
                    (9)

                  	 	
                    M6

                  
	
                    MT2-M7

                  	 	
                    (1)

                  	 	
                    (9)

                  	 	
                    M7

                  
	
                    MT2-M8

                  	 	
                    (1)

                  	 	
                    (9)

                  	 	
                    M8

                  
	
                    MT1-M9

                  	 	
                    (1)

                  	 	
                    (9)

                  	 	
                    M9

                  
	
                    MT1-M10

                  	 	
                    (1)

                  	 	
                    (9)

                  	 	
                    M10

                  
	
                    MT2-X

                  	 	
                    (10)

                  	 	
                    (10)

                  	 	
                    N/A

                  
	
                    MT1-R

                  	 	
                    (11)

                  	 	
                    (11)

                  	 	
                    R

                  

          

          ___________________________

          
            	
                    (1)

                  	
                    The
                      interest rate with respect to any Distribution Date (and the
                      related
                      Accrual Period) for each of these Middle-Tier Interests in
                      Middle-Tier
                      REMIC 2 is a per annum rate equal to the interest rate of its
                      Corresponding Class of Certificates or Components, determined
                      by
                      substituting the REMIC Net Funds Cap for the Net Funds
                      Cap.

                  

          

          

          
            	
                    (2)

                  	
                    The
                      interest rate with respect to any Distribution Date (and the
                      related
                      Accrual Period) for this Middle-Tier Interest in Middle-Tier
                      REMIC 2 is a
                      per annum rate equal to the lesser of (i) LIBOR plus a margin
                      of 0.31% (or
                      a margin of .62% after the Initial Optional Termination Date),
                      subject to
                      a floor of 7.06% (6.62%, after the Initial Optional Termination
                      Date) and
                      (ii) the REMIC Net Funds Cap.

                  

          

          

          
            	
                    (3)

                  	
                    The
                      interest rate with respect to any Distribution Date (and the
                      related
                      Accrual Period) for this Middle-Tier Interest in Middle-Tier
                      REMIC 2 is a
                      per annum rate equal to the lesser of (i) LIBOR plus a margin
                      of 0.50% (or
                      a margin of 1.00% after the Initial Optional Termination Date),
                      subject to
                      a floor of 7.25% (7.00%, after the Initial Optional Termination
                      Date) and
                      (ii) the REMIC Net Funds Cap.

                  

          

          

          
            	
                    (4)

                  	
                    The
                      interest rate with respect to any Distribution Date (and the
                      related
                      Accrual Period) for this Middle-Tier Interest in Middle-Tier
                      REMIC 2 is a
                      per annum rate equal to the lesser of (i) LIBOR plus a margin
                      of 0.26% (or
                      a margin of .52% after the Initial Optional Termination Date),
                      subject to
                      a floor of 7.01% (6.52%, after the Initial Optional Termination
                      Date) and
                      (ii) the REMIC Net Funds Cap.

                  

          

          

          
            	
                    (5)

                  	
                    The
                      interest rate with respect to any Distribution Date (and the
                      related
                      Accrual Period) for this Middle-Tier Interest in Middle-Tier
                      REMIC 2 is a
                      per annum rate equal to the lesser of (i) LIBOR plus a margin
                      of 0.26% (or
                      a margin of .52% after the Initial Optional Termination Date),
                      subject to
                      a floor of 7.01% (6.52%, after the Initial Optional Termination
                      Date) and
                      (ii) the REMIC Net Funds Cap.

                  

          

          

          
            	
                    (6)

                  	
                    The
                      interest rate with respect to any Distribution Date (and the
                      related
                      Accrual Period) for this Middle-Tier Interest in Middle-Tier
                      REMIC 2 is a
                      per annum rate equal to the lesser of (i) LIBOR plus a margin
                      of 0.40% (or
                      a margin of .80% after the Initial Optional Termination Date),
                      subject to
                      a floor of 7.15% (6.80%, after the Initial Optional Termination
                      Date) and
                      (ii) the REMIC Net Funds Cap.

                  

          

          
            
              
              

            

            
              10

              
                

              

            

            
              
              

            

          

          
            	
                    (7)

                  	
                    The
                      interest rate with respect to any Distribution Date (and the
                      related
                      Accrual Period) for this Middle-Tier Interest in Middle-Tier
                      REMIC 2 is a
                      per annum rate equal to the lesser of (i) LIBOR plus a margin
                      of 0.55% (or
                      a margin of 1.10% after the Initial Optional Termination Date),
                      subject to
                      a floor of 7.30% (7.10%, after the Initial Optional Termination
                      Date) and
                      (ii) the REMIC Net Funds Cap.

                  

          

          

          
            	
                    (8)

                  	
                    
                      The
                        interest rate with respect to any Distribution Date (and
                        the related
                        Accrual Period) for this Middle-Tier Interest in Middle-Tier
                        REMIC 2 is a
                        per annum rate equal to the lesser of (i) LIBOR plus a margin
                        of 0.35% (or
                        a margin of .70% after the Initial Optional Termination Date),
                        subject to
                        a floor of 7.10% (6.70%, after the Initial Optional Termination
                        Date) and
                        (ii) the REMIC Net Funds Cap.

                    

                  

          

          

          
            	
                    (9)

                  	
                    
                      This
                        interest shall have an initial principal balance equal to
                        the initial
                        Class Principal Amount of its Corresponding Class of
                        Certificates.

                    

                  

          

          

          
            	
                    (10)

                  	
                    This
                      interest shall have an initial principal balance equal to the
                      amount of
                      the initial overcollateralization, but shall not accrue interest
                      on that
                      balance. This interest shall also comprise two notional components,
                      each
                      of which represents a regular interest in Middle-Tier REMIC
                      2. The first
                      such component has a notional balance that will at all times
                      equal the
                      aggregate of the outstanding principal amounts of the Middle-Tier
                      Interests in Middle-Tier REMIC 1, and, for each Distribution
                      Date (and the
                      related Accrual Period) this notional component shall bear
                      interest at a
                      per annum rate equal to the excess, if any, of (i) the weighted
                      average of
                      the interest rates on the Middle-Tier Interests in Middle-Tier
                      REMIC 1
                      (other than any interest-only regular interest), over (ii)
                      the Adjusted
                      Middle Tier REMIC 1 WAC. The second notional component represents
                      the
                      right to receive all distributions in respect of the Class
                      MT1-IO Interest
                      in Middle-Tier REMIC 1. 

                  

          

          

          
            	
                    (11)

                  	
                    The
                      MT2-R Interest is the sole Class of residual interest in Middle-Tier
                      REMIC
                      2. It does not have an interest rate or a principal balance.
                      

                  

          

          

          On
            each
            Distribution Date, interest shall be distributed on the Lower-Tier Interests
            in
            Middle-Tier REMIC 2 based on the above-described interest rates. 

           

          On
            each
            Distribution Date principal shall be distributed to each Middle-Tier
            Interest in
            Middle-Tier REMIC 2 (other than the Class MT2-X and Class MT2-R Interests)
            until
            the principal balance of each such interest equals the Class Principal
            Amount of
            the Corresponding Class of Certificates immediately after such Distribution
            Date. Realized Losses shall be allocated among the interests in Middle-Tier
            REMIC 2 in the same manner as principal is allocated. 

           

          On
            each
            Distribution Date, the Trustee shall be deemed to have distributed the
            Prepayment Premiums passed through with respect to the MT1-Q Interest
            in
            Middle-Tier REMIC 1 on such Distribution Date to the Class MT2-X
            Interest.

           

          The
            Certificates

          

          The
            following table sets forth (or describes) the Class designation, Certificate
            Interest Rate, initial Class Principal Amount (or Class Notional Amount)
            and
            minimum denomination for each Class of Certificates comprising interests
            in the
            Trust Fund created hereunder. 

          
            
              
              

            

            
              11

              
                

              

            

            
              
              

            

          

          

            
              	
                      Class
                        Designation

                    	 	
                      Interest
                        Rate

                    	 	
                      Initial
                        Class

                      Principal
                        Amount

                      or
                        Class Notional 

                      Amount
                        ($)

                    	 	
                      Minimum
                        

                      Denominations

                    
	
                       

                    	 	
                       

                    	 	
                       

                    	 	
                       

                    
	
                      Class
                        A1-1

                    	 	
                      (1)

                    	 	
                      $208,000,000

                    	 	
                      $25,000

                    
	
                      Class
                        A1-2

                    	 	
                      (2)

                    	 	
                      $9,636,000

                    	 	
                      $25,000

                    
	
                      Class
                        A2-1-1

                    	 	
                      (3)

                    	 	
                      $261,999,000

                    	 	
                      $25,000

                    
	
                      Class
                        A2-1-2

                    	 	
                      (4)

                    	 	
                      $32,752,000

                    	 	
                      $25,000

                    
	
                      Class
                        A2-2

                    	 	
                      (5)

                    	 	
                      $120,522,000

                    	 	
                      $25,000

                    
	
                      Class
                        A3

                    	 	
                      (6)

                    	 	
                      $78,920,000

                    	 	
                      $25,000

                    
	
                      Class
                        A4

                    	 	
                      (7)

                    	 	
                      $70,323,000

                    	 	
                      $25,000

                    
	
                      Class
                        AIO

                    	 	
                      (8)

                    	 	
                      $782,152,000

                    	 	
                      $1,000,000

                    
	
                      Class
                        M1

                    	 	
                      (9)

                    	 	
                      $20,797,000

                    	 	
                      $100,000

                    
	
                      Class
                        M2

                    	 	
                      (10)

                    	 	
                      $16,728,000

                    	 	
                      $100,000

                    
	
                      Class
                        M3

                    	 	
                      (11)

                    	 	
                      $9,946,000

                    	 	
                      $100,000

                    
	
                      Class
                        M4

                    	 	
                      (12)

                    	 	
                      $6,781,000

                    	 	
                      $100,000

                    
	
                      Class
                        M5

                    	 	
                      (13)

                    	 	
                      $8,590,000

                    	 	
                      $100,000

                    
	
                      Class
                        M6

                    	 	
                      (14)

                    	 	
                      $6,781,000

                    	 	
                      $100,000

                    
	
                      Class
                        M7

                    	 	
                      (15)

                    	 	
                      $7,685,000

                    	 	
                      $100,000

                    
	
                      Class
                        M8

                    	 	
                      (16)

                    	 	
                      $6,329,000

                    	 	
                      $100,000

                    
	
                      Class
                        M9

                    	 	
                      (17)

                    	 	
                      $5,425,000

                    	 	
                      $100,000

                    
	
                      Class
                        M10

                    	 	
                      (18)

                    	 	
                      $5,877,000

                    	 	
                      $100,000

                    
	
                      Class
                        P

                    	 	
                      (19)

                    	 	
                      (19)     
                        

                    	 	
                      (23)     
                        

                    
	
                      Class
                        X

                    	 	
                      (20)

                    	 	
                      (20)     
                        

                    	 	
                      (23)     
                        

                    
	
                      Class
                        R

                    	 	
                      (21)

                    	 	
                      (21)     
                        

                    	 	
                      (23)     
                        

                    
	
                      Class
                        LT-R

                    	 	
                      (22)

                    	 	
                      (22)     
                        

                    	 	
                      (23)     
                        

                    

            

          

          _______________________

           

          
            	
                    (1)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class A1-1 Certificates is
                      the per annum
                      rate equal to the lesser of (i) LIBOR plus 0.310% and (ii)
                      the Net Funds
                      Cap for such Distribution Date;
                      provided,
                      that if the Mortgage Loans and related property are not purchased
                      pursuant
                      to Section 7.01(b) on the Initial Optional Termination Date,
                      then with
                      respect to each subsequent Distribution Date the per annum
                      rate calculated
                      pursuant to clause (i) above with respect to the Class A1-1
                      Certificates
                      will be LIBOR plus 0.620%. For purposes of the REMIC Provisions,
                      the
                      reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                      shall be deemed to be a reference to the REMIC Net Funds Cap.
                      For any
                      Distribution Date on which the Certificate Interest Rate for
                      the Class
                      A1-1 Certificates is based on the Net Funds Cap, the amount
                      of interest
                      that would have been payable on such Certificates if the REMIC
                      Net Funds
                      Cap were substituted for the Net Funds Cap over the amount
                      actually
                      payable thereon shall be treated as having been paid to the
                      owners of the
                      Class A1-1 Certificates and then deposited by such owners into
                      the
                      Supplemental Interest Trust pursuant to Section 10.01(n) hereof.
                      

                  

          

           

          
            	
                    (2)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class A1-2 Certificates is
                      the per annum
                      rate equal to the lesser of (i) LIBOR plus 0.500% and (ii)
                      the Net Funds
                      Cap for such Distribution Date; provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class A1-2 Certificates will be LIBOR
                      plus
                      1.000%. For purposes of the REMIC Provisions, the reference
                      to “Net Funds
                      Cap” in clause (ii) of the preceding sentence shall be deemed to
                      be a
                      reference to the REMIC Net Funds Cap. For any Distribution
                      Date on which
                      the Certificate Interest Rate for the Class A1-2 Certificates
                      is based on
                      the Net Funds Cap, the amount of interest that would have been
                      payable on
                      such Certificates if the REMIC Net Funds Cap were substituted
                      for the Net
                      Funds Cap over the amount actually payable thereon shall be
                      treated as
                      having been paid to the owners of the Class A1-2 Certificates
                      and then
                      deposited by such owners into the Supplemental Interest Trust
                      pursuant to
                      Section 10.01(n) hereof. 

                  

          

           

          
            	
                    (3)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class A2-1-1 Certificates is
                      the per annum
                      rate equal to the lesser of (i) LIBOR plus 0.260% and (ii)
                      the Net Funds
                      Cap for such Distribution Date;
                      provided,
                      that if the Mortgage Loans and related property are not purchased
                      pursuant
                      to Section 7.01(b) on the Initial Optional Termination Date,
                      then with
                      respect to each subsequent Distribution Date the per annum
                      rate calculated
                      pursuant to clause (i) above with respect to the Class A2-1-1
                      Certificates
                      will be LIBOR plus 0.520%. For purposes of the REMIC Provisions,
                      the
                      reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                      shall be deemed to be a reference to the REMIC Net Funds Cap.
                      For any
                      Distribution Date on which the Certificate Interest Rate for
                      the Class
                      A2-1-1 Certificates is based on the Net Funds Cap, the amount
                      of interest
                      that would have been payable on such Certificates if the REMIC
                      Net Funds
                      Cap were substituted for the Net Funds Cap over the amount
                      actually
                      payable thereon shall be treated as having been paid to the
                      owners of the
                      Class A2-1-1 Certificates and then deposited by such owners
                      into the
                      Supplemental Interest Trust pursuant to Section 10.01(n) hereof.
                      

                  

          

          
            
              
              

            

            
              12

              
                

              

            

            
              
              

            

          

           

          
            	
                    (4)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class A2-1-2 Certificates is
                      the per annum
                      rate equal to the lesser of (i) LIBOR plus 0.260% and (ii)
                      the Net Funds
                      Cap for such Distribution Date;
                      provided,
                      that if the Mortgage Loans and related property are not purchased
                      pursuant
                      to Section 7.01(b) on the Initial Optional Termination Date,
                      then with
                      respect to each subsequent Distribution Date the per annum
                      rate calculated
                      pursuant to clause (i) above with respect to the Class A2-1-2
                      Certificates
                      will be LIBOR plus 0.520%. For purposes of the REMIC Provisions,
                      the
                      reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                      shall be deemed to be a reference to the REMIC Net Funds Cap.
                      For any
                      Distribution Date on which the Certificate Interest Rate for
                      the Class
                      A2-1-2 Certificates is based on the Net Funds Cap, the amount
                      of interest
                      that would have been payable on such Certificates if the REMIC
                      Net Funds
                      Cap were substituted for the Net Funds Cap over the amount
                      actually
                      payable thereon shall be treated as having been paid to the
                      owners of the
                      Class A2-1-2 Certificates and then deposited by such owners
                      into the
                      Supplemental Interest Trust pursuant to Section 10.01(n) hereof.
                      

                  

          

           

          
            	
                    (5)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class A2-2 Certificates is
                      the per annum
                      rate equal to the lesser of (i) LIBOR plus 0.400% and (ii)
                      the Net Funds
                      Cap for such Distribution Date; provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class A2-2 Certificates will be LIBOR
                      plus
                      0.800%. For purposes of the REMIC Provisions, the reference
                      to “Net Funds
                      Cap” in clause (ii) of the preceding sentence shall be deemed to
                      be a
                      reference to the REMIC Net Funds Cap. For any Distribution
                      Date on which
                      the Certificate Interest Rate for the Class A2-2 Certificates
                      is based on
                      the Net Funds Cap, the amount of interest that would have been
                      payable on
                      such Certificates if the REMIC Net Funds Cap were substituted
                      for the Net
                      Funds Cap over the amount actually payable thereon shall be
                      treated as
                      having been paid to the owners of the Class A2-2 Certificates
                      and then
                      deposited by such owners into the Supplemental Interest Trust
                      pursuant to
                      Section 10.01(n) hereof. 

                  

          

           

          
            	
                    (6)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class A3 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 0.550% and (ii)
                      the Net Funds
                      Cap for such Distribution Date; provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class A3 Certificates will be LIBOR
                      plus 1.100%.
                      For purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                      clause (ii) of the preceding sentence shall be deemed to be
                      a reference to
                      the REMIC Net Funds Cap. For any Distribution Date on which
                      the
                      Certificate Interest Rate for the Class A3 Certificates is
                      based on the
                      Net Funds Cap, the amount of interest that would have been
                      payable on such
                      Certificates if the REMIC Net Funds Cap were substituted for
                      the Net Funds
                      Cap over the amount actually payable thereon shall be treated
                      as having
                      been paid to the owners of the Class A3 Certificates and then
                      deposited by
                      such owners into the Supplemental Interest Trust pursuant to
                      Section
                      10.01(n) hereof. 

                  

          

           

          
            	
                    (7)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class A4 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 0.350% and (ii)
                      the Net Funds
                      Cap for such Distribution Date; provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class A4 Certificates will be LIBOR
                      plus 0.700%.
                      For purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                      clause (ii) of the preceding sentence shall be deemed to be
                      a reference to
                      the REMIC Net Funds Cap. For any Distribution Date on which
                      the
                      Certificate Interest Rate for the Class A4 Certificates is
                      based on the
                      Net Funds Cap, the amount of interest that would have been
                      payable on such
                      Certificates if the REMIC Net Funds Cap were substituted for
                      the Net Funds
                      Cap over the amount actually payable thereon shall be treated
                      as having
                      been paid to the owners of the Class A4 Certificates and then
                      deposited by
                      such owners into the Supplemental Interest Trust pursuant to
                      Section
                      10.01(n) hereof. 

                  

          

          
            
              
              

            

            
              13

              
                

              

            

            
              
              

            

          

          
            	
                    (8)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class AIO Certificates is the
                      per annum
                      rate equal to the lesser of (i) 6.75% minus LIBOR and (ii)
                      the excess of
                      the Net Funds Cap for such Distribution Date over the Senior
                      Weighted
                      Average Interest Rate, subject to a minimum Certificate Interest
                      Rate of
                      0.000%; provided,
                      that if the Mortgage Loans and related property are not purchased
                      pursuant
                      to Section 7.01(b) on the Initial Optional Termination Date,
                      then with
                      respect to each subsequent Distribution Date the per annum
                      rate calculated
                      pursuant to clause (i) above with respect to the Class AIO
                      Certificates
                      will be 6.00% minus LIBOR. For
                      purposes of the REMIC Provisions, the REMIC regular interest
                      evidenced by
                      the Class AIO Certificates shall bear interest at a per annum
                      rate equal
                      to the excess if any of (x) the lesser of 6.75% (6.00% after
                      the Initial
                      Optional Termination Date) and the REMIC Net Funds Cap over
                      (y) LIBOR. On
                      any Distribution Date on which the Certificate Interest Rate
                      for the Class
                      AIO Certificates exceeds the interest rate of its corresponding
                      REMIC
                      regular interest, interest accruals based on such excess shall
                      be treated
                      as having been paid from the Basis Risk Reserve Fund or the
                      Supplemental
                      Interest Trust, as applicable; on any Distribution Date on
                      which the
                      Certificate Interest Rate on the Class AIO Certificates is
                      less than the
                      interest rate of its corresponding REMIC regular interest,
                      the amount of
                      interest that accrued on such REMIC regular interest in excess
                      of the
                      amount of interest accrued on the Class AIO Certificates shall
                      be treated
                      as having been paid by the Class AIO Certificateholders to
                      the
                      Supplemental Interest Trust, all pursuant to and as further
                      provided in
                      Section 10.01(n) hereof.

                  

          

           

          
            	
                    (9)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class M1 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 0.750% and (ii)
                      the Net Funds
                      Cap for such Distribution Date, provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class M1 Certificates will be LIBOR
                      plus 1.125%.
                      For purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                      clause (ii) of the preceding sentence shall be deemed to be
                      a reference to
                      the REMIC Net Funds Cap. For any Distribution Date on which
                      the
                      Certificate Interest Rate for the Class M1 Certificates is
                      based on the
                      Net Funds Cap, the amount of interest that would have been
                      payable on such
                      Certificates if the REMIC Net Funds Cap were substituted for
                      the Net Funds
                      Cap over the amount actually payable thereon shall be treated
                      as having
                      been paid to the owners of the Class M1 Certificates and then
                      deposited by
                      such owners into the Supplemental Interest Trust pursuant to
                      Section
                      10.01(n) hereof. 

                  

          

           

           

          
            	
                    (10)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class M2 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 1.000% and (ii)
                      the Net Funds
                      Cap for such Distribution Date, provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class M2 Certificates will be LIBOR
                      plus 1.500%.
                      For purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                      clause (ii) of the preceding sentence shall be deemed to be
                      a reference to
                      the REMIC Net Funds Cap. For any Distribution Date on which
                      the
                      Certificate Interest Rate for the Class M2 Certificates is
                      based on the
                      Net Funds Cap, the amount of interest that would have been
                      payable on such
                      Certificates if the REMIC Net Funds Cap were substituted for
                      the Net Funds
                      Cap over the amount actually payable thereon shall be treated
                      as having
                      been paid to the owners of the Class M2 Certificates and then
                      deposited by
                      such owners into the Supplemental Interest Trust pursuant to
                      Section
                      10.01(n) hereof. 

                  

          

           

          
            	
                    (11)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class M3 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 1.500% and (ii)
                      the Net Funds
                      Cap for such Distribution Date, provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class M3 Certificates will be LIBOR
                      plus 2.250%.
                      For purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                      clause (ii) of the preceding sentence shall be deemed to be
                      a reference to
                      the REMIC Net Funds Cap. For any Distribution Date on which
                      the
                      Certificate Interest Rate for the Class M3 Certificates is
                      based on the
                      Net Funds Cap, the amount of interest that would have been
                      payable on such
                      Certificates if the REMIC Net Funds Cap were substituted for
                      the Net Funds
                      Cap over the amount actually payable thereon shall be treated
                      as having
                      been paid to the owners of the Class M3 Certificates and then
                      deposited by
                      such owners into the Supplemental Interest Trust pursuant to
                      Section
                      10.01(n) hereof. 

                  

          

          
            
              
              

            

            
              14

              
                

              

            

            
              
              

            

          

           

          
            	
                    (12)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class M4 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 2.000% and (ii)
                      the Net Funds
                      Cap for such Distribution Date, provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class M4 Certificates will be LIBOR
                      plus 3.000%.
                      For purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                      clause (ii) of the preceding sentence shall be deemed to be
                      a reference to
                      the REMIC Net Funds Cap. For any Distribution Date on which
                      the
                      Certificate Interest Rate for the Class M4 Certificates is
                      based on the
                      Net Funds Cap, the amount of interest that would have been
                      payable on such
                      Certificates if the REMIC Net Funds Cap were substituted for
                      the Net Funds
                      Cap over the amount actually payable thereon shall be treated
                      as having
                      been paid to the owners of the Class M4 Certificates and then
                      deposited by
                      such owners into the Supplemental Interest Trust pursuant to
                      Section
                      10.01(n) hereof. 

                  

          

           

          
            	
                    (13)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class M5 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 2.000% and (ii)
                      the Net Funds
                      Cap for such Distribution Date, provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class M5 Certificates will be LIBOR
                      plus 3.000%.
                      For purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                      clause (ii) of the preceding sentence shall be deemed to be
                      a reference to
                      the REMIC Net Funds Cap. For any Distribution Date on which
                      the
                      Certificate Interest Rate for the Class M5 Certificates is
                      based on the
                      Net Funds Cap, the amount of interest that would have been
                      payable on such
                      Certificates if the REMIC Net Funds Cap were substituted for
                      the Net Funds
                      Cap over the amount actually payable thereon shall be treated
                      as having
                      been paid to the owners of the Class M5 Certificates and then
                      deposited by
                      such owners into the Supplemental Interest Trust pursuant to
                      Section
                      10.01(n) hereof.

                  

          

           

          
            	
                    (14)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class M6 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 2.000% and (ii)
                      the Net Funds
                      Cap for such Distribution Date, provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class M6 Certificates will be LIBOR
                      plus 3.000%.
                      For purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                      clause (ii) of the preceding sentence shall be deemed to be
                      a reference to
                      the REMIC Net Funds Cap. For any Distribution Date on which
                      the
                      Certificate Interest Rate for the Class M6 Certificates is
                      based on the
                      Net Funds Cap, the amount of interest that would have been
                      payable on such
                      Certificates if the REMIC Net Funds Cap were substituted for
                      the Net Funds
                      Cap over the amount actually payable thereon shall be treated
                      as having
                      been paid to the owners of the Class M6 Certificates and then
                      deposited by
                      such owners into the Supplemental Interest Trust pursuant to
                      Section
                      10.01(n) hereof.

                  

          

           

          
            	
                    (15)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class M7 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 2.000% and (ii)
                      the Net Funds
                      Cap for such Distribution Date, provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class M7 Certificates will be LIBOR
                      plus 3.000%.
                      For purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                      clause (ii) of the preceding sentence shall be deemed to be
                      a reference to
                      the REMIC Net Funds Cap. For any Distribution Date on which
                      the
                      Certificate Interest Rate for the Class M7 Certificates is
                      based on the
                      Net Funds Cap, the amount of interest that would have been
                      payable on such
                      Certificates if the REMIC Net Funds Cap were substituted for
                      the Net Funds
                      Cap over the amount actually payable thereon shall be treated
                      as having
                      been paid to the owners of the Class M7 Certificates and then
                      deposited by
                      such owners into the Supplemental Interest Trust pursuant to
                      Section
                      10.01(n) hereof.

                  

          

          
            
              
              

            

            
              15

              
                

              

            

            
              
              

            

          

           

          
            	
                    (16)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class M8 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 2.000% and (ii)
                      the Net Funds
                      Cap for such Distribution Date, provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class M8 Certificates will be LIBOR
                      plus 3.000%.
                      For purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                      clause (ii) of the preceding sentence shall be deemed to be
                      a reference to
                      the REMIC Net Funds Cap. For any Distribution Date on which
                      the
                      Certificate Interest Rate for the Class M8 Certificates is
                      based on the
                      Net Funds Cap, the amount of interest that would have been
                      payable on such
                      Certificates if the REMIC Net Funds Cap were substituted for
                      the Net Funds
                      Cap over the amount actually payable thereon shall be treated
                      as having
                      been paid to the owners of the Class M8 Certificates and then
                      deposited by
                      such owners into the Supplemental Interest Trust pursuant to
                      Section
                      10.01(n) hereof.

                  

          

           

          
            	
                    (17)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class M9 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 2.000% and (ii)
                      the Net Funds
                      Cap for such Distribution Date, provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class M9 Certificates will be LIBOR
                      plus 3.000%.
                      For purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                      clause (ii) of the preceding sentence shall be deemed to be
                      a reference to
                      the REMIC Net Funds Cap. For any Distribution Date on which
                      the
                      Certificate Interest Rate for the Class M9 Certificates is
                      based on the
                      Net Funds Cap, the amount of interest that would have been
                      payable on such
                      Certificates if the REMIC Net Funds Cap were substituted for
                      the Net Funds
                      Cap over the amount actually payable thereon shall be treated
                      as having
                      been paid to the owners of the Class M9 Certificates and then
                      deposited by
                      such owners into the Supplemental Interest Trust pursuant to
                      Section
                      10.01(n) hereof.

                  

          

           

          
            	
                    (18)

                  	
                    The
                      Certificate Interest Rate with respect to any Distribution
                      Date (and the
                      related Accrual Period) for the Class M10 Certificates is the
                      per annum
                      rate equal to the lesser of (i) LIBOR plus 2.000% and (ii)
                      the Net Funds
                      Cap for such Distribution Date, provided, that if the Mortgage
                      Loans and
                      related property are not purchased pursuant to Section 7.01(b)
                      on the
                      Initial Optional Termination Date, then with respect to each
                      subsequent
                      Distribution Date the per annum rate calculated pursuant to
                      clause (i)
                      above with respect to the Class M10 Certificates will be LIBOR
                      plus
                      3.000%. For purposes of the REMIC Provisions, the reference
                      to “Net Funds
                      Cap” in clause (ii) of the preceding sentence shall be deemed to
                      be a
                      reference to the REMIC Net Funds Cap. For any Distribution
                      Date on which
                      the Certificate Interest Rate for the Class M10 Certificates
                      is based on
                      the Net Funds Cap, the amount of interest that would have been
                      payable on
                      such Certificates if the REMIC Net Funds Cap were substituted
                      for the Net
                      Funds Cap over the amount actually payable thereon shall be
                      treated as
                      having been paid to the owners of the Class M10 Certificates
                      and then
                      deposited by such owners into the Supplemental Interest Trust
                      pursuant to
                      Section 10.01(n) hereof.

                  

          

           

          
            	
                    (19)

                  	
                    The
                      Class P Certificates will not bear interest at a stated rate.
                      The Class P
                      Certificates shall have a Class P Principal Amount equal to
                      $100 and shall
                      be entitled to receive all Prepayment Premiums as provided in Section
                      5.02(f)(vii).

                  

          

           

          
            	
                    (20)

                  	
                    The
                      Class X Certificates shall represent ownership of the Class
                      XS Component.
                      For purposes of the REMIC Provisions, the XS Component of the
                      Class X
                      Certificates shall be entitled to receive all amounts distributable
                      on the
                      Class MT2-X interest minus $100.00 allocated to the Class P
                      Certificates
                      to create the $100 Class P Principal Amount. The distributions
                      on the
                      Class MT2-X interest in respect of the Class MT1-IO Interest
                      in
                      Middle-Tier REMIC 1 is referred to herein as the “Class I” interest. In
                      addition, for purposes of the REMIC Provisions, the Class XS
                      Component of
                      the Class X Certificates shall represent beneficial ownership
                      of the Basis
                      Risk Reserve Fund and an interest in the notional principal
                      contracts
                      described in Section 10.01(n) hereof. The Class SX Component
                      of the Class
                      X Certificates shall represent beneficial ownership of the
                      Swap Agreement
                      and the Swap Account. The Class CX Component of the Class X
                      Certificates
                      shall represent beneficial ownership of the Cap Agreement and
                      the Cap
                      Account. 

                  

          

          
            
              
              

            

            
              16

              
                

              

            

            
              
              

            

          

           

          
            	
                    (21)

                  	
                    The
                      Class R Certificate will be issued without a Certificate Principal
                      Amount
                      and will not bear interest at a stated rate. The Class R Certificate
                      represents ownership of the residual interest in the Upper-Tier
                      REMIC, as
                      well as ownership of the LT1-R Interest, the MT1-R Interest
                      and the MT2-R
                      Interest.

                  

          

           

          
            	
                    (22)

                  	
                    The
                      Class LT-R Certificate will be issued without a Class Principal
                      Amount and
                      will not bear interest at a stated rate. The Class LT-R Certificate
                      represents ownership of the residual interest in Pooling REMIC
                      1.
                      

                  

          

           

          
            	
                    (23)

                  	
                    The
                      Class X and Class P Certificates will each be issued in minimum
                      Percentage
                      Interests of 10.00%. The Class LT-R and Class R Certificate
                      will each be
                      issued as a single Certificate evidencing the entire Percentage
                      Interest
                      in each such Class.

                  

          

           

          As
            of the
            Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal
            Balance of
            $904,221,465.93.

          

          In
            consideration of the mutual agreements herein contained, the Depositor,
            the
            Seller, the Master Servicer 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:

          

          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 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 Trustee (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.

          

          Accrual
            Period:
            With respect to any Distribution Date and each Class of Senior Certificates
            and
            Subordinate Certificates, the period beginning on the immediately preceding
            Distribution Date (or, in the case of the first Accrual Period on July
            25, 2007)
            and ending on the day immediately preceding the related Distribution
            Date. With
            respect to any Distribution Date and the Class X Certificates (or
            the
            components thereof) and
            each Lower-Tier Interest, the calendar month preceding the month of such
            Distribution Date. 

          

          Act:
            The Securities Act of 1933, as amended.

          

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

          

          
            
              
              

            

            
              17

              
                

              

            

            
              
              

            

          

          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 any Servicer, who Services 10% or more
            of the
            Mortgage Loans.

          

          Additional
            Termination Event:
            As
            defined in the Swap Agreement.

          

          Adjustable
            Rate Mortgage Loan:
            Any
            Mortgage Loan as to which the related Mortgage Note provides for the
            adjustment
            of the Mortgage Rate applicable thereto.

          

          Adjusted
            Middle-Tier REMIC 1 WAC:
            For any
            Distribution Date (and the related Accrual Period), an amount equal to
            (i) two,
            multiplied by (ii) the weighted average of the interest rates for such
            Distribution Date for each regular interest in Middle-Tier REMIC 1 (other
            than
            any interest-only regular interest), weighted in proportion to their
            class
            principal amounts as of the beginning of the related Accrual Period and
            computed
            (i) by subjecting the rate on the Class MT1-Q Interest to a cap of 0.00%,
            (ii)
            by subjecting the rate on each of the Class MT1-A1-1, Class MT1-A1-2,
            Class
            MT1-A2-1-1, Class MT1-A2-1-2, Class MT1-A2-2, Class MT1-A3 and Class
            MT1-A4
            Interests to a cap equal to the interest rate on the Middle-Tier REMIC
            2
            Interest with the same Corresponding Class of Certificates, and (iii)
            and by
            subjecting the rate on each remaining regular interest to a cap that
            corresponds
            to the Certificate Interest Rate for the Corresponding Class of Certificates,
            provided,
            however,
            that
            for this purpose, the REMIC Net Funds Cap shall be substituted for the
            Net Funds
            Cap in the definition of Certificate Interest Rate, and for each Class
            of
            Certificates for which interest is accrued on the basis of a 360-day
            year and
            the actual number of days in the related Accrual Period, the Certificate
            Interest Rate shall be multiplied by an amount equal to (a) the actual
            number of
            days in the Accrual Period, divided by (b) 30.

          

          Advance:
            An
            advance of the aggregate of payments (other than Balloon Payments) of
            principal
            and interest (net of the applicable Servicing Fee) on one or more Mortgage
            Loans
            that were due on the Due Date in the related Collection Period and not
            received
            as of the close of business on the related Determination Date, required
            to be
            made by the related Servicer or by the Master Servicer on behalf of the
            related
            Servicer (or by the Trustee as successor master servicer) pursuant to
            Section
            5.04, but only to the extent that such amount is expected, in the reasonable
            judgment of the Master Servicer or Servicer (or by the Trustee as successor
            to
            the Master Servicer), to be recoverable from collections or recoveries
            in
            respect of such Mortgage Loan.

          

          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:
            As
            defined in the Swap Agreement.

          

          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.

          

          
            
              
              

            

            
              18

              
                

              

            

            
              
              

            

          

          Aggregate
            Loan Balance:
            As of
            any date of determination, the aggregate of the Scheduled Principal Balances
            of
            all the Mortgage Loans.

          

          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.

          

          Anniversary
            Year:
            The
            one-year period beginning on the Closing Date and ending on the first
            anniversary thereof, and each subsequent one-year period beginning on
            the day
            after the end of the preceding Anniversary Year and ending on the next
            succeeding anniversary of the Closing Date.

          

          Applied
            Loss Amounts:
            With
            respect to any Distribution Date, after giving effect to all Realized
            Losses
            incurred with respect to the 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 Offered Certificates (other
            than the
            Class AIO Certificates) exceeds the Aggregate Loan Balance for such Distribution
            Date.

          

          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.

          

          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 none of the Custodians nor the Trustee shall be responsible for
            determining
            whether any such assignment is in recordable form.

          

          Aurora:
            Aurora Loan Services LLC or its successors in interest.

          

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

          

          Authorized
            Officer:
            Any Person who may execute
            an Officer’s Certificate on behalf of the Depositor.

          

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

          

          Balloon
            Mortgage Loan:
            Any Mortgage Loan that provides for (1) equal monthly Scheduled Payments
            that
            will not reduce the Scheduled Principal Balance of the Mortgage Loans
            to zero at
            the maturity date and (2) a larger monthly payment at the maturity date
            equal to
            the unpaid Scheduled Principal Balance of the Mortgage Loan, with interest
            thereon.

          

          
            
              
              

            

            
              19

              
                

              

            

            
              
              

            

          

          Balloon
            Payment:
            The final Scheduled Payment in respect of a Balloon Mortgage Loan.

          

          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 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 Bankruptcy Code, or any other similar state
            laws.

          

          Bankruptcy
            Code:
            The United States Bankruptcy Code of 1986, as amended.

          

          Basis
            Risk Payment:
            With
            respect to any Distribution Date and the Senior Certificates (other than
            the
            Class AIO Certificates) an amount equal to the excess, if any, of (A)
            the sum of
            (i) any Basis Risk Shortfall for such Classes for such Distribution Date,
            (ii)
            any Unpaid Basis Risk Shortfall for such Classes from previous Distribution
            Dates and (iii) any Required Reserve Fund Amount for such Distribution
            Date over
            (B) payments of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
            made to
            such Classes pursuant to Sections 5.02(g)and 5.02(h). With respect to
            any
            Distribution Date and the Offered Subordinate Certificates, the sum of
            (i) any
            Basis Risk Shortfall for such Classes for such Distribution Date, (ii)
            any
            Unpaid Basis Risk Shortfall for such Classes from previous Distribution
            Dates
            and (iii) any Required Reserve Fund Amount for such Distribution Date.
            The
            amount of the Basis Risk Payment for any Distribution Date cannot exceed
            the
            amount of Monthly Excess Cashflow otherwise available for distribution
            pursuant
            to Section 5.02(f) of this Agreement.

          

          Basis
            Risk
            Reserve Fund:
            A fund created as part of the Trust
            Fund pursuant to Section 5.06 of this Agreement but which is not an asset
            of any
            of the REMICs.

          

          Basis
            Risk Shortfall:
            With
            respect to any Distribution Date and any Class of Offered Certificates
            (other
            than the Class AIO 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 applicable Net Funds Cap, exceeds
            the
            amount of interest calculated at the applicable Net Funds Cap.

          

          Benefit
            Plan Opinion:
            An Opinion of Counsel satisfactory to the Depositor and the Trustee to
            the
            effect that any proposed transfer of Certificates will not (i) cause
            the
assets
            of the Trust Fund to be regarded as “plan assets” for purposes of the Plan Asset
            Regulations or (ii) give rise to any fiduciary duty on the part of the
            Depositor
            or the Trustee, respectively.

          

          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, each Class of Offered Certificates constitutes Book-Entry
            Certificates.

          

          
            
              
              

            

            
              20

              
                

              

            

            
              
              

            

          

          Bulk
            PMI Policy:
            Not applicable.

          

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

          

          Cap
            Account:
            The
            account created pursuant to Section 5.07(b).

          

          Cap
            Agreement:
            The
            interest rate cap agreement dated as of July 31, 2007, entered into by
            the
            Supplemental Interest Trust and the Cap Counterparty, which agreement
            provides
            for the monthly payment specified therein to the Trustee (for the benefit
            of the
            Senior Certificates (other than the Class AIO Certificates) commencing with the
            Distribution Date in August 2008 and terminating in (but including the
            Distribution Date in) July 2012, by the Cap Counterparty, but subject
            to the
            conditions set forth therein, including the 1992 ISDA Master Swap Agreement
            (Multi-Currency Cross Border), together with any schedules, confirmations,
            Credit Support Annex or other agreements relating thereto, attached hereto
            as
            Exhibit N-2.

          

          Cap
            Amount:
            With
            respect to each Distribution Date, the amount of any Cap Payment deposited
            into
            the Cap Account, and any investment earnings thereon.

          

          Cap
            Counterparty:
            The
            counterparty to the Supplemental Interest Trust under the Cap Agreement,
            and any
            successor in interest or assigns. Initially, the Cap Counterparty shall
            be ABN
            AMRO Bank, N.V.

          

          Cap
            Payment:
            With
            respect to each Distribution Date, any payment required to be made by
            the Cap
            Counterparty to the Supplemental Interest Trust pursuant to the terms
            of the Cap
            Agreement.

          

          Cap
            Payment Date:
            For so
            long as the Cap Agreement is in effect or any amounts remain unpaid thereunder,
            the Business Day immediately preceding each Distribution Date.

          

          Cap
            Replacement Receipts:
            As
            defined in Section 5.08(b).

          

          Cap
            Replacement Receipts Account:
            As
            defined in Section 5.08(b).

          

          Cap
            Termination Payment:
            Upon
            the designation of an “Early Termination Date” as defined in the Cap Agreement,
            the payment required to be made by the Cap Counterparty to the Supplemental
            Interest Trust pursuant to the terms of the Cap Agreement, and any unpaid
            amounts due on previous Cap Payment Dates and accrued interest thereon
            as
            provided in the Cap Agreement, as calculated by the Cap Counterparty
            and
            furnished to the Trustee.

          

          Cap
            Termination Receipts:
            As
            defined in Section 5.08(b).

          

          Cap
            Termination Receipts Account:
            As
            defined in Section 5.08(b).

          

          
            
              
              

            

            
              21

              
                

              

            

            
              
              

            

          

          Carryforward
            Interest:
            With respect to any Distribution Date and any Class of Certificates (other
            than
            the Class X, Class P, Class R and Class LT-R Certificates), the
            sum
            of (i) 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 (ii) interest on such amount
            for
            the related Accrual Period at the applicable Certificate Interest
            Rate.

          

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

          

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

          

          Certificate
            Insurance Policy:
            The
            Certificate Guaranty Insurance Policy No. AB1103BE, dated the Closing
            Date,
            including any endorsements thereto issued by the Certificate Insurer
            to the
            Trustee for the benefit of the Holders of the Insured Certificates, a
            form of
            which is attached as Exhibit J hereto.

          

          Certificate
            Insurance Premium:
With
            respect to any Distribution Date and the Class A4 Certificates, an amount
            equal to the product of (a) the aggregate Class Principal Amount of the Class
            A4
            Certificates as of such Distribution Date (prior to giving effect to
            any
            distributions thereon on such Distribution Date), (b) the related Premium
            Percentage and (c) a fraction, the numerator of which is the actual number
            of
            days in the related Accrual Period and the denominator of which is 360.
            With
            respect to any Distribution Date and the Class A2-2 Certificates, an
            amount
            equal to the product of (a) the aggregate Class Principal Amount of the
            Class
            A2-2 Certificates as of such Distribution Date (prior to giving effect
            to any
            distributions thereon on such Distribution Date), (b) the related Premium
            Percentage. and (c) a fraction, the numerator of which is the actual
            number of
            days in the related Accrual Period and the denominator of which is
            360.

           

          Certificate
            Insurer:
            Ambac
            Assurance Corporation, or any successor thereto.

          

          Certificate
            Insurer Default:
            The
            occurrence and continuance of any of the following events:

          

          (a) the
            Certificate Insurer shall have failed to make a payment required to be
            made
            under the Certificate Insurance Policy in accordance with its
            terms;

          

          (b) the
            Certificate Insurer shall have (i) filed a petition or commenced a case
            or
            proceeding under any provision or chapter of the Bankruptcy Code or any
            other
            similar federal or state law relating to insolvency, bankruptcy, rehabilitation,
            liquidation or reorganization, (ii) made a general assignment for the
            benefit of
            its creditors, or (iii) had an order for relief entered against it under
            the
            Bankruptcy Code or any other similar federal or state law relating to
            insolvency, bankruptcy, rehabilitation, liquidation or reorganization
            that is
            final and nonappealable; or

          

          (c) a
            court
            of competent jurisdiction, the Office of the Commissioner of Insurance
            of the
            State of New York or other competent regulatory authority shall have
            entered a
            final and nonappealable order, judgment or decree (i) appointing a custodian,
            trustee, agent or receiver for the Certificate Insurer or for all or
            any
            material portion of its property or (ii) authorizing the taking of possession
            by
            a custodian, trustee, agent or receiver of the Certificate Insurer (or
            the
            taking of possession of all or any material portion of the property of
            the
            Certificate Insurer).

          

          
            
              
              

            

            
              22

              
                

              

            

            
              
              

            

          

          Certificate
            Interest Rate:
            With respect to each Class of Certificates (other than the Class X, Class
            P,
            Class R and Class LT-R Certificates) and any Distribution Date, the applicable
            per annum rate set forth or described under the heading “The Certificates” 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 Certificate (other than the Class AIO, Class P, Class
            X,
            Class R and Class LT-R Certificates) and any Distribution Date, the initial
            Certificate Principal Amount thereof on the Closing Date, less the amount
            of all
            principal distributions previously distributed with respect to such Certificate
            prior to such Distribution Date, and, in the case of the Offered Certificates
            (other than the Class AIO Certificates), as reduced by any Applied Loss
            Amount
            previously allocated thereto; provided,
            however,
            that on each Distribution Date on which a related Subsequent Recovery
            is
            distributed, (i) the Certificate Principal Amount of any Offered Certificates
            (other than the Class AIO Certificates) whose Certificate Principal Amount
            has
            previously been reduced by application of Applied Loss Amounts 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 date and (2) the
            total
            amount of any Subsequent Recovery distributed on such Distribution Date
            after
            application (for this purpose) to any more senior Classes of such
            Certificates;
            and
provided,
            further,
            that to
            the extent that any Applied Loss Amount was reimbursed under the Certificate
            Insurance Policy, any Subsequent Recovery otherwise payable on the Insured
            Certificates shall instead be payable to the Certificate Insurer.
            The Class AIO, Class X, Class R and Class LT-R Certificates are issued
            without
            Certificate Principal Amounts. The Class P Certificates are issued with
            an
            initial Class P Principal Amount of $100.00. 

          

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

          

          Certificateholder:
            The meaning provided in the definition
            of “Holder.”

          

          Certifying
            Party:
            As
            defined in Section 6.20(e)(iii).

          

          Class:
            All Certificates and, in the case of each of Lower-Tier REMIC 1, Middle-Tier
            REMIC 1 and Middle-Tier REMIC 2, all Lower Tier Interests bearing the
            same Class
designation.

          

          Class
            I Shortfalls:
            As defined in Section 10.01(l) hereof. For purposes of clarity, the Class
            I
            Shortfall for any Distribution Date shall equal the amount payable to
            the Swap
            Counterparty on such Distribution Date in excess of the amount payable
            on the
            Class I interest in the Upper Tier REMIC on such Distribution Date, all
            as
            further provided in Section 10.01(l) hereof.

          

          
            
              
              

            

            
              23

              
                

              

            

            
              
              

            

          

          Class
            LT-R Certificates:
            Each Class LT-R 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 residual interest in Pooling REMIC
            1.

          

          Class
            Notional
            Amount:
            With
            respect to the Class AIO Certificates and any Distribution Date up to
            and
            including the Distribution Date in May 2012, the Class Notional Amount
            of the
            Class AIO Certificates will be an amount equal to the sum of the Class
            Principal
            Amounts of the Class A1-1, Class A1-2, Class A2-1-1, Class A2-1-2, Class
            A2-2,
            Class A3 and Class A4 Certificates for the related Distribution Date.
            

          

          Class
            P Interest:
            An
            interest in the Upper-Tier REMIC, as described in the Preliminary Statement
            footnote (19) under the caption “The Certificates.”

          

          Class
            P Principal Amount:
            As of
            the Closing Date, $100.00.

          

          Class
            Principal
            Amount:
            With respect to each Class of
            Certificates other than the Class AIO, Class P, Class R, Class LT-R and
            Class X
            Certificates, the aggregate of the Certificate Principal Amounts (or
            related
            Percentage Interest therein aggregating to 100%) of all Certificates
            of such
            Class at the date of determination. With respect to the Class P Certificates,
            the Class P Principal Amount. With respect to the Class AIO, Class R,
            Class LT-R
            and Class X Certificates, zero.

          

          Class
            R Certificate:
            The Class R 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 the
            Upper-Tier REMIC as well as ownership of the Class LT1-R Interest, Class
            MT1-R
            Interest and Class MT2-R Interest.

          

          Class
            X-S Component Principal Amount:
            As of
            the Closing Date, $27,130,365.93.

          

          Class
            X Distributable Amount:
            On any Distribution Date, the amount of interest that has accrued on
            the
            notional balance of the Class X Certificates (as described in the Preliminary
            Statement in footnote (19) under the caption “The Certificates”), but that has
            not been distributed prior to such date. In
            addition, such amount shall include the initial Class X-S Component Principal
            Amount of $27,130,365.93 to the extent such amount has not been distributed
            on
            an earlier Distribution Date as part of the Overcollateralization Release
            Amount. 

          

          Class
            X Notional Balance:
            With respect to any Distribution Date (and the related Accrual Period)
            the
            aggregate of the class principal amount of the interests in Middle-Tier
            REMIC 1,
            as described in the Preliminary Statement.

          

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

          

          
            
              
              

            

            
              24

              
                

              

            

            
              
              

            

          

          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, S.A., Luxembourg, and any successor thereto.

          

          Closing
            Date:
            July
            31, 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.

          

          Collateral
            Account:
            The
            account maintained by the Trustee in accordance with the provisions of
            Section
            5.07(c).

          

          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
            United States Securities and Exchange Commission.

          

          Commitment
            Letter:
            The
            Commitment Letter dated as of July 31, 2007 between the Depositor and
            the
            Certificate Insurer.

          

          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. The
            Master Servicer (solely in its capacity as master servicer) shall not
            be
            responsible for making any Compensating Interest Payment.

          

          Component:
            The
            Class X Certificate shall be issued in three non-severable Components:
            the X-S
            Component, the C-X Component and the S-X Component. The X-S Component,
            C-X
            Component and S-X Component shall not be issued with either a Certificate
            Interest Rate or a balance but shall evidence the right to receive distributions
            pursuant to Section 5.02(f)(iv) and (viii), Section 5.02(g)(vi) and (vii)
            and
            Section 5.02(h)(ix) and (x), respectively. 

          

          Component
            Interest Rate:
            Not
            applicable.

          

          Component
            Principal Amount:
            Not applicable.

          

          Conventional
            Loan:
            A
            Mortgage Loan that is not insured by the United States Federal Housing
            Administration or guaranteed by the United States Department of Veterans
            Affairs.

          

          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.

          

          
            
              
              

            

            
              25

              
                

              

            

            
              
              

            

          

          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).

          

          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:
            The
            office of the Trustee at which at any particular time its corporate trust
            business with respect to this Agreement shall be administered, which
            office at
            the date of execution of this Agreement shall be in the case of Certificate
            transfers and for purposes of presentment and surrender of the Certificates
            for
            final distribution thereon, LaSalle Bank National Association, 135 South
            LaSalle
            Street, Suite 1511, Chicago, Illinois, 60603, Attention: Global Securities
            and
            Trust Services - LXS 2007-14H or any such other address as the Trustee
            may
            designate from time to time by notice to the Certificateholders, the
            Depositor
            and the Master Servicer.

          

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

          

          Credit
            Support Annex:
            Each
            credit support annex to the Swap Agreement and the Cap Agreement dated
            as of
            July 31, 2007 between the Supplemental Interest Trust and the Swap Counterparty
            and Cap Counterparty, as applicable.

          

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

          

          
            
              
              

            

            
              26

              
                

              

            

            
              
              

            

          

          

          
            	
                    Distribution
                      Date

                  	
                    Loss
                      Percentage

                  
	
                    August
                      2009 through 

                    July
                      2010

                  	
                     

                    0.55%
                      for the first month plus an additional 1/12th of 0.80% for
                      each month
                      thereafter

                  
	
                    August
                      2010 through 

                    July
                      2011

                  	
                     

                    1.35%
                      for the first month plus an additional 1/12th of 1.00% for
                      each month
                      thereafter

                  
	
                    August
                      2011 through 

                    July
                      2012

                  	
                     

                    2.35%
                      for the first month plus an additional 1/12th of 1.00% for
                      each month
                      thereafter

                  
	
                    August
                      2012 through July 2013

                  	
                     

                    3.35%
                      for the first month plus an additional 1/12th of 0.60% for
                      each month
                      thereafter

                  
	
                    August
                      2013 through 

                    July
                      2014

                  	
                     

                    3.95%
                      for the first month plus an additional 1/12th of 0.05% for
                      each month
                      thereafter

                  
	
                    August
                      2014 and thereafter

                  	
                    4.00%

                  

          

          Current
            Interest:
            With
            respect to any Offered Certificate 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) thereof immediately prior to such Distribution Date. 

          

          Custodial
            Account:
            Any
            custodial account (other than an Escrow Account) established and maintained
            by a
            Servicer pursuant to a Servicing Agreement.

          

          Custodial
            Agreement:
            Each
            custodial agreement as identified on Exhibit K hereto, and any custodial
            agreement subsequently executed by the Trustee and acknowledged by the
            Master
            Servicer 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 Deutsche Bank National
            Trust
            Company, LaSalle Bank National Association, U.S. Bank National Association
            and
            Wells Fargo Bank, N.A.

          

          Cut-off
            Date:
            July 1,
            2007.

          

          
            
              
              

            

            
              27

              
                

              

            

            
              
              

            

          

          Cut-off
            Date Balance:
            With
            respect to the Mortgage Loans in the Trust Fund on the Closing Date,
            the
            aggregate Scheduled Principal Balance of such Mortgage Loans as of the
            Cut-off
            Date.

          

          C-X
            Component:
            A
            component of the Class X Certificate entitled to receive distributions
            pursuant
            to Section 5.02(g)(vi) and (vii).

          

          Debt
            Service Reduction:
            With
            respect to any Mortgage Loan, a reduction of the Scheduled Payment that
            the
            related Mortgagor is obligated to pay on any Due Date as a result of,
            or in
            connection with, any proceeding under Bankruptcy law or any similar
            proceeding.

          

          Defaulting
            Party:
            As
            defined in the Swap Agreement.

          

          Deferred
            Amount:
            With
            respect to any Distribution Date and each Offered Certificate (other
            than the
            Class AIO Certificates), the aggregate Applied Loss Amounts previously
            applied
            in reduction of the Certificate Principal Amount thereof, less (i) any
            amounts
            previously reimbursed in respect thereof and (ii) the amount by which
            the
            Certificate Principal Amount of any such Certificate has been increased
            due to
            any Subsequent Recovery; provided,
            however,
            that
            any Applied Loss Amount allocated to any Insured Certificates will not
            be
            considered a Deferred Amount to the extent such amounts are paid by the
            Certificate Insurer as part of an Insured Distribution. 

          

          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
            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:
            With
            respect to any Distribution Date, a Delinquency Event shall occur if
            the Rolling
            Three Month Delinquency Rate as of the last day of the immediately preceding
            calendar month equals or exceeds 25.93% of the Senior Enhancement Percentage
            for
            such Distribution Date.

          

          Delinquency
            Rate:
            With
            respect to any calendar month, the fraction, expressed as a percentage,
            the
            numerator of which is the aggregate outstanding principal balance of
            all
            Mortgage Loans which are 60 days Delinquent or more (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 Aggregate Loan Balance
            as of
            the close of business on the last day of such month.

          

          Delinquent:
            For
            reporting purposes, a Mortgage Loan is considered “delinquent” when any payment
            contractually due thereon has not been made by the close of business
            on the Due
            Date therefor. Such Mortgage Loan is “30 days Delinquent” if such payment has
            not been received by the close of business on the corresponding day of
            the month
            immediately succeeding the month in which such payment was first due,
            or, if
            there is no such corresponding day (e.g.,
            as
            when a
            30-day month follows a 31-day month in which a payment was due on the
            31st day
            of such month), then on the last day of such immediately succeeding month.
            Similarly for “60 days Delinquent” and the second immediately succeeding month
            and “90 days Delinquent” and the third immediately succeeding
            month.

          

          
            
              
              

            

            
              28

              
                

              

            

            
              
              

            

          

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

          

          Determination
            Date:
            With
            respect to each Distribution Date, the 18th day of the month in which
            such
            Distribution Date occurs, or, if such 18th day is not a Business Day,
            the next
            succeeding Business Day.

          

          Direct
            Obligations:
            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.

          

          Disqualified
            Organization:
            A
“disqualified organization” as defined in Section 860E(e)(5) of the
            Code.

          

          Distressed
            Mortgage Loan:
            Any
            Mortgage Loan that at the date of determination is Delinquent in payment
            for a
            period of 90 days or more without giving effect to any grace period permitted
            by
            the related Mortgage Note or for which the applicable Servicer on behalf
            of the
            Trustee 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 August 2007.

          

          Distribution
            Date Statement:
            As
            defined in Section 4.03(a) hereof.

          

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

          

          Due
            for Payment:
            With
            respect to an Insured Amount, the Distribution Date on which Insured
            Amounts are
            due and payable pursuant to the terms of the Trust Agreement; with respect
            to a
            Preference Amount, the Business Day on which the documentation required
            by the
            Certificate Insurer has been received by the Certificate Insurer.

          

          Eligible
            Account:
            Either
            (i) an account or accounts maintained with a federal or state chartered
            depository institution or trust company which have been rated by each
            Rating
            Agency in one of its two highest long-term and its highest short-term
            rating
            categories, respectively, at the time any amounts are held on deposit
            therein,
provided,
            that
            following a downgrade, withdrawal, or suspension of such institution’s rating
            below such ratings set forth above, each account shall promptly (and
            in any case
            within not more than 30 calendar days) be moved to an Eligible Account
            or to one
            or more segregated trust accounts in the trust department of such institution
            which has the required ratings, or (ii) a segregated trust account or
            accounts
            (which shall be a “special deposit account”) maintained with the Trustee or any
            other federal or state chartered depository institution or trust company,
            acting
            in its fiduciary capacity, in a manner acceptable to the Trustee and
            the Rating
            Agencies. Eligible Accounts may bear interest.

          

          
            
              
              

            

            
              29

              
                

              

            

            
              
              

            

          

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

          

          (i) 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 Trustee or any agent
            of the
            Trustee, 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;

          

          (iii) repurchase
            agreements collateralized by Direct Obligations or securities guaranteed
            by
            Ginnie Mae, Fannie Mae or Freddie Mac 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 long-term credit rating categories 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 Loan 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 any 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;

          

          
            
              
              

            

            
              30

              
                

              

            

            
              
              

            

          

          (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

          

          (viii) any
            other
            demand, money market, common trust fund or time deposit or obligation,
            or
            interest-bearing or other security or investment (including those managed
            or
            advised by the Trustee or any Affiliate thereof), (A) rated in the highest
            rating category by each Rating Agency or (B) that would not adversely
            affect the
            then current rating assigned by each Rating Agency of any of the Certificates
            or
            the related 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 LaSalle Bank National Association, in its capacity other than as
            Trustee,
            the Trustee, the Master Servicer, any NIMS Insurer or an Affiliate thereof
            serves as an investment advisor, administrator, shareholder, servicing
            agent,
            and/or custodian or subcustodian, notwithstanding that (x) LaSalle Bank
            National
            Association, the Trustee, the Master Servicer, any NIMS Insurer or any
            Affiliate
            thereof charges and collects fees and expenses from such funds for services
            rendered, (y) LaSalle Bank National Association, the Trustee, the Master
            Servicer, any NIMS Insurer or any Affiliate thereof charges and collects
            fees
            and expenses for services rendered pursuant to this Agreement, and
            (z) services performed for such funds and pursuant to this Agreement may
            converge at any time. LaSalle Bank National Association or an Affiliate
            thereof
            is hereby authorized to charge and collect from the Trustee 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 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, provided that any such investment will 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.

          

          ERISA-Qualifying
            Underwriting:
            A best
            efforts or firm commitment underwriting or private placement that meets
            the
            requirements of an Underwriter’s Exemption.

          

          ERISA-Restricted
            Certificate:
            Any
            Class P, Class R, Class LT-R and Class X Certificate and any Certificate
            with a
            rating below the lowest applicable rating permitted under the Underwriter’s
            Exemption.

          

          
            
              
              

            

            
              31

              
                

              

            

            
              
              

            

          

          ERISA-Restricted
            Trust Certificate:
            Any
            Senior Certificate (other than the Class AIO Certificates).

          

          Errors
            and Omission Insurance Policy:
            The
            errors or omission insurance policy required to be obtained by each Servicer
            satisfying the requirements of the related Servicing Agreement.

          

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

          

          Euroclear:
            Euroclear Bank, 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).

          

          Exchange
            Act:
            The
            Securities and Exchange Act of 1934, as amended, and the rules and regulations
            thereunder.

          

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

          

          Excluded
            Trust Assets:
            As
            described in the Preliminary Statement. 

          

          Fannie
            Mae:
            Fannie
            Mae, f/k/a 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.

          

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

          

          Fidelity
            Bond:
            The
            fidelity bond required to be obtained by each Servicer satisfying the
            requirements of the related Servicing Agreement.

          

          Final
            Scheduled Distribution Date:
            With
            respect to each Class of Certificates (other than the Class AIO Certificates),
            the Distribution Date in July 2047, and in the case of the Class AIO
            Certificates, the Distribution Date in May 2012.

          

          Financial
            Intermediary:
            A
            broker, dealer, bank or other financial institution or other Person that
            clears
            through or maintains a custodial relationship with a Clearing Agency
            Participant.

          

          First
            Payment Default Mortgage Loan:
            Any
            Mortgage Loan originated by Lehman Brothers Bank, FSB specified in Section
            1.04(e) of the Mortgage Loan Sale Agreement and listed on Schedule B
            hereto in
            respect of which the related Mortgagor does not make the first or second
            payment
            due to the Seller within the time frame required under such
            section.

          

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

          

          
            
              
              

            

            
              32

              
                

              

            

            
              
              

            

          

          FPD
            Premium:
            With
            respect to any First Payment Default Mortgage Loan purchased by the Seller
            from
            Lehman Brothers Bank, FSB, the excess, if any of the FPD Purchase Price
            over the
            Purchase Price for such Mortgage Loan.

          

          FPD
            Purchase Price:
            With
            respect to any First Payment Default Mortgage Loan, an amount equal to
            the sum
            of (a) the greater of (i) 100% of the unpaid principal balance of such
            Mortgage
            Loan and (ii) the price at which such Mortgage Loan was originally purchased
            by
            the Seller as set forth on Schedule B, and (b) accrued interest thereon
            at the
            applicable Mortgage Rate from the date interest was last paid to (but
            not
            including) the Due Date in the Collection Period immediately preceding
            the
            related Distribution Date.

          

          Freddie
            Mac:
            Freddie
            Mac, f/k/a 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.

          

          Ginnie
            Mae
            or
GNMA:
            Ginnie
            Mae, f/k/a the Government National Mortgage Association, a wholly owned
            corporate instrumentality of the United States within HUD.

          

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

          

          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, the
            Swap
            Counterparty, the Cap Counterparty 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 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,
            the
            Swap Counterparty, the Cap Counterparty or the applicable Servicer, in
            determining whether any Certificates are registered to an Affiliate of
            the
            Depositor, the Master Servicer, the Swap Counterparty, the Cap Counterparty
            or
            any Servicer, respectively. After a Section 7.01(d) Purchase Event, other
            than
            in Sections 5.02(a) through (h) and 11.03(a) and (b) and, except in the
            case of
            the Class LT-R Certificates, Sections 3.03, 3.04, 3.05, 3.06, 3.07 and
            3.09
            herein, all references in this Agreement to “Holder” or “Certificateholder”
shall be deemed to be references to the LTURI-holder, as recorded on
            the books
            of the Certificate Registrar, as holder of the Pooling REMIC 1 Regular
            Interests
            (in the case of a Section 7.01(d) Purchase Event).

          

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

          

          Independent:
            When
            used with respect to any Accountants, a Person who is “independent” within the
            meaning of Rule 2-01(b) of the 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, (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 and (d) is not
            a member
            of the immediate family of a Person defined in clause (b) or (c)
            above.

          

          
            
              
              

            

            
              33

              
                

              

            

            
              
              

            

          

          Initial
            LIBOR Rate:
            5.320%
            per annum.

          

          Initial
            Optional Termination Date:
            The
            first Distribution Date occurring in the month following the date on
            which the
            Aggregate Loan Balance is less than 10.00% of the Cut-off Date
            Balance.

          

          Insurance
            Fee Rate:
            With
            respect to each Mortgage Loan insured under any Bulk PMI Policy or LPMI
            Policy,
            the per annum rate specified in the Mortgage Loan Schedule under the
            field
“Insurance Fee Rate,” plus any taxes due and payable with respect to any such
            insured Mortgage Loan where the related Mortgaged Property is located
            in the
            states of Kentucky and West Virginia, and beginning on January 1, 2007,
            Florida.

          

          Insurance
            Policy:
            Any
            Primary Mortgage Insurance Policy, 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 any Servicer or Master 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.

          

          Insured
            Amounts:
            with
            respect to any Distribution Date, the excess, if any of the Insured
            Distributions for such Distribution Date over the aggregate amount available
            to
            be distributed to the Holders of the Insured Certificates on such Distribution
            Date in accordance with the priorities set forth in Section 5.02 of this
            Agreement.

          

          Insured
            Certificates:
            The
            Class A2-2 Certificates and the Class A4 Certificates.

          

          Insured
            Distribution:
            With
            respect to the Insured Certificates, (a) for any Distribution Date, the
            sum of
            (i) the Current Interest for the related Class of Certificates for such
            Distribution Date, but excluding therefrom any Net Prepayment Interest
            Shortfalls and any Relief Act Reductions allocable to the related Class
            of
            Certificates on such Distribution Date, and (ii) the amount of any Applied
            Loss Amount allocated to the related Class of Certificates on such Distribution
            Date, and (b) for the Distribution Date in July 2047, the Class Principal
            Amount of the related Class of Certificates to the extent unpaid on such
            Distribution Date (after giving effect to all distributions to be made
            on such
            date from sources other than the Certificate Insurance Policy).

          

          Interest-Only
            Certificates:
            The
            Class AIO Certificates.

          

          
            
              
              

            

            
              34

              
                

              

            

            
              
              

            

          

          Interest
            Remittance Amount:
            With
            respect any Distribution Date, (a) the sum of (1) all interest collected
            (other
            than in connection with Payaheads and Prepayment Premiums) or advanced
            in
            respect of Scheduled Payments during the related Collection Period by
            the
            Servicers, the Master Servicer, or the Trustee (solely acting in its
            capacity as
            successor Master Servicer), minus
            (w) the
            PMI Insurance Premiums related to the Mortgage Loans, (x) the Servicing
            Fee with
            respect to the Mortgage Loans and (y) previously unreimbursed Advances
            and other
            amounts due to the Servicers, the Master Servicer or the Trustee (solely
            acting
            in its capacity as successor master servicer) to the extent allocable
            to
            interest and the allocable portion of previously unreimbursed Servicing
            Advances
            with respect to the Mortgage Loans to the extent allocable to interest,
            (2)
            amounts actually paid by the Servicers with respect to Prepayment Interest
            Shortfalls and any Compensating Interest Payments with respect to the
            Mortgage
            Loans with respect to the related Prepayment Period or related Collection
            Period, as applicable, (3) the portion of any Purchase Price (or FPD
            Purchase
            Price (excluding any FPD Premiums) payable with respect to a First Payment
            Default Mortgage Loan) or Substitution Amount paid with respect the Mortgage
            Loans during the related Prepayment Period (or in the case of Mortgage
            Loans
            serviced by Aurora, the relevant Collection Period) allocable to interest,
            and
            (4) all Net Liquidation Proceeds, Subsequent Recoveries, Insurance Proceeds
            and any other recoveries collected with respect to the Mortgage Loans
            during the
            related Prepayment Period (or in the case of Mortgage Loans serviced
            by Aurora,
            the relevant Collection Period), to the extent allocable to interest,
            as reduced
            by (b) other costs, expenses or liabilities reimbursable to the Trustee,
            the
            Master Servicer or each Servicer to the extent provided in this Agreement
            and
            each Servicing Agreement, and each Custodian pursuant to the Custodial
            Agreement; provided,
            however,
            that in the case of the Trustee, such reimbursable amounts to the Trustee
            payable from the Interest Remittance Amount and the Principal Remittance
            Amount
            may not exceed $500,000 during any Anniversary Year up to and including
            the
            Anniversary Year in which the Stepdown Date occurs and $200,000 during
            any
            Anniversary Year thereafter (the “Applicable Maximum Reimbursement Amount”). In
            the event that the Trustee incurs reimbursable amounts in excess of the
            Applicable Maximum Reimbursement Amount in any Anniversary Year, it may
            obtain
            reimbursement for such amounts in subsequent Anniversary Years, but in
            no event
            shall more than the Applicable Maximum Reimbursement Amount in aggregate
            be
            reimbursed to the Trustee per Anniversary Year. Notwithstanding the foregoing,
            costs and expenses incurred by the Trustee pursuant to Section 6.14(a)
            in
            connection with any transfer of servicing shall be excluded in determining
            the
            Applicable Maximum Reimbursement Amount limitation on reimbursable amounts
            per
            Anniversary Year. For
            the
            avoidance of doubt, (i) the Interest Remittance Amount available on each
            Swap
            Payment Date for distributions to the Swap Account shall be equal to
            the
            Interest Remittance Amount on the related Distribution Date and (ii)
            the
            Interest Remittance Amount for each Distribution Date shall be calculated
            without regard to any distributions to the Swap Account on the related
            Swap
            Payment Date. 

          

          Interest
            Subordinate Priority:
            To the
            Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7,
            Class M8,
            Class M9 and Class M10 Certificates, sequentially, in that order.

          

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

          

          Item
            1122 Responsible Party:
            With
            respect to the criteria to be addressed under Item 1122 of Regulation
            AB, the
            attesting party as indicated in the table attached hereto at Exhibit
            O.

          

          Late
            Payment Rate:
            As set
            forth in the Certificate Insurance Policy.

          

          
            
              
              

            

            
              35

              
                

              

            

            
              
              

            

          

          Latest
            Possible Maturity Date:
            The
            Distribution Date occurring in July 2067.

          

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

          

          LIBOR:
            (a)
            With respect to the first Accrual Period, the Initial LIBOR Rate. With
            respect
            to each subsequent Accrual Period, a per annum rate determined on the
            LIBOR
            Determination Date in the following manner by the Trustee on the basis
            of the
“Interest Settlement Rate” set by the British Bankers’ Association (the “BBA”)
            for one-month United States dollar deposits, as such rates appear on
            the Reuters
            screen “LIBOR01,” as of 11:00 a.m. (London time) on such LIBOR Determination
            Date.

          

          (b) If
            on
            such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
            appear on the Reuters screen “LIBOR01” as of 11:00 a.m. (London time), or if the
            Reuters Screen LIBOR01 is not available on such date, the Trustee will
            obtain
            such rate from the Bloomberg L.P. page “US0001M.” If any 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 Trustee will designate an
            alternative index that has performed, or that the Trustee expects to
            perform, in
            a manner substantially similar to the BBA’s Interest Settlement Rate. The
            Trustee 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
            the
            Trustee and 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.

          

          (c) The
            establishment of LIBOR by the Trustee and the Trustee’s subsequent calculation
            of the Certificate Interest Rate applicable to the LIBOR Certificates
            and the
            Interest-Only Certificates for the relevant Accrual Period, in the absence
            of
            manifest error, will be final and binding.

          

          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
            Certificates:
            The
            Senior Certificates (other than the Class AIO Certificates) and the Subordinate
            Certificates.

          

          LIBOR
            Determination Date:
            The
            second LIBOR Business Day immediately preceding the commencement of each
            Accrual
            Period for any LIBOR Certificates or Interest-Only 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 a Servicer in connection
            with the liquidation of any defaulted Mortgage Loan and are not recoverable
            under the applicable Primary Mortgage Insurance Policy, if any, including,
            without limitation, foreclosure and rehabilitation expenses, legal expenses
            and
            unreimbursed amounts, if any, expended pursuant to Sections 9.06, 9.16
            or
            9.22.

          

          
            
              
              

            

            
              36

              
                

              

            

            
              
              

            

          

          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, payment in full, discounted payoff, condemnation proceeds,
            Insurance Proceeds, or otherwise, or the sale of the related Mortgaged
            Property
            if the Mortgaged Property is acquired in satisfaction of the Mortgage
            Loan by
            foreclosure or deed in lieu of foreclosure, 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 of the related Mortgaged Property.

          

          Lower-Tier
            Interest:
            As
            described in the Preliminary Statement.

          

          Lower-Tier
            REMIC:
            Any of
            Pooling REMIC 1 or Lower-Tier REMIC 1. 

          

          Lower-Tier
            REMIC 1:
            As
            described in the Preliminary Statement.

          

          LPMI
            Policy:
            A
            Primary Mortgage Insurance Policy issued by a Qualified Insurer pursuant
            to
            which the related premium is to be paid from payments by the
            mortgagee.

          

          LTURI-holder:
            The
            holder of the Pooling REMIC 1 Regular Interests, which upon the occurrence
            of a
            Section 7.01(d) Purchase Event, shall be the Master Servicer or its designee,
            including any trustee in its capacity as a trustee in any privately placed
            securitization.

          

          M1
            Principal Distribution Amount:
            With
            respect to any Distribution Date 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 sum of (i) the aggregate Class Principal
            Amount
            of the Senior Certificates (other than the Class AIO Certificates), after
            giving
            effect to distributions on such Distribution Date and (ii) the Class
            Principal
            Amount of the Class M1 Certificates immediately prior to such Distribution
            Date
            exceeds (y) the M1 Target Amount.

          

          M1
            Target Amount:
            With
            respect to any Distribution Date, an amount equal to the lesser of (a)
            the
            product of (i) 77.60% and (ii) the Aggregate Loan Balance for such Distribution
            Date determined as of the last day of the related Collection Period (after
            giving effect to any prepayments received during the related Prepayment
            Period
            immediately prior to such Distribution Date) and (b) the amount, if any,
            by
            which (1) the Aggregate Loan Balance for such Distribution Date determined
            as of
            the last day of the related Collection Period (after giving effect to
            any
            prepayments received during the related Prepayment Period immediately
            prior to
            such Distribution Date) exceeds (2) the Overcollateralization Floor.
            

          

          M2
            Principal Distribution Amount:
            With
            respect to any Distribution Date 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 sum of (i) the aggregate Class Principal
            Amount
            of the Senior Certificates (other than the Class AIO Certificates) and
            the Class
            M1 Certificates, in each case after giving effect to distributions on
            such
            Distribution Date and (ii) the Class Principal Amount of the Class M2
            Certificates immediately prior to such Distribution Date exceeds (y)
            the M2
            Target Amount.

          

          
            
              
              

            

            
              37

              
                

              

            

            
              
              

            

          

          M2
            Target Amount:
            With
            respect to any Distribution Date an amount equal to the lesser of (a)
            the
            product of (i) 81.30% and (ii) the Aggregate Loan Balance for such Distribution
            Date determined as of the last day of the related Collection Period (after
            giving effect to any prepayments received during the related Prepayment
            Period
            immediately prior to such Distribution Date) and (b) the amount, if any,
            by
            which (1) the Aggregate Loan Balance for such Distribution Date determined
            as of
            the last day of the related Collection Period (after giving effect to
            any
            prepayments received during the related Prepayment Period immediately
            prior to
            such Distribution Date) exceeds (2) the Overcollateralization
            Floor.

          

          M3
            Principal Distribution Amount:
            With
            respect to any Distribution Date 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 sum of the aggregate Class Principal
            Amount of
            the Senior Certificates (other than the Class AIO Certificates), the
            Class M1
            Certificates and Class M2 Certificates, in each case after giving effect
            to
            distributions on such Distribution Date and (ii) the Class Principal
            Amount of
            the Class M3 Certificates immediately prior to such Distribution Date
            exceeds
            (y) the M3 Target Amount.

          

          M3
            Target Amount:
            With
            respect to any Distribution Date an amount equal to the lesser of (a)
            the
            product of (i) 83.50% and (ii) the Aggregate Loan Balance for such Distribution
            Date determined as of the last day of the related Collection Period (after
            giving effect to any prepayments received during the related Prepayment
            Period
            immediately prior to such Distribution Date) and (b) the amount, if any,
            by
            which (1) the Aggregate Loan Balance for such Distribution Date determined
            as of
            the last day of the related Collection Period (after giving effect to
            any
            prepayments received during the related Prepayment Period immediately
            prior to
            such Distribution Date) exceeds (2) the Overcollateralization
            Floor.

          

          M4
            Principal Distribution Amount:
            With
            respect to any Distribution Date 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 sum of the aggregate Class Principal
            Amount of
            the Senior Certificates (other than the Class AIO Certificates), the
            Class M1
            Certificates, Class M2 Certificates and Class M3 Certificates, in each
            case
            after giving effect to distributions on such Distribution Date and (ii)
            the
            Class Principal Amount of the Class M4 Certificates immediately prior
            to such
            Distribution Date exceeds (y) the M4 Target Amount.

          

          M4
            Target Amount:
            With
            respect to any Distribution Date an amount equal to the lesser of (a)
            the
            product of (i) 85.00% and (ii) the Aggregate Loan Balance for such Distribution
            Date determined as of the last day of the related Collection Period (after
            giving effect to any prepayments received during the related Prepayment
            Period
            immediately prior to such Distribution Date) and (b) the amount, if any,
            by
            which (1) the Aggregate Loan Balance for such Distribution Date determined
            as of
            the last day of the related Collection Period (after giving effect to
            any
            prepayments received during the related Prepayment Period immediately
            prior to
            such Distribution Date) exceeds (2) the Overcollateralization
            Floor.

          

          M5
            Principal Distribution Amount:
            With
            respect to any Distribution Date 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 sum of the aggregate Class Principal
            Amount of
            the Senior Certificates (other than the Class AIO Certificates), the
            Class M1
            Certificates, Class M2 Certificates, Class M3 Certificates and Class
            M4
            Certificates, in each case after giving effect to distributions on such
            Distribution Date and (ii) the Class Principal Amount of the Class M5
            Certificates immediately prior to such Distribution Date exceeds (y)
            the M5
            Target Amount.

          

          
            
              
              

            

            
              38

              
                

              

            

            
              
              

            

          

          M5
            Target Amount:
            With
            respect to any Distribution Date an amount equal to the lesser of (a)
            the
            product of (i) 86.90% and (ii) the Aggregate Loan Balance for such Distribution
            Date determined as of the last day of the related Collection Period (after
            giving effect to any prepayments received during the related Prepayment
            Period
            immediately prior to such Distribution Date) and (b) the amount, if any,
            by
            which (1) the Aggregate Loan Balance for such Distribution Date determined
            as of
            the last day of the related Collection Period (after giving effect to
            any
            prepayments received during the related Prepayment Period immediately
            prior to
            such Distribution Date) exceeds (2) the Overcollateralization
            Floor.

          

          M6
            Principal Distribution Amount:
            With
            respect to any Distribution Date 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 sum of the aggregate Class Principal
            Amount of
            the Senior Certificates (other than the Class AIO Certificates), the
            Class M1
            Certificates, Class M2 Certificates, Class M3 Certificates, Class M4
            Certificates and Class M5 Certificates, in each case after giving effect
            to
            distributions on such Distribution Date and (ii) the Class Principal
            Amount of
            the Class M6 Certificates immediately prior to such Distribution Date
            exceeds
            (y) the M6 Target Amount.

          

          M6
            Target Amount:
            With
            respect to any Distribution Date an amount equal to the lesser of (a)
            the
            product of (i) 88.40% and (ii) the Aggregate Loan Balance for such Distribution
            Date determined as of the last day of the related Collection Period(after
            giving
            effect to any prepayments received during the related Prepayment Period
            immediately prior to such Distribution Date) and (b) the amount, if any,
            by
            which (1) the Aggregate Loan Balance for such Distribution Date determined
            as of
            the last day of the related Collection Period (after giving effect to
            any
            prepayments received during the related Prepayment Period immediately
            prior to
            such Distribution Date) exceeds (2) the Overcollateralization
            Floor.

          

          M7
            Principal Distribution Amount:
            With
            respect to any Distribution Date 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 sum of the aggregate Class Principal
            Amount of
            the Senior Certificates (other than the Class AIO Certificates), the
            Class M1
            Certificates, Class M2 Certificates, Class M3 Certificates, Class M4
            Certificates, Class M5 Certificates and Class M6 Certificates, in each
            case
            after giving effect to distributions on such Distribution Date and (ii)
            the
            Class Principal Amount of the Class M7 Certificates immediately prior
            to such
            Distribution Date exceeds (y) the M7 Target Amount.

          

          M7
            Target Amount:
            With
            respect to any Distribution Date an amount equal to the lesser of (a)
            the
            product of (i) 90.10% and (ii) the Aggregate Loan Balance for such Distribution
            Date determined as of the last day of the related Collection Period (after
            giving effect to any prepayments received during the related Prepayment
            Period
            immediately prior to such Distribution Date) and (b) the amount, if any,
            by
            which (1) the Aggregate Loan Balance for such Distribution Date determined
            as of
            the last day of the related Collection Period (after giving effect to
            any
            prepayments received during the related Prepayment Period immediately
            prior to
            such Distribution Date) exceeds (2) the Overcollateralization
            Floor.

          

          
            
              
              

            

            
              39

              
                

              

            

            
              
              

            

          

          M8
            Principal Distribution Amount:
            With
            respect to any Distribution Date 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 sum of the aggregate Class Principal
            Amount of
            the Senior Certificates (other than the Class AIO Certificates), the
            Class M1
            Certificates, Class M2 Certificates, Class M3 Certificates, Class M4
            Certificates, Class M5 Certificates, Class M6 Certificates and Class
            M7
            Certificates, in each case after giving effect to distributions on such
            Distribution Date and (ii) the Class Principal Amount of the Class M8
            Certificates immediately prior to such Distribution Date exceeds (y)
            the M8
            Target Amount.

          

          M8
            Target Amount:
            With
            respect to any Distribution Date an amount equal to the lesser of (a)
            the
            product of (i) 91.50% and (ii) the Aggregate Loan Balance for such Distribution
            Date determined as of the last day of the related Collection Period (after
            giving effect to any prepayments received during the related Prepayment
            Period
            immediately prior to such Distribution Date) and (b) the amount, if any,
            by
            which (1) the Aggregate Loan Balance for such Distribution Date determined
            as of
            the last day of the related Collection Period (after giving effect to
            any
            prepayments received during the related Prepayment Period immediately
            prior to
            such Distribution Date) exceeds (2) the Overcollateralization
            Floor.

          

          M9
            Principal Distribution Amount:
            With
            respect to any Distribution Date 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 sum of (i) the aggregate Class Principal
            Amount
            of the Senior Certificates (other than the Class AIO Certificates) the
            Class M1
            Certificates, the Class M2 Certificates, the Class M3 Certificates, the
            Class M4
            Certificates, the Class M5 Certificate, the Class M6 Certificates, the
            Class M7
            Certificates and the Class M8 Certificates, in each case after giving
            effect to
            distributions on such Distribution Date, and (ii) the Class Principal
            Amount of
            the Class M9 Certificates immediately prior to such Distribution Date
            exceeds
            (y) the M9 Target Amount.

          

          M9
            Target Amount:
            With
            respect to any Distribution Date an amount equal to the lesser of (a)
            the
            product of (1) approximately 92.70% and (2) the Aggregate Loan Balance
            for such
            Distribution Date determined as of the last day of the related Collection
            Period
            (after giving effect to any prepayments received during the related Prepayment
            Period) and (b) the amount, if any, by which (1) the Aggregate Loan Balance
            for
            such Distribution Date determined as of the last day of the related Collection
            Period (after
            giving effect to any prepayments received during the related Prepayment
            Period)
exceeds
            (2) the Overcollateralization Floor.

          

          M10
            Principal Distribution Amount:
            With
            respect to any Distribution Date 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 sum of (i) the aggregate Class Principal
            Amount
            of the Senior Certificates (other than the Class AIO Certificates) the
            Class M1
            Certificates, the Class M2 Certificates, the Class M3 Certificates, the
            Class M4
            Certificates, the Class M5 Certificate, the Class M6 Certificates, the
            Class M7
            Certificates, the Class M8 Certificates and the Class M9 Certificates,
            in each
            case after giving effect to distributions on such Distribution Date,
            and (ii)
            the Class Principal Amount of the Class M10 Certificates immediately
            prior to
            such Distribution Date exceeds (y) the M10 Target Amount.

          

          
            
              
              

            

            
              40

              
                

              

            

            
              
              

            

          

          M10
            Target Amount:
            With
            respect to any Distribution Date an amount equal to the lesser of (a)
            the
            product of (1) approximately 94.00% and (2) the Aggregate Loan Balance
            for such
            Distribution Date determined as of the last day of the related Collection
            Period
            (after giving effect to any prepayments received during the related Prepayment
            Period) and (b) the amount, if any, by which (1) the Aggregate Loan Balance
            for
            such Distribution Date determined as of the last day of the related Collection
            Period (after
            giving effect to any prepayments received during the related Prepayment
            Period)
exceeds
            (2) the Overcollateralization Floor.

          

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

          

          Master
            Servicing Fee:
            As to
            any Distribution Date, an amount equal to one-twelfth the product of
            (a) the
            Master Servicing Fee Rate and (b) the outstanding principal balance of
            each
            Mortgage Loan.

          

          Master
            Servicing Fee Rate:
            0.00%
            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 nominee for the
            holder from
            time to time of the Mortgage Note.

          

          Middle-Tier
            REMIC 1:
            As
            described in the Preliminary Statement.

          

          Middle-Tier
            REMIC 2:
            As
            described in the Preliminary Statement.

          

          Monthly
            Excess Cashflow:
            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
            such Distribution Date remaining after distribution pursuant to Section
            5.02(d)(i)(D) or Section 5.02(d)(ii)(M), as applicable.

          

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

          

          
            
              
              

            

            
              41

              
                

              

            

            
              
              

            

          

          Moody’s:
            Moody’s
            Investors Service, 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 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 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.

          

          Mortgage
            Loan Sale Agreement:
            The
            mortgage loan sale and assignment agreement dated as of July 1, 2007
            for the
            sale of the Mortgage Loans by the Seller 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. Such
            schedule shall set forth, among other things, the following information
            with
            respect to each Mortgage Loan: (i) the Mortgage Loan identifying number;
            (ii)
            the city, state and zip code of the Mortgaged Property; (iii) the original
            principal amount of the Mortgage Loan; (iv) the Mortgage Rate at origination;
            (v) the monthly payment of principal and interest at origination; (vi) the
            Mortgage Pool in which such Mortgage Loan is included; (vii) the applicable
            Servicer servicing such Mortgage Loan and the applicable Servicing Fee
            Rate;
            (viii) the applicable Custodian with respect to the Mortgage File related
            to
            such Mortgage Loan; (ix) whether such Mortgage Loan is subject to a Prepayment
            Premium for voluntary prepayments by the Mortgagor, the term during which
            such
            Prepayment Premiums are imposed and the methods of calculation of the
            Prepayment
            Premium; (x) where applicable, whether such Mortgage Loan is covered
            by any Bulk
            PMI Policy or LPMI Policy and the applicable PMI Insurer and the applicable
            Insurance Fee Rate; and (xi) whether such Mortgage Loan is a First Payment
            Default Mortgage Loan. The Depositor shall be responsible for providing
            the
            Trustee and the Master Servicer with all amendments to the Mortgage Loan
            Schedule.

          

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

          

          Mortgage
            Rate:
            With
            respect to any Mortgage Loan, the per annum rate at which interest accrues
            on
            such Mortgage Loan, as determined under the related Mortgage Note as
            reduced by
            any Relief Act Reductions.

          

          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.

          

          
            
              
              

            

            
              42

              
                

              

            

            
              
              

            

          

          Net
            Excess Spread Percentage:
            With
            respect to any Distribution Date, the fraction, expressed as a percentage,
            the
            numerator of which is equal to the product of (i) the amount, if any,
            by which
            (a) the Interest Remittance Amount for such Distribution Date exceeds
            (b) the
            Current Interest payable with respect to the Offered Certificates for
            such
            Distribution Date and (ii) 12, and the denominator of which is the Aggregate
            Loan Balance for such Distribution Date.

          

          Net
            Funds Cap:
            With
            respect to any Distribution Date and the Certificates (other than the
            Class AIO
            Certificates), an annual rate equal to (a) a fraction, expressed as a
            percentage, the numerator of which is the product of (1) the excess,
            if any, of
            (i) the Optimal Interest Remittance Amount for such Distribution Date
            over (ii)
            any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty
            Trigger Event) owed to the Swap Counterparty on the related Swap Payment
            Date
            and (2) 12, and (b) the denominator of which is the Aggregate Loan Balance
            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), multiplied by a fraction,
            the
            numerator of which is 30 and the denominator of which is the actual number
            of
            days in the Accrual Period related to such Distribution Date, minus
            (x) the
            product of (i) 0.14% per annum (based on the actual number of days in
            the
            related Accrual Period) and (ii) a fraction, the numerator of which is
            the Class
            Principal Amount of the Class A2-2 Certificates (without giving effect
            to
            distributions on such Distribution Date), and the denominator of which
            is the
            Aggregate Loan Balance 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) and
            (y) the product of (i) 0.13% per annum (based on the actual number of
            days in
            the related Accrual Period) and (ii) a fraction, the numerator of which
            is the
            Class Principal Amount of the Class A4 Certificates (without giving effect
            to
            distributions on such Distribution Date), and the denominator of which
            is the
            Aggregate Loan Balance 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).

          

          Net
            Liquidation Proceeds:
            With
            respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds
            net of
            (i) unreimbursed expenses and (ii) any unreimbursed Advances, if any,
            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 (i)
            the
            Servicing Fee Rate for such Mortgage Loan and (ii) the Insurance Fee
            Rate, if
            applicable.

          

          Net
            Prepayment Interest Shortfall:
            With
            respect to any Master Servicer Remittance Date, the excess, if any, of
            any
            Prepayment Interest Shortfalls with respect to the Mortgage Loans for
            such date
            over the sum of (i) any Prepayment Interest Excess with respect to the
            Mortgage Loans for such date and (ii) any amounts paid with respect to such
            shortfalls by the Servicers pursuant to the Servicing Agreements.

          

          Net
            Swap Payment:
            With
            respect to each Swap Payment Date, the sum of (i) the net payment required
            to be
            made pursuant to the terms of the Swap Agreement, which net payment shall
            not
            take into account any Swap Termination Payment, and (ii) any unpaid amounts
            due
            on previous Swap Payment Dates and accrued interest thereon as provided
            in the
            Swap Agreement, as calculated by the Swap Counterparty and furnished
            to the
            Trustee.

          

          
            
              
              

            

            
              43

              
                

              

            

            
              
              

            

          

          Net
            WAC Rate:
            With
            respect to any Distribution Date (and the related Accrual Period), a
            per annum
            rate equal to the weighted average of the Net Mortgage Rates of the Mortgage
            Loans 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).

          

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

          

          NIM
            Residual Securities:
            Any
            preference shares, ownership certificate or other residual certificates
            issued
            in connection with any NIM Securities.

          

          NIM
            Securities:
            Any net
            interest margin securities (other than any related NIM Residual 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
            and Class P Certificates and the payments received thereon, as provided
            herein,
            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-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 a “United States person” within the meaning of Section
            7701(a)(30) of the Code.

          

          Notice
            of Nonpayment:
            The
            notice to be delivered by the Trustee to the Certificate Insurer with
            respect to
            any Distribution Date pursuant to Section 5.10(a), which shall be in
            the form
            attached to the Certificate Insurance Policy.

          

          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:
            Any
            Class AIO Certificate.

          

          Offered
            Certificates:
            The
            Senior Certificates and the Offered Subordinate Certificates. 

          

          Offered
            Subordinate Certificates:
            The
            Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7,
            Class M8,
            Class M9 and Class M10 Certificates.

          

          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.

          

          
            
              
              

            

            
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          Opinion
            of Counsel:
            A
            written opinion of counsel, reasonably acceptable in form and substance
            to the
            Trustee, and which may be in-house or outside counsel to the Depositor,
            the
            Master Servicer or the Trustee 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.

          

          Optimal
            Interest Remittance Amount:
            For
            each Distribution Date, the product of (A) (x) the weighted average of
            the Net
            Mortgage Rates for the Mortgage Loans as of the first day of the related
            Collection Period divided by (y) 12 and (B) the Aggregate Loan Balance
            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).

          

          Original
            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 of the related Mortgage Property.

          

          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.

          

          Overcollateralization
            Amount:
            With
            respect to any Distribution Date, the amount, if any, by which (x) the
            Aggregate
            Loan Balance for such Distribution Date determined as of the last day
            of the
            related Collection Period exceeds (y) the aggregate Class Principal Amount
            of
            the Offered Certificates (other than the Class AIO Certificates), in
            each case
            after giving effect to distributions on such Distribution Date.

          

          Overcollateralization
            Deficiency:
            With
            respect to any Distribution Date, the amount, if any, by which (x) the
            Targeted
            Overcollateralization Amount for such Distribution Date 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
            aggregate Certificate Principal Amount of the Offered Certificates (other
            than
            the Class AIO Certificates) resulting from the distribution of the Principal
            Distribution Amount on such Distribution Date, but prior to allocation
            of any
            Applied Loss Amount on such Distribution Date to the Offered Certificates
            (other
            than the Class AIO Certificates).

          

          Overcollateralization
            Floor:
            An
            amount equal to 0.35% of the Aggregate Loan Balance as of the Cut-off
            Date.

          

          Overcollateralization
            Release Amount:
            With
            respect to any Distribution Date, the lesser of (x) the Principal Remittance
            Amount for such Distribution Date and (y) the amount, if any, by which
            (1) the
            Overcollateralization Amount for such Distribution Date (calculated for
            this
            purpose on the basis of the assumption that 100% of the Principal Remittance
            Amount for such date is applied on such Distribution Date in reduction
            of the
            aggregate Certificate Principal Amount of the Offered Certificates (other
            than
            the Class AIO Certificates)) exceeds (2) the Targeted Overcollateralization
            Amount for such Distribution Date.

          

          
            
              
              

            

            
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          Payahead:
            With
            respect to any Mortgage Loan and any Due Date therefor, any Scheduled
            Payment
            received by the applicable Servicer during any Collection Period in addition
            to
            the Scheduled Payment due on such Due Date, intended by the related Mortgagor
            to
            be applied on a subsequent Due Date or Due Dates.

          

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

          

          PCAOB:
            The
            Public Company Accounting Oversight Board.

          

          Percentage
            Interest:
            With
            respect to any Certificate, its percentage interest in the undivided
            beneficial
            ownership interest in the Trust Fund evidenced by all Certificates of
            the same
            Class as such Certificate. With respect to any Certificate other than
            the Class
            AIO, Class X, Class P, Class R and Class LT-R Certificates, the Percentage
            Interest evidenced thereby shall equal the initial Certificate Principal
            Amount
            thereof divided by the initial Class Principal Amount of all Certificates
            of the
            same Class. With respect to the Class X, Class P, Class R and Class LT-R
            Certificates, the Percentage Interest evidenced thereby shall be as specified
            on
            the face thereof, or otherwise be equal to 100%. With respect to any
            Class AIO
            Certificate, the Percentage Interest evidenced thereby shall equal the
            initial
            Notional Amount of such Class as set forth on the face thereof divided
            by the
            initial Class Notional Amount thereof.

          

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

          

          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.

          

          Placement
            Agent:
            Lehman
            Brothers Inc. or its successor in interest.

          

          Plan:
            An
            employee benefit plan or other retirement arrangement which is subject
            to
            Section 406 of ERISA and/or Section 4975 of the Code or any entity whose
            underlying assets include such plan’s or arrangement’s assets by reason of their
            investment in the entity.

          

          Plan
            Asset Regulations:
            The
            Department of Labor regulations set forth in 29 C.F.R. 2510.3-101.

          

          PMI
            Insurance Premium:
            With
            respect to each Distribution Date and each Mortgage Loan covered by a
            Bulk PMI
            Policy or other lender-paid Primary Mortgage Insurance Policy, the product
            of
            (a) one-twelfth of the applicable Insurance Fee Rate and (b) the Scheduled
            Principal Balance of such Mortgage Loan as of the first day of the related
            Collection Period.

          

          PMI
            Insurer:
            Triad
            Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Radian Guaranty
            Inc.
            and United Guaranty Residential Insurance Company. 

          

          Policy
            Payments Account:
            A
            separate Trust Account created and maintained by the Trustee to which
            payments
            under the Certificate Insurance Policy are deposited.

          

          
            
              
              

            

            
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          Pool
            Purchase Price:
            A price
            equal to the sum of (i) 100% of the unpaid principal balance of each
            Mortgage
            Loan on the day of such purchase plus
            interest
            accrued thereon at the applicable Mortgage Rate to the Due Date in the
            Due
            Period immediately preceding the related Distribution Date, (ii) the
            amount of
            any costs and damages incurred by the Trust Fund as a result of any violation
            of
            any applicable federal, state or local predatory- or abusive-lending
            law arising
            from or in connection with the origination of such Mortgage Loan, (iii)
            the
            amount of any unreimbursed Servicing Advances and amounts owed to the
            Trustee
            hereunder, (iv) the fair market value of any REO Property and any other
            property
            held by the Trust Fund, such fair market value to be determined by an
            appraiser
            or appraisers mutually agreed upon by the Master Servicer and the Trustee
            (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
            interest
            accrued thereon at the applicable Net Mortgage Rate to the date of such
            purchase, (v) any amounts owed to the Certificate Insurer under the Certificate
            Insurance Policy or the Commitment Letter and (vi) any unpaid Net Swap
            Payment and any Swap Termination Payment payable to the Swap Counterparty
            due to
            the exercise of the Master Servicer’s option to purchase the Mortgage
            Loans.

          

          Pooling
            REMIC 1 Regular Interests:
            Lower-Tier Interests in Pooling REMIC 1 as described in the Preliminary
            statement.

          

          Preference
            Amount:
            Any
            payment of principal or interest previously distributed to a Holder of
            an
            Insured Certificate, which would have been covered under the Certificate
            Insurance Policy as an Insured Amount, which has been deemed a preferential
            transfer and was previously recovered from its owner pursuant to the
            Bankruptcy
            Code in accordance with a final, non-appealable order a court of competent
            jurisdiction.

          

          Premium
            Percentage:
            With
            respect to the Class A2-2 Certificates, the premium rate applicable under
            the
            Certificate Insurance Policy equal to a per annum rate of 0.14%. With
            respect to
            the Class A4 Certificates, the premium rate applicable under the Certificate
            Insurance Policy equal to a per annum rate of 0.13%.

          

          Prepayment
            Interest Excess:
            With respect to any Distribution Date and any Mortgage Loan for which
            Aurora is
            the primary servicer, any Principal Prepayment in full received on the
            Mortgage
            Loans from the first day through the sixteenth (16th)
            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. 

          

          Prepayment
            Interest Shortfall:
            With respect to any Distribution Date and (x) any Principal Prepayment
            in full
            (with respect to those Mortgage Loans serviced by Servicers other than
            Aurora)
            and (y) any Principal Prepayment in full with respect to those Mortgage
            Loans
            serviced by Aurora if such Principal Prepayment is received on or after
            the
            seventeenth (17th)
            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 Net Mortgage Rate (after giving effect to any applicable Relief
            Act
            Reduction) 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.

          

          
            
              
              

            

            
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          Prepayment
            Period:
            With
            respect to those Mortgage Loans serviced by Servicers other than Aurora
            and any
            Distribution Date and any Principal Prepayment, whether in part or in
            full
            (including any liquidation), the calendar month immediately preceding
            the month
            in which such Distribution Date occurs. With respect to any Distribution
            Date
            and a Principal Prepayment in full (including any liquidation) with respect
            to
            those Mortgage Loans serviced by Aurora, the period from the seventeenth
            (17th)
            day of
            the month immediately preceding the month of such Distribution Date to
            the
            sixteenth (16th)
            day of
            the month of such Distribution Date (except in the case of the August
            2007
            Distribution Date, for which the related Prepayment Period will be the
            period
            from July 1, 2007 through August 16, 2007). With respect to those Mortgage
            Loans
            serviced by Aurora, any Distribution Date and any Principal Prepayment
            in part,
            the calendar month immediately preceding the month in which such Distribution
            Date occurs.

          

          Prepayment
            Premiums:
            Any
            prepayment fees and penalties to be paid by the Mortgagor on a Mortgage
            Loan
            with respect to which the Seller owns the servicing rights, as indicated
            in the
            Mortgage Loan Schedule. Prepayment Premiums shall not be included in
            the
            Principal Remittance Amount or the Interest Remittance Amount.

          

          Primary
            Mortgage Insurance Policy:
            Any
            mortgage guaranty insurance, if any, on an individual Mortgage Loan,
            including
            any Bulk PMI Policy or LPMI Policy, as evidenced by a policy or certificate,
            whether such policy is obtained by the originator, the lender, the borrower
            or
            the Seller on behalf of the Trust Fund.

          

          Principal
            Distribution Amount:
            With
            respect to any Distribution Date, an amount equal to the Principal Remittance
            Amount for such date minus
            the
            Overcollateralization Release Amount, if any, for such Distribution Date.
            

          

          Principal
            Prepayment:
            Any
            Mortgagor payment of principal (other than a Balloon Payment) 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 related Servicing Agreement.

          

          Principal
            Remittance Amount:
            With
            respect to any Distribution Date (a) the sum of (i) all principal collected
            (other than in connection with Payaheads and Prepayment Premiums) or
            advanced in
            respect of Scheduled Payments on the Mortgage Loans during the related
            Collection Period whether by a Servicer, the Master Servicer or the Trustee,
            solely in its capacity as successor Master Servicer (less unreimbursed
            Advances
            due to the Master Servicer, any Servicer, or the Trustee, in its capacity
            as
            successor master servicer, with respect to the related Mortgage Loans,
            to the
            extent allocable to principal and any unreimbursed Servicing Advances),
            (ii) all
            Principal Prepayments in full or in part received during the related
            Prepayment
            Period or the related Collection Period, as applicable, with respect
            to the
            Mortgage Loans, (iii) the outstanding principal balance of each Mortgage
            Loan
            (excluding any FPD Premium) that was purchased from the Trust Fund by
            the Seller
            or the related Transferor during the related Prepayment Period or the
            related
            Collection Period, as applicable, or the NIMS Insurer (in the case of
            certain
            Mortgage Loans 90 days or more delinquent), (iv) the portion of the Purchase
            Price (or FPD Purchase Price (excluding any FPD Premium) payable with
            respect to
            a First Payment Default Mortgage Loan) or the portion of any Substitution
            Amount
            paid with respect to any Deleted Mortgage Loan during the related Prepayment
            Period or the related Collection Period, as applicable, allocable to
            principal,
            and (v) all Net Liquidation Proceeds, Insurance Proceeds, any Subsequent
            Recovery and other recoveries collected with respect to the Mortgage
            Loans
            during the related Prepayment Period or Collection Period, to the extent
            allocable to principal, as reduced by (b) to the extent not reimbursed
            from the
            Interest Remittance Amount, other
            costs, expenses or liabilities reimbursable to the Trustee, the Master
            Servicer
            and each Servicer to the extent provided in this Agreement and each Servicing
            Agreement, and to each Custodian pursuant to the related Custodial Agreement;
            provided,
            however,
            in the case of the Trustee such reimbursement may not exceed the Applicable
            Maximum Reimbursement Amount. In the event the Trustee incurs reimbursable
            amounts in excess of the Applicable Maximum Reimbursement Amount, it
            may seek
            reimbursement for such amounts in subsequent Anniversary Years, but in
            no event
            shall more than the Applicable Maximum Reimbursement Amount be reimbursed
            to the
            Trustee per Anniversary Year. Notwithstanding the foregoing, costs and
            expenses
            incurred by the Trustee pursuant to Section 6.14(a) in connection with
            any
            transfer of servicing shall be excluded in determining the Applicable
            Maximum
            Reimbursement Amount limitation on reimbursable amounts per Anniversary
            Year.
            For the avoidance of doubt, (i) the Principal Remittance Amount available
            on
            each Swap Payment Date for distributions to the Swap Account shall be
            equal to
            the Principal Remittance Amount on the related Distribution Date and
            (ii) the
            Principal Remittance Amount for each Distribution Date shall be calculated
            without regard to any distributions to the Swap Account on the related
            Swap
            Payment Date.

          

          
            
              
              

            

            
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          Principal
            Subordinate Priority:
            To the
            Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7,
            Class M8,
            Class M9 and Class M10 Certificates, sequentially, in that order.

          

          Proceeding:
            Any
            suit in equity, action at law or other judicial or administrative
            proceeding.

          

          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 July 30, 2007 together with the accompanying
            prospectus dated July 11, 2007, relating to the Offered
            Certificates.

          

          Purchase
            Price:
            With
            respect to the purchase of a Mortgage Loan or related REO Property pursuant
            to
            Section 2.05 of this Agreement, an amount equal to the sum of (a) 100%
            of the
            unpaid principal balance of such Mortgage Loan, (b) 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; (c) the amount of any unreimbursed
            Servicing Advances with respect to such Mortgage Loan; (d) any costs
            and damages
            incurred by the Trust Fund with respect to such Mortgage Loan in connection
            with
            any violation of any federal, state or local predatory or abusive lending
            laws
            or other similar laws arising from or in connection with the origination
            of such
            Mortgage Loan; (e) the fair market value of all other property being
            purchased (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) and (f) any unpaid Reimbursement Amounts due to the Certificate
            Insurer
            with respect to any Class of Insured Certificates. The Master Servicer,
            each
            Servicer (or the Trustee, in its capacity as successor master servicer,
            if
            applicable) and each Custodian shall be reimbursed from the Purchase
            Price for
            any Mortgage Loan or related REO Property for any Advances made or other
            amounts
            advanced with respect to such Mortgage Loan or related REO Property that
            are
            reimbursable to the Master Servicer or such Servicer under this Agreement,
            the
            related Servicing Agreement (or to the Trustee hereunder in its capacity
            as
            successor master servicer) or the related Custodial Agreement, together
            with any
            accrued and unpaid compensation due to the Master Servicer, any Servicer,
            each
            Custodian or the Trustee hereunder or thereunder.

          

          
            
              
              

            

            
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          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:

          

          (i) 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;

          

          (ii) provide
            that the Trustee or the Master Servicer, as applicable, may exercise
            all of the
            rights under such contract or surety bond without the necessity of taking
            any
            action by any other Person;

          

          (iii) 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 or the Master Servicer,
            as
            applicable, 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 Trustee;

          

          (iv) provide
            that the Trustee’s or Master Servicer’s interest therein shall be transferable
            to any successor trustee or successor master servicer hereunder;
            and

          

          (v) 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:
            An
            insurance company duly qualified as such under the laws of the states
            in which
            the related Mortgaged Properties are located, duly authorized and licensed
            in
            such states to transact the applicable insurance business related to
            this
            transaction and to write the insurance provided in connection therewith
            and
            whose claims paying ability is rated by each Rating Agency in its highest
            rating
            category or whose selection as an insurer will not adversely affect the
            ratings
            of the Certificates.

          

          
            
              
              

            

            
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          Qualifying
            Substitute Mortgage Loan:
            In the
            case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant
            to the
            terms of this Agreement, a Mortgage Loan that, on the date of such substitution,
            (i) has an outstanding Scheduled Principal Balance (or in the case of
            a
            substitution of more than one mortgage loan for a Deleted Mortgage Loan,
            an
            aggregate Scheduled Principal Balance), after application of all Scheduled
            Payments due during or prior to the month of substitution, not in excess
            of, and
            not more than 5% less than, the outstanding Scheduled Principal Balance
            of the
            Deleted Mortgage Loan as of the Due Date in the calendar month during
            which the
            substitution occurs, (ii) has a Mortgage Rate not less than the Mortgage
            Rate on
            the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage
            Rate not
            less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv)
            if
            applicable, has a minimum Mortgage Rate not less than the minimum Mortgage
            Rate
            of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal
            to or
            greater than the gross margin of the Deleted Mortgage Loan, (vi) is not
            a
            Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative
            Loan, (vii) if applicable, has a next adjustment date not later than
            the next
            adjustment date on the Deleted Mortgage Loan, (viii) has the same Due
            Date as
            the Deleted Mortgage Loan, (ix) has a remaining stated term to maturity
            not
            longer than 18 months and not more than 18 months shorter than the remaining
            stated term to maturity of the related Deleted Mortgage Loan; provided,
            that
            in
            no case should such substitute Mortgage Loan have a maturity date later
            than the
            Final Scheduled Distribution Date; (x) is current as of the date of
            substitution, (xi) has a Loan-to-Value Ratio as of the date of substitution
            equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage
            Loan as
            of such date, (xii) has been underwritten by the Transferor in accordance
            with
            the same underwriting criteria and guidelines as the Deleted Mortgage
            Loan,
            (xiii) has a risk grading determined by the Seller at least equal to
            the risk
            grading assigned on the Deleted Mortgage Loan, (xiv) is secured by the same
            property type as the Deleted Mortgage Loan, (xv) conforms to each representation
            and warranty applicable to the Deleted Mortgage Loan made in the related
            Mortgage Loan Sale Agreement, (xvi) has the same or higher lien position
            as the
            Deleted Mortgage Loan, (xvii) is covered by a Primary Mortgage Insurance
            Policy
            if the Deleted Mortgage Loan was so covered and (xviii) contains provisions
            covering the payment of Prepayment Premium by the Mortgagor for early
            prepayment
            of the Mortgage Loan at least as favorable as the Deleted Mortgage Loan.
            In the
            event that one or more mortgage loans are substituted for one or more
            Deleted
            Mortgage Loans, the amounts described in clause (i) hereof shall be determined
            on the basis of aggregate Scheduled Principal Balances, the Mortgage
            Rates
            described in clause (ii) hereof shall be determined on the basis of weighted
            average Mortgage Rates, the risk gradings described in clause (xiii)
            hereof
            shall be satisfied as to each such mortgage loan, the terms described
            in clause
            (ix) hereof shall be determined on the basis of weighted average remaining
            term
            to maturity; provided,
            that
            the
            stated maturity date of any Qualifying Substitute Mortgage Loan shall
            not be
            later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios
            described in clause (xi) hereof shall be satisfied as to each such mortgage
            loan
            and, except to the extent otherwise provided in this sentence, the
            representations and warranties described in clause (xv) hereof must be
            satisfied
            as to each Qualifying Substitute Mortgage Loan or in the aggregate, as
            the case
            may be.

          

          Rating
            Agency:
            Each of
            Moody’s and S&P.

          

          Realized
            Loss:
            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,
            minus
            (ii)
            Liquidation Proceeds received, to the extent allocable to principal,
            net of
            amounts that are reimbursable therefrom to the Master Servicer or any
            Servicer
            with respect to such Mortgage Loan (other than Advances of principal)
            including
            expenses of liquidation. In determining whether a Realized Loss is a
            Realized
            Loss of 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.

          

          
            
              
              

            

            
              51

              
                

              

            

            
              
              

            

          

          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 the Offered Certificates, and any Distribution Date, the close
            of
            business on the Business Day immediately preceding such Distribution
            Date. With
            respect to the Class P, Class X, Class LT-R and Class R Certificates
            and any
            Class of Definitive Certificates and any Distribution Date, the last
            Business
            Day of the month immediately preceding the month in which the Distribution
            Date
            occurs (or, in the case of the first Distribution Date, the Closing
            Date).

          

          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. 1,506-1,631 (Jan. 7, 2005)) or by the staff of
            the
            Commission, or as may be provided by the Commission or its staff from
            time to
            time.

          

          Regulation
            S:
            Not
            applicable.

          

          Regulation
            S Global Security:
            Not
            applicable.

          

          Reimbursement
            Amounts:
            As to
            any Distribution Date, the sum of (i) all Insured Amounts paid by the
            Certificate Insurer, but for which the Certificate Insurer has not been
            reimbursed prior to such Distribution Date pursuant to Section 5.02,
            plus (ii)
            interest accrued on such Insured Amounts not previously repaid calculated
            at the
            Late Payment Rate from the date the Trustee received the related Insured
            Amounts.

          

          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 Trustee, the Paying Agent, 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:
            The
            Servicemembers Civil Relief Act, as amended, and any similar state law
            or
            regulation.

          

          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 Relief
            Act, any amount by which interest collectible on such Mortgage Loan for
            the Due
            Date in the related Collection Period is less than interest accrued thereon
            for
            the applicable one-month period at the Mortgage Rate without giving effect
            to
            such reduction.

          

          
            
              
              

            

            
              52

              
                

              

            

            
              
              

            

          

          REMIC:
            Each
            pool of assets in the Trust Fund designated as a REMIC pursuant to Section
            10.01(a) hereof.

          

          REMIC
            Net Funds Cap:
            For any
            Distribution Date (and the related Accrual Period) and any Class of
            Certificates, an amount equal to (i) the weighted average of the interest
            rates
            on the regular interests in Middle-Tier REMIC 1 (other than the Class
            MT1-IO
            Interests), weighted in proportion to their class principal amounts as
            of the
            beginning of the related Accrual Period, multiplied, in the case of the
            LIBOR
            Certificates, by (ii) the quotient of (a) 30 divided by (b) the actual
            number of
            days in the Accrual Period.

          

          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.

          

          REMIC
            Swap Rate:
            For
            each Distribution Date (and the related Accrual Period), a per annum
            rate equal
            to the product of: (i) the “Rate of Payment (%)” under the Swap Agreement for
            such Distribution Date, as set forth in Annex D to the Prospectus Supplement,
            (ii) 2, and (iii) the quotient of (a) the actual number of days in the
            related
            Accrual Period divided by (b) 30.

          

          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(f)(i).

          

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

          

          Required
            Reserve Fund Amount:
            With
            respect to any Distribution Date on which the Net Excess Spread Percentage
            is
            less than 0.25%, the amount, if any by which (a) the product of 1.00%
            and the
            aggregate Class
            Principal Amount of the Offered Certificates (other
            than the Class AIO Certificates) immediately
            prior to such Distribution Date
            exceeds
            (b) the amount on deposit in the Basis Risk Reserve Fund immediately
            prior to
            such date. With respect to any Distribution Date on which the Net Excess
            Spread
            Percentage is equal to or greater than 0.25%, the amount, if any, by
            which
            $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately
            prior to such date; provided,
            however,
            that on
            any Distribution Date on which the Class Principal Amounts of each Class
            of the
            Offered Certificates
            (other
            than the Class AIO Certificates) has
            been
            reduced to zero, the Required Reserve Fund Amount shall be zero.

          

          Residual
            Certificates:
            The
            Class LT-R and Class R Certificates.

          

          Responsible
            Officer:
            When
            used with respect to the Trustee, any Vice President, Assistant Vice
            President,
            the Secretary, any assistant secretary, or any officer, working in its
            Corporate
            Trust Office and having responsibility for the administration of this
            Agreement,
            and any other officer to whom a matter arising under this Agreement may
            be
            referred.

          

          Restricted
            Certificate:
            Any
            Class P, Class X, Class LT-R or Class R Certificate.

          

          
            
              
              

            

            
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          Restricted
            Global Security:
            Not
            Applicable.

          

          Rolling
            Three Month Delinquency Rate:
            With
            respect to any Distribution Date, the fraction, expressed as a percentage,
            equal
            to the average of the Delinquency Rates for each of the three (or one
            and two,
            in the case of the first and second Distribution Dates, respectively)
            immediately preceding calendar months.

          

          Rules:
            As
            defined in Section 6.20(c).

          

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

          

          Scheduled
            Notional Amount:
            For
            each Distribution Date and the Swap Agreement, the amount set forth in
            Exhibit
            N-1 for the related Distribution Date. The initial Scheduled Notional
            Amount
            with respect to the Swap Agreement will be $754,468,817. For each Distribution
            Date and the Cap Agreement, the amount set forth in Exhibit N-2. The
            initial
            Scheduled Notional Amount with respect to the Cap Agreement will be
            $39,041,339.

          

          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
            or as a result of any related Deficient Valuation (in each case, 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.

          

          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 Collection
            Period,
            whether or not received from the Mortgagor or advanced by any Servicer
            or the
            Master Servicer, and all amounts received thereon which are allocable
            to
            unscheduled principal payments (including Principal Prepayments, Liquidation
            Proceeds, Insurance Proceeds and condemnation proceeds, in each case
            to the
            extent identified and applied prior to or during the related 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 by or on behalf of the Trustee
            (reduced
            by any amount applied as a reduction of principal on the Mortgage Loan).
            With
            respect to any Mortgage Loan and the Cut-off Date, as specified in the
            Mortgage
            Loan Schedule. The Scheduled Principal Balance of a Liquidated Mortgage
            Loan
            shall be zero.

          

          Section
            7.01(d) Purchase Event:
            The
            purchase of all the Pooling REMIC 1 Regular Interests.

          

          Securities
            Act:
            The
Securities
            Act of 1933, as amended

          

          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.

          

          
            
              
              

            

            
              54

              
                

              

            

            
              
              

            

          

          Seller:
            Lehman
            Brothers Holdings Inc. or any successor in interest thereto.

          

          Seller
            Remittance Amount:
            With
            respect to each Servicer, the meaning assigned to such term in the related
            Servicing Agreement.

          

          Senior
            Certificates:
            Collectively, the Class A1-1, Class A1-2, Class A2-1-1, Class A2-1-2,
            Class
            A2-2, Class A3, Class A4 and Class AIO Certificates.

          

          Senior
            Enhancement Percentage:
            With
            respect to any Distribution Date, the fraction, expressed as a percentage,
            the
            numerator of which is the sum of (x) the aggregate Class Principal Amount
            of the
            Offered Subordinate Certificates and (y) the Overcollateralization Amount
            (which
            amount, 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 Aggregate Loan Balance
            for such
            Distribution Date, in each case after giving effect to distributions
            on such
            Distribution Date.

          

          Senior
            Principal Distribution Amount:
            With
            respect to any Distribution Date (a) prior to the Stepdown Date or if a
            Trigger Event is
            in effect with
            respect to such Distribution Date, an amount equal to 100% of the Principal
            Distribution Amount 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 the Senior Certificates (other than
            the
            Class AIO Certificates) immediately prior to such Distribution Date exceeds
            (y)
            the Senior Target Amount.

          

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

          

          Senior
            Target Amount:
            With
            respect to any Distribution Date an amount equal to the lesser of (a)
            the
            product of (i) 73.00% and (ii) the Aggregate Loan Balance for such Distribution
            Date determined as of the last day of the related Collection Period (after
            giving effect to any prepayments received during the related Prepayment
            Period
            immediately prior to such Distribution Date) and
            (b) the amount, if any, by which (1) the Aggregate Loan Balance for such
            Distribution Date determined as of the last day of the related Collection
            Period
(after
            giving effect to any prepayments received during the related Prepayment
            Period
            immediately prior to such Distribution Date) exceeds
            (2) the Overcollateralization Floor.

          

          Senior
            Weighted Average Interest Rate:
            For
            each Distribution Date and the Class I-AIO Certificates, the weighted
            average of
            the Certificate Interest Rates of the Class A1-1, Class A1-2, Class A2-1-1,
            Class A2-1-2, Class A2-2, Class A3 and Class A4 Certificates, weighted
            on the
            basis of the respective Class Principal Balance for each such Class for
            such
            Distribution Date.

          

          Servicer:
            Any
            Servicer that has entered into any of the Servicing Agreements listed
            on Exhibit
            E hereto, or any successor in interest.

          

          
            
              
              

            

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

          

          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 the related Servicer in connection with the
            liquidation
            or foreclosure of a Mortgage Loan which are eligible for reimbursement
            under the
            related Servicing Agreement.

          

          Servicing
            Agreement:
            Each
            servicing agreement or reconstituted servicing agreement identified on
            Exhibit E
            hereto, dated as of July 1, 2007, among the Seller, the Master Servicer
            and a
            Servicer, and any other servicing agreement entered into between a successor
            servicer and the Seller pursuant to the terms of this Agreement.

          

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

          

          Servicing
            Fee:
            As to
            any Distribution Date and each Mortgage Loan, an amount equal to the
            product of
            (a) one-twelfth of the Servicing Fee Rate and (b) the Scheduled Principal
            Balance of such Mortgage Loan as of the first day of the related Collection
            Period.

          

          Servicing
            Fee Rate:
            With
            respect to each Mortgage Loan and each Servicer, the rate specified in
            the
            related Servicing Agreement.

          

          Servicing
            Function Participant:
            Any
            Subservicer, Subcontractor or any other Person, other than each Servicer,
            each
            Custodian, the Master Servicer, the Paying Agent and the Trustee, 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 related Servicer involved in or responsible for, the
            administration and servicing of the Mortgage Loans whose name appears
            on a list
            of servicing officers furnished by the related Servicer to the Master
            Servicer
            or Seller upon request, as such list may from time to time be
            amended.

          

          Sponsor:
            Lehman
            Brothers Holdings Inc.

          

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

          

          Stepdown
            Date:
            The
            earlier of (x) the first Distribution Date following the Distribution
            Date on
            which the Class Principal Amounts of the Senior Certificates (other than
            the
            Class AIO Certificates) have each been reduced to zero or (y) the later
            to occur
            of (1) the Distribution Date in August 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 Mortgage
            Loans
            during the related Collection Period, but before giving effect to distributions
            on any related Certificate on such Distribution Date) is greater than
            or equal
            to 27.00%.

          

          
            
              
              

            

            
              56

              
                

              

            

            
              
              

            

          

          Subcontractor:
            Any
            vendor, subcontractor or other Person 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 material servicing functions required to be performed under
            this
            Agreement, any Servicing Agreement or any subservicing agreement, as
            identified
            in Item 1122(d) of Regulation AB with respect to the Mortgage Loans under
            the
            direction or authority of a Servicer, the Master Servicer, the Paying
            Agent, the
            Trustee or a Custodian.

          

          Subordinate
            Certificates:
            The
            Offered Subordinate Certificates.

          

          Subsequent
            Recovery:
            Any
            amount recovered by a Servicer or the Master Servicer with respect to
            a
            Liquidated Mortgage Loan with respect to which a Realized Loss was incurred
            after the liquidation or 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 Servicing functions required to be
            performed
            under this Agreement, any related Servicing Agreement or any subservicing
            agreement that are identified in Item 1122(d) of Regulation AB.

          

          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, and any related unpaid Advances
            or
            Servicing Advances or unpaid Servicing Fees, plus any costs and damages
            incurred
            by the Trust Fund associated with violation of any federal, state or
            local
            predatory or abusive lending laws in connection with the origination
            of such
            Deleted Mortgage Loan.

          

          Supplemental
            Interest Trust:
            The
            corpus of a trust created pursuant to Section 5.07 of this Agreement
            and
            designated as the “Supplemental Interest Trust,” consisting of the Swap
            Agreement, the Swap Account, the Cap Agreement, the Cap Account, the
            Collateral
            Account, the right to receive the Class X Distributable Amount to the
            extent
            provided in Section 5.02(f)(viii), the Class I interest in the Upper-Tier
            REMIC
            and the right to receive Class I Shortfalls.

          

          Swap
            Account:
            The
            account created pursuant to Section 5.07 of this Agreement.

          

          Swap
            Agreement:
            The
            interest rate swap agreement entered into by the Supplemental Interest
            Trust,
            which agreement provides for, among other things, a Net Swap Payment
            to be paid
            pursuant to the conditions provided therein, together with any schedules,
            confirmations, credit support annex or other agreements relating thereto,
            attached hereto as Exhibit N-1.

          

          
            
              
              

            

            
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          Swap
            Amount:
            With
            respect to each Distribution Date and the related Swap Payment Date,
            the sum of
            any Net Swap Payment and any Swap Termination Payment deposited into
            the Swap
            Account.

          

          Swap
            Counterparty:
            The
            counterparty to the Supplemental Interest Trust under the Swap Agreement,
            and
            any successor in interest or assigns. Initially, the Swap Counterparty
            shall be
            ABN AMRO Bank, N.V.

          

          Swap
            Counterparty Trigger Event:
            A Swap
            Counterparty Trigger Event shall have occurred if any of a Swap Default
            with
            respect to which the Swap Counterparty is a Defaulting Party, a Termination
            Event (other than a Termination Event of Illegality or Tax Event) with
            respect
            to which the Swap Counterparty is the sole Affected Party or an Additional
            Termination Event with respect to which the Swap Counterparty is the
            sole
            Affected Party has occurred.

          

          Swap
            Default:
            Any of
            the circumstances constituting an “Event of Default” under the Swap
            Agreement.

          

          Swap
            LIBOR:
            With
            respect to any Distribution Date and the related Swap Payment Date (and
            the
            Accrual Period relating to such Distribution Date), the product of (i)
            the
            Floating Rate Option (as defined in the Swap Agreement) for the related
            Swap
            Payment Date as calculated by the Swap Counterparty and furnished to
            the
            Trustee, (ii) two, and (iii) the quotient of (a) the actual number of
            days in
            the Accrual Period for the LIBOR Certificates and (b) 30. 

          

          Swap
            Payment Date:
            For so
            long as the Swap Agreement is in effect or any amounts remain unpaid
            thereunder,
            the Business Day prior to each Distribution Date.

          

          Swap
            Replacement Receipts:
            As
            defined in Section 5.08(a).

          

          Swap
            Replacement Receipts Account:
            As
            defined in Section 5.08(a).

          

          Swap
            Termination Payment:
            Upon
            the designation of an “Early Termination Date” as defined in the Swap Agreement,
            the payment required to be made by the Supplemental Interest Trust to
            the Swap
            Counterparty, or by the Swap Counterparty to the Supplemental Interest
            Trust, as
            applicable, pursuant to the terms of the Swap Agreement, and any unpaid
            amounts
            due on previous Swap Payment Dates and accrued interest thereon as provided
            in
            the Swap Agreement, as calculated by the Swap Counterparty and furnished
            to the
            Trustee.

          

          Swap
            Termination Receipts:
            As
            defined in Section 5.08(a).

          

          Swap
            Termination Receipts Account:
            As
            defined in Section 5.08(a).

          

          S-X
            Component:
            A
            component of the Class X Certificate entitled to receive distributions
            pursuant
            to Section 5.02 (h)(ix) and Section 5.02(h)(x).

          

          Target
            Amount:
            With
            respect to any Distribution Date, an amount equal to the Aggregate Loan
            Balance
            for such Distribution Date minus
            the
            Targeted Overcollateralization Amount for such Distribution Date.

          

          
            
              
              

            

            
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          Targeted
            Overcollateralization Amount:
            With
            respect to any Distribution Date (x) prior to the Stepdown Date an amount
            equal
            to $27,126,644 (i.e.,
            approximately 3.00% of the Cut-Off Date Balance) and (y) for any Distribution
            Date on or after the Stepdown Date, the greater of (1) the lesser of
            (a)
            $27,126,644 and (b) 6.00% of the Aggregate Loan Balance 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.

          

          Termination
            Event:
            As
            defined in the Swap Agreement.

          

          Termination
            Price:
            As
            defined in Section 7.01.

          

          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 such date; (ii) the Principal Remittance Amount for such date; and
            (iii) the
            Prepayment Premiums collected during the related Prepayment Period.

          

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

          

          Transferor:
            Each
            seller of Mortgage Loans to the Seller pursuant to the Transfer
            Agreements.

          

          Trigger
            Event:
            With
            respect to any Distribution Date, means that either a Delinquency Event
            or a
            Cumulative Loss Trigger Event is in effect for such Distribution
            Date.

          

          Trust
            Fund:
            The
            corpus of the Lehman XS Trust 2007-14H created pursuant to this Agreement,
            consisting of the Mortgage Loans, the assignment of the Depositor’s rights under
            the Transfer Agreements, the Mortgage Loan Sale Agreement and each Servicing
            Agreement, such amounts as shall from time to time be held in the Basis
            Risk
            Reserve Fund, the Collection Account, Certificate Account, any Custodial
            Account
            and any Escrow Account, the Insurance Policies (or coverage thereunder),
            any REO
            Property and the other items referred to in, and conveyed to the Trustee
            under,
            Section 2.01(a).

          

          Trust
            Fund Termination Event:
            As
            defined in Section 7.01(a).

          

          Trustee:
            LaSalle
            Bank National Association, a national banking association, not in its
            individual
            capacity, but solely in its capacity as trustee for the benefit of the
            Certificateholders and the Certificate Insurer under this Agreement or
            solely in
            its capacity as trustee of the Supplemental Interest Trust, as applicable,
            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:
            As to
            any Distribution Date, any investment earnings from amounts on deposit
            in the
            Certificate Account.

          

          UCC
            or
            Uniform Commercial Code:
            The
            Uniform Commercial Code as in effect in any applicable jurisdiction from
            time to
            time.

          

          Underwriter:
            Lehman
            Brothers Inc.

          

          Underwriter’s
            Exemption:
            Prohibited Transaction Exemption 2007-5, 72 Fed. Reg. 13130 (2007), 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 LIBOR 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 applicable
            Net Funds Cap.

          

          Upper-Tier
            REMIC:
            As
            described in the Preliminary Statement.

          

          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, 96.00% of all Voting Interests
            shall be
            allocated to the Senior Certificates (other than the Class AIO Certificates)
            and
            the Subordinate Certificates. At all times during the term of this Agreement,
            1%
            of all Voting Interests shall be allocated to each of the Class AIO and
            Class P
            Certificates, while they remain outstanding. At all times during the
            term of
            this Agreement, 1% of all Voting Interests shall be allocated to the
            Class X
            Certificates, while they remain outstanding. If the Class AIO Certificates
            or
            the Class P Certificates are no longer outstanding, their Voting Interests
            shall
            be reallocated to the Senior Certificates (other than the Class AIO
            Certificates) and the Subordinate Certificates. At all times during the
            term of
            this Agreement, 1% of all Voting Interests shall be allocated to the
            Class R
            Certificates. Voting Interests shall be allocated among the Classes of
            Certificates (and among the Certificates within each such Class) in proportion
            to Class Principal Amounts (or Certificate Principal Amounts) or Percentage
            Interests; provided,
            however,
            that
            for so long as there does not exist a Certificate Insurer Default, the
            Certificate Insurer shall have the right to exercise all rights, including
            voting rights, of the Holders of the Insured Certificates hereunder without
            any
            consent of such Holders, and such Holders may exercise such rights only
            with the
            prior written consent of the Certificate Insurer, except as otherwise
            provided
            herein. In the case of the purchase by the Master Servicer of the Pooling
            REMIC
            1 Regular Interests pursuant to a Section 7.01(d) Purchase Event, the
            LTURI-holder shall be allocated 100% of the Voting Interests and upon
            such
            purchase any provision in this agreement which requires a vote by, a
            direction
            or notice given by, an action taken by, a request in writing by or the
            consent
            of any percentage of the Holders of any Class of Certificates may be
            exercised
            by the LTURI-holder.

          

          Weighted
            Average Bond Coupon:
            With
            respect to the Class AIO Certificates and any Distribution Date, the
            per annum
            rate equal to (a) the sum of (i) the product of (x) the Class Principal
            Amount
            of the Class A1-1 Certificates immediately prior to that Distribution
            Date and
            (y) the Certificate Interest Rate on the Class A1-1 Certificates, (ii)
            the
            product of (x) the Class Principal Amount of the Class A1-2 Certificates
            immediately prior to that Distribution Date and (y) the Certificate Interest
            Rate on the Class A1-2 Certificates, (iii) the sum of (i) the product
            of (x) the
            Class Principal Amount of the Class A2-1-1 Certificates immediately prior
            to
            that Distribution Date and (y) the Certificate Interest Rate on the Class
            A2-1-1
            Certificates, (iv) the sum of (i) the product of (x) the Class Principal
            Amount
            of the Class A2-1-2 Certificates immediately prior to that Distribution
            Date and
            (y) the Certificate Interest Rate on the Class A2-1-2 Certificates, (v)
            the sum
            of (i) the product of (x) the Class Principal Amount of the Class A2-2
            Certificates immediately prior to that Distribution Date and (y) the
            Certificate
            Interest Rate on the Class A2-2 Certificates, (vi) the product of (x)
            the Class
            Principal Amount of the Class A3 Certificates immediately prior to that
            Distribution Date and (y) the Certificate Interest Rate on the Class
            A3
            Certificates, (vii) the product of (x) the Class Principal Amount of
            the Class
            A4 Certificates immediately prior to that Distribution Date and (y) the
            Certificate Interest Rate on the Class A4 Certificates, divided by (b)
            the Class
            Principal Amounts of the Senior Certificates (other than the Class AIO
            Certificates) immediately prior to such Distribution Date.

          

          
            
              
              

            

            
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          Wells
            Fargo:
            Wells
            Fargo Bank, N.A. (and its successors in interest) in either its capacity
            as a
            Servicer or a Custodian.

          

          X-S
            Component:
            A
            component of the Class X Certificate entitled to receive distributions
            pursuant
            to Section 5.02(f)(iv) and (viii).

          

          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 payments to be made to the Trustee as supplied
            to the
            Trustee by the Master Servicer. The Trustee shall not be required to
            recompute,
            verify or recalculate the information supplied to it by the Master Servicer
            or
            any Servicer.

          

          Section
            1.03. Calculations
            Respecting Accrued Interest.  

          

          Accrued
            interest, if any, on the LIBOR Certificates, shall be calculated based
            upon a
            360-day year and the actual number of days in each Accrual Period. Accrued
            interest on the Class AIO and Class X Certificates and each Lower-Tier
            Interest
            shall be calculated based upon a 360-day year consisting of twelve 30-day
            months.

          

          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.
            Such conveyance includes, without limitation, the right to all payments
            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
            (exclusive
            of investment earnings thereon), any Custodial Accounts and all amounts
            from
            time to time credited to and the proceeds of the Custodial Accounts,
            any Escrow
            Account established pursuant to Section 9.06, the Basis Risk Reserve
            Fund
            established pursuant to Section 5.06 and all amounts from time to time
            credited
            to and the proceeds of each such account, any REO Property and the proceeds
            thereof, the Depositor’s rights under any Insurance Policies (or rights to
            proceeds or payment under any Insurance Policies) related to the Mortgage
            Loans,
            the Depositor’s security interest in any collateral pledged to secure the
            Mortgage Loans, including the Mortgaged Properties, and any proceeds
            of the
            foregoing, to have and to hold (or a Custodian on its behalf), in trust;
            and the
            Trustee declares that, subject to the review provided for in Section
            2.02, it
            has received and shall hold the Trust Fund, as trustee, in trust, for
            the
            benefit and use of the Holders of the Certificates and the Certificate
            Insurer
            and for the purposes and subject to the terms and conditions set forth
            in this
            Agreement, and, concurrently with such receipt, has caused to be executed,
            authenticated and delivered to or upon the order of the Depositor, in
            exchange
            for the Trust Fund, Certificates in the authorized denominations evidencing
            the
            entire ownership of the Trust Fund.

          

          
            
              
              

            

            
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          Concurrently
            with the execution of this Agreement, the Swap Agreement and the Cap
            Agreement
            shall be delivered to the Trustee. In connection therewith, the Depositor
            hereby
            authorizes and directs the Trustee (solely in its capacity as trustee
            of the
            Supplemental Interest Trust) to execute and deliver the Swap Agreement
            and the
            Cap Agreement (on behalf of the Supplemental Interest Trust), in trust
            for the
            benefit of the Senior Certificateholders (other than the Holders of the
            Class
            AIO Certificates). The Seller, the Master Servicer, the Depositor, the
            Servicer
            and the Senior Certificateholders (other than the Holders of the Class
            AIO
            Certificates) (by their acceptance of such Certificates) acknowledge
            and agree
            that the Trustee is executing and delivering the Swap Agreement and the
            Cap
            Agreement solely in its capacity as trustee of the Supplemental Interest
            Trust,
            and not in its individual capacity. The Depositor hereby authorizes and
            directs
            the Trustee, in its capacity as trustee of the Supplemental Interest
            Trust, to
            represent in the Swap Agreement that it is not required by any applicable
            law of
            any relevant jurisdiction to make any deduction or withholding for or
            on account
            of any tax from Net Swap Payment. The Trustee shall have no duty or
            responsibility to enter into any other interest rate swap agreement or
            interest
            rate cap agreement upon the expiration or termination of the Swap Agreement
            or
            the Cap Agreement. To the extent that the Swap Counterparty or the Cap
            Counterparty assigns rights or delegates its obligations under the Swap
            Agreement or the Cap Agreement to a transferee, the Trustee shall act
            only upon
            the direction of the Depositor with respect to such transfer. In addition,
            in
            determining whether a firm offer is made, the Trustee shall act at the
            direction
            of the Depositor.

          

          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 each Servicing
            Agreement and each Transfer Agreement (including the rights to enforce
            the
            related Transferor’s obligation to repurchase First Payment Default Mortgage
            Loans), but only to the extent assigned under the Mortgage Loan Sale
            Agreement.
            The Trustee hereby accepts such assignment, and shall be entitled to
            exercise
            all the rights of the Depositor under the Mortgage Loan Sale Agreement
            as if,
            for such purpose, it were the Depositor.

          

          
            
              
              

            

            
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          Concurrently
            with the execution of this Agreement, the Certificate Insurance Policy
            shall be
            delivered to the Trustee.

          

          The
            foregoing sale, transfer, assignment, set-over, deposit and conveyance
            does not
            and is not intended to result in the creation or assumption by the Trustee
            of
            any obligations of the Depositor, the Seller or any other Person in connection
            with the Mortgage Loans.

          

          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 be (i)
            a
“High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective
            November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico
            Home Loan Protection Act effective January 1, 2004, (iii) a “High-Cost Home
            Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act
            effective November 7, 2004 or (iv) a “High Cost Home Loan” as defined in the
            Indiana Home Loan Practices Act effective January 1, 2005.

          

          The
            Depositor shall have the right to receive any and all loan-level information
            regarding the characteristics and performance of the Mortgage Loans upon
            request, and to publish, disseminate or otherwise utilize such information
            in
            its discretion, subject to applicable laws and regulations.

          

          (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 applicable 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:

          

          (i)
             with
            respect to each Mortgage Loan, the original Mortgage Note endorsed without
            recourse in proper form to the order of the Trustee, as shown on Exhibit
            B-4
            hereto, or in blank (in each case, with all necessary intervening endorsements,
            as applicable) or with respect to any lost Mortgage Note, a lost note
            affidavit
            stating that the original Mortgage Note was lost, misplaced or destroyed,
            together with a copy of the related Mortgage Note;

          

          (ii)
             if
            applicable, the original of any guarantee, security agreement or pledge
            agreement executed in connection with the Mortgage Note, assigned to
            the
            Trustee;

          

          (iii)
             with
            respect to any Mortgage Loan other than a Cooperative Loan, the original
            recorded Mortgage with evidence of recording indicated thereon and the
            original
            recorded power of attorney, with evidence of recording thereon. If, in
            connection with any Mortgage Loan, the Depositor cannot deliver the Mortgage
            or
            power of attorney 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
            or power of
            attorney 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 or power of attorney, pending
            delivery
            of the original thereof, together with an Officer’s Certificate of the Depositor
            certifying that the copy of such Mortgage or power of attorney delivered
            to the
            Trustee (or the applicable Custodian) is a true copy and that the original
            of
            such Mortgage or power of attorney has been forwarded to the public recording
            office, or, in the case of a Mortgage or power of attorney that has been
            lost, a
            copy thereof (certified as provided for under the laws of the appropriate
            jurisdiction) and a written Opinion of Counsel delivered to the Trustee
            and the
            Depositor that an original recorded Mortgage or power of attorney is
            not
            required to enforce the Trustee’s interest in the Mortgage Loan;

          

          
            
              
              

            

            
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          (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;

          

          (v)
             with
            respect to each Non-MERS Mortgage Loan, an original Assignment of Mortgage,
            in
            form and substance acceptable for recording. The related Mortgage shall
            be
            assigned either (A) in blank, without recourse or (B) to “LaSalle Bank National
            Association, as Trustee of the Lehman XS Trust Mortgage Pass-Through
            Certificates, Series 2007-14H,” without recourse;

          

          (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 Transferor,
            or, in the
            case of an Intervening Assignment that has been lost, a written Opinion
            of
            Counsel delivered to the Trustee and any NIMS Insurer that such original
            Intervening Assignment is not required to enforce the Trustee’s interest in the
            Mortgage Loan;

          

          (vii)
             with
            respect to any Mortgage Loan other than a Cooperative Loan, the original
            mortgagee title insurance policy (or, in lieu thereof, a commitment to
            issue
            such title insurance policy with an original or certified copy of such
            title
            insurance policy to follow as soon after the Closing Date as reasonably
            practicable) or attorney’s opinion of title and abstract of title;

          

          (viii)
             if
            applicable, the original Primary Mortgage Insurance Policy or certificate
            or, an
            electronic certification evidencing the existence of the Primary Mortgage
            Insurance Policy or certificate, if private mortgage guaranty insurance
            is
            required;

          

          (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;

          

          
            
              
              

            

            
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          (x)
             with
            respect to any manufactured housing contract, any related manufactured
            housing
            sales contract, installment loan agreement or participation interest;
            and

          

          (xi)
             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.

          

          (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, on or prior to the Closing
            Date, the
            Depositor delivers, at its own expense, an Opinion of Counsel addressed
            to the
            Trustee (which must be Independent counsel) acceptable to the Trustee
            and the
            Rating Agencies, to the effect that recording in such states is not required
            to
            protect the Trustee’s interest in the related Non-MERS Mortgage Loans;
provided,
            further,
            that
            notwithstanding the delivery of any Opinion of Counsel, the Master Servicer
            shall cause the applicable Servicer to submit each Assignment of Mortgage
            for
            recording upon the occurrence of a bankruptcy, insolvency or foreclosure
            relating to the Mortgagor under the related Mortgage. Subject to the
            preceding
            sentence, as soon as practicable after the Closing Date (but in no event
            more
            than three months thereafter except to the extent delays are caused by
            the
            applicable recording office), the Master Servicer, at the expense of
            the
            Depositor and with the cooperation of the applicable Servicer, shall
            cause to be
            properly recorded by each 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 each Non-MERS Mortgage Loan.
            With
            respect to each Cooperative Loan, the Master Servicer, at the expense
            of the
            Depositor and with the cooperation of 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.

          

          (ii) With
            respect to each MERS Mortgage Loan, the Master Servicer, at the expense
            of the
            Depositor and with the cooperation of the applicable Servicer, shall
            cause the
            Servicer to take such actions 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 the applicable Custodian on behalf of the Trustee under clause
            (b)(vii) 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.

          

          
            
              
              

            

            
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          (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 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)
             The
            Depositor shall have the right to receive any and all loan-level information
            regarding the characteristics and performance of the Mortgage Loans upon
            request, and to publish, disseminate or otherwise utilize such information
            in
            its discretion, subject to applicable laws and regulations.

          

          (g)
             The
            trust
            created hereunder is hereby named “Lehman XS Trust 2007-14H.”

          

          
            	 	
                    Section
                      2.02.

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

                  

          

          

          (a)
             The
            Trustee, by execution and delivery hereof, acknowledges receipt by it
            or by the
            applicable Custodian on its behalf of 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 Depositor, the
            Master
            Servicer, the Certificate Insurer 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).

          

          (b)
             Within
            45
            days after the Closing Date, the Trustee or the applicable Custodian
            on behalf
            of the Trustee, will, for the benefit of the Holders, 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 Certificate Insurer 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 determine whether such 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 applicable 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.

          

          
            
              
              

            

            
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          (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, discovering such Material Defect shall promptly identify
            the
            Mortgage Loan to which such Material Defect relates in the Interim Certification
            delivered to the Trustee, the Depositor and the Master Servicer. Within
            90 days
            of its receipt of such notice, the Transferor, or, if the Transferor
            does not do
            so, 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 applicable Transferor
            or
            the Depositor, as applicable, does not so cure such Material Defect,
            the
            Transferor, or, if the Transferor does not do so, the Depositor, 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 Trustee each 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.

          

          (d)
             Within
            180 days following the Closing Date, the Trustee, or the applicable Custodian,
            shall deliver to the Trustee, the Depositor, the Master Servicer, the
            Certificate Insurer and any NIMS Insurer a Final Certification substantially
            in
            the form attached 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, any Custodian, the Certificate Insurer 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 perform
            the
            applicable review of the Mortgage Loans and respective certifications
            thereof as
            provided in this Section 2.02 and the Custodial Agreement. The Trustee
            is hereby
            authorized and directed by the Depositor to appoint the Custodians and
            to
            execute and deliver the Custodial Agreements.

          

          
            
              
              

            

            
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          (g)
             Upon
            execution of this Agreement, the Depositor hereby delivers to the Trustee
            and
            the Trustee acknowledges a receipt of the Mortgage Loan Sale Agreement,
            each
            Servicing Agreement and the Bulk PMI Policies (or coverage thereunder).
            The
            Depositor hereby directs the Trustee, solely in its capacity as Trustee
            hereunder, to execute and deliver, concurrently with the execution and
            delivery
            of this Agreement, the Bulk PMI Policies, if applicable, and each Servicing
            Agreement to which the Trustee is a party.

          

          Section
            2.03. Representations
            and Warranties of the Depositor.  

          

          (a)
             The
            Depositor hereby represents and warrants to the Trustee, for the benefit
            of
            Certificateholders, to the Master Servicer, the Certificate Insurer and
            any NIMS
            Insurer 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;

          

          (iv)
             this
            Agreement has been duly executed and delivered by the Depositor and,
            assuming
            due authorization, execution and delivery by the Trustee 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

          

          
            
              
              

            

            
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          (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
            the
            Seller under the Mortgage Loan Sale Agreement, the only right or remedy
            of the
            Trustee, any Certificateholder or any NIMS Insurer hereunder (other than
            a
            breach by the Seller of the representations made pursuant to Sections
            1.04(b)(xii), 1.04(b)(xiii), 1.04(b)(xiv), 1.04(b)(xv), 1.04(b)(xvi)
            and
            1.04(b)(xvii) of the Mortgage Loan Sale Agreement) shall be their rights
            to
            enforce the obligations of the applicable Transferor under any applicable
            representation or warranty made by it. Pursuant to the terms of the Mortgage
            Loan Sale Agreement, the representations and warranties made by the Seller
            pursuant to Sections 1.04(b)(xii), 1.04(b)(xiii), 1.04(b)(xiv), 1.04(b)(xv),
            1.04(b)(xvi) and 1.04(b)(xvii) of the Mortgage Loan Sale Agreement shall
            be the
            direct obligations of the Seller. With the exception of the immediately
            proceeding sentence, the Seller shall not have any other obligation or
            liability
            with respect to any breach of a representation or warranty made by it
            with
            respect to the Mortgage Loans sold by it 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 Trustee further acknowledges
            that 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.
            

          

          Section
            2.04. Discovery
            of Breach. 

          

          
            
              
              

            

            
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          It
            is
            understood and agreed that the representations and warranties (i) of
            the
            Depositor set forth in Section 2.03, (ii) of the Seller set forth in
            the
            Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller
            under
            the Mortgage Loan Sale Agreement and to the Trustee by the Depositor
            hereunder
            and (iii) of each Transferor and of each Servicer assigned by the Seller
            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, the Master Servicer, the Certificate Insurer or the Trustee
            of a
            breach of any of such representations and warranties that materially
            and
            adversely 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 to the Trustee and the
            Certificate Insurer by the Depositor or given by any Transferor or the
            Seller
            and assigned to the Trustee, the Depositor, such Transferor or the Seller,
            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 in the case of a First Payment
            Default
            Mortgage Loan, the FPD Purchase Price (excluding any FPD Premium)) 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, the Certificate Insurer and any NIMS Insurer.
            As
            provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes
            a
            mortgage loan for a Deleted Mortgage Loan pursuant to the related Transfer
            Agreement and such substitute mortgage loan is not a Qualifying Substitute
            Mortgage Loan, then pursuant to the terms of the Mortgage Loan Sale Agreement
            the Seller will, in exchange for such substitute mortgage loan, (i) pay
            to the
            Trust Fund the applicable Purchase Price for the affected Mortgage Loan
            or
            (ii) within two years of the Closing Date, substitute 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 the Seller pursuant to the Mortgage Loan Sale Agreement,
            or by the
            Transferor pursuant to the applicable Transfer Agreement, the principal
            portion
            of the funds (including the FPD Purchase Price (excluding the FPD Premium)
            in
            the case of any First Payment Default Mortgage Loan) received by the
            Master
            Servicer in respect of such repurchase of a Mortgage Loan will be considered
            a
            Principal Prepayment and the Purchase Price or FPD Purchase Price (excluding
            any
            FPD Premium) shall be deposited in the Collection Account or a Custodial
            Account, as applicable. The Trustee (i) upon receipt of the full amount
            of the
            Purchase Price for a Deleted Mortgage Loan, (ii) upon receipt of a written
            certification from the Master Servicer that it has received the full
            amount of
            the Purchase Price for a Deleted Mortgage Loan and has deposited such
            amount in
            the Collection Account or (iii) upon receipt of notification from the
            applicable
            Custodian that it had 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 and reassign
            to the
            Depositor, the Seller or the 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
            related
            Servicer and the Trustee 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 Certificate
            Insurer, 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 Master Servicer, the Depositor, the Certificate
            Insurer,
            any NIMS Insurer 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
            Trustee (or the applicable Custodian) pursuant to the terms of this Article
            II
            in exchange for a Deleted Mortgage Loan: (i) the Depositor, the Transferor
            or
            the Seller, as applicable, must deliver to the Trustee (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
            granting language substantially comparable to that set forth in the first
            paragraph of 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 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 the
            applicable Servicer if required pursuant to Section 2.01(c), or (ii)
            with
            respect to a Qualifying Substitute Mortgage Loan that is a MERS Mortgage
            Loan,
            cause to be taken such actions 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).

          

          (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 any NIMS Insurer has received
            an
            Opinion of Counsel addressed to the Trustee (at the expense of the party
            seeking
            to make the substitution) that, under current law, such substitution
            will not
            cause an Adverse REMIC Event.

          

          Section
            2.06. Grant
            Clause.  

          

          (a)
             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: (1) the rights and obligations
            of the parties shall be established pursuant to the terms of this Agreement;
            (2)
            the Depositor hereby grants to the Trustee for the benefit of the Holders
            and
            the Certificate Insurer a first priority security interest to secure
            repayment
            of an obligation in an amount equal to the aggregate Class Principal
            Amount of
            the Certificates (or the aggregate principal balance of the Pooling REMIC
            1
            Regular Interests) in all of the Depositor’s right, title and interest in, to
            and under, whether now owned or hereafter acquired, the Trust Fund and
            the
            Supplemental Interest Trust and all proceeds of any and all property
            constituting the Trust Fund and the Supplemental Interest Trust to secure
            payment of the Certificates (or Pooling REMIC 1 Regular Interests) (such
            security interest being, to the extent of the assets that constitute
            the
            Supplemental Interest Trust, pari
            passu
            with the
            security interest as provided in clause (4) below); (3) this Agreement
            shall
            constitute a security agreement under applicable law; and (4) the Swap
            Counterparty shall be deemed, during the term of such agreement and while
            such
            agreement is the property of the Trustee, to have a security interest
            in all of
            the assets that constitute the Supplemental Interest Trust, but only
            to the
            extent of such Swap Counterparty’s right to payment under the Swap Agreement
            (such security interest being pari
            passu
            with the
            security interest as provided in clause (2) above). 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
            or
            Pooling REMIC 1 Regular Interests, 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.

          

          
            
              
              

            

            
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          (b)
             The
            Depositor shall, to the extent consistent with this Agreement, take such
            reasonable actions as may be necessary to ensure that, if this Agreement
            were
            deemed to create a security interest in the Mortgage Loans and the other
            property described above, such security interest would be deemed to be
            a
            perfected security interest of first priority under applicable law and
            shall be
            maintained as such throughout the term of this Agreement. The Depositor
            shall,
            at its own expense, make all initial filings on or about the Closing
            Date and
            shall forward a copy of such filing or filings to the Trustee. Without
            limiting
            the generality of the foregoing, the Depositor shall prepare and forward
            for
            filing, or shall cause to be forwarded for filing, at the expense of
            the
            Depositor, all filings necessary to maintain the effectiveness of any
            original
            filings necessary under the relevant UCC to perfect the Trustee’s security
            interest in or lien on the Mortgage Loans, including without limitation
            (x)
            continuation statements, and (y) such other statements as may be occasioned
            by
            (1) any change of name of the Seller, the Depositor or the Trustee, (2)
            any
            change of location of the jurisdiction of organization of the Seller
            or the
            Depositor, (3) any transfer of any interest of the Seller or the Depositor
            in
            any Mortgage Loan or (4) any change under the relevant UCC or other applicable
            laws. Neither the Seller nor the Depositor shall organize under the law
            of any
            jurisdiction other than the State under which each is organized as of
            the
            Closing Date (whether changing its jurisdiction of organization or organizing
            under an additional jurisdiction) without giving 30 days prior written
            notice of
            such action to its immediate and intermediate transferee, including the
            Trustee.
            Before effecting such change, the Seller or the Depositor proposing to
            change
            its jurisdiction of organization shall prepare and file in the appropriate
            filing office any financing statements or other statements necessary
            to continue
            the perfection of the interests of its immediate and intermediate transferees,
            including the Trustee, in the Mortgage Loans. In connection with the
            transactions contemplated by this Agreement, each of the Seller and the
            Depositor authorizes its immediate or intermediate transferee to file
            in any
            filing office any initial financing statements, any amendments to financing
            statements, any continuation statements, or any other statements or filings
            described in this paragraph (b).

          

          
            
              
              

            

            
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          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 Amount), or in the Percentage Interests, specified
            herein.
            Each Class of Offered Certificates will be issued in the minimum denominations
            in Certificate Principal Amount (or Notional Amount) or Percentage Interests
            specified in the Preliminary Statement hereto and in integral multiples
            of $1 in
            excess thereof. The Class P and Class X Certificates shall each be maintained
            in
            definitive, fully registered form in a minimum denomination equal to
            10.00% of
            the Percentage Interest of each such Class and integral multiples of
            1.00% in
            excess thereof. Each of the Class LT-R and Class R Certificates shall
            be issued
            as a single Certificate and maintained in definitive, fully registered
            form in a
            minimum denomination equal to 100% of the Percentage Interest of such
            Class. The
            Certificates may be issued in the form of typewritten certificates.

          

          (b)
             The
            Certificates shall be executed by manual or facsimile signature on behalf
            of the
            Trustee by an authorized officer. Each Certificate shall, on original
            issue, be
            authenticated by the Trustee upon the order of the Depositor upon receipt
            by the
            Trustee (or the applicable Custodian) 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 Trustee or 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 deliver Certificates
            executed
            by Trustee to the Authenticating Agent for authentication and the Authenticating
            Agent shall authenticate and deliver such Certificates as in this Agreement
            provided and not otherwise. 

          

          Section
            3.02. Registration.  

          

          The
            Trustee is hereby appointed, and hereby accepts its appointment as, Certificate
            Registrar in respect of the Certificates (and, after a Section 7.01(d)
            Purchase
            Event, the Pooling REMIC 1 Regular Interests) and shall maintain books
            for the
            registration and for the transfer of Certificates (and, after a Section
            7.01(d)
            Purchase Event, the Pooling REMIC 1 Regular Interests) (the “Certificate
            Register”). The Trustee may appoint a bank or trust company to act as
            Certificate Registrar. A registration book shall be maintained for the
            Certificates (and, after a Section 7.01(d) Purchase Event, the Pooling
            REMIC 1
            Regular Interests) 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 Trustee and the
            appointment of a successor Trustee. The Certificate Registrar may appoint,
            by
            written instrument delivered to the Holders, any NIMS Insurer 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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          Upon
            the
            occurrence of a Section 7.01(d) Purchase Event, the Master Servicer shall
            provide the Trustee with written notice of the identity of any transferee
            of the
            Master Servicer’s interest in the Pooling REMIC 1 Regular Interests which notice
            shall contain a certification that such transferee is a permitted LTURI
            holder
            hereunder. The Pooling REMIC 1 Regular Interests may only be transferred
            in
            whole and not in part to no more than one LTURI-holder at a time who
            is either
            (1) an affiliate of the Master Servicer or (2) a trustee of a privately
            placed
            securitization. The Trustee and the Depositor shall treat the Person
            in whose
            name the Pooling REMIC 1 Regular Interests are registered on the books
            of the
            Certificate Registrar as the LTURI-holder for all purposes
            hereunder.

          

          Section
            3.03. Transfer
            and Exchange of Certificates.  

          

          (a)
             A
            Certificate (other than a Book-Entry Certificate 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 the Trustee
            or 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 Notional 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 Notional 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 the Trustee or the Authenticating Agent shall
            authenticate, date and deliver the Certificates which the Certificateholder
            making the exchange is entitled to receive.

          

          
            
              
              

            

            
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          (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
            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, 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 Securities 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.

          

          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, an affiliate (as defined
            in Rule
            405 under the Securities Act) of the Depositor or (y) being made to a
“qualified
            institutional buyer” (a “QIB”) as defined in Rule 144A under the Securities Act
            by a transferor that has provided the Trustee 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 Securities Act, or to any Person
            all of the
            equity owners in which are such accredited investors, by a transferor
            who
            furnishes to the Trustee a letter of the transferee substantially in
            the form of
            Exhibit G hereto.

          

          (d)
             (i) No
            transfer of an ERISA-Restricted Certificate in the form of a Definitive
            Certificate shall be made to any Person or shall be effective unless
            the Trustee
            has received (A) a certificate substantially in the form of Exhibit H
            hereto (or
            Exhibit D-1, in the case of a Residual Certificate) from such transferee
            or (B)
            an Opinion of Counsel to the effect that the purchase and holding of
            such a
            Certificate will not constitute or result in prohibited transactions
            under Title
            I of ERISA or Section 4975 of the Code and will not subject the Trustee,
            the
            Master Servicer, the Depositor, any Servicer or any NIMS Insurer to any
            obligation in addition to those undertaken in the Agreement; provided,
            however,
            that
            the Trustee will not require such certificate or opinion in the event
            that, as a
            result of a change of law or otherwise, the Trustee receives an Opinion
            of
            Counsel to the effect that the purchase and holding of an ERISA-Restricted
            Certificate by a Plan or a Person that is purchasing or holding such
            a
            Certificate with the assets of a Plan will not constitute or result in
            a
            prohibited transaction under Title I of ERISA or Section 4975 of the
            Code. Each
            Transferee of an ERISA-Restricted Certificate that is a Book-Entry Certificate
            shall be deemed to have made the representations set forth in Exhibit
            H. The
            preparation and delivery of the certificate and opinions referred to
            above shall
            not be an expense of the Trust Fund, the Trustee, the Master Servicer,
            any NIMS
            Insurer or the Depositor.

          

          
            
              
              

            

            
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          Notwithstanding
            the foregoing, no opinion or certificate shall be required for the initial
            issuance of the ERISA-Restricted Certificates. The Trustee shall have
            no
            obligation to monitor transfers of Book-Entry Certificates that are
            ERISA-Restricted Certificates and shall have no liability for transfers
            of such
            Certificates in violation of the transfer restrictions. The Trustee shall
            be
            under no liability to any Person for any registration of transfer of
            any
            ERISA-Restricted Certificate that is in fact not permitted by this Section
            3.03(d) or 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 Trustee
            in
            accordance with the foregoing requirements. The Trustee shall be entitled,
            but
            not obligated, to recover from any Holder of any ERISA-Restricted Certificate
            that was in fact a Plan or a Person acting on behalf of any such Plan,
            any
            payments made on such ERISA-Restricted Certificate at and after either
            such
            time. Any such payments so recovered by the Trustee shall be paid and
            delivered
            by the Trustee to the last preceding Holder of such Certificate that
            is not such
            a Plan or Person acting on behalf of a Plan.

          

          (ii) No
            transfer of an ERISA-Restricted Trust Certificate shall be made prior
            to the
            termination of the Swap Agreement and the Cap Agreement unless the Trustee
            shall
            have received a representation letter from the transferee of such Certificate,
            substantially in the form set forth in Exhibit H, to the effect that
            either (i)
            such transferee is neither a Plan nor a Person acting on behalf of any
            such Plan
            or using the assets of any such Plan to effect such transfer or (ii)
            the
            acquisition and holding of the ERISA-Restricted Trust Certificate are
            eligible
            for exemptive relief under the statutory exemption for nonfiduciary service
            providers under Section 408(b)(17) of ERISA and Section 4975(d)(20) of
            the Code,
            Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38,
            PTCE 95-60 or PTCE 96-23 or some other applicable exemption. Notwithstanding
            anything else to the contrary herein, prior to the termination of the
            Swap
            Agreement and the Cap Agreement, any purported transfer of an ERISA-Restricted
            Trust Certificate or on behalf of a Plan without the delivery to the
            Trustee of
            a representation letter as described above shall be void and of no effect.
            If
            the ERISA-Restricted Trust Certificate is a Book-Entry Certificate prior
            to the
            termination of the Swap Agreement and the Cap Agreement, the transferee
            will be
            deemed to have made a representation as provided in clause (i) or (ii)
            of this
            paragraph, as applicable.

          

          If
            any
            ERISA-Restricted Trust Certificate, or any interest therein, is acquired
            or held
            in violation of the provisions of the preceding paragraph, 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. Any purported beneficial owner whose acquisition or holding of
            an
            ERISA-Restricted Trust Certificate, or interest therein, was effected
            in
            violation of the provisions of the preceding paragraph shall indemnify
            to the
            extent permitted by law and hold harmless the Depositor, the Trustee,
            any NIMS
            Insurer and the Master Servicer from and against any and all liabilities,
            claims, costs or expenses incurred by such parties as a result of such
            acquisition or holding.

          

          
            
              
              

            

            
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          To
            the
            extent permitted under applicable law (including, but not limited to,
            ERISA),
            the Trustee shall be under no liability to any Person for any registration
            of
            transfer of any ERISA-Restricted Trust Certificate that is in fact not
            permitted
            by this Section 3.03(d)(ii) or 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 Trustee in accordance with the foregoing requirements.

          

          (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 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 Trustee with an effective Internal Revenue Service
            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”).

          

          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 Trustee 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 Trustee an affidavit in substantially the form attached hereto
            as Exhibit
            D-2. In addition, the Trustee 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, 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 a 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. The Trustee shall not 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 Trustee
            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, or
            an agent
            or nominee thereof, or Non-permitted Foreign Holder. The Trustee shall
            be
            entitled, but not obligated, 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 Trustee shall
            be paid
            and delivered to the last preceding Holder of such Residual
            Certificate.

          

          
            
              
              

            

            
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          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 Trustee 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. The Trustee shall be under no
            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).

          

          (g)
             Each
            Holder or Certificate Owner of a Restricted Certificate,
            ERISA-Restricted Certificate,
            ERISA-Restricted Trust Certificate or
            Residual
            Certificate, or an interest therein, by such Holder’s or Owner’s acceptance
            thereof, shall be deemed for all purposes to have consented to the provisions
            of
            this section.

          

          Section
            3.04. Cancellation
            of Certificates.  

          

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

          

          Section
            3.05. Replacement
            of Certificates.  

          

          If
            (i)
            any Certificate is mutilated and is surrendered to the Trustee or any
            Authenticating Agent or (ii) the Trustee or any Authenticating Agent
            receives
            evidence to its satisfaction of the destruction, loss or theft of any
            Certificate, and there is delivered to the Trustee, the Authenticating
            Agent and
            any NIMS Insurer such security or indemnity as may be required by them
            to save
            each of them harmless, then, in the absence of notice to the Trustee
            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
            Trustee or
            any 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 (or Notional
            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.

          

          
            
              
              

            

            
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          Section
            3.06. Persons
            Deemed Owners.  

          

          Subject
            to the provisions of Section 3.09 with respect to Book-Entry Certificates,
            the
            Depositor, the Master Servicer, the Trustee, the Certificate Registrar,
            the
            Certificate Insurer, any NIMS Insurer 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 Master Servicer,
            the
            Trustee, the Certificate Registrar, any NIMS Insurer 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 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 Trustee without charge to the Holder. Upon surrender
            for
            cancellation of any one or more temporary Certificates, the Trustee shall
            execute and authenticate and deliver in exchange therefor a like aggregate
            Certificate Principal Amount (or Notional 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.

          

          Section
            3.08. Appointment
            of Paying Agent.  

          

          (a)
              The
            Trustee may appoint a Paying Agent (which may be the Trustee) for the
            purpose of
            making distributions to Certificateholders hereunder. The Trustee shall
            cause
            such Paying Agent (if other than the Trustee) 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 Trustee 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 Trustee. If the Paying Agent is not the Trustee,
            the
            Trustee shall cause 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. Any Paying
            Agent
            shall be either a bank or trust company or otherwise authorized under
            law to
            exercise corporate trust powers. As of the Closing Date, the Trustee
            is the
            Paying Agent.

          

          
            
              
              

            

            
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          (b)
             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
            Trustee pursuant to Section 6.20, and the related assessment of compliance
            shall
            cover, at a minimum, the elements of the servicing criteria applicable
            to the
            Paying Agent indicated in Exhibit O attached hereto. For so long as the
            Depositor is subject to Exchange Act reporting requirements with respect
            to the
            Trust, the Paying Agent shall give prior written notice to the Sponsor,
            the
            Master Servicer, the Trustee and the Depositor of the appointment of
            any
            Subcontractor by it and a written description (in form and substance
            reasonably
            satisfactory to the Sponsor and the Depositor) of the role and function
            of each
            Subcontractor utilized by the Paying Agent, as applicable, 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. In addition,
            for
            so long as the Depositor is subject to Exchange Act reporting requirements
            with
            respect to the Trust, the Paying Agent shall notify the Sponsor, the
            Master
            Servicer, the Trustee 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 P hereto or any of their affiliates. On or before March 1st
            of each
            year, the Depositor shall furnish any change in the information in Exhibit
            P to
            the Paying Agent and the Trustee.

          

          (c)
             Any
            Paying Agent agrees to indemnify the Depositor, the Trustee 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). This indemnification shall survive the termination
            of this
            Agreement or the termination of such Paying Agent hereunder.

          

          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. 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):

          

          
            
              
              

            

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

          

          (ii)
             the
            Depositor, the Master Servicer, the Paying Agent, the Registrar, the
            Certificate
            Insurer, any NIMS Insurer 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 Trustee 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 Trustee 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 Trustee or the Depositor
            is unable
            to locate a qualified successor, or (ii) after the occurrence of an Event
            of Default, Certificate Owners representing beneficial interests aggregating
            not
            less than 50% of the Class Principal Amount (or Class Notional Amount)
            of a
            Class of Book-Entry Certificates identified as such to the Trustee by
            an
            Officer’s Certificate from the Clearing Agency advise the Trustee 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 Trustee shall notify or cause the Certificate Registrar
            to
            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 Trustee of the Book-Entry Certificates by
            the
            Clearing Agency, accompanied by registration instructions from the Clearing
            Agency for registration, the Trustee 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 Trustee,
            to the
            extent applicable, with respect to such Definitive Certificates and the
            Trustee
            shall recognize the holders of the Definitive Certificates as Certificateholders
            hereunder. None of the Seller, the Depositor, the Underwriter, the Master
            Servicer or the Trustee shall have any responsibility for any aspect
            of the
            records relating to or payments made on account of beneficial ownership
            interests of the Book-Entry Certificates held by the Clearing Agency
            or for
            maintaining, supervising or reviewing any records relating to such beneficial
            ownership interests.

          

          
            
              
              

            

            
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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
“Collection Account, Aurora Loan Services LLC, as Master Servicer, in
            trust for
            the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
            Certificates, Series 2007-14H.” The Collection Account shall relate solely to
            the Certificates and to the Pooling REMIC 1 Regular Interests 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 ten (10) days
            and
            transfer all funds and investment property on deposit in such existing
            Collection Account into such new Collection Account.

          

          (c)
             The
            Master Servicer shall give to the Trustee 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. The Master
            Servicer shall take such actions as are necessary to cause the depository
            institution holding the Collection Account to hold such account in the
            name of
            the Master Servicer under this Agreement. No later than 2:00 p.m. New
            York City
            time on each Master Servicer Remittance Date, the entire amount on deposit
            in
            the Collection Account (subject to permitted withdrawals set forth in
            Section
            4.02), other than amounts not included in the Total Distribution Amount
            for such
            Distribution Date, shall be remitted to the Trustee for deposit into
            the
            Certificate Account by wire transfer in immediately available funds.
            The Master
            Servicer, at its option (but with prior notice to the Trustee), may choose
            to
            make daily remittances from the Collection Account to the Trustee for
            deposit
            into the Certificate Account.

          

          (d)
             The
            Master Servicer shall deposit or cause to be deposited into the Collection
            Account, no later than two Business Days following the Closing Date,
            any amounts
            received with respect to the Mortgage Loans representing Scheduled Payments
            on
            the Mortgage Loans due after the Cut-off Date and unscheduled payments
            received
            on or after the Cut-off Date and 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 Master Servicer 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):

          

          
            
              
              

            

            
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          (i)
             all
            payments on account of principal, including Principal Prepayments, any
            Subsequent Recovery and any Scheduled Payment attributable to principal
            received
            after the related Due Date, late collections, and any Prepayment Premiums,
            on
            the Mortgage Loans;

          

          (ii)
             all
            payments on account of interest on the Mortgage Loans, including any
            Prepayment
            Premiums, in all cases, net of the Servicing Fee and the PMI Insurance
            Premiums,
            if any, 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 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
            (x) any
            unpaid 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) and (y) any amounts
            reimbursable to a Servicer with respect to such Mortgage Loan under the
            applicable Servicing Agreement and retained by such Servicer;

          

          (iv)
             all
            Insurance Proceeds;

          

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

          

          (vi)
             any
            Seller Remittance Amounts remitted by a Servicer;

          

          (vii)
             all
            amounts paid by any Servicer with respect to Prepayment Interest Shortfalls;
            and

          

          (viii)
             the
            Purchase Price (or FPD Purchase Price (including any FPD Premium)) 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 the 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 Master Servicer Remittance Date (except
            that
            if such Eligible Investment is an obligation of the Trustee, then such
            Eligible
            Investment shall mature not later than such applicable Master Servicer
            Remittance 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
            the
            Holders of Lehman XS Trust Mortgage Pass-Through Certificates, Series
            2007-14H.
            All income and gain realized from any Eligible Investment shall be for
            the
            benefit of 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, assumption fees, prepayment penalties
            with
            respect to mortgages for which the Seller does not own the servicing
            rights, and
            other incidental fees and charges relating to the Mortgage Loans (other
            than
            Prepayment Premiums) 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.  

          

          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 or Servicing Advances made
            by it
            or by such Servicer pursuant to Section 5.04 or the applicable Servicing
            Agreement; such right to reimbursement pursuant to this subclause (i)
            is limited
            to amounts received on or in respect of a particular Mortgage Loan (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) 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, following a final liquidation of a
            Mortgage
            Loan (except as otherwise provided in the related Servicing Agreement)
            for any
            previously unreimbursed Advances or Servicing Advances made by it or
            by such
            Servicer (A) 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 and/or (B) to the extent that such
            unreimbursed Advances or Servicing Advances exceed the related Liquidation
            Proceeds or Insurance Proceeds, it being understood, in the case of each
            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(c) 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 Rate 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)
             all
            Advances made by the Master Servicer, any Servicer or the Trustee pursuant
            to
            Section 5.04 or the applicable Servicing Agreement;

          

          (v)
             to
            reimburse itself or any Servicer for expenses incurred by and recoverable
            by or
            reimbursable to it or any Servicer pursuant to this Agreement, including,
            without limitation, Sections 9.04, 9.05, 9.06, 9.07(a), 9.16, 9.30 or
            11.15 or
            pursuant to the related Servicing Agreement;

          

          (vi)
             to
            pay to
            the Seller any Seller Remittance Amount; 

          

          (vii)
             to
            pay to
            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 repurchase was effected, and to pay to the applicable
            Person
            any Advances and Servicing Advances to the extent specified in the definition
            of
            Purchase Price (or FPD Purchase Price), any FPD Premium, if any, (in
            the case of
            a First Payment Default Mortgage Loan), or any amounts paid by LBH for
            shortfalls in the Purchase Price for repurchases of First Payment Default
            Mortgage Loans pursuant to Section 1.04(f) of the Mortgage Loan Sale
            Agreement
            relating to the Seller paying the difference if the FPD Purchase Price
            is less
            than the Purchase Price;

          

          (viii)
             subject
            to Section 4.01(e), to pay to itself income earned on the investment
            of funds
            deposited in the Collection Account;

          

          (ix)
             if
            applicable, to pay the PMI Insurance Premium with respect to each Bulk
            PMI
            Policy;

          

          (x)
             to
            make
            payments to the Trustee on each Master Servicer Remittance Date for deposit
            into
            the Certificate Account in the amount and in the manner provided in Section
            4.04;

          

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

          

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

          

          (xiii)
             to
            clear
            and terminate the Collection Account pursuant to Section 7.02;

          

          (xiv)
             to
            reimburse a successor master servicer (solely in its capacity as successor
            master servicer), for any fee or advance occasioned by a termination
            of the
            Master Servicer, and the assumption of such duties by the Trustee or
            a successor
            master servicer appointed by the Trustee 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 Trustee or other successor master servicer
            thereto
            shall be prior to the rights of the Certificateholders; and

          

          
            
              
              

            

            
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          (xv)
             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.

          

          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). 

          

          In
            the
            event that the Master Servicer fails on any Master Servicer Remittance
            Date to
            remit to the Trustee any amounts required to be so remitted to the Trustee
            pursuant to subclause (viii) by such date, the Master Servicer shall pay
            the Trustee, for the account of the Trustee, 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 Master
            Servicer Remittance Date to but not including the related Distribution
            Date. The
            Master Servicer shall only be required to pay the Trustee 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 Master Servicer
            Remittance Date).

          

          In
            connection with withdrawals pursuant to subclauses (i), (iii), (vi) and
            (viii)
            above, the Master Servicer’s, any Servicer’s or such other Person’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), (iii), (vi) or (viii).

          

          Section
            4.03. Reports
            to Certificateholders.  

          

          (a)
             On
            each
            Distribution Date, the Trustee shall prepare (based solely on information
            provided by the Master Servicer, the Cap Counterparty or the Swap Counterparty
            and, in the case of the payment of Certificate Insurance Premiums, Insured
            Amounts and Reimbursement Amounts and any amounts received from or paid
            to the
            Certificate Insurer, based on information provided by the Trustee (or
            the Paying
            Agent on behalf of the Trustee)) and shall make available to the
            Certificateholders, the Certificate Insurer, any NIMS Insurer, the Cap
            Counterparty and the Swap Counterparty a written report, which may be
            in
            electronic form (the “Distribution Date Statement”) setting forth the following
            information (on the basis of Mortgage Loan level information obtained
            from the
            Servicers).

          

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

          

          
            
              
              

            

            
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          (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 and the calculation
            thereof;

          

          (iii)
             the
            amount, if any, of any distributions to the Holders of the Class P, Class
            X,
            Class LT-R 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, Class LT-R and Class R Certificates on all Distribution
            Dates, stated separately;

          

          (iv)
             the
            amount, if any, of distributions to the C-X Component, the S-X Component
            and the
            X-S Component, stated separately; 

          

          (v)
             (A) the
            aggregate amount of any Advances required to be made with respect to
            the related
            Collection Period by or on behalf of the Servicers (or the Master Servicer)
            with
            respect to such Distribution Date, (B) the aggregate amount of such
            Advances actually made, and (C) the amount, if any, by which (A) above
            exceeds (B) above;

          

          (vi)
             the
            total
            number of Mortgage Loans, the aggregate Scheduled Principal Balance of
            all the
            Mortgage Loans as of the close of business on the last day of the related
            Collection Period, after giving effect to payments allocated to principal
            reported under clause (i) above;

          

          (vii)
             the
            Class
            Principal Amount and 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, separately identifying
            any reduction of any of the foregoing Certificate Principal Amounts due
            to
            Applied Loss Amounts;

          

          (viii)
             the
            amount of any Realized Losses incurred with respect to the Mortgage Loans
            (x) in
            the applicable Prepayment Period and (y) in the aggregate since the Cut-off
            Date;

          

          (ix)
             the
            amount of any Prepayment Premiums distributed to the Class P Certificates;
            

          

          (x)
             the
            amount of the Servicing Fees and PMI Insurance Premiums, if applicable,
            paid
            during the Collection Period to which such distribution relates;

          

          (xi)
             the
            number and Aggregate Loan Balance of the Mortgage Loans, as reported
            to the
            Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent
            30 to
            59 days on a contractual basis, (c) Delinquent 60 to 89 days on a contractual
            basis, (d) Delinquent 90 or more days on a contractual basis, (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, (f) in bankruptcy and (g) that are REO
            Properties
            (the information in this item (xi) to be calculated using the OTS delinquency
            method);

          

          
            
              
              

            

            
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          (xii)
             the
            aggregate Scheduled Principal Balance of any Mortgage Loans with respect
            to
            which the related Mortgaged Property became a REO Property 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;

          

          (xiii)
             with
            respect to substitution of Mortgage Loans in the preceding calendar month,
            the
            Scheduled Principal Balance of each Deleted Mortgage Loan, and of each
            Qualifying Substitute Mortgage Loan;

          

          (xiv)
             the
            aggregate outstanding Carryforward Interest, Net Prepayment Interest
            Shortfalls,
            Deferred Amounts, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls,
            if
            any, for each applicable Class of Certificates, after giving effect to
            the
            distribution made on such Distribution Date;

          

          (xv)
             the
            Certificate Interest Rate applicable to such Distribution Date with respect
            to
            each Class of Certificates (with a notation if such Certificate Interest
            Rate
            reflects the application of the Net Funds Cap);

          

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

          

          (xvii)
             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);

          

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

          

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

          

          (xx)
             the
            level
            of LIBOR, the Certificate Interest Rate of each of the Offered Certificates
            for
            such Distribution Date;

          

          (xxi)
             the
            amount of the monthly Certificate Insurance Premium (and the Aggregate
            Certificate Insurance Premium if different) due to the Certificate Insurer
            on
            the related Distribution Date and the amount of any Insured Amounts paid
            in
            respect of the Insured Distributions to the Insured Certificates paid
            out of the
            Policy Payment Account under the Certificate Insurance Policy and any
            Reimbursement Amounts paid to the Certificate Insurer;

          

          (xxii)
             the
            amount of any payments made by the Cap Counterparty to the Supplemental
            Interest
            Trust pursuant to the Cap Agreement; 

          

          (xxiii)
             the
            amount of any Net Swap Payment to the Supplemental Interest Trust made
            pursuant
            to Section 5.02, any Net Swap Payment to the Swap Counterparty made pursuant
            to
            Section 5.02, any Swap Termination Payment to the Supplemental Interest
            Trust
            made pursuant to Sections 5.02 and any Swap Termination Payment to the
            Swap
            Counterparty made pursuant to Section 5.02;

          

          
            
              
              

            

            
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          (xxiv)
             the
            amount of any FPD Premiums, if any, for such Distribution Date; and

          

          (xxv)
             whether
            a
            Trigger Event is in effect for such Distribution Date. 

          

          In
            addition to the information listed above, for every year in which the
            Depositor
            is subject to Exchange Act reporting with respect to the Certificates,
            such
            Distribution Date Statement 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 Trustee shall
            have received any such information from the Depositor, the Sponsor, the
            Master
            Servicer, the Servicers, the Custodians, the Swap Counterparty, the Cap
            Counterparty or any Subservicer or Subcontractor therefor, as applicable,
            no
            later than four Business Days prior to the Distribution Date.

          

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

          

          On
            any
            Distribution Date after the occurrence of a Section 7.01(d) Purchase
            Event with
            respect to the Pooling REMIC 1 Regular Interests, the information required
            by
            subclauses (i), (ii), (iv), (v), (vii), (viii), (ix), (x), (xi), (xii),
            (xv)
            (and in the case of the Class LT-R Certificates, subclause (iii)) shall
            be
            provided to the Holder of the Class LT-R Certificates and the LTURI-holder
            of
            the Pooling REMIC 1 Regular Interests.

          

          The
            Trustee shall make such report and any additional loan level information
            (and,
            at its option, any additional files containing the same information in
            an
            alternative format) provided to it by the Master Servicer available each
            month
            to Certificateholders, the Certificate Insurer, any NIMS Insurer and
            the Rating
            Agencies via the Trustee’s internet website. The Trustee’s internet website
            shall initially be located at “www.etrustee.net”.
            Assistance in using the website can be obtained by calling the Trustee
            at (312)
            992-2835. 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 Trustee
            and
            indicating such or by notifying the Trustee at LaSalle Bank National
            Association, 135 South LaSalle Street, Suite 1511, Chicago, Illinois,
            60603,
            Attention: Global Securities and Trust Services - LXS 2007-14H. The Trustee
            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 Trustee 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
            Trustee based solely on Mortgage Loan data provided to the Trustee by
            the Master
            Servicer (in a format agreed to by the Trustee and the Master Servicer)
            no later
            than 2:00 p.m. New York City time four Business Days prior to the Distribution
            Date, and on the information provided to the Trustee by the Swap Counterparty
            and the Cap Counterparty. In preparing or furnishing the foregoing information
            to the Certificateholders, the Certificate Insurer and any NIMS Insurer,
            the
            Trustee shall be entitled to rely conclusively on the accuracy of the
            information or data (i) regarding the Mortgage Loans including any First
            Payment
            Default Mortgage Loans) and the related REO Property that has been provided
            to
            the Master Servicer by each Servicer and to the Trustee by the Master
            Servicer,
            (ii) regarding the Swap Agreement, that has been provided to the Trustee
            by the
            Swap Counterparty and (iii) regarding the Cap Agreement, that has been
            provided
            to the Trustee by the Cap Counterparty, and the Trustee shall not be
            obligated
            to verify, recompute, reconcile or recalculate any such information or
            data. The
            Trustee shall be entitled to conclusively rely on the Mortgage Loan data
            provided by the Master Servicer and shall have no liability for any errors
            in
            such Mortgage Loan data. The Master Servicer shall be entitled to conclusively
            rely on the Mortgage Loan data provided by each Servicer and shall have
            no
            liability for any errors in such Mortgage Loan data. The information
            and reports
            described in the first paragraph of this Section 4.03(a) shall be provided
            to
            the Paying Agent (if other than the Trustee) by the Trustee no later
            than 12:00
            p.m. New York City time two Business Days prior to the Distribution Date.
            

          

          
            
              
              

            

            
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          (b)
             Upon
            the
            reasonable advance written request of any Certificateholder that is a
            savings
            and loan, bank or insurance company or the Certificate Insurer (which
            request,
            if received by the Trustee shall be promptly forwarded to the Master
            Servicer),
            the Master Servicer shall provide, or cause to be provided, to the extent
            such
            information is available to the Master Servicer exercising reasonable
            efforts to
            obtain such information (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 any NIMS Insurer, the
            Certificate Insurer and such Certificateholder such reports and access
            to
            information and documentation regarding the Mortgage Loans as any NIMS
            Insurer,
            the Certificate Insurer and 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
            or
            the Certificate Insurer for the actual expenses incurred in providing
            such
            reports and access.

          

          (c)
             Within
            90
            days, or such shorter period as may be required by statute or regulation,
            after
            the end of each calendar year, the Trustee shall, upon written request,
            prepare
            and make available to any NIMS Insurer and to each Person who at any
            time during
            the calendar year was a Certificateholder of record, and to Certificate
            Owners
            (identified as such by the Clearing Agency) in accordance with applicable
            regulations, a report summarizing the items provided to any NIMS Insurer
            and to
            the Certificateholders pursuant to Section 4.03(a)(i) and (ii) 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 also
            include
            the amount of original issue discount accrued on each Class of Certificates
            and
            information regarding the expenses of the Trust Fund. The Trustee shall
            be
            deemed to have satisfied this requirement if it makes available such
            information
            in any other format permitted by the Code. The Master Servicer shall
            provide the
            Trustee with such information as is necessary for the Trustee to prepare
            such
            reports to the extent reasonably available (and the Trustee may rely
            solely upon
            such information).

          

          (d)
             The
            Trustee 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 Trustee shall
            also file
            a Form 8811 as required. The Trustee, 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 Trustee
            shall,
            to the extent reasonably available, furnish any other information that
            is
            required by the Code and regulations thereunder to be made available
            to
            Certificateholders. The Master Servicer, to the extent reasonably available,
            shall provide the Trustee with such information as is necessary for the
            Trustee
            to comply with the foregoing.

          

          
            
              
              

            

            
              90

              
                

              

            

            
              
              

            

          

          (e)
             So
            long
            as not prohibited by applicable law, the Master Servicer shall provide
            to the
            Depositor or to any party designated by the Depositor, as promptly as
            practicable upon the Depositor's request, any and all loan-level information
            that the Depositor may request in any format reasonably requested by
            the
            Depositor.

          

          Section
            4.04. Certificate
            Account.  

          

          (a)
             The
            Trustee shall establish and maintain in its name, as trustee, a trust
            account
            (the “Certificate Account”) entitled “Certificate Account, LaSalle Bank National
            Association, as Trustee, in trust for the benefit of the Holders of Lehman XS
            Trust Mortgage Pass-Through Certificates, Series 2007-14H” until disbursed
            pursuant to the terms of this Agreement. The Certificate Account shall
            be an
            Eligible Account and shall be for the benefit of the Certificateholders
            and the
            Certificate Insurer, subject to the rights of the Trustee set forth herein.
            If
            the existing Certificate Account ceases to be an Eligible Account, the
            Trustee
            shall establish a new Certificate Account that is an Eligible Account
            within 20
            Business Days and transfer all funds and investment property on deposit
            in such
            existing Certificate Account into such new Certificate Account. The Certificate
            Account shall relate solely to the Certificates and to the Pooling REMIC
            1
            Regular Interests 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 Trustee held under
            this
            Agreement.

          

          (b)
             The
            Trustee shall deposit or 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 Trustee, all such amounts so remitted. The Trustee shall
            make
            withdrawals from the Certificate Account only for the following
            purposes:

          

          (i)
             to
            make
            payment to itself pursuant to any provision of this Agreement, or to
            reimburse
            itself or its agents for any amounts reimbursable
            to it pursuant to Sections 6.11, 6.12 or 7.01; provided,
            however,
            that
            any amounts in excess of the annual cap described in clause (b) of the
            definition of “Interest Remittance Amount” and clause (b) of the definition of
“Principal Remittance Amount” in any Anniversary Year, other than costs
            and expenses incurred by the Trustee pursuant to Sections 6.11, 6.14
            and 7.01 in
            connection with any transfer of servicing,
            shall
            not be withdrawn from the Certificate Account and paid to the Trustee
            and the
            Trustee’s reimbursement for such excess amounts shall be made pursuant to
            Section 5.02(f)(i)(D) hereof;

          

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

          

          
            
              
              

            

            
              91

              
                

              

            

            
              
              

            

          

          (iii)
             to
            pay
            itself any investment income earned with respect to funds in the Certificate
            Account invested in Eligible Investments as set forth below and to make
            payments
            to itself and others pursuant to any provision of this Agreement;

          

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

          

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

          

          The
            Trustee may invest, or cause to be invested, funds held in the Certificate
            Account, which funds, if invested, shall be invested by the Trustee in
            Eligible
            Investments (which may be obligations of the Trustee or its affiliates).
            If
            invested, all such investments must be payable on demand or mature no
            later than
            the next Distribution Date (except with respect to such investments in
            an amount
            equal to the aggregate of any Net Swap Payments and any Swap Termination
            Payments payable to the Swap Counterparty, such amount to mature no later
            than
            the next Swap Payment 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
            Trustee
            (in its capacity as such) or its nominee. All income and gain realized
            from any
            such investment for each Distribution Date shall be compensation to the
            Trustee
            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 made by the Trustee
            shall
            be paid by the Trustee 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 may also be held uninvested.

          

          ARTICLE
            V

          

          DISTRIBUTIONS
            TO HOLDERS OF CERTIFICATES

          

          Section
            5.01. Distributions
            Generally.  

          

          (a)
             On
            each
            Distribution Date, so long as the Certificates are outstanding, the Trustee
            (or
            the Paying Agent on behalf of the Trustee) shall make distributions to
            the
            Holders in accordance with this Article V; provided,
            however,
            that if
            a Section 7.01(d) Purchase Event has occurred with respect to any of
            the Pooling
            REMIC 1 Regular Interests, the distributions related to the Pooling REMIC
            1
            Regular Interests shall be made in accordance with Section 5.02(k). Such
            distributions shall be made by wire transfer if the Certificateholder
            has
            provided the Trustee (or the Paying Agent) with wire instructions or
            by check
            mailed to the address of such Certificateholder as it appears in the
            books of
            the Trustee (or the Paying Agent) if the Certificateholder has not provided
            the
            Trustee (or the Paying Agent) 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;
provided,
            further,
            that the
            foregoing provisions shall not apply to any Class of Certificates as
            long as
            such Certificate remains a Book-Entry Certificate in which case all payments
            made shall be made through the Clearing Agency and its Clearing Agency
            Participants. 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 Certificates and at such time such final payment
            in
            retirement of any Residual Certificate will be made only upon presentation
            and
            surrender of such Certificate at the applicable Corporate Trust Office.
            If any
            payment required to be made on the Certificates or the Pooling REMIC
            1 Regular
            Interests, or by the Certificate Insurer, 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. Payments to the Certificate Insurer shall in all cases be made by
            wire
            transfer in immediately available funds to the account designated by
            the
            Certificate Insurer. 

          

          
            
              
              

            

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

          

          (c)
             The
            Trustee (or the Paying Agent on behalf of the Trustee) shall make payments
            to
            Certificateholders and to the Swap Counterparty and any other person
            pursuant to
            this Article V and make deposits to the Supplemental Interest Trust and
            accounts
            held by it hereunder based solely on the information set forth in the
            monthly
            report furnished by the Master Servicer and/or the Swap Counterparty
            and/or the
            Cap Counterparty 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, the
            Swap
            Counterparty and any other party hereunder. The Trustee 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 on or prior to a Section 7.01(d) Purchase Event or
            a Trust
            Fund Termination Event, as applicable, the Trustee (or the Paying Agent
            on
            behalf of the Trustee) shall withdraw from the Certificate Account the
            Total
            Distribution Amount and amounts that are available for payment to the
            Swap
            Counterparty and shall allocate such amounts to the interests issued
            in respect
            of each REMIC and shall distribute such amounts as specified in subparagraphs
            (b) through (i) of this Section 5.02; provided,
            that
            amounts that are available for payment to the Swap Counterparty shall
            be paid on
            the related Swap Payment Date.

          

          (b)
             On
            each
            Distribution Date on or prior to a Section 7.01(d) Purchase Event (or,
            with
            respect to clause (i) below, on the related Swap Payment Date), the Trustee
            shall distribute the Interest Remittance Amount for such date in the
            following
            order of priority:

          

          (i)
             to
            the
            Certificate Insurer, the monthly premium due under the Certificate Insurance
            Policy with respect to the Insured Certificates; 

          

          (ii)
             for
            deposit into the Swap Account, an amount equal to the lesser of (x) any
            Net Swap
            Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger
            Event) owed to the Swap Counterparty on the related Swap Payment Date
            and (y)
            the Interest Remittance Amount for such Distribution Date;

          

          (iii)
             concurrently, on
            a
pro
            rata
            basis, to
            the
            Senior Certificates, Current Interest and any Carryforward Interest for
            such
            Classes for such Distribution Date; provided,
            however,
            that
            any shortfall in Current Interest and Carryforward Interest shall be
            allocated
            among such Classes in proportion to the amount of Current Interest and
            Carryforward Interest that would otherwise be distributable thereon,
            provided,
            further,
            that
            the Trustee shall make no distributions to the Class AIO Certificates
            after the
            Distribution Date in May 2012;

          

          
            
              
              

            

            
              93

              
                

              

            

            
              
              

            

          

          (iv)
             to
            the
            Certificate Insurer, any Reimbursement Amounts owed to the Certificate
            Insurer
            with respect to draws made under the Certificate Insurance Policy with
            respect
            to interest;

          

          (v)
             to
            the
            Subordinate Certificates, in accordance with the Interest Subordinate
            Priority,
            Current Interest and any Carryforward Interest for such Classes for such
            Distribution Date;
            and 

          

          (vi)
             for
            application as part of the Monthly Excess Cashflow for such Distribution
            Date,
            as provided in subsection (f) of this Section, any Monthly Excess Interest
            for
            such Distribution Date.

          

          (c)
             [Reserved].

          

          (d)
             On
            each
            Distribution Date or related Swap Payment Date on or prior to a Section
            7.01(d)
            Purchase Event, the Trustee shall distribute the Principal Distribution
            Amount
            for such date, as follows:

          

          (i)
             On
            each
            Distribution Date (or with respect to clause (A) below, on the related
            Swap
            Payment Date) (a) prior to the Stepdown Date or (b) with respect to which
            a
            Trigger Event is in effect, until the aggregate Certificate Principal
            Amount of
            the Senior Certificates (other than the Class AIO Certificates) and the
            Subordinate Certificates equals the Target Amount for such Distribution
            Date,
            the Trustee shall distribute the Principal Distribution Amount for such
            date, in
            the following order of priority:

          

          (A)
             for
            deposit into the Swap Account, any Net Swap Payment or Swap Termination
            Payment
            (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty
            (to
            the extent not deposited previously from the Interest Remittance Amount
            in
            accordance with Section 5.02(b)(ii) above);

          

          (B)
             to
            the
            Senior Certificates (other than the Class AIO Certificates), sequentially
            as
            follows:

          

          (1) pro
            rata,
            to the
            Class A1-1, Class A1-2, Class A2-1-1, Class A2-1-2, Class A2-2 and Class
            A4
            Certificates, based on (x) the aggregate Class Principal Amount of the
            Class
            A1-1 and Class A1-2 Certificates, (y) the aggregate Class Principal Amount
            of
            the Class A2-1-1, Class A2-1-2 and Class A2-2 Certificates and (z) the
            Class
            Principal Amount of the Class A4 Certificates, as follows:

           

          
            	 	
                    a.

                  	
                    sequentially,
                      to the Class A1-1 and Class A1-2 Certificates, in that order,
                      until the
                      Class Principal Amount of each such class has been reduced
                      to
                      zero;

                  

          

          

          
            
              
              

            

            
              94

              
                

              

            

            
              
              

            

          

          
            	 	
                    b.

                  	
                    to
                      the Class A2-1-1, Class A2-1-2 and Class A2-2 Certificates,
                      in the
                      following order of priority:

                  

          

          

          
            	 	
                    i.

                  	
                    pro
                      rata,
                      to the Class A2-1-1 and Class A2-1-2 Certificates, based on
                      the Class
                      Principal Amount of each such class, until the Class Principal
                      Amount of
                      each such class has been reduced to zero;
                      and

                  

          

          

          
            	 	
                    ii.

                  	
                    to
                      the Class A2-2 Certificates, until the Class Principal Amount
                      of such
                      class has been reduced to zero; and

                  

          

          

          
            	 	
                    c.

                  	
                    to
                      the Class A4 Certificates, until the Class Principal Amount
                      of such class
                      has been reduced to zero;

                  

          

          

          (2) to
            the
            Class A3 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero.

           

          (C)
             to
            the
            Certificate Insurer, any Reimbursement Amounts owed to the Certificate
            Insurer
            with respect to draws made under the Certificate Insurance Policy with
            respect
            to principal for the Insured Certificates; 

          

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

          

          (E)
             for
            application as part of the Monthly Excess Cashflow for such Distribution
            Date,
            as provided in subsection (f) of this Section, any such Principal Distribution
            Amount remaining after application pursuant to clauses (A) through (D)
            above.

          

          (ii) On
            each
            Distribution Date (or, with respect to clause (A) below, on the related
            Swap
            Payment Date) (a) on or after the Stepdown Date and (b) with respect
            to which a
            Trigger Event is not in effect, the Trustee shall distribute the Principal
            Distribution Amount for such date in the following order of
            priority:

          

          (A)
             for
            deposit into the Swap Account, any Net Swap Payment or Swap Termination
            Payment
            (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty
            (to
            the extent not distributed previously pursuant to subsection
            5.02(b)(ii));

          

          (B)
             to
            the
            Senior Certificates (other than the Class AIO Certificates), in accordance
            with
            the Senior Priority, in an amount equal to the lesser of (x) the excess,
            if any,
            of (a) the Principal Distribution Amount for such Distribution Date over
            (b) the
            amount distributed to the Supplemental Interest Trust for deposit into
            the Swap
            Account on such Distribution Date pursuant to clause (A) above and (y)
            the
            Senior Principal Distribution Amount for such Distribution Date until
            the Class
            Principal Amount of each such Class has been reduced to zero; 

          

          
            
              
              

            

            
              95

              
                

              

            

            
              
              

            

          

          (C)
             to
            the
            Certificate Insurer, any Reimbursement Amounts owed to the Certificate
            Insurer
            with respect to draws made under the Certificate Insurance Policy with
            respect
            to principal for the Insured Certificates; 

          

          (D)
             to
            the
            Class M1 Certificates, an amount equal to the lesser of (x) the excess
            of (a)
            the Principal Distribution Amount for such Distribution Date over (b)
            the amount
            distributed to the Senior Certificates (other than the Class AIO Certificates),
            the amount paid to the Supplemental Interest Trust for deposit into the
            Swap
            Account on such Distribution Date and the amount distributed to the Certificate
            Insurer pursuant to clauses (A) through (C) above, and (y) the M1 Principal
            Distribution Amount for such Distribution Date, until the Class Principal
            Amount
            of such Class has been reduced to zero; 

          

          (E)
             to
            the
            Class M2 Certificates, an amount equal to the lesser of (x) the excess
            of (a)
            the Principal Distribution Amount for such Distribution Date over (b)
            the amount
            distributed to the Senior Certificates (other than the Class AIO Certificates),
            the Certificate Insurer, the Class M1 Certificates and the amount paid
            to the
            Supplemental Interest Trust for deposit into the Swap Account on such
            Distribution Date pursuant to clauses (A) through (D) above, and (y)
            the M2
            Principal Distribution Amount for such Distribution Date, until the Class
            Principal Amount of such Class has been reduced to zero; 

          

          (F)
             to
            the
            Class M3 Certificates, an amount equal to the lesser of (x) the excess
            of (a)
            the Principal Distribution Amount for such Distribution Date over (b)
            the amount
            distributed to the Senior Certificates (other than the Class AIO Certificates),
            the Certificate Insurer, the Class M1 and Class M2 Certificates and the
            amount
            paid to the Supplemental Interest Trust for deposit into the Swap Account
            on
            such Distribution Date pursuant to clauses (A) through (E) above, and
            (y) the M3
            Principal Distribution Amount for such Distribution Date, until the Class
            Principal Amount of such Class has been reduced to zero; 

          

          (G)
             to
            the
            Class M4 Certificates, an amount equal to the lesser of (x) the excess
            of (a)
            the Principal Distribution Amount for such Distribution Date over (b)
            the amount
            distributed to the Senior Certificates (other than the Class AIO Certificates),
            the Certificate Insurer, the Class M1, Class M2 and Class M3 Certificates
            and
            the amount paid to the Supplemental Interest Trust for deposit into the
            Swap
            Account on such Distribution Date pursuant to clauses (A) through (F)
            above, and
            (y) the M4 Principal Distribution Amount for such Distribution Date,
            until the
            Class Principal Amount of such Class has been reduced to zero;

          

          (H)
             to
            the
            Class M5 Certificates, an amount equal to the lesser of (x) the excess
            of (a)
            the Principal Distribution Amount for such Distribution Date over (b)
            the amount
            distributed to the Senior Certificates (other than the Class AIO Certificates),
            the Certificate Insurer, the Class M1, Class M2, Class M3 and Class M4
            Certificates and the amount paid to the Supplemental Interest Trust for
            deposit
            into the Swap Account on such Distribution Date pursuant to clauses (A)
            through
            (G) above, and (y) the M5 Principal Distribution Amount for such Distribution
            Date, until the Class Principal Amount of such Class has been reduced
            to zero;

          

          
            
              
              

            

            
              96

              
                

              

            

            
              
              

            

          

          (I)
             to
            the
            Class M6 Certificates, an amount equal to the lesser of (x) the excess
            of (a)
            the Principal Distribution Amount for such Distribution Date over (b)
            the amount
            distributed to the Senior Certificates (other than the Class AIO Certificates),
            the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4 and
            Class M5
            Certificates and the amount paid to the Supplemental Interest Trust for
            deposit
            into the Swap Account on such Distribution Date pursuant to clauses (A)
            through
            (H) above, and (y) the M6 Principal Distribution Amount for such Distribution
            Date, until the Class Principal Amount of such Class has been reduced
            to zero;

          

          (J)
             to
            the
            Class M7 Certificates, an amount equal to the lesser of (x) the excess
            of (a)
            the Principal Distribution Amount for such Distribution Date over (b)
            the amount
            distributed to the Senior Certificates (other than the Class AIO Certificates),
            the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4,
            Class M5
            and Class M6 Certificates and the amount paid to the Supplemental Interest
            Trust
            for deposit into the Swap Account on such Distribution Date pursuant
            to clauses
            (A) through (I) above, and (y) the M7 Principal Distribution Amount for
            such
            Distribution Date, until the Class Principal Amount of such Class has
            been
            reduced to zero; 

          

          (K)
             to
            the
            Class M8 Certificates, an amount equal to the lesser of (x) the excess
            of (a)
            the Principal Distribution Amount for such Distribution Date over (b)
            the amount
            distributed to the Senior Certificates (other than the Class AIO Certificates),
            the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4,
            Class M5,
            Class M6 and Class M7 Certificates and the amount paid to the Supplemental
            Interest Trust for deposit into the Swap Account on such Distribution
            Date
            pursuant to clauses (A) through (J) above, and (y) the M8 Principal Distribution
            Amount for such Distribution Date, until the Class Principal Amount of
            such
            Class has been reduced to zero; 

          

          (L)
             to
            the
            Class M9 Certificates, an amount equal to the lesser of (x) the excess, if
            any, of (a) the Principal Distribution Amount for such Distribution Date
            over (b) the amount distributed to the Senior Certificates (other than the
            Class AIO Certificates), the Certificate Insurer, the Class M1, Class
            M2, Class
            M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates
            and the
            amount paid to the Supplemental Interest Trust for deposit into the Interest
            Rate Swap Account pursuant to clauses (A) through (K) above, and
            (y) the M9 Principal Distribution Amount for such Distribution Date, until
            the Class Principal Amount of such class has been reduced to zero;

          

          (M)
             to
            the
            Class M10 Certificates, an amount equal to the lesser of (x) the excess, if
            any, of (a) the Principal Distribution Amount for such Distribution Date
            over (b) the amount distributed to the Senior Certificates (other than the
            Class AIO Certificates), the Certificate Insurer, the Class M1, Class
            M2, Class
            M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates
            and the amount paid to the Supplemental Interest Trust for deposit into
            the
            Interest Rate Swap Account pursuant to clauses (A) through (L) above, and
            (y) the M10 Principal Distribution Amount for such Distribution Date, until
            the Class Principal Amount of such class has been reduced to zero;
            and

          

          
            
              
              

            

            
              97

              
                

              

            

            
              
              

            

          

          (N)
             for
            application as part of Monthly Excess Cashflow for such Distribution
            Date, as
            provided in subsection (f) of this Section, any Principal Distribution
            Amount
            remaining after application pursuant to clauses (A) through (M) above.
            

          

          (e)
             
            [Reserved].

          

          (f)
             On
            each
            Distribution Date on or prior to a Section 7.01(d) Purchase Event, the
            Trustee
            shall distribute the Monthly Excess Cashflow for such Distribution Date,
            after
            making all distributions pursuant to Sections 5.02(g) and 5.02(h) below,
            in the
            following order of priority: 

          

          (i)
             (A) concurrently,
            on a pro
            rata
            basis,
            based on amounts due, to the Senior Certificates, Current Interest and
            any
            Carryforward Interest for such Classes for such Distribution Date, to
            the extent
            unpaid pursuant to Sections 5.02(b)(iii), 5.02(g)(i) and 5.02(h)(iii);
            provided,
            however,
            that
            any shortfall in Current Interest and Carryforward Interest shall be
            allocated
            among such Classes in proportion to the amount of Current Interest and
            Carryforward Interest that would otherwise be distributable
            thereon;

          

          (B) to
            the
            Certificate Insurer, any Reimbursement Amounts owed to the Certificate
            Insurer
            with respect to draws made under the Certificate Insurance Policy for
            the
            Insured Certificates with respect to (i) interest, to the extent unpaid
            pursuant
            to Section 5.02(b)(iv) above, and (ii) principal, to the extent unpaid
            pursuant
            to Sections 5.02(d)(i)(C) or (ii)(C) above;

          

          (C)
             to
            the
            Subordinate Certificates, in accordance with the Interest Subordinate
            Priority,
            any Current Interest and Carryforward Interest for such Classes for such
            Distribution Date, to the extent not paid pursuant to Sections 5.02(b)(v);
            

          

          (D) to
            the
            Trustee, to pay previously unreimbursed extraordinary costs, liabilities,
            and
            expenses;

          

          (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, after giving
            effect to
            previous principal distributions on such Distribution Date pursuant to
            Sections
            5.02(d), 5.02(g)(ii) and 5.02(h)(iv), then until the aggregate Certificate
            Principal Amount of the Offered Certificates equals the Target Amount,
            in the
            following order of priority:

          

          (A)
             to
            each
            class of Senior Certificates (other than the Class AIO Certificates),
            in
            accordance with the 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

          

          
            
              
              

            

            
              98

              
                

              

            

            
              
              

            

          

          (B)
             to
            the
            Subordinate Certificates, in accordance with the Principal Subordinate
            Priority,
            in reduction of their 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, after giving effect to previous principal
            distributions on such Distribution Date pursuant to Sections 5.02(d),
            5.02(g)(ii) and 5.02(h)(iv), in the following order of priority:

          

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

          

          (B)
             to
            the
            Class M1 Certificates, in reduction of their Class Principal Amount,
            until the
            aggregate Class Principal Amount of the Senior Certificates (other than
            the
            Class AIO Certificates) and the Class M1 Certificates, after giving effect
            to
            distributions on such Distribution Date, equals the M1 Target
            Amount;

          

          (C)
             to
            the
            Class M2 Certificates, in reduction of their Class Principal Amount,
            until the
            aggregate Class Principal Amount of the Senior Certificates (other than
            the
            Class AIO Certificates) and the Class M1 and Class M2 Certificates, after
            giving
            effect to distributions on such Distribution Date, equals the M2 Target
            Amount;

          

          (D)
             to
            the
            Class M3 Certificates, in reduction of their Class Principal Amount,
            until the
            aggregate Class Principal Amount of the Senior Certificates (other than
            the
            Class AIO Certificates) and the Class M1, Class M2 and Class M3 Certificates,
            after giving effect to distributions on such Distribution Date, equals
            the M3
            Target Amount;

          

          (E)
             to
            the
            Class M4 Certificates, in reduction of their Class Principal Amount,
            until the
            aggregate Class Principal Amount of the Senior Certificates and the Class
            (other
            than the Class AIO Certificates) M1, Class M2, Class M3 and Class M4
            Certificates, after giving effect to distributions on such Distribution
            Date,
            equals the M4 Target Amount; 

          

          (F)
             to
            the
            Class M5 Certificates, in reduction of their Class Principal Amount,
            until the
            aggregate Class Principal Amount of the Senior Certificates (other than
            the
            Class AIO Certificates) and the Class M1, Class M2, Class M3, Class M4
            and Class
            M5 Certificates, after giving effect to distributions on such Distribution
            Date,
            equals the M5 Target Amount;

          

          (G)
             to
            the
            Class M6 Certificates, in reduction of their Class Principal Amount,
            until the
            aggregate Class Principal Amount of the Senior Certificates (other than
            the
            Class AIO Certificates) and the Class M1, Class M2, Class M3, Class M4,
            Class M5
            and Class M6 Certificates, after giving effect to distributions on such
            Distribution Date, equals the M6 Target Amount;

          

          
            
              
              

            

            
              99

              
                

              

            

            
              
              

            

          

          (H)
             to
            the
            Class M7 Certificates, in reduction of their Class Principal Amount,
            until the
            aggregate Class Principal Amount of the Senior Certificates (other than
            the
            Class AIO Certificates) and the Class M1, Class M2, Class M3, Class M4,
            Class
            M5, Class M6 and Class M7 Certificates, after giving effect to distributions
            on
            such Distribution Date, equals the M7 Target Amount;

          

          (I)
             to
            the
            Class M8 Certificates, in reduction of their Class Principal Amount,
            until the
            aggregate Class Principal Amount of the Senior Certificates (other than
            the
            Class AIO Certificates) and the Class M1, Class M2, Class M3, Class M4,
            Class
            M5, Class M6, Class M7 and Class M8 Certificates, after giving effect
            to
            distributions on such Distribution Date, equals the M8 Target Amount;
            

          

          (J)
             to
            the
            Class M9 Certificates, in reduction of their Class Principal Amount,
            until the
            aggregate Class Principal Amount of the Senior Certificates (other than
            the
            Class AIO Certificates) and the Class M1, Class M2, Class M3, Class M4,
            Class
            M5, Class M6, Class M7, Class M8 and Class M9 Certificates, after giving
            effect
            to distributions on such Distribution Date, equals the M9 Target Amount;
            

          

          (K)
             to
            the
            Class M10 Certificates, in reduction of their Class Principal Amount,
            until the
            aggregate Class Principal Amount of the Senior Certificates (other than
            the
            Class AIO Certificates) and the Class M1, Class M2, Class M3, Class M4,
            Class
            M5, Class M6, Class M7, Class M8, Class M9 and Class M10 Certificates,
            after
            giving effect to distributions on such Distribution Date, equals the
            M10 Target
            Amount; and

          

          (iv)
             to
            the
            Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment with
            respect
            to the Offered Certificates (other than the Class AIO Certificates),
            and then
            from the Basis Risk Reserve Fund, in the following order of
            priority:

          

          (A)
             (1)
            first, pro
            rata,
            to the
            Senior Certificates (other than the Class AIO Certificates), the amount
            of any
            Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for each such
            Class and
            such Distribution Date, in proportion to the amount of such shortfalls;
            and (2)
            second, to the Offered Subordinate Certificates, in accordance with the
            Interest
            Subordinate Priority, the amount of any Basis Risk Shortfalls and Unpaid
            Basis
            Risk Shortfalls for each such Class and such Distribution Date, but solely
            after
            application of amounts distributed first,
            from
            the Cap Account pursuant to Section 5.02(g)(iii) below, and second,
            from
            the Swap Account pursuant to Section 5.02(h)(v) below; and

          

          (B)
             to
            the
            X-S Component of the Class X Certificates, any amounts remaining in the
            Basis
            Risk Reserve Fund in excess of the Required Reserve Fund Amount for such
            Distribution Date, after satisfying priority (iv)(A) above for that Distribution
            Date; 

          

          
            
              
              

            

            
              100

              
                

              

            

            
              
              

            

          

          (v)
             pro
            rata,
            in
            proportion to their respective Deferred Amounts (and any interest accrued
            on
            such Deferred Amounts), after giving effect to distributions described
            above on
            such Distribution Date, to the Senior Certificates (other than the Class
            AIO
            Certificates), any applicable Deferred Amount and any interest accrued
            on such
            Deferred Amount for each such Class and such Distribution Date;
            provided, however,
            that
            the sum of all such amounts distributed pursuant to this Section 5.02(f)(v)
            and
            all amounts distributed pursuant to Sections 5.02(g)(ii), 5.02(g)(iv),
            5.02(h)(iv) and 5.02(h)(vi) shall not exceed the aggregate amount of
            cumulative
            Realized Losses incurred from the Cut-off Date through the last day of
            the
            related Collection Period, less any amounts previously distributed pursuant
            to
            this Section 5.02(f)(v) and Sections 5.02(g)(ii), 5.02(g)(iv), 5.02(h)(iv)
            and
            5.02(h)(vi);

          

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

          

          (vii)
             on
            the
            earlier of (a) the Distribution Date occurring in May 2012 (or the next
            occurring Distribution Date on which sufficient funds are available in
            the
            Certificate Account) and (b) the final Distribution Date, to the Class
            P
            Certificates, $100 in payment of the Class P Principal Amount;

          

          (viii)
             to
            the
            X-S Component of the Class X Certificates, the Class X Distributable
            Amount
            (less any Basis Risk Payment for such Distribution Date) for such Distribution
            Date;

          

          (ix)
             to
            the
            Supplemental Interest Trust, for distribution pursuant to clause 5.02(h)(viii),
            any Swap Termination Payment due to a Swap Counterparty Trigger Event
            owed to
            the Swap Counterparty pursuant to the Swap Agreement; and

          

          (x)
             to
            the
            Class LT-R Certificate, any amount remaining on such date after application
            pursuant to clauses (i) through (ix) above to the extent attributable
            to Pooling
            REMIC 1, and otherwise to the Class R Certificate; 

          

          (g)
             On
            each
            Distribution Date, the Trustee shall distribute the Cap Amount from the
            Cap
            Account for such date as follows (except in the case of Section 5.02(g)(iv)
            below, where such payments will be applied pursuant to and in the priority
            set
            forth in Section 5.02(f)(iv)(A)(1) above):

          

          (i)
             concurrently,
            to the Senior Certificates (other than the Class AIO Certificates), on
            a
pro
            rata
            basis,
            Current Interest and any Carryforward Interest for each such Class for
            such
            Distribution Date, to the extent unpaid after distributions pursuant
            to Section
            5.02(b)(iii) above (any shortfall in Current Interest and Carryforward
            Interest
            shall be allocated among such Classes in proportion to the amount of
            Current
            Interest and Carryforward Interest that would otherwise be distributable
            thereon);

          

          (ii)
             to
            the
            Senior Certificates (other than the Class AIO Certificates), any amount
            necessary to maintain the applicable target amount specified in Sections
            5.02(f)(ii) and (iii) above, as applicable, for such Distribution Date,
            for
            application pursuant to the priorities set forth in such Sections; 

          

          
            
              
              

            

            
              101

              
                

              

            

            
              
              

            

          

          (iii)
             concurrently,
            to the Senior Certificates (other than the Class AIO Certificates), pro
            rata,
            any
            Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, for each such
            Class and
            for such Distribution Date; 

          

          (iv)
             to
            the
            Senior Certificates (other than the Class AIO Certificates), pro
            rata,
            any
            Deferred Amount (and any interest accrued on such Deferred Amounts at
            the
            related Certificate Interest Rate) for each such Class and such Distribution
            Date; provided,
            however,
            that
            the sum of all such amounts distributed pursuant to this Section 5.02(g)(iv)
            and
            all amounts distributed pursuant to Sections 5.02(f)(v), 5.02(g)(ii),
            5.02(h)(iv) 5.02(h)(vi) shall not exceed the aggregate amount of cumulative
            Realized Losses incurred from the Cut-off Date through the last day of
            the
            related Collection Period, less any amounts previously distributed pursuant
            to
            this Section 5.02(g)(iv) and Sections 5.02(f)(v), 5.02(g)(ii), 5.02(h)(iv)
            5.02(h)(vi);

          

          (v)
             to
            the
            Cap Termination Receipts Account for application to the purchase of a
            replacement cap agreement pursuant to Section 5.09(b); 

          

          (vi)
             to
            the
            C-X Component of the Class X Certificates, any remaining Cap Amounts;
            and

          

          (vii)
             on
            the
            first Distribution Date on which the Class Principal Amount of each Class
            of
            Certificates has been reduced to zero, to the C-X Component of the Class
            X
            Certificates, all amounts remaining in the Cap Account.

          

          (h)
             On
            each
            Distribution Date (or, with respect to clauses (i), (ii) and (viii) below,
            on
            the related Swap Payment Date), the Trustee shall distribute the Swap
            Amount
            from the Swap Account for such date, after making all distributions under
            Section 5.02(g) above:

          

          (i)
             to
            the
            Swap Counterparty, any Net Swap Payment (not due to a Swap Counterparty
            Trigger
            Event) owed to the Swap Counterparty pursuant to the Swap Agreement for
            such
            Distribution Date;

          

          (ii)
             to
            the
            Swap Counterparty, any unpaid Swap Termination Payment not due to a Swap
            Counterparty Trigger Event owed to the Swap Counterparty pursuant to
            the Swap
            Agreement;

          

          (iii)
             to
            the
            Senior Certificates (other than the Class AIO Certificates), Current
            Interest and any Carryforward Interest for each such Class and such Distribution
            Date, pro
            rata,
            based
            on amounts due, to the extent unpaid pursuant to Sections 5.02(b)(iii)
            and
            5.02(g)(i) above;

          

          (iv)
             to
            the
            Senior Certificates (other than the Class AIO Certificates), any amount
            necessary to maintain the applicable target amount specified in Sections
            5.02(f)(ii) and (iii), as applicable, for such Distribution Date, for
            application pursuant to the priorities set forth in such clauses, after
            giving
            effect to distributions pursuant to Section 5.02(g)(ii) above;

          

          
            
              
              

            

            
              102

              
                

              

            

            
              
              

            

          

          (v)
             concurrently
            to the Senior Certificates (other than the Class AIO Certificates), pro
            rata, based
            on
            the amount of any remaining Basis Risk Shortfalls and Unpaid Basis Risk
            Shortfalls, any remaining Basis Risk Shortfalls and Unpaid Basis Risk
            Shortfalls, to the extent unpaid after application of amounts distributed
            pursuant to Section 5.02(g)(iii) above for each such Class and for such
            Distribution Date;

          

          (vi)
             concurrently,
            to the Senior Certificates (other than the Class AIO Certificates), in
            accordance with the Senior Priority, any Deferred Amount for each such
            Class and
            Distribution Date (and any interest accrued on such Deferred Amounts
            at the
            related Certificate Interest Rate), for application pursuant to the priority
            set
            forth in Section 5.02(f)(v), to the extent unpaid after distributions
            pursuant
            to Sections 5.02(g)(ii) and 5.02(g)(iv) above; provided,
            however,
            that
            the sum of all such amounts distributed pursuant to this Section 5.02(h)(vi)
            and
            all amounts distributed pursuant to Sections 5.02(f)(v), 5.02(g)(ii),
            5.02(g)(iv) and 5.02(h)(iv) shall not exceed the aggregate amount of
            cumulative
            Realized Losses incurred from the Cut-off Date through the last day of
            the
            related Collection Period, less any amounts previously distributed pursuant
            to
            this Section 5.02(h)(vi) and Sections 5.02(f)(v), 5.02(g)(ii), 5.02(g)(iv)
            and
            5.02(h)(iv);

          

          (vii)
             if
            applicable, to the Termination Receipts Account for application to the
            purchase
            of a replacement swap agreement pursuant to Section 5.09;

          

          (viii)
             to
            the
            Swap Counterparty, any unpaid Swap Termination Payment due to a Swap
            Counterparty Trigger Event owed to the Swap Counterparty pursuant to
            the Swap
            Agreement; and

          

          (ix)
             to
            the
            S-X Component of the X Certificates, any remaining Swap Amount; and

          

          (x)
             on
            the
            first Distribution Date on which the Class Principal Amount of each Class
            of
            Certificates has been reduced to zero, to the S-X Component of the Class
            X
            Certificates, all amounts remaining in the Swap Account.

          

          (i)
             [Reserved].
            

          

          (j)
             On
            each
            Distribution Date, an amount equal to the aggregate of all Prepayment
            Premiums
            collected with respect to the Mortgage Loans during the preceding Prepayment
            Period shall be distributed to the Holders of the Class P
            Certificates.

          

          (k)
             On
            each
            Distribution Date occurring after a Section 7.01(d) Purchase Event but
            on or
            prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent
            on
            behalf of the Trustee), shall withdraw from the Certificate Account the
            related
            Total Distribution Amount (to the extent such amount is on deposit in
            the
            Certificate Account) and shall allocate such amount to the interests
            issued in
            respect of the Pooling REMIC 1 Regular Interests created pursuant to
            this
            Agreement and shall distribute such Total Distribution Amount first,
            to the
            Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and
            not
            previously reimbursed to the Trustee, second,
            to the
            Swap Counterparty to pay any Net Swap Payment owed to the Swap Counterparty
            pursuant to the Swap Agreement for such Swap Payment Date, third,
            to the
            LTURI-holder, any remaining related Total Distribution Amount to the
            extent
            payable on the Pooling REMIC 1 Regular Interests as provided in the Preliminary
            Statement, and fourth,
            to the
            Class LT-R Certificates any remaining amounts.

          

          
            
              
              

            

            
              103

              
                

              

            

            
              
              

            

          

          (l)
             On
            each
            Swap Payment Date occurring after a Section 7.01(d) Purchase Event but
            on or
            prior to a Trust Fund Termination Event, the Trustee shall distribute
            the Swap
            Amount for such date first,
            to the
            Swap Counterparty to pay any Net Swap Payment owed to the Swap Counterparty
            pursuant to the Swap Agreement for such Swap Payment Date; second,
            to the
            Swap Counterparty, to pay any Swap Termination Payment owed to the Swap
            Counterparty pursuant to the Swap Agreement for such Swap Payment Date,
            third,
            if
            applicable, to the Swap Termination Receipts Account, for application
            to the
            purchase of a replacement swap agreement pursuant to Section 5.09(a);
            and
fourth,
            any
            remaining amount of Swap Amount, to the LTURI-holder.

          

          (m)
             On
            each
            Distribution Date occurring after a Section 7.01(d) Purchase Event but
            on or
            prior to a Trust Fund Termination Event, the Trustee shall distribute
            any
            amounts received from the Cap Counterparty under the Cap Agreement for
            such
            Distribution Date first,
            to the
            Cap Termination Receipts Account, for application to the purchase of
            a
            replacement cap agreement pursuant to Section 5.09(b); and second,
            any
            remaining amount from the Cap Counterparty under the Cap Agreement, to
            the
            LTURI-holder.

          

          Section
            5.03. Allocation
            of Losses.  

          

          On
            each
            Distribution Date on or prior to a Section 7.01(d) Purchase Event, the
            Class
            Principal Amounts of the Offered Certificates shall be reduced by the
            amount of
            any Applied Loss Amount for such date, in the following order of
            priority:

          

          (i)
             to
            the
            Class M10 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero;

          

          (ii)
             to
            the
            Class M9 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero;

          

          (iii)
             to
            the
            Class M8 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero;

          

          (iv)
             to
            the
            Class M7 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero;

          

          (v)
             to
            the
            Class M6 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero;

          

          (vi)
             to
            the
            Class M5 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero; 

          

          
            
              
              

            

            
              104

              
                

              

            

            
              
              

            

          

          (vii)
             to
            the
            Class M4 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero; and

          

          (viii)
             to
            the
            Class M3 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero;

          

          (ix)
             to
            the
            Class M2 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero

          

          (x)
             to
            the
            Class M1 Certificates, until the Class Principal Amount of such Class
            has been
            reduced to zero; and

          

          (xi)
             to
            the
            extent of any Applied Loss Amounts, to the Senior Certificates (other
            than the
            Class AIO Certificates), pro
            rata,
            based
            on their respective Class Principal Amounts, until their respective Class
            Principal Amounts are reduced to zero; provided,
            however,
            that
            any Applied Loss Amounts otherwise allocable to the Class A1-1, Class
            A1-2,
            Class A2-1-1, Class A2-1-2 and Class A2-2 Certificates will be applied
            in
            reduction of the Class Principal Amount of the Class A4 Certificates,
            until the
            Class Principal Amount of the Class A4 Certificates has been reduced
            to zero,
            before reducing the Class Principal Amount of the Class A1-1, Class A1-2,
            Class
            A2-1-1, Class A2-1-2 and Class A2-2 Certificates, pro
            rata
            along
            with the Class A3 Certificates, provided further, that any Applied Loss
            Amounts
            otherwise allocable to the Class A2-1-1 Certificates will be applied
            first in
            reduction of the Class Principal Amount of the Class A2-1-2 Certificates,
            until
            the Class Principal Amount of the Class A2-1-2 Certificates has been
            reduced to
            zero. 

          

          Section
            5.04. Advances
            by Master Servicer, Servicers and Trustee.  

          

          (a)
             Subject
            to Section 9.07, Advances shall be made in respect of each Determination
            Date as
            provided herein. If, on any Determination Date, any Servicer determines
            that any
            Scheduled Payments due during the related Collection Period (other than
            Balloon
            Payments) have not been received, such Servicer shall advance such amount
            on the
            Deposit Date immediately following such Determination Date to the extent
            provided in the applicable Servicing Agreement. If any Servicer fails
            to remit
            Advances required to be made under the applicable Servicing Agreement,
            the
            Master Servicer shall itself make, or shall cause the successor servicer
            to
            make, such Advance on the Master Servicer Remittance Date immediately
            following
            such Determination Date; provided,
            however,
            that
            required Advances remitted by the Servicer or the Master Servicer may
            be reduced
            by an amount, if any, to be set forth in an Officer’s Certificate to be
            delivered to the Trustee on such Determination Date, which if advanced
            the
            Master Servicer or the applicable 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.
            If the
            Master Servicer determines that an Advance is required, it shall on the
            Master
            Servicer Remittance Date immediately following such Determination Date
            either
            (i) remit to the Trustee 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 Trustee 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 Trustee for deposit
            in
            the Certificate Account on or before any future Master Servicer Remittance
            Date
            to the extent that funds in the Certificate Account on such Master Servicer
            Remittance Date shall be less than payments to Certificateholders required
            to be
            made on the related Distribution Date. 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. Notwithstanding anything to the
            contrary
            herein, in the event the Master Servicer determines in its reasonable
            judgment
            that an Advance is non-recoverable, the Master Servicer shall be under
            no
            obligation to make such Advance. The Trustee shall be entitled to conclusively
            rely upon any determination by the Master Servicer that an Advance, if
            made,
            would constitute a non-recoverable Advance.

          

          
            
              
              

            

            
              105

              
                

              

            

            
              
              

            

          

          (b)
             Notwithstanding
            anything herein to the contrary, in the event that the Master Servicer
            or any
            Servicer fails for any reason to make an Advance required to be made
            pursuant to
            this Section 5.04 on or before the Master Servicer Remittance Date, the
            Trustee,
            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 the Servicers that would have been deposited in such Certificate
            Account over (b) the amount of any Advance made by the Master Servicer
            or any
            Servicer with respect to such Distribution Date; provided,
            however,
            that
            the Trustee 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 Trustee shall be entitled to be reimbursed from the Collection Account
            and/or the Certificate Account for Advances made by it pursuant to this
            Section
            5.04 as if it were the Master Servicer. Notwithstanding anything herein
            to the
            contrary, in no event shall the Trustee (in its capacity as Trustee,
            successor
            servicer or successor master servicer) be required for any reason to
            make an
            Advance with respect to any Balloon Payment.

          

          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
            made by
            the Servicers shall be a component of the Interest Remittance Amount.
            Notwithstanding anything herein to the contrary, in no event shall the
            Trustee
            (in its capacity as Trustee or successor master servicer) be required
            for any
            reason to make Compensating Interest Payments.

          

          Section
            5.06. Basis
            Risk Reserve Fund.

          

          (a)
             On
            the
            Closing Date, the Trustee shall establish and maintain in its name, in
            trust for
            the benefit of the holders of the LIBOR Certificates, the Basis Risk
            Reserve
            Fund, into which LBH shall initially deposit $1,000. 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 Trustee held pursuant
            to this
            Agreement. If the existing Basis Risk Reserve Fund ceases to be an Eligible
            Account, the Trustee shall establish a new Basis Risk Reserve Fund that
            is an
            Eligible Account within 20 Business Days and transfer all funds and investment
            property on deposit in such existing Certificate Account into such new
            Certificate Account.

          

          
            
              
              

            

            
              106

              
                

              

            

            
              
              

            

          

          (b)
             On
            each
            Distribution Date the Trustee shall distribute in the order of priority
            and to
            the extent specified in Section 5.02(f)(iv) of this Agreement any amounts
            then
            on deposit in the Basis Risk Reserve Fund, including any earnings thereon.
            On
            any Distribution Date, any amounts that the Trustee is not required to
            distribute from the Basis Risk Reserve Fund pursuant to Section 5.02(f)(iv)
            of
            this Agreement shall remain on deposit in the Basis Risk Reserve
            Fund.

          

          (c)
             Funds
            in
            the Basis Risk Reserve Fund shall be invested in Eligible Investments.
            The Class
            X Certificates shall evidence ownership of the Basis Risk Reserve Fund
            for
            federal income tax purposes and LBH on behalf of the Holders thereof
            shall
            direct the Trustee, in writing, as to investment of amounts on deposit
            therein.
            LBH shall be liable for any losses incurred on such investments. In the
            absence
            of written instructions from LBH 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 earlier of (A) a Section 7.01(d)
            Purchase Event or (B) a Trust Fund Termination Event and any funds remaining
            in
            such fund upon such termination shall be released to the X-S Component
            of the
            Class X Certificates.

          

          Section
            5.07. Supplemental
            Interest Trust .  

          

          (a)
             A
            separate trust is hereby established (the “Supplemental Interest Trust”), the
            corpus of which shall be held by the Trustee, in trust, for the benefit
            of the
            holders of the LIBOR Certificates. The Trustee, as trustee of the Supplemental
            Interest Trust, shall establish an account (the “Swap Account”), into which LBH
            shall initially deposit $1,000 on the Closing Date. The Swap 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 Trustee held pursuant to this Agreement.
            If the
            existing Swap Account ceases to be an Eligible Account, the Trustee shall
            establish a new Swap Account that is an Eligible Account within 20 Business
            Days
            and transfer all funds and investment property on deposit in such existing
            Swap
            Account into such new Swap Account.

          

          (b)
             In
            addition, the Trustee, as trustee of the Supplemental Interest Trust,
            shall
            establish an account (the “Cap Account”), into which LBH shall initially deposit
            $1,000. The Cap 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 monies, including, without limitation, other monies of the
            Trustee
            held pursuant to this Agreement. If the existing Cap Account ceases to
            be an
            Eligible Account, the Trustee shall establish a new Cap Account that
            is an
            Eligible Account within 20 Business Days and transfer all funds and investment
            property on deposit in such existing Cap Account into such new Cap
            Account.

          

          (c)
             In
            addition, the Trustee, on behalf of the Supplemental Interest Trust,
            shall
            establish an account (the “Collateral Account”), into which funds shall be
            deposited pursuant to Section 5.07(h). The Collateral 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 monies, including,
            without
            limitation, other monies of the Trustee held pursuant to this Agreement.
            If the
            existing Collateral Account ceases to be an Eligible Account, the Trustee
            shall
            establish a new Collateral Account that is an Eligible Account within
            20
            Business Days and transfer all funds and investment property on deposit
            in such
            existing Collateral Account into such new Collateral Account.

          

          
            
              
              

            

            
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          (d)
             The
            Trustee shall deposit into the Swap Account any Net Swap Payment required
            pursuant to Sections 5.02(b), (d), and (h), any Swap Termination Payment
            required pursuant to Sections 5.02(b), (d), (f) and (h), any amounts
            received
            from the Swap Counterparty under the Swap Agreement, and shall distribute
            from
            the Swap Account any Net Swap Payment required pursuant to Section 5.02(h)(i)
            or
            5.02(l), as applicable, or Swap Termination Payment required pursuant
            to
            Sections 5.02(h)(ii), Section 5.02(h)(viii) or Section 5.02(l), as
            applicable.

          

          (e)
             The
            Trustee shall deposit into the Cap Account any amounts received from
            the Cap
            Counterparty under the Cap Agreement.

          

          (f)
             Funds
            in
            the Swap Account shall be invested in Eligible Investments. Any earnings
            on such
            amounts shall be distributed on each Distribution Date pursuant to Section
            5.02(h) or 5.02(l), as applicable. The Class X Certificates shall evidence
            ownership of the Swap Account for federal income tax purposes and the
            Holder
            thereof shall direct the Trustee, in writing, as to investment of amounts
            on
            deposit therein. The Class X Certificateholders shall be liable for any
            losses
            incurred on such investments. In the absence of written instructions
            from the
            Class X Certificateholders as to investment of funds on deposit in the
            Swap
            Account, such funds shall remain uninvested. Any amounts on deposit in
            the Swap
            Account in excess of the Swap Amount on any Distribution Date shall be
            held for
            distribution pursuant to Section 5.02(h) or 5.02(l), as applicable, on
            the
            following Distribution Date.

          

          (g)
             Funds
            in
            the Cap Account shall be invested in Eligible Investments. Any earnings
            on such
            amounts shall be distributed on each Distribution Date pursuant to Section
            5.02(g) or 5.02(m), as applicable. The Class X Certificates shall evidence
            ownership of the Cap Account for federal income tax purposes and the
            Holder
            thereof shall direct the Trustee, in writing, as to investment of amounts
            on
            deposit therein. The Class X Certificateholders shall be liable for any
            losses
            incurred on such investments. In the absence of written instructions
            from the
            Class X Certificateholders as to investment of funds on deposit in the
            Cap
            Account, such funds shall remain uninvested. Any amounts on deposit in
            the Cap
            Account in excess of the Cap Amount on any Distribution Date shall be
            held for
            distribution pursuant to Section 5.02(g) or 5.02(m), as applicable, on
            the
            following Distribution Date.

          

          (h)
             Funds
            required to be held pursuant to the Credit Support Annex shall be deposited
            into
            the Collateral Account. Funds posted by the Swap Counterparty (or its
            credit
            support provider) in the Collateral Account shall be invested in Eligible
            Investments as directed by the Swap Counterparty (or its credit support
            provider). Any interest earnings on such amounts shall be remitted to
            the Swap
            Counterparty (or its credit support provider) pursuant to the terms of
            the
            Credit Support Annex. The Trustee shall not be liable for any losses
            incurred on
            such investments. In the absence of prior written instructions from the
            Swap
            Counterparty (or its credit support provider) as to investment of funds
            on
            deposit in the Collateral Account, such funds shall remain uninvested.
            On the
            first Distribution Date immediately following any Swap Payment Date as
            to which
            a shortfall exists with respect to a Net Swap Payment or a Swap Termination
            Payment owed by the Swap Counterparty as a result of its failure to make
            payments pursuant to the Swap Agreement, amounts necessary to cover such
            shortfall shall be removed from the Collateral Account, remitted to the
            Swap
            Account and distributed as all or a portion of such Net Swap Payment
            or Swap
            Termination Payment pursuant to Section 5.02(h) or Section 5.02(l), as
            applicable. On any Distribution Date as to which a shortfall exists with
            respect
            to the Cap Amount owed by the Cap Counterparty as a result of its failure
            to
            make payments pursuant to the Cap Agreement, amounts necessary to cover
            such
            shortfall shall be removed from the Collateral Account, remitted to the
            Cap
            Account and distributed as all or a portion of such Cap Amount pursuant
            to
            Section 5.02(g). Any amounts on deposit in the Collateral Account required
            to be
            returned to the Swap Counterparty (or its credit support provider), as
            applicable, as a result of (i) the termination of the Swap Agreement,
            (ii) the
            procurement of a guarantor, (iii) the reinstatement of required ratings
            or (iv)
            otherwise pursuant to the Swap Agreement, shall be released directly
            to the Swap
            Counterparty pursuant to the terms of the Credit Support Annex.

          

          
            
              
              

            

            
              108

              
                

              

            

            
              
              

            

          

          (i)
             Upon
            termination of the Trust Fund, any amounts remaining in the Swap Account
            shall
            be distributed pursuant to the priorities set forth in Section 5.02(h)
            or
            5.02(l), as applicable.

          

          (j)
             Upon
            termination of the Trust Fund, any amounts remaining in the Interest
            Rate Cap
            Account shall be distributed pursuant to the priorities set forth in
            Section
            5.02(g) or Section 5.02(m), as applicable

          

          (k)
             Upon
            termination of the Trust Fund, any amounts remaining in the Collateral
            Account
            shall be distributed as required pursuant to the terms of Credit Support
            Annex.

          

          (l)
             It
            is the
            intention of the parties hereto that, for federal and state income and
            state and
            local franchise tax purposes, the Supplemental Interest Trust be disregarded
            as
            an entity separate from the holder of the Class X Certificates until
            the date
            when either (a) there is more than one holder of the Class X Certificates
            or (b)
            any Class of Certificates in addition to the Class X Certificates is
            recharacterized as an equity interest in the Supplemental Interest Trust
            for
            federal income tax purposes. The Trustee shall not be responsible for
            any entity
            level tax reporting for the Supplemental Interest Trust.

          

          (m)
             To
            the
            extent that the Supplemental Interest Trust is determined to be a separate
            legal
            entity from the Trustee, any obligation of the Trustee under the Supplemental
            Interest Trust related to the Swap Agreement or the Cap Agreement, as
            applicable, shall be deemed to be an obligation of the Supplemental Interest
            Trust.

          

          (n)
             In
            the
            event that either the Swap Counterparty or the Cap Counterparty fails
            to perform
            any of its obligations under the Swap Agreement or the Cap Agreement,
            respectively (including, without limitation, its obligations to make
            any payment
            or transfer collateral), or breaches any of its representations and warranties
            under the Swap Agreement or the Cap Agreement, as applicable, or in the
            event
            that an Event of Default, Termination Event, or Additional Termination
            Event
            occurs (as such terms are defined in the Swap Agreement or the Cap Agreement,
            as
            applicable), the Trustee on behalf of the Supplemental Interest Trust,
            shall
            (upon a Responsible Officer of the Trustee receiving written notice or
            having
            actual knowledge of the occurrence thereof), no later than the next Business
            Day
            following such failure, breach or occurrence, of which the Trustee has
            actual
            knowledge, notify the Swap Counterparty or Cap Counterparty, as applicable,
            and
            give any notice of such failure and make any demand for payment pursuant
            to the
            Swap Agreement or Cap Agreement, as applicable. In the event that the
            Swap
            Counterparty’s obligations under the Swap Agreement or the Cap Counterparty’s
            obligations under the Cap Agreement are at any time guaranteed by a third
            party,
            then to the extent that the Swap Counterparty or the Cap Counterparty
            fails to
            make any payment or delivery required under terms of the Swap Agreement
            or the
            Cap Agreement, as applicable, the Trustee, on behalf of the Supplemental
            Interest Trust, shall (upon a Responsible Officer of the Trustee receiving
            written notice or having actual knowledge of the occurrence thereof),
            no later
            than the next Business Day following such failure, demand that such guarantor
            make any and all payments then required to be made by the applicable
            guarantor.

          

          
            
              
              

            

            
              109

              
                

              

            

            
              
              

            

          

          Section
            5.08. Rights
            of Swap Counterparty.  

          

          The
            Swap
            Counterparty 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, upon
            designation of an “Early Termination Date” (as defined in the Swap Agreement),
            to enforce its rights under this Agreement, which rights include but
            are not
            limited to the obligation of the Trustee (A) to deposit any Net Swap
            Payment
            required pursuant to Sections 5.02(b), (d) and (h), and any Swap Termination
            Payment required pursuant to Sections 5.02(b), (d), (f) and (h) into
            the Swap
            Account and to pay any Net Swap Payment required pursuant to Section
            5.02(h)(i)
            or 5.02(l), as applicable, or Swap Termination Payment required pursuant
            to
            Sections 5.02(h)(ii), Section 5.02(h)(viii) and Section 5.02(l), as applicable,
            to the Swap Counterparty and (C) to establish and maintain the Swap Account,
            to
            make such deposits thereto, investments therein and distributions therefrom
            as
            are required pursuant to Section 5.07. For the protection and enforcement
            of the
            provisions of this Section the Swap Counterparty shall be entitled to
            such
            relief as can be given either at law or in equity.

          

          Section
            5.09. Termination
            Receipts. 

          

          (a)
             In
            the
            event of an “Early Termination Event” as defined under the Swap Agreement, (i)
            any Swap Termination Payment made by the Swap Counterparty to the Supplemental
            Interest Trust and paid pursuant to Section 5.02(h)(x) or Section 5.02(l)
            (“Termination Receipts”) will be deposited in a segregated non-interest bearing
            account which shall be an Eligible Account established by the Trustee
            (the “Swap
            Termination Receipts Account”) and (ii) any amounts received from a replacement
            Swap Counterparty (“Swap Replacement Receipts”) will be deposited in a
            segregated non-interest bearing account which shall be an Eligible Account
            established by the Trustee (the “Swap Replacement Receipts Account”). Solely
            upon written direction of the Depositor, the Trustee shall invest, or
            cause to
            be invested, funds held in the Swap Termination Receipts Account and
            the Swap
            Replacement Receipts Account in time deposits of the Trustee as permitted
            by
            clause (ii) of the definition of Eligible Investments or as otherwise
            directed
            in writing by a majority of the Certificateholders. All such investments
            must be
            payable on demand or mature on a Distribution Date or such other date
            as
            directed by the Certificateholders. If no such direction is given by
            the
            Depositor, such funds shall remain uninvested. All such Eligible Investments
            will be made in the name of the Trustee, as trustee of the Supplemental
            Interest
            Trust (in its capacity as such) or its nominee. All income and gain realized
            from any such investment shall be deposited in the Swap Termination Receipts
            Account or the Swap Replacement Receipts Account, as applicable, and
            all losses,
            if any, shall be borne by the related account.

          

          Unless
            otherwise permitted by the Rating Agencies as evidenced in a written
            confirmation, the Depositor shall arrange for replacement Swap Agreement(s)
            or
            procure a replacement guarantor, if applicable, and the Trustee shall
            promptly,
            at the written direction of, and with the assistance and cooperation
            of the
            Depositor, use amounts on deposit in the Swap Termination Receipts Account,
            if
            necessary, to enter into replacement Swap Agreement(s) or to execute
            any other
            agreements with respect to such replacement guarantor, if applicable,
            which
            shall be executed and delivered by the Trustee on behalf of the Supplemental
            Interest Trust upon receipt of written confirmation from each Rating
            Agency (if
            required pursuant to the terms of the Swap Agreement) that such replacement
            Swap
            Agreement(s) will not result in the reduction or withdrawal of the rating
            of any
            outstanding Class of Senior Certificates (other than the Class AIO Certificates)
            with respect to which it is a Rating Agency. 

          

          
            
              
              

            

            
              110

              
                

              

            

            
              
              

            

          

          Amounts
            on deposit in the Swap Replacement Receipts Account shall be held for
            the
            benefit of the related Swap Counterparty and paid to such Swap Counterparty
            if
            the Supplemental Interest Trust is required to make a payment to such
            Swap
            Counterparty following an event of default or termination event with
            respect to
            the Supplemental Interest Trust under the related Swap Agreement. Any
            amounts
            not so applied shall, following the termination or expiration of such
            Swap
            Agreement, be paid to the S-X Component of the Class X
            Certificates.

          

          (b)
             In
            the
            event of an “Early Termination Event” as defined under the Cap Agreement, (i)
            any Cap Termination Payment made by the Cap Counterparty to the Supplemental
            Interest Trust and paid pursuant to Section 5.02(g)(v) (“Cap Termination
            Receipts”) will be deposited in a segregated non-interest bearing account which
            shall be an Eligible Account established by the Trustee (the “Cap Termination
            Receipts Account”) and (ii) any amounts received from a replacement Cap
            Counterparty (“Cap Replacement Receipts”) will be deposited in a segregated
            non-interest bearing account which shall be an Eligible Account established
            by
            the Trustee (the “Cap Replacement Receipts Account”). Solely upon written
            direction of the Depositor, the Trustee shall invest, or cause to be
            invested,
            funds held in the Cap Termination Receipts Account and the Cap Replacement
            Receipts Account in time deposits of the Trustee as permitted by clause
            (ii) of
            the definition of Eligible Investments or as otherwise directed in writing
            by a
            majority of the Certificateholders. All such investments must be payable
            on
            demand or mature on a Distribution Date or such other date as directed
            by the
            Certificateholders. If no such direction is given by the Depositor, such
            funds
            shall remain uninvested. All such Eligible Investments will be made in
            the name
            of the Trustee, as trustee of the Supplemental Interest Trust (in its
            capacity
            as such) or its nominee. All income and gain realized from any such investment
            shall be deposited in the Cap Termination Receipts Account or the Cap
            Replacement Receipts Account, as applicable, and all losses, if any,
            shall be
            borne by the related account.

          

          Unless
            otherwise permitted by the Rating Agencies as evidenced in a written
            confirmation, the Depositor shall arrange for replacement Cap Agreement(s)
            or
            procure a replacement guarantor, if applicable, and the Trustee shall
            promptly,
            at the written direction of, and with the assistance and cooperation
            of the
            Depositor, use amounts on deposit in the Cap Termination Receipts Account,
            if
            necessary, to enter into replacement Cap Agreement(s) or to execute any
            other
            agreements with respect to such replacement guarantor, if applicable,
            which
            shall be executed and delivered by the Trustee on behalf of the Supplemental
            Interest Trust upon receipt of written confirmation from each Rating
            Agency (if
            required pursuant to the terms of the Cap Agreement) that such replacement
            Cap
            Agreement(s) will not result in the reduction or withdrawal of the rating
            of any
            outstanding Class of Senior Certificates (other than the Class AIO Certificates)
            with respect to which it is a Rating Agency. 

          

          
            
              
              

            

            
              111

              
                

              

            

            
              
              

            

          

          Amounts
            on deposit in the Cap Replacement Receipts Account shall be held for
            the benefit
            of the related Cap Counterparty and paid to such Cap Counterparty if
            the
            Supplemental Interest Trust is required to make a payment to such Cap
            Counterparty following an event of default or termination event with
            respect to
            the Supplemental Interest Trust under the related Cap Agreement. Any
            amounts not
            so applied shall, following the termination or expiration of such Cap
            Agreement,
            be paid to the C-X Component of the Class X Certificates.

          

          Section
            5.10. The
            Certificate Insurance Policy. 

          

          (a)
             If,
            on
            the Business Day before any Distribution Date, the Trustee determines
            that an
            Insured Amount is required to be made by the Certificate Insurer on such
            Distribution Date, the Trustee shall determine the amount of any such
            Insured
            Amount and shall give written notice to the Certificate Insurer by completing
            a
            Notice of Nonpayment in the form of Exhibit A to the Certificate Insurance
            Policy and submitting such Notice of Nonpayment by 12:00 noon, New York
            City
            time on such Business Day as a claim for an Insured Amount. The Trustee’s
            responsibility for delivering a Notice of Nonpayment to the Certificate
            Insurer,
            as provided in the preceding sentence, is subject to the availability,
            timeliness and accuracy of the information provided to it by the Master
            Servicer
            in accordance with Section 4.03(a).

          

          In
            the
            event the Trustee receives a certified copy of an order of the appropriate
            court
            that any scheduled payment of principal or interest on a Insured Certificate
            has
            been voided in whole or in part as a preference payment under applicable
            bankruptcy law, the Trustee shall promptly notify the Certificate Insurer
            in
            writing, as appropriate, and the fiscal agent, if any, and the Trustee
            shall
            make a claim on the Certificate Insurance Policy in accordance with the
            provisions thereof to obtain payment by the Certificate Insurer of such
            voided
            scheduled payment. In addition, the Trustee shall mail notice to all
            Holders of
            the Insured Certificates so affected that, in the event that any such
            Holder’s
            scheduled payment is so recovered, such Holder will be entitled to payment
            pursuant to the terms of the Certificate Insurance Policy, a copy of
            which shall
            be made available to such Holders by the Trustee. The Trustee shall furnish
            to
            the Certificate Insurer and the appropriate fiscal agent, if any, its
            records
            listing the payments on the affected Insured Certificates, if any, that
            have
            been made by the Trustee and subsequently recovered from the affected
            Holders,
            and the dates on which such payments were made by the Trustee.

          

          (b)
             At
            the
            time of the execution hereof, and for the purposes hereof, the Trustee
            shall
            establish the Policy Payments Account over which the Trustee shall have
            exclusive control and sole right of withdrawal. The Policy Payments Account
            shall be an Eligible Account. The Trustee shall deposit any amount paid
            under
            the Certificate Insurance Policy into the Policy Payments Account and
            distribute
            such amount only for the purposes of making payments to Holders of the
            Insured
            Certificates in respect of the Insured Distributions (or other amounts
            payable
            pursuant to the second paragraph of subsection (a) above on the Insured
            Certificates by the Certificate Insurer pursuant to the Certificate Insurance
            Policy) for which the related claim was made under the Certificate Insurance
            Policy. Such amounts shall be allocated by the Trustee to Holders of
            Insured
            Certificates entitled to such payments in the same manner as principal
            and
            interest distributions are to be allocated with respect to such Certificates
            pursuant to Section 5.02. It shall not be necessary for such payments
            to be made
            by checks or wire transfers separate from the checks or wire transfers
            used to
            make regular payments hereunder with funds withdrawn from the Certificate
            Account. However, any payments made on the Insured Certificates from
            funds in
            the Policy Payments Account shall be noted as provided in subsection
            (e) below.
            Funds held in the Policy Payments Account shall not be invested by the
            Trustee.

          

          
            
              
              

            

            
              112

              
                

              

            

            
              
              

            

          

          (c)
             Any
            funds
            received from the Certificate Insurer for deposit into the Policy Payments
            Account pursuant to the Certificate Insurance Policy in respect of a
            Distribution Date or otherwise as a result of any claim under such Certificate
            Insurance Policy shall be applied by the Trustee directly to the payment
            in full
            (i) of the Insured Amounts due on such Distribution Date on the Insured
            Certificates or (ii) of other amounts to which payments under the Certificate
            Insurance Policy are to be applied. Funds received by the Trustee as
            a result of
            any claim under the Certificate Insurance Policy shall be used solely
            for
            payment to the Holders of the Insured Certificates and may not be applied
            for
            any other purpose, including, without limitation, satisfaction of any
            costs,
            expenses or liabilities of the Trustee or the Trust Fund. Any funds remaining
            in
            the Policy Payments Account on the first Business Day after each Distribution
            Date (other than the final Distribution Date to the extent of funds remaining
            in
            the Policy Payments Account required to be paid to Holders of the Insured
            Certificates) shall be remitted promptly to the Certificate Insurer pursuant
            to
            the written instruction of the Certificate Insurer.

          

          (d)
             The
            Trustee shall keep complete and accurate records in respect of (i) all
            funds
            remitted to the Trustee by the Certificate Insurer and deposited into
            the Policy
            Payments Account and (ii) the allocation of such funds to (A) payments
            of
            interest on and principal in respect of any Insured Certificates (B)
            any Applied
            Loss Amount allocated to the Insured Certificates and (C) payments in
            respect of
            Preference Amounts. The Certificate Insurer shall have the right to inspect
            such
            records at reasonable times during normal business hours upon three Business
            Days’ prior notice to the Trustee. Any Insured Amounts disbursed by the Trustee
            from proceeds of the Certificate Insurance Policy shall be considered
            payment by
            the Certificate Insurer and not by the Trust Fund with respect to the
            Insured
            Certificates and the Certificate Insurer will be entitled to receive
            the related
            Reimbursement Amount pursuant to Section 5.02(b)(iv), 5.02(d)(i)(C) or
            5.02(d)(ii)(C), as applicable.

          

          (e)
             The
            Trustee acknowledges, and each Holder of a Insured Certificate by their
            acceptance of such Certificate agree, that, without the need for any
            further
            action on the part of the Certificate Insurer or the Trustee, to the
            extent the
            Certificate Insurer pays Insured Amounts or Preference Amounts, directly
            or
            indirectly, on account of principal of or interest on any such Class
            of
            Certificates, the Certificate Insurer will be fully subrogated to the
            rights of
            the Holders of such Class to receive the related Reimbursement Amount
            pursuant
            to Section 5.02(b)(iv), 5.02(d)(i)(C) or 5.02(d)(ii)(C), as applicable.
            The
            Holders of each Insured Certificate, by acceptance of their respective
            Classes
            of Certificates assign their rights as Holders of such Class of Certificates
            to
            the extent of the Certificate Insurer’s interest with respect to amounts paid
            under the Certificate Insurance Policy. Each of the Depositor and Trustee
            agrees
            to such subrogation and, further agrees to execute such instruments and
            to take
            such actions as, in the sole judgment of the Certificate Insurer are
            necessary
            to evidence such subrogation and, subject to the priority of payment
            provisions
            of this Agreement, to perfect the rights of the Certificate Insurer to
            receive
            any moneys paid or payable in respect of the Insured Certificates under
            this
            Agreement or otherwise. Anything herein to the contrary notwithstanding,
            solely
            for purposes of determining the Certificate Insurer’s rights as subrogee for
            payments distributable pursuant to Section 5.02, any payment with respect
            to
            distributions to the Insured Certificates that is made with funds received
            pursuant to the terms of the Certificate Insurance Policy shall not be
            considered payment of such Class of Certificates from the Trust Fund
            and shall
            not result in the distribution or the provision for the distribution
            in
            reduction of the Class Principal Amount of such Class of Certificates
            or Current
            Interest thereon, within the meaning of Article V.

          

          
            
              
              

            

            
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          (f)
             The
            Trustee shall promptly notify the Certificate Insurer of either of the
            following
            as to which a Responsible Officer has actual knowledge: (A) the commencement
            of
            any proceeding by or against the Depositor commenced under the Bankruptcy
            Code
            or any other applicable bankruptcy, insolvency, receivership, rehabilitation
            or
            similar law (an “Insolvency Proceeding”) and (B) the making of any claim in
            connection with any Insolvency Proceeding seeking the avoidance as a
            preferential transfer (a “Preference Claim”) of any distribution made with
            respect to the Insured Certificates. Each Holder of a Insured Certificate,
            by
            its purchase of its respective Class of Certificate, and the Trustee
            hereby
            agree that the Certificate Insurer (so long as no Certificate Insurer
            Default
            exists) may at any time during the continuation of any proceeding relating
            to a
            Preference Claim direct all matters relating to such Preference Claim,
            including, without limitation, (i) the direction of any appeal of any
            order
            relating to any Preference Claim and (ii) the posting of any surety,
            supersedeas
            or performance bond pending any such appeal. In addition and without
            limitation
            of the foregoing, the Certificate Insurer shall be subrogated to the
            rights of
            the Trustee and each Holder of a Insured Certificate in the conduct of
            any
            Preference Claim, including, without limitation, all rights of any party
            to an
            adversary proceeding action with respect to any court order issued in
            connection
            with any such Preference Claim.

          

          (g)
             The
            Trustee shall surrender the Certificate Insurance Policy to the Certificate
            Insurer for cancellation upon the termination of the Trust Fund pursuant
            to
            Article VII hereof.

          

          ARTICLE
            VI

          

          CONCERNING
            THE TRUSTEE EVENTS OF DEFAULT

          

          Section
            6.01. Duties
            of Trustee and Paying Agent.  

          

          (a)
             The
            Trustee, except during the continuance of an Event of Default of which
            a
            Responsible Officer of the Trustee shall have actual knowledge, undertakes
            to
            perform such duties and only such duties as are specifically set forth
            in this
            Agreement. Any permissive right of the Trustee provided for in this Agreement
            shall not be construed as a duty of the Trustee. If an Event of Default
            (of
            which a Responsible Officer of the Trustee shall have actual knowledge)
            has
            occurred and has not otherwise been cured or waived, the Trustee 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 Trustee is acting as Master Servicer, in which case it shall use
            the same
            degree of care and skill as the Master Servicer hereunder. 

          

          (b)
             
            The
            Trustee, upon receipt of all resolutions, certificates, statements, opinions,
            reports, documents, orders or other instruments furnished to the Trustee
            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
            the Trustee shall not 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, any Servicer, the Swap Counterparty
            or the Cap Counterparty to the Trustee pursuant to this Agreement, and
            shall not
            be required to recalculate or verify any numerical information furnished
            to the
            Trustee 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 the Trustee shall notify the Person providing
            such resolutions, certificates, statements, opinions, reports, documents,
            order
            or other instrument of the non-conformity, and if the failure to provide
            such
            resolution, certificate, statement, opinion, report, document, order
            or other
            instrument would constitute an Event of Default under this Agreement,
            the
            Trustee will provide notice thereof to the Certificateholders, the Certificate
            Insurer 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, the Certificate
            Insurer and any NIMS Insurer.

          

          
            
              
              

            

            
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          (c)
             The
            Trustee shall not have any liability arising out of or in connection
            with this
            Agreement, except for its negligence or willful misconduct. Notwithstanding
            anything in this Agreement to the contrary, the Trustee shall not be
            liable for
            special, indirect or consequential losses or damages of any kind whatsoever
            (including, but not limited to, lost profits). No provision of this Agreement
            shall be construed to relieve the Trustee from liability for its own
            negligent
            action, its own negligent failure to act or its own willful misconduct;
            provided,
            however,
            that:

          

          (i) The
            Trustee shall not 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 or with the consent of Holders of Certificates as provided
            in Section
            6.18 hereof;

          

          (ii) For
            all
            purposes under this Agreement, the Trustee shall not be deemed to have
            notice of
            any Event of Default (other than resulting from a failure by the Master
            Servicer
            (i) to remit funds (or to make Advances) or (ii) to furnish information
            to the
            Trustee when required to do so) 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 and this Agreement or the Certificate
            Insurer
            under the Certificate Insurance Policy;

          

          (iii) No
            provision of this Agreement shall require the Trustee to expend or risk
            its own
            funds or otherwise incur any financial liability in the performance of
            any of
            its duties hereunder, or in the exercise of any of its rights or powers,
            if it
            shall have reasonable grounds for believing that 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 to perform, or be responsible for the manner of performance
            of, any of the obligations of the Depositor or the Master Servicer under
            this
            Agreement; and

          

          
            
              
              

            

            
              115

              
                

              

            

            
              
              

            

          

          (iv) The
            Trustee shall not be responsible for any act or omission of the Master
            Servicer,
            any Servicer, the Depositor, the Certificate Insurer, the Swap Counterparty,
            the
            Cap Counterparty, the Seller or any Custodian.

          

          (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 promptly 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)
             The
            Trustee shall not 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, the Certificate Insurer or the 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
            exercising
            any trust or power conferred upon the Trustee under this Agreement.

          

          (f)
             The
            Trustee shall not 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 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 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)
             The
            Trustee shall not be held liable by reason of any insufficiency in the
            Collection Account, the Basis Risk Reserve Fund, the Cap Account, the
            Swap
            Account or the Collateral Account resulting from any investment loss
            on any
            Eligible Investment included therein (except to the extent that the Trustee
            is
            the obligor and has defaulted thereon).

          

          (h)
             Except
            as
            otherwise provided herein, the Trustee shall not have any duty (A) to
            record,
            file or deposit this Agreement or any agreement referred to herein or
            any
            financing statement or continuation statement evidencing a security interest,
            or
            to maintain any such recording or filing or depositing or any rerecording,
            refiling or redepositing of any such statement or agreement, (B) to procure
            or
            maintain any insurance, (C) to pay or discharge 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 Servicer, the Cap Counterparty, the Swap Counterparty or
            the
            Depositor delivered to the Trustee pursuant to this Agreement believed
            by the
            Trustee to be genuine and to have been signed or presented by the proper
            party
            or parties.

          

          
            
              
              

            

            
              116

              
                

              

            

            
              
              

            

          

          (i)
             The
            Trustee shall not be liable in its individual capacity for an error of
            judgment
            made in good faith by a Responsible Officer or any other officer of the
            Trustee
            unless it shall be proved that the Trustee was negligent in ascertaining
            the
            pertinent facts.

          

          (j)
             Notwithstanding
            anything in this Agreement to the contrary, neither the Trustee nor the
            Paying
            Agent 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 Paying Agent, as applicable, has been advised of the
            likelihood of such loss or damage and regardless of the form of
            action.

          

          (k)
             On
            or
            before March 15 of each calendar year for so long as the Depositor is
            subject to
            Exchange Act reporting requirements for the Lehman XS Trust 2007-14H,
            beginning
            in March 2008, the Trustee and Paying Agent (if other than the Trustee)
            shall
            deliver to the Sponsor, the Master Servicer, the Certificate Insurer
            and the
            Depositor a report regarding its assessment of compliance with the Servicing
            Criteria applicable to such party, as identified on Exhibit O hereto,
            as of and
            for the period ending the end of the fiscal year ending no later than
            December
            31 of the year prior to the year of delivery of the report. Each such
            report
            shall include (a) a statement of the party’s responsibility for assessing
            compliance with the Servicing Criteria applicable to such party, (b)
            a statement
            that such party used the criteria identified in Item 1122(d) of Regulation
            AB (§
229.1122(d)) to assess compliance with the applicable Servicing Criteria,
            (c)
            disclosure of any material instance of noncompliance identified by such
            party
            and (d) a statement that a registered public accounting firm has issued
            an
            attestation report on such party’s assessment of compliance with the applicable
            Servicing Criteria, which report shall be delivered by the Trustee as
            provided
            in Section 6.01(l). In the event that the Trustee and the Paying Agent
            are the
            same party, the Relevant Servicing Criteria of the Paying Agent shall
            be
            included in the Trustee’s report.. In addition, on or before March 15th of each
            calendar year for so long as the Depositor is subject to Exchange Act
            reporting
            requirements for the Lehman XS Trust 2007-14H, beginning in March 2008,
            the
            Trustee and Paying Agent (if other than the Trustee) shall, at their
            own
            expense, furnish or cause to be furnished to the Sponsor and the Depositor
            an
            assessment of compliance and accountant’s attestation of any Subservicer or
            Subcontractor with respect to the Trustee or Paying Agent, as applicable.
            

          

          (l)
             On
            or
            before March 15th of each calendar year for so long as the Depositor
            is subject
            to Exchange Act reporting requirements for the Lehman XS Trust 2007-14H,
            beginning in March 2008, the Trustee and Paying Agent (if other than
            the
            Trustee) shall, at their own expense, cause a registered public accounting
            firm
            (who may also render other services to Trustee or Paying Agent), which
            is a
            member of the American Institute of Certified Public Accountants, to
            furnish to
            the Sponsor, the Master Servicer, the Certificate Insurer and the Depositor
            a
            report 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 made by the Trustee or Paying Agent pursuant
            to
            Section 6.01(k) above. In the event that the Trustee and the Paying Agent
            are
            the same party, the attestation report caused to be furnished by the
            Trustee
            shall also address the Relevant Servicing Criteria of the Paying
            Agent.

          

          
            
              
              

            

            
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          (m)
             The
            Trustee 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
            Trustee, 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 and accountant’s attestations
            provided by each such Subcontractor.

          

          (n)
             For
            as
            long as the Depositor is subject to Exchange Act reporting with respect
            to the
            Trust Fund, the Trustee and the Paying Agent (if other than the Trustee)
            shall
            notify the Depositor, the Master Servicer and the Sponsor within five
            (5) days
            of knowledge thereof (i) of any legal proceedings pending against the
            Trustee of
            the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if
            the Trustee shall become (but only to the extent not previously disclosed)
            at
            any time an affiliate of any of the parties listed on Exhibit P hereto,
            together
            with a description thereof. On or before March 1st of each year, the
            Depositor
            shall distribute the information in Exhibit P to the Trustee.

          

          (o)
             The
            Trustee agrees to indemnify the Depositor and the Master Servicer, and
            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 any failure by the Trustee to comply with the provisions of Subsections
            6.01(k) through (n) above or any failure by the Trustee to deliver any
            information, report, certification, accountants’ letter, or other material when
            and as required under this Agreement, including any report under Section
            6.20;
provided,
            however,
            that in
            no event shall the Trustee be liable for any special, consequential,
            indirect or
            punitive damages pursuant to this Section 6.01(o), even if advised of
            the
            possibility of such damages.

          

          (p)
             The
            Paying Agent and Certificate Registrar shall have the same rights, protections,
            immunities and indemnities as are afforded to the Trustee pursuant to
            this
            Article VI.

          

          Section
            6.02. Certain
            Matters Affecting the Trustee.  

          

          Except
            as
            otherwise provided in Section 6.01:

          

          (i) The
            Trustee 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 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;

          

          (ii) The
            Trustee may consult with counsel and any advice of its counsel or Opinion
            of
            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;

          

          
            
              
              

            

            
              118

              
                

              

            

            
              
              

            

          

          (iii) The
            Trustee shall not 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;

          

          (iv) Unless
            an
            Event of Default shall have occurred and be continuing, the Trustee shall
            not 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, the Certificate Insurer or the Holders of at least a majority
            in
            Class Principal Amount (or Percentage Interest) of each Class of Certificates
            or, if such Classes have been retired pursuant to a Section 7.01(d) Purchase
            Event, the LTURI-holder; provided,
            however,
            that, if
            the payment within a reasonable time to the Trustee 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 not reasonably assured to the Trustee by
            the
            security afforded to it by the terms of this Agreement, the Trustee may
            require
            reasonable indemnity against such expense or liability or payment of
            such
            estimated expenses from any NIMS Insurer, the Certificate Insurer or
            the
            Certificateholders, as applicable, as a condition to proceeding. The
            reasonable
            expense thereof shall be paid by the party requesting such investigation
            and if
            not reimbursed by the requesting party shall be reimbursed to the Trustee
            by the
            Trust Fund;

          

          (v) The
            Trustee 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 conferred on them by such
            appointment, provided that the Trustee shall continue to be responsible
            for its
            duties and obligations hereunder to the extent provided herein, and provided
            further that the Trustee shall not be responsible for any misconduct
            or
            negligence on the part of any such agent or attorney appointed with due
            care by
            the Trustee;

          

          (vi) The
            Trustee shall not 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, the Certificate Insurer
            or any
            NIMS Insurer pursuant to the provisions of this Agreement, unless such
            Certificateholders, the Certificate Insurer or any NIMS Insurer shall
            have
            offered to the Trustee reasonable security or indemnity against the costs,
            expenses and liabilities which may be incurred therein or thereby;

          

          (vii) The
            right
            of the Trustee to perform any discretionary act enumerated in this Agreement
            shall not be construed as a duty, and the Trustee shall not be answerable
            for
            other than its negligence or willful misconduct in the performance of
            such act;
            and

          

          (viii) The
            Trustee shall not be required to give any bond or surety in respect of
            the
            execution of the Trust Fund or Supplemental Interest Trust created hereby
            or the
            powers granted hereunder.

          

          
            
              
              

            

            
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          Section
            6.03. Trustee
            Not Liable for Certificates.  

          

          The
            Trustee makes no representations as to the validity or sufficiency of
            this
            Agreement, the Cap Agreement, the Swap Agreement, any Custodial Agreement,
            any
            Servicing Agreement or of the Certificates (other than the certificate
            of
            authentication on the Certificates), the Pooling REMIC 1 Regular Interests
            or of
            any Mortgage Loan, or related document save that the Trustee represents
            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. The
            Trustee shall not 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. The Trustee shall not be responsible for the legality or
            validity
            of this Agreement, any Custodial Agreement, any Servicing Agreement,
            the Cap
            Agreement or the Swap Agreement or the validity, priority, perfection
            or
            sufficiency of the security for the Certificates or the Pooling REMIC
            1 Regular
            Interests issued or intended to be issued hereunder. Except as otherwise
            provided herein, the Trustee shall have no 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
            May Own Certificates.  

          

          The
            Trustee and any Affiliate or agent of the Trustee in its individual or
            any other
            capacity may become the owner or pledgee of Certificates or the Pooling
            REMIC 1
            Regular Interests and may transact banking and trust business with the
            other
            parties hereto and their Affiliates with the same rights it would have
            if it
            were not Trustee or such agent.

          

          Section
            6.05. Eligibility
            Requirements for Trustee.  

          

          The
            Trustee hereunder shall at all times be (i) an institution whose accounts
            are
            insured by the FDIC, (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 subject
            to
            supervision or examination by federal or state authority and (iii) not
            an
            Affiliate of the Master Servicer or any Servicer. In addition, the Trustee
            shall
            have a minimum short term debt rating of at least “A-1” from S&P. 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 the Trustee
            shall
            cease to be eligible in accordance with provisions of this Section, the
            Trustee
            shall resign immediately in the manner and with the effect specified
            in Section
            6.06.

          

          
            
              
              

            

            
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          Section
            6.06. Resignation
            and Removal of Trustee.  

          

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

          

          (b)
             If
            at any
            time (i) the Trustee 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 shall
            become
            incapable of acting, or shall be adjudged a bankrupt or insolvent, or
            a receiver
            of the Trustee of its property shall be appointed, or any public officer
            shall
            take charge or control of the Trustee or of its property or affairs for
            the
            purpose of rehabilitation, conservation or liquidation, (iii) the Trustee
            shall
            fail to observe or perform in any material respect any of the covenants
            or
            agreements of the Trustee contained in this Agreement, (iv) 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, (v) the continued use
            of the
            Trustee would result in a downgrading of the rating by any Rating Agency
            of any
            Class of Certificates with a rating or (vi) the Trustee shall fail to
            deliver
            the information or reports required pursuant to Section 6.01(k) through
            (n)
            hereto, then the Depositor, any NIMS Insurer or the Master Servicer shall
            remove
            the Trustee and the Depositor shall appoint a successor trustee acceptable
            to
            any NIMS Insurer and the Master Servicer by written instrument, one copy
            of
            which instrument shall be delivered to the Trustee so removed, one copy
            each to
            the successor trustee and one copy to the Master Servicer, the Swap
            Counterparty, the Cap Counterparty, the Certificate Insurer and any NIMS
            Insurer; provided,
            however,
            that if
            the Trustee is removed for the failure to provide the accountant’s attestation
            pursuant to Section 6.01(l) of this Agreement, the Trustee shall reimburse
            the
            Depositor for reasonable out-of pocket costs incurred by the Depositor
            in
            providing for a successor Trustee.

          

          (c)
             The
            Holders of more than 50% of the Class Principal Amount (or Percentage
            Interest)
            of each Class of Certificates (or any NIMS Insurer in the event of failure
            of
            the Trustee to perform its obligations hereunder) may at any time upon
            30 days’
written notice to the Trustee 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 and one copy to each
            of the
            Master Servicer, the Swap Counterparty, the Cap Counterparty, the Certificate
            Insurer and any NIMS Insurer; the Depositor shall thereupon appoint a
            successor
            trustee in accordance with this Section mutually acceptable to the Depositor
            and
            the Master Servicer and any NIMS Insurer.

          

          
            
              
              

            

            
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          (d)
             Any
            resignation or removal of the Trustee and appointment of a successor
            trustee
            pursuant to any of the provisions of this Section shall become effective
            upon
            (i) the payment of all unpaid amounts owed to the Trustee and (ii) the
            acceptance of appointment by the successor trustee as provided in Section
            6.07.

          

          Section
            6.07. Successor
            Trustee.  

          

          (a)
             Any
            successor trustee appointed as provided in Section 6.06 shall execute,
            acknowledge and deliver to the Depositor, the Swap Counterparty, the
            Cap
            Counterparty, the Master Servicer, the Certificate Insurer and any NIMS
            Insurer
            and to its predecessor trustee an instrument accepting such appointment
            hereunder, and thereupon the resignation or removal of the predecessor
            trustee
            shall become effective and such successor trustee 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 herein. The predecessor trustee (or its custodian) shall
            deliver to the successor trustee (or assign to the 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 records 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 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 all such rights, powers, duties and
            obligations. 

          

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

          

          (c)
             Upon
            acceptance of appointment by a successor trustee as provided in this
            Section,
            the predecessor trustee shall mail notice of the succession of such trustee
            hereunder to the Certificate Insurer and all Holders of Certificates
            at their
            addresses as shown in the Certificate Register and to any Rating Agency.
            The
            expenses of such mailing shall be borne by the predecessor trustee.

          

          (d)
             Upon
            the
            resignation or removal of the Trustee pursuant to this Section 6.07,
            the Trustee
            shall deliver the amounts held in its possession for the benefit of the
            Certificateholders and the Certificate Insurer to the successor trustee
            upon the
            appointment of such successor trustee.

          

          Section
            6.08. Merger
            or Consolidation of Trustee.  

          

          Any
            Person into which the Trustee may be merged or with which it may be
            consolidated, or any Person resulting from any merger, conversion or
            consolidation to which the Trustee shall be a party, or any Persons succeeding
            to the corporate trust business of the Trustee shall be the successor
            to the
            Trustee 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. Unless and until a Form 15 suspension notice
            shall
            have been filed, as
            a condition to the succession to the Trustee under this Agreement by
            any Person
            (i) into which the Trustee may be merged or consolidated, or (ii) which
            may be
            appointed as a successor to the Trustee, the Trustee shall notify the
            Sponsor,
            the Master Servicer and 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 Sponsor, the Master Servicer and
            the
            Depositor in writing and in form and substance reasonably satisfactory
            to the
            Sponsor, the Master Servicer and the Depositor, all information reasonably
            necessary for the Trustee 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
            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
            Percentage Interest) of every Class of Certificates shall 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 Trustee (acting as successor master
            servicer) to make an Advance pursuant to Section 5.04 and 6.14 hereof
            shall not
            be affected or assigned by the appointment of a co-trustee. The Trustee
            shall
            not be responsible for any action or omission of any separate trustee,
            co-trustee or custodian. Notwithstanding the foregoing, at any time during
            the
            period that a Form 10-K is being filed with respect to the Trust in accordance
            with the Exchange Act and the rules and regulations of the Commission,
            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 the related Custodial
            Agreement, as applicable.

          

          (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;

          

          
            
              
              

            

            
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          (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 the
            Master
            Servicer and any NIMS Insurer.

          

          (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
            Trustee shall pay the reasonable compensation of the co-trustees (which
            compensation shall not reduce any compensation payable to the Trustee
            ) and, if
            paid by the Trustee, shall be a reimbursable expense pursuant to Section
            6.12.

          

          
            
              
              

            

            
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          (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 Trustee
            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 Sponsor and the Depositor and (b) requiring
            any such
            Subcontractor to provide to the Trustee an assessment report as provided
            in
            Section 9.25(a) and an attestation report as provided in Section 9.25(b),
            which
            reports the Trustee shall include in its assessment and attestation reports.
            The
            Trustee shall indemnify the Sponsor, the Depositor and the Master Servicer
            and
            any director, officer, employee or agent of each of the Sponsor, 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 the failure by the
            Trustee
            (i) to give notice of the engagement of any Subcontractor or (ii) to
            require any
            Subcontractor to provide the Trustee 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 Trustee. 

          

          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. 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.

          

          (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. 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.

          

          
            
              
              

            

            
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          Section
            6.11. Indemnification
            of Trustee.  

          

          The
            Trustee, including in its individual capacity, and its 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, 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 Swap Agreement, the Cap Agreement, the
            Mortgage
            Loan Sale Agreement, any Transfer Agreement, any Servicing Agreement
            or any
            Custodial 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:

          

          (i) with
            respect to any such claim, the Trustee shall have given the Depositor,
            the
            Master Servicer, the Certificate Insurer, any NIMS Insurer and the Holders
            written notice thereof promptly after the Trustee shall have knowledge
            thereof;
            provided that failure of the Trustee to provide such written notice shall
            not
            relieve the Trust Fund of the obligation to indemnify the Trustee under
            this
            Section 6.11;

          

          (ii) while
            maintaining control over its own defense, the Trustee shall cooperate
            and
            consult fully with the Depositor, the Master Servicer and any NIMS Insurer
            in
            preparing such defense; and

          

          (iii) 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 entered into without
            the
            prior consent of the Depositor, the Master Servicer and any NIMS Insurer,
            which
            consent shall not be unreasonably withheld.

          

          The
            Trustee shall be further indemnified by the Seller for and held harmless
            against, any loss, liability or expense arising out of, or in connection
            with,
            the provisions set forth in the sixth paragraph of Section 2.01(a) hereof,
            including, without limitation, all costs, liabilities and expenses (including
            reasonable legal fees and expenses) of investigating and defending itself
            against any claim, action or proceeding, pending or threatened, relating
            to the
            provisions of such paragraph.

          

          The
            provisions of this Section 6.11 shall survive any termination of this
            Agreement
            and the resignation or removal of the Trustee 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 and Custodians.  

          

          
            
              
              

            

            
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          The
            Trustee shall be entitled to (i) receive, and is authorized to pay itself,
            the
            amount of income or gain earned from investment of or other earnings
            on funds in
            the Certificate Account and (ii) reimbursement of all reasonable expenses,
            disbursements and advances incurred or made by the Trustee 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 Trustee is entitled as provided therein), except for expenses, disbursements
            and advances that either (i) do not constitute “unanticipated expenses” within
            the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) or (ii)
            arise
            from its negligence, bad faith or willful misconduct. The Trustee shall
            be
            entitled to reimbursement of its reasonable expenses and disbursements
            incurred
            or made in connection with a Section 7.01(d) Purchase Event in accordance
            with
            Section 4.04(b). Each Custodian shall receive compensation and indemnification
            amounts or payment of its expenses under the related Custodial Agreement
            as
            provided therein; provided that, to the extent required under Section
            6 or
            Section 20 of the Custodial Agreement, the Trustee is hereby authorized
            to pay
            such compensation or indemnification amounts 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 may demand
            payment
            or delivery of, and shall receive and collect, all money and other property
            payable to or receivable by the Trustee pursuant to this Agreement. The
            Trustee
            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 Trustee
            shall not
            have timely received amounts to be remitted with respect to the Mortgage
            Loans
            from the Master Servicer, the Trustee shall request the Master Servicer
            to make
            such distribution as promptly as practicable or legally permitted. If
            the
            Trustee shall subsequently receive any such amounts, it may withdraw
            such
            request.

          

          Section
            6.14. Events
            of Default; Trustee 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 Trustee 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 to such Master Servicer and the Trustee by the 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 and 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

          

          
            
              
              

            

            
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          (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 the
            Master Servicer contained in this Agreement which continues unremedied
            for a
            period of 30 days (or 15 days, in the case of failure to maintain any
            Insurance
            Policy required to be maintained pursuant to this Agreement) after the
            date on
            which written notice of such failure, requiring the same to be remedied,
            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 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

          

          (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 the
            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 30 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 more than 50% of the Aggregate Voting Interests
            of the
            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 and without the prior written consent of the Trustee,
            any
            NIMS Insurer and Certificateholders holding more than 50% of the Aggregate
            Voting Interests of the Certificates; or

          

          
            
              
              

            

            
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          (xi)
              The
            Master Servicer has notice or actual knowledge that any Servicer at any
            time is
            not either a Fannie Mae- or Freddie Mac- 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
            a
            Fannie Mae- or Freddie Mac-approved servicer within 60 days of the date
            the
            Master Servicer receives such notice or actual knowledge; or

          

          (xii)
              After
            receipt of notice from the Trustee or any NIMS Insurer, any failure of
            the
            Master Servicer to remit to the Trustee any payment required to be made
            to the
            Trustee for the benefit of Certificateholders under the terms of this
            Agreement,
            including any Advance, on any Master Servicer Remittance Date, which
            failure
            continues unremedied for a period of one Business Day (but in no event
            later
            than 12:00 p.m. New York City time on the related Distribution Date)
            after the
            date upon which such written notice of such failure shall have been given
            to the
            Master Servicer by the Trustee.

          

          If
            an
            Event of Default described in clauses (i) through (xii) 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, 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, 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 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, the Trustee, by notice in writing
            to the
            Master Servicer, shall promptly terminate all 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 Trustee and 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 Trustee; and provided,
            further,
            that
            the obligation to make Advances by the Trustee in its capacity as successor
            master servicer shall be effective upon the Trustee providing notice
            of the
            termination to the Master Servicer pursuant to this Section 6.14. The
            Trustee 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 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 Trustee or its designee
            all
            documents and records in electronic or other form reasonably requested
            by it to
            enable the Trustee or its designee to assume the defaulting Master Servicer’s
            functions hereunder and the transfer to the Trustee or its designee 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 as a result
            of an
            Event of Default (or the Trust Fund, if the Master Servicer is unable
            to fulfill
            its obligations hereunder) shall bear all costs of a master servicing
            transfer,
            including but not limited to those of the Trustee 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. 

          

          
            
              
              

            

            
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          The
            Trustee 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 Trustee to correct any errors or insufficiencies in the master
            servicing
            data or otherwise to enable the Trustee 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 Trustee
            shall
            be entitled to withdraw such reimbursement from amounts on deposit in
            the
            Certificate Account pursuant to Section 4.04(b); 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 Trust Fund to pursue any remedy against any party obligated to make
            such
            reimbursement.

          

          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 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
            has
            actual knowledge, the Trustee, shall promptly notify any NIMS Insurer,
            the
            Certificate Insurer, the Swap Counterparty, the Cap Counterparty and
            each Rating
            Agency of the nature and extent of such Event of Default. The Trustee
            shall
            immediately give written notice to the Master Servicer upon the Master
            Servicer’s failure to remit funds to the Trustee on the Master Servicer
            Remittance Date.

          

          (b)
             Within
            90
            days of the time the Master Servicer receives a notice of termination
            from the
            Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
            of
            the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
            9.28,
            the Trustee, unless another master servicer 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 failure to provide information required by this Agreement shall not
            be considered a default by the Trustee hereunder. In addition, the Trustee
            shall
            have no responsibility for any act or omission of the Master Servicer
            prior to
            the issuance of any notice of termination and within a period of time
            not to
            exceed 90 days after the issuance of written notice of termination pursuant
            to
            Section 6.14(a) or Section 9.28 or for any breach of representation or
            warranty
            by such predecessor Master Servicer. The Trustee shall have no liability
            relating to the representations and warranties of the Master Servicer
            set forth
            in Section 9.14. In the Trustee’s capacity as such successor, the Trustee shall
            have the same limitations on liability herein granted to the Master Servicer.
            As
            compensation therefor, the Trustee shall be entitled to receive all compensation
            payable to the Master Servicer under this Agreement, including the Master
            Servicing Fee. 

          

          
            
              
              

            

            
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          (c)
             Notwithstanding
            the above, the Trustee may, if it shall be unwilling to continue to so
            act, or
            shall, if it is unable to so act, 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 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 the Master Servicer hereunder.
            Such successor master servicer shall have no responsibility for any act
            or
            omission of the Master Servicer prior to such successor’s assumption of the
            Master Servicer’s rights and obligations hereunder and such successor master
            servicer shall also have no liability relating to the representations
            and
            warranties of the Master Servicer set forth in Section 9.14. Any entity
            designated by the Trustee as a successor master servicer may be an Affiliate
            of
            the Trustee; provided,
            however,
            that,
            unless such Affiliate meets the net worth requirements and other standards
            set
            forth herein for a successor master servicer, the Trustee 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 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 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 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 Trustee 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 Trustee 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 the Pooling
            REMIC
            1 Regular Interests or thereafter be received with respect to the Mortgage
            Loans. Neither the Trustee 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 Trustee 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, the Certificate
            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.  

          

          More
            than
            50% 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 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 Trustee shall promptly
            mail
            notice thereof by first class mail to the Certificateholders at their
            respective
            addresses appearing on the Certificate Register, any NIMS Insurer, the
            Certificate Insurer, the Cap Counterparty and the Swap Counterparty.
            The Trustee
            shall also, within 45 days after the occurrence of any Event of Default
            known to
            a Responsible Officer of the Trustee, give written notice thereof to
            any NIMS
            Insurer 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 Percentage Interest) of each Class of Certificates
            affected
            thereby 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 reasonable security or
            indemnity
            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, any NIMS Insurer,
            the
            Certificate Insurer, the Cap Counterparty and the Swap Counterparty.
            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 Master Servicer, the Certificate Insurer,
            the Swap
            Counterparty or the Certificateholders.

          

          
            	 	
                    Section
                      6.20.

                  	
                    Preparation
                      of Tax Returns and Reports to the
                      Commission.

                  

          

          

          (a)
             The
            Trustee 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 the Trustee shall file federal
            tax
            returns, all in accordance with Article X hereof. The Trustee shall prepare
            and
            file required state income tax returns and such other returns as may
            be required
            by applicable law relating to the Trust Fund, and, if required by state
            law, 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 Trustee
            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 Trustee 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 Trustee 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 Trustee) to the extent
            required by
            applicable law. The Master Servicer shall indemnify the Trustee for any
            liability of or assessment against the Trustee resulting from any error
            in any
            of such tax or information returns directly resulting from errors in
            the
            information provided by such Master Servicer.

          

          
            
              
              

            

            
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          (b)
             The
            Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
            behalf of each REMIC created hereby, an application on IRS Form SS-4.
            The
            Trustee, 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 Master Servicer, the Trustee and the Depositor. The Trustee will
            file an IRS
            Form 8811. The Trustee shall have no obligation to verify the information
            in any
            form 8811 or form SS-4 filings.

          

          (c)
             The
            Depositor shall prepare or cause to be prepared the initial current report
            on
            Form 8-K. Thereafter, within 15 days (or, if applicable, within such
            shorter
            period of time as is required under the rules of the Commission as in
            effect
            from time to time (the “Rules”)) following each Distribution Date, the Trustee
            shall, in accordance with industry standards and the Rules, prepare and
            file
            with the Commission via the Electronic Data Gathering and Retrieval System
            (“EDGAR”) the reports listed in subsections (d) through (f) of this Section 6.20
            in respect of the Trust Fund as and to the extent required under the
            Exchange
            Act each of which reports and any amendment thereof shall be signed by
            the
            Exchange Act Signing Party. 

          

          (d)
             Reports
            Filed on Form 10-D. 

          

          (i) Within
            15
            days following each Distribution Date (or such later date as may be permissible
            due to an extension of the filing deadline under the Exchange Act), the
            Trustee
            will prepare and file a distribution report on Form 10-D (the “Distribution
            Report”) with respect to the Trust Fund, which Distribution Report shall include
            (A) a copy of the Distribution Date Statement prepared by the Trustee
            in respect
            of the related Distribution Date detailing all applicable data elements
            specified in Item 1121(a) of Regulation AB and the information identified
            in
            clauses (A) through (I) below, as specified in Exhibit Q; provided,
            that,
            the Trustee shall have received from the Depositor, the Sponsor, the
            Master
            Servicer, any Servicer, any Custodian, any Cap Counterparty, any Swap
            Counterparty or any Subservicer or Subcontractor therefor, no later than
            three
            Business Days after the related Distribution Date, the following additional
            information, data, and materials, in a form suitable for conversion to
            the
            format required for filing with the Commission via EDGAR, required to
            be
            included in the Distribution Report on Form 10-D for such Distribution
            Date:

          

          (A)
              Item
            1 -
            Distribution and Pool Performance Information (each of the data elements
            specified in Item 1121(a)(11), (12) and (14) of Regulation AB);

          

          (B)
              Item
            2 -
            Legal Proceedings (information required by Item 1117 of Regulation
            AB);

          

          (C)
              Item
            3 -
            Sale of Securities and Use of Proceeds (information required by Item
            2 of Part
            II of Form 10-Q);

          

          
            
              
              

            

            
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          (D)
              Item
            4 -
            Defaults Upon Senior Securities (information required by Item 3 of Part
            II of
            Form 10-Q);

          

          (E)
              Item
            5 -
            Submission of Matters to a Vote of Security Holders (information required
            by
            Item 4 of Part II of Form 10-Q);

          

          (F)
              Item
            6 -
            Significant Obligors of Pool Assets (information required by Item 1112(b)
            of
            Regulation AB);

          

          (G)
              Item
            7 -
            Significant Enhancement Provider Information (information required by
            Items
            1114(b)(2) and 1115(b) of Regulation AB);

          

          (H)
              Item
            8 -
            Other Information (all other information required to be disclosed on
            Form 8-K
            during the period covered by the report and not yet reported); and 

          

          (I)
              Item
            9 -
            Exhibits (all exhibits required to be filed by Form 10-D and Item 601
            of
            Regulation S-K other than the Distribution Date Statement to be provided
            by the
            Trustee).

          

          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 reported by the parties set forth on Exhibit Q to the Depositor and
            the
            Trustee and directed and approved by the Depositor pursuant to the following
            paragraph, and the Trustee will have no duty or liability for any failure
            hereunder to determine or prepare any Additional Form 10-D Disclosure
            to the
            extent that such information is required to be provided by a party other
            than
            the Trustee, except as set forth in the next paragraph.

          

          (ii) After
            preparing the Form 10-D, the Trustee 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 Trustee. If a Form 10-D cannot be filed on
            time or if
            a previously filed Form 10-D needs to be amended, the Trustee will follow
            the
            procedures set forth in subsection (g)(ii) of this Section 6.20. Promptly (but
            no later than one Business Day) after filing with the Commission, the
            Trustee
            will make available on its internet website a final executed copy of
            each Form
            10-D filed by the Trustee. Each party to this Agreement acknowledges
            that the
            performance by the Trustee 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 Trustee 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
            Trustee’s inability or failure to obtain or receive, on a timely basis, any
            information from any other party hereto needed to prepare or file such
            Form
            10-D, not resulting from its own negligence, bad faith or willful misconduct.
            The Trustee shall not be responsible (1) for the content of any of the
            information provided pursuant to clauses (d)(i)(A) - (I) above (unless
            such item
            is provided by and specific to the Trustee or its Subcontractor, in which
            case
            the Trustee will be responsible for the content of such information;
            provided
            that
            such information is not revised without the prior consent of the
            Trustee),
            (2)
            for determining whether any such information is required to be included
            in any
            Form 10-D (unless such information is specific to the Trustee, in which
            case the
            Trustee shall be responsible for making such a determination), (3) for
            reformatting any information that is not in a form suitable for conversion
            to
            the format required for filing with the Commission via EDGAR so that
            it is able
            to be filed on EDGAR or (4) for the failure to include any information
            if it is
            not provided to the Trustee on a timely basis (unless such item is specific
            to
            the Trustee, in which case the Trustee will be responsible for the failure
            to
            include such information, unless
            such information is not included in the final Form 10-D without the consent
            of
            the Trustee).

          

          
            
              
              

            

            
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          The
            Trustee has no duty under this Agreement to monitor or enforce the performance
            by the parties listed on Exhibit Q of their duties under this paragraph
            or
            proactively solicit or procure from such parties any Additional Form
            10-D
            Disclosure information. The Depositor will be responsible for any reasonable
            fees and expenses assessed or incurred by the Trustee in connection with
            including any Additional Form 10-D Disclosure on Form 10-D pursuant to
            this
            Section 6.20(d). 

          

          (iii) Form
            10-D
            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.” At the date of filing of each annual
            report on Form 10-K with respect to the Trust Fund, the Depositor shall
            be
            deemed to represent to the Trustee that as of such date, the Depositor
            has filed
            all such required reports during the preceding 12 months and that is
            has been
            subject to such filing requirements for the past 90 days. The Depositor
            hereby
            directs the Trustee to check “yes” with respect to both clauses (1) and (2)
            above. The Depositor shall notify the Trustee 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, if the answer to either of clause (1)
            or clause
            (2) above is “no.” The Trustee shall be entitled to rely on such direction in
            preparing and/or filing any such Form 10-D. 

          

          (e)
             Reports
            Filed on Form 10-K.

          

          (i) On
            or
            prior to the 90th
            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, and, unless and until a Form 15 Suspension
            Notification shall have been filed, the Trustee shall prepare and file
            (but will
            not execute) a Form 10-K in respect of the Trust Fund, which shall include
            the
            certification required pursuant to Rule 13a-14 under the Exchange Act
            (the “Form
            10-K Certification”) signed by an appropriate party or parties (which Form 10-K
            Certification the Trustee shall not be required to prepare or sign) and
            such
            other information as is required by the Rules; provided,
            that,
            the Trustee shall have received from the Depositor, each Servicer, each
            Custodian, each Additional Servicer, any Servicing Function Participant
            and the
            Master Servicer (each, a “Reporting Servicer”), no later than March 15th of each
            calendar year prior to the filing deadline for such Annual Report, all
            information, data, assessments of compliance, accountant’s attestations and
            exhibits required to be provided or filed with such Annual Report including
            information, data, assessments of compliance, accountant’s attestations and
            exhibits required to be provided in connection with the following Items
            and
            other filing requirements of Form 10-K: 

          

          
            
              
              

            

            
              136

              
                

              

            

            
              
              

            

          

          (A) Item
            9B -
            Other Information (information required to be reported on Form 8-K in
            the fourth
            quarter but not reported);

          

          (B) Item
            15 -
            Exhibits and Financial Statement Schedules (including all exhibits required
            to
            be filed pursuant to Item 601 of Regulation S-K under the Exchange Act
            other
            than the certification specified in Item 601(b)(31)(ii) of Regulation
            S-K and
            the Assessment of Compliance, Attestation Report, and Compliance Statement
            specified in Item 601(b)(33), (34) and (35) of Regulation S-K with respect
            to
            those Servicing Criteria as to which the Trustee is the Item 1122 Responsible
            Party); 

          

          (C) Significant
            Obligor Financial Information (Item 1112(b) of Regulation AB);

          

          (D) Significant
            Enhancement Provider Financial Information (Items 1114(b)(2) and 1115(b)
            of
            Regulation AB);

          

          (E) Legal
            Proceedings (Item 1117 of Regulation AB);

          

          (F) Affiliations
            and Certain Relationships and Related; Transactions (Item 1119 of Regulation
            AB);

          

          (G) Compliance
            with Applicable Servicing Criteria (Item 1122 of Regulation AB);
            and

          

          (H) Servicer
            Compliance Statement (Item 1123 of Regulation AB).

          

          Any
            disclosure or information listed in (A) through (H) above that is required
            to be
            included on Form 10-K (“Additional
            Form 10-K Disclosure”)
            shall
            be reported by the parties set forth on Exhibit R to the Depositor and
            the
            Trustee and directed and approved by the Depositor pursuant to the following
            paragraph, and the Trustee will have no duty or liability for any failure
            hereunder to determine or prepare any Additional Form 10-K Disclosure
            to the
            extent that such information is required to be provided by a party other
            than
            the Trustee, except as set forth in the next paragraph. 

          

          (ii) After
            preparing the Form 10-K, the Trustee 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 Trustee.
            If a
            Form 10-K cannot be filed on time or if a previously filed Form 10-K
            needs to be
            amended, the Trustee will follow the procedures set forth in subsection
            (g) of
            this Section 6.20. Promptly (but no later than one Business Day) after
            filing
            with the Commission, the Trustee will make available on its internet
            website a
            final executed copy of each Form 10-K filed by the Trustee. The parties
            to this
            Agreement acknowledge that the performance by the Trustee 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 Trustee 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 10-K, where such failure
            results
            from the Trustee’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. The Trustee shall not be responsible (1)
            for the
            content of any of the information provided pursuant to clauses (e)(i)(A)
            - (H)
            above (unless such item is provided by and specific to the Trustee or
            its
            Subcontractor, in which case the Trustee will be responsible for the
            content of
            such information; provided
            that
            such information is not revised without the prior consent of the
            Trustee),
            (2)
            for determining whether any such information is required to be included
            in any
            Form 10-K (unless such information is specific to the Trustee, in which
            case the
            Trustee shall be responsible for making such a determination), (3) for
            reformatting any information that is not in a form suitable for conversion
            to
            the format required for filing with the Commission via EDGAR so that
            it is able
            to be filed on EDGAR or (4) for the failure to include any information
            if it is
            not provided to the Trustee on a timely basis (unless such item is specific
            to
            the Trustee, in which case the Trustee will be responsible for the failure
            to
            include such information, unless
            such information is not included in the final Form 10-K without the consent
            of
            the Trustee).
            

          

          
            
              
              

            

            
              137

              
                

              

            

            
              
              

            

          

          The
            Trustee has no duty under this Agreement to monitor or enforce the performance
            by the parties listed on Exhibit R of their duties under this paragraph
            or
            proactively solicit or procure from such parties any Additional Form
            10-K
            Disclosure information. The Depositor will be responsible for any reasonable
            fees and expenses assessed or incurred by the Trustee in connection with
            including any Additional Form 10-K Disclosure on Form 10-K pursuant to
            this
            paragraph.

          

          (iii) Unless
            a
            Form 15 Suspension Notification with respect to the Trust Fund has been
            filed,
            if so requested, on or prior to March 15th
            of each
            year, beginning in March 2008, the Trustee shall sign a certification
            in the
            form attached hereto as Exhibit M (the “Back-up Certification”) for the benefit
            of the Exchange Act Signing Party and the Person who signs the Form 10-K
            Certification (the “Certifying Party”) regarding certain aspects of such Form
            10-K Certification, upon which the Exchange Act Signing Party and the
            Certifying
            Party can reasonably rely (provided,
            however,
            that the
            Trustee shall not be required to undertake an analysis of, and shall
            have no
            responsibility for, any financial information, the accountant’s report,
            certification or other materials contained therein, except for those
            computations prepared by the Trustee and reflected in the distribution
            report).
            Nothing in this Section 6.20(i) shall relieve the Trustee of its responsibility
            for the matters as to which it is certifying in the form attached hereto
            as
            Exhibit M. 

          

          
            
              
              

            

            
              138

              
                

              

            

            
              
              

            

          

          (iv) 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 hereby directs the
            Trustee to check “yes” with respect to both clauses (1) and (2) above. The
            Depositor shall notify the Trustee in writing, no later than the 15th
            calendar
            day of March in any year in which the Trust is subject to the reporting
            requirements of the Exchange Act, if the answer to either of clause (1)
            or
            clause (2) above is “no.” The Trustee shall be entitled to rely on such
            direction in preparing and/or filing any such Form 10-K.

          

          (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)
             Reports
            Filed on Form 8-K.

          

          (i) Within
            four Business Days after the occurrence of an event requiring disclosure
            on Form
            8-K (each such event, a “Reportable Event”), at the written direction and
            expense of the Depositor, the Trustee shall prepare and file Current
            Reports on
            Form 8-K in respect of the Trust Fund, as required by the Exchange Act;
            provided,
            that,
            the Depositor shall have timely notified the Trustee of an item reportable
            on a
            Current Report on Form 8-K and shall have delivered to the Trustee no
            later than
            two Business Days prior to the filing deadline for such Current Report,
            all
            information, data, and exhibits required to be provided or filed with
            such
            Current Report, including, particularly, information, data and exhibits,
            in a
            form suitable for conversion to the format required for filing with the
            Commission via EDGAR, required to be provided in connection with the
            following
            Items of Form 8-K:

          

          (A) Item
            1.01
            - Entry into a Material Definitive Agreement;

          

          (B) Item
            1.02
            - Termination of a Material Definitive Agreement;

          

          (C) Item
            1.03
            - Bankruptcy or Receivership;

          

          
            
              
              

            

            
              139

              
                

              

            

            
              
              

            

          

          (D) Item
            2.04
            - Triggering Events that Accelerate or Increase a Direct Financial Obligation
            or
            an Obligation under an Off-Balance Sheet Arrangement;

          

          (E) Item
            3.03
            - Material Modification to Rights of Security Holders;

          

          (F) Item
            5.03
            - Amendments of Articles of Incorporation or Bylaws; Change of Fiscal
            Year

          

          (G) Item
            6.02
            - Change in Servicer or Trustee;

          

          (H) Item
            6.03
            - Change in Credit Enhancement or Other External Support;

          

          (I) Item
            6.04
            - Failure to Make a Required Distribution; and

          

          (J) Item
            6.05
            - Securities Act Updating Disclosure.

          

          Any
            disclosure or information related to a Reportable Event or that is otherwise
            required to be included on Form 8-K other than the initial Form 8-K
            (“Form
            8-K Disclosure Information”)
            shall
            be reported by the parties set forth on Exhibit S to the Depositor and
            the
            Trustee and directed and approved by the Depositor pursuant to the following
            paragraph, and the Trustee 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 to the extent that such information is required to be provided
            by a
            party other than the Trustee, except as set forth in the next paragraph.
            

          

          (ii) After
            preparing the Form 8-K, the Trustee 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 1 p.m. 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 Trustee. If a Form 8-K cannot be filed on time or if a previously
            filed Form 8-K needs to be amended, the Trustee will follow the procedures
            set
            forth in subsection (g) of this Section 6.20. Promptly (but no later
            than one
            Business Day) after filing with the Commission, the Trustee will make
            available
            on its internet website a final executed copy of each Form 8-K filed
            by the
            Trustee. The parties to this Agreement acknowledge that the performance
            by the
            Trustee of its duties under this Section 6.20(f) 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(f). The Trustee 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 8-K, where such failure results from the
            Trustee’s
            inability or failure to obtain or receive, on a timely basis, any information
            from any other party hereto needed to prepare or file such Form 8-K,
            not
            resulting from its own negligence, bad faith or willful misconduct. The
            Trustee
            shall not be responsible (1) for the content of any of the information
            provided
            pursuant to clauses (f)(i)(A) - (J) above (unless such item is provided
            by and
            specific to the Trustee or its Subcontractor, in which case the Trustee
            will be
            responsible for the content of such information; provided
            that
            such information is not revised without the prior consent of the
            Trustee),
            (2)
            for determining what information is required to be filed on a Form 8-K
            in
            connection with the transactions contemplated by this Agreement (unless
            such
            information is specific to the Trustee, in which case the Trustee will
            be
            responsible for making such a determination, unless
            such information is not included in the final Form 8-K without the consent
            of
            the Trustee),
            (3)
            for reformatting any information that is not in a form suitable for conversion
            to the format required for filing with the Commission via EDGAR so that
            it is
            able to be filed on EDGAR or (4) for any late filing of a Form 8-K in
            the event
            that it does not receive all information, data, signatures and exhibits
            required
            to be provided or filed on or prior to the second Business Day prior
            to the
            applicable filing deadline. The Trustee has no duty under this Agreement
            to
            monitor or enforce the performance by the parties listed on Exhibit S
            of their
            duties under this paragraph or proactively solicit or procure from such
            parties
            any Additional Form 10-K Disclosure information. The Depositor will be
            responsible for any reasonable fees and expenses assessed or incurred
            by the
            Trustee in connection with including any Form 8-K Disclosure Information
            on Form
            8-K pursuant to this paragraph.

          

          
            
              
              

            

            
              140

              
                

              

            

            
              
              

            

          

          (g)
             Delisting;
            Amendments; Late Filings.

          

          (i) Prior
            to
            January 30 of the first year in which the Trustee is able to do so under
            applicable law, unless otherwise directed by the Depositor in writing,
            the
            Trustee shall prepare and file a Form 15 relating to the automatic suspension
            of
            reporting in respect of the Trust Fund under the Exchange Act. The Paying
            Agent
            is entitled to assume that a Form 15 will be filed for such year unless
            the
            Trustee notifies the Paying Agent that a Form 15 will not be filed.

          

          (ii) In
            the
            event that the Trustee 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 Trustee will
            immediately 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 Form 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 Trustee 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,
            the
            Trustee will notify the Depositor and any applicable party affected thereby
            and
            such parties will cooperate to prepare any necessary Form 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 senior officer or a duly authorized representative,
            as
            applicable, of the Exchange Act Signing Party. The parties to this Agreement
            acknowledge that the performance by the Trustee of its duties under this
            Section
            6.20(g) 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 Trustee 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 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
            Trustee’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.

          

          
            
              
              

            

            
              141

              
                

              

            

            
              
              

            

          

          (h)
             The
            Trustee, with the prior consent of the Depositor, may include in any
            Exchange
            Act report all relevant information, data, and exhibits as the Trustee
            may
            receive in connection with such report irrespective of any provision
            that may
            permit the exclusion of such material. For example, the Trustee, with
            the prior
            consent of the Depositor, may file all Assessments of Compliance, Attestation
            Reports and Compliance Statements timely received from any Item 1122
            Responsible
            Party irrespective of any applicable minimum pool asset percentage requirement
            for disclosure related to such Item 1122 Responsible Party.

          

          (i)
             Any
            party
            that signs any Exchange Act report that the Trustee is required to file
            shall
            provide to the Trustee 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 Trustee the original executed
            signature
            page for such report. In addition, each of the parties agrees to provide
            to the
            Trustee such additional information related to such party as the Trustee
            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
            Trustee,
            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 Trustee of any such change. Any notice delivered
            pursuant to this Section 6.20 may be by fax or electronic copy notwithstanding
            the notice provisions of Section 11.07. 

          

          Section
            6.21. Compliance
            with Regulation AB.

          

          Each
            of
            the parties hereto acknowledges and agrees that the purpose of Sections
            6.01 and
            6.20 of this Agreement is to facilitate compliance by the Sponsor, the
            Master
            Servicer, the Depositor and the Trustee 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 from the Commission, convention or consensus among active participants
            in the asset-backed securities markets, 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 Depositor or the
            Trustee
            for delivery of additional or different information, to the extent such
            information is available or reasonably attainable, as the Sponsor, the
            Master
            Servicer, the Depositor or the Trustee may determine in good faith is
            necessary
            to comply with the provisions of Regulation AB.

          

          
            
              
              

            

            
              142

              
                

              

            

            
              
              

            

          

          Section
            6.22. No
            Merger.

          

          The
            Lehman XS Trust 2007-14H shall not to be merged or consolidated with
            any other
            entity, except as a result of a final judicial determination.

          

          Section
            6.23. Reporting
            Requirements of the Commission. 

          

          The
            Trustee and the Master Servicer shall reasonably cooperate with the Depositor
            and its counsel to enter into such amendments or modifications to this
            Agreement
            as may be necessary to comply with the Rules and any interpretations
            thereof by
            the staff of the Commission, subject to the provisions of Section 11.03
            hereof.

          

          ARTICLE
            VII

          

          PURCHASE
            OF MORTGAGE LOANS AND

          TERMINATION
            OF THE TRUST FUND

          

          
            	 	
                    Section
                      7.01.

                  	
                    Purchase
                      of Mortgage Loans; Termination of the Trust Fund Upon Purchase
                      or
                      Liquidation of Mortgage Loans; Purchase of the Pooling REMIC
                      1 Regular
                      Interests.   

                  

          

          

          (a)
             The
            respective obligations and responsibilities of the Trustee and the Master
            Servicer created hereby (other than the obligation of the Trustee to
            make
            payments to Certificateholders and the Swap Counterparty as set forth
            in Section
            7.02, the obligation of the Master Servicer to make a final remittance
            to the
            Trustee pursuant to Section 4.01, and the obligations of the Master Servicer
            to
            the Trustee pursuant to Sections 9.10 and 9.14) with respect to the Mortgage
            Loans shall terminate on the earliest of (i) the final payment or other
            liquidation of the last Mortgage Loan remaining in the Mortgage Pool
            and the
            disposition of all related REO Property, (ii) the sale of the property
            held by
            the Trust Fund in accordance with Section 7.01(b) and (iii) the Latest
            Possible
            Maturity Date (each, a “Trust Fund Termination Event”); 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. Upon the occurrence of a Trust Fund Termination
            Event, each REMIC shall be terminated in a manner that shall qualify
            as a
“qualified liquidation” under the REMIC Provisions as evidenced by an Opinion of
            Counsel provided to the Trustee at the expense of the Trust Fund. 

          

          (b)
             On
            any
            Distribution Date occurring on or after the Initial Optional Termination
            Date,
            the Master Servicer or the LTURI-holder, as applicable, with the prior
            written
            consent of any NIMS Insurer, the Certificate Insurer and the Seller (which
            consent shall not be unreasonably withheld) has the option to purchase
            the
            Mortgage Loans and any related REO Property for the Pool Purchase Price
            upon
            written direction to the Trustee (delivered no later than 30 days prior
            to the
            anticipated sale date); 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 Pool Purchase Price shall
            also
            include an amount equal to the sum of (1) any accrued interest on the
            NIM
            Securities, (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”). Upon exercise of such option, the property of the
            Trust Fund shall be sold to the Master Servicer for the Pool Purchase
            Price. The
            Master Servicer and each Servicer (and the Trustee, if applicable) shall
            be
            reimbursed from the Pool Purchase Price for any Mortgage Loan or related
            REO
            Property for any Advances made or other amounts advanced with respect
            to the
            Mortgage Loans that are reimbursable to the Master Servicer or the Trustee
            under
            this Agreement or any Servicer or the related Servicing Agreement, together with
            any accrued and unpaid compensation and any other amounts due to the
            Certificate
            Insurer, Master Servicer hereunder or the Servicers thereunder, and the
            Trustee
            shall be entitled to be reimbursed from the Pool Purchase Price for any
            related
            amounts owed to the Trustee under Section 6.11 and Section 6.12 hereof.
            If the
            Master Servicer fails to exercise such option, the NIMS Insurer will
            have the
            right to cause the Master Servicer to exercise such option, to the extent
            provided in the insurance agreement related to the NIM Securities among
            the
            Master Servicer, the Trustee and the NIMS Insurer, so long as such NIMS
            Insurer
            is insuring the NIM Securities or is owed any amounts in connection with
            such
            guaranty of the NIM Securities. If the NIMS Insurer directs the Master
            Servicer
            to exercise its right to cause the Trust Fund to sell its property as
            described
            above, then (i) the Master Servicer shall cause the Trust Fund to sell
            its
            property as described above, (ii) the NIMS Insurer shall remit the Pool
            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 and (iii) the Trustee shall transfer
            the
            property of the Trust Fund to the NIMS Insurer. The NIMS Insurer shall
            be
            obligated to reimburse the Master Servicer and the Trustee for their
            reasonable
            out-of-pocket expenses incurred in connection with its sale of the property
            at
            the direction of the NIMS Insurer and shall indemnify and hold harmless
            the
            Master Servicer and the Trustee for any losses, liabilities or expenses
            resulting from any claims directly resulting from or relating to the
            Master
            Servicer’s or Trustee’s sale of the property 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 Trustee’s, as the case may be,
            negligence, bad faith or willful misconduct.

          

          
            
              
              

            

            
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          (c)
             [Reserved].

          

          (d)
             On
            any
            Distribution Date occurring on or after the Initial Optional Termination
            Date,
            and provided there are no NIM Securities outstanding, the Master Servicer,
            with
            the prior written consent of the Seller, which consent shall not be unreasonably
            withheld, has the option to purchase all of the Pooling REMIC 1 Regular
            Interests. 

          

          Upon
            exercise of such option, the Pooling REMIC 1 Regular Interests shall
            be sold to
            the Master Servicer at a price (the “Pooling REMIC 1 Regular Interests Purchase
            Price”) equal to the sum of (i) 100% of the unpaid principal balance of each
            Mortgage Loan 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 Collection Period immediately preceding the related Distribution
            Date to
            the date of such repurchase and (ii) the fair market value of any REO
            Property
            and any other property held by any REMIC, such fair market value to be
            determined by an independent appraiser or appraisers mutually agreed
            upon by the
            Master Servicer, any NIMS Insurer and the Trustee (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 interest accrued thereon at
            the
            applicable Net Mortgage Rate to the date of such purchase). If the Master
            Servicer elects to exercise such option, each REMIC created pursuant
            to this
            Agreement (other than Pooling REMIC 1) shall be terminated in such a
            manner so
            that the termination of each such REMIC shall qualify as a “qualified
            liquidation” under the REMIC Provisions and the Pooling REMIC 1 Regular
            Interests and the Class LT-R Certificates will evidence the entire beneficial
            interest in the property of the Trust Fund. Following a purchase of the
            Pooling
            REMIC 1 Regular Interests pursuant to this subsection, the Trust Fund
            (and
            Pooling REMIC 1) will remain outstanding and final payment on the Certificates
            (other than the Class LT-R Certificates) will be made in accordance with
            Section
            7.03(a)(iii) and 5.02. 

          

          
            
              
              

            

            
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          The
            Trust
            Fund will terminate upon the occurrence of a Trust Fund Termination Event,
            in
            accordance with Section 7.01(a).

          

          
            	 	
                    Section
                      7.02.

                  	
                    Procedure
                      Upon Termination of Trust Fund or Purchase of Pooling REMIC
                      1 Regular
                      Interests.    

                  

          

          

          (a)
             Notice
            of
            any Trust Fund Termination Event and notice of the purchase of the Pooling
            REMIC
            1 Regular Interests, specifying the Distribution Date upon which the
            final
            distribution to the Certificates (other than the Class LT-R Certificates,
            in the
            case of a purchase of the Pooling REMIC 1 Regular Interests) shall be
            made,
            shall be given promptly by the Trustee by first class mail to Certificateholders
            mailed no later than 5 Business Days after the Trustee has received notice
            from
            the Master Servicer of its election to cause (x) sale of all of the property
            of
            the Trust Fund pursuant to Section 7.01(b), (y) the purchase of the Pooling
            REMIC 1 Regular Interests pursuant to Section 7.01(d), or (z) upon the
            final
            payment or other liquidation of the last Mortgage Loan or REO Property
            in the
            Trust Fund. In the case of a Trust Fund Termination Event, the Trustee
            shall
            also give notice to the Master Servicer and the Certificate Registrar
            at the
            time notice is given to the Holders.

          

          In
            the
            case of a Trust Fund Termination Event, such notice shall specify (A)
            the
            Distribution Date upon which final distribution on the related Certificates,
            Pooling REMIC 1 Regular Interests 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 Trustee therein specified. Upon any such
            Trust
            Fund Termination Event, the duties of the Certificate Registrar with
            respect to
            the Certificates or Pooling REMIC 1 Regular Interests shall terminate
            and the
            Trustee shall terminate or request the Master Servicer to terminate,
            the
            Collection Account it maintains, the Certificate Account and any other
            account
            or fund maintained with respect to the Certificates or Pooling REMIC
            1 Regular
            Interests, subject to the Trustee’s obligation hereunder to hold all amounts
            payable to Certificateholders in trust without interest pending such
            payment.

          

          
            
              
              

            

            
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          In
            the
            case of a purchase of the Pooling REMIC 1 Regular Interests, such notice
            shall
            specify (A) the Distribution Date upon which final distribution on the
            Certificates (other than the Class LT-R Certificates) of all amounts
            required to
            be distributed to Certificateholders pursuant to Section 5.02 (other
            than any
            distributions to the Class LT-R Certificates in respect of Pooling REMIC
            1) will
            be made upon presentation and surrender of the Certificates (other than
            the
            Class LT-R 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
            (other than the Class LT-R Certificates) at the office or agency of the
            Trustee
            therein specified. Upon any such purchase of the Pooling REMIC 1 Regular
            Interests, the duties of the Certificate Registrar with respect to the
            related
            Certificates shall terminate but the Trustee shall not terminate or request
            the
            Master Servicer to terminate, the Collection Account it maintains, the
            Certificate Account and any other account or fund maintained with respect
            to the
            related Certificates, subject to the Trustee’s obligation hereunder to hold all
            amounts payable to Certificateholders in trust without interest pending
            such
            payment. For all Distribution Dates following the Distribution Date on
            which the
            Master Servicer purchases the Pooling REMIC 1 Regular Interests, all
            amounts
            that would be distributed on the related Certificates (other than the
            Class LT-R
            Certificate, and exclusive of amounts payable from any fund that is treated
            as
            an Excluded Trust Asset) absent such purchase shall be payable to the
            applicable
            LTURI-holder.

          

          (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 Trustee 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
            Trustee 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 Trustee 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 Trustee 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.

          

          (c)
             Any
            reasonable expenses incurred by the Trustee in connection with any Trust
            Fund
            Termination Event or any purchase of the Pooling REMIC 1 Regular Interests
            shall
            be reimbursed from proceeds received from such termination or
            purchase.

          

          
            	 	
                    Section
                      7.03.

                  	
                    Additional
                      Requirements for any Trust Fund Termination Event or Purchase
                      of the
                      Pooling REMIC 1 Regular Interests.  

                  

          

          

          (a)
             Any
            termination of the Trust Fund pursuant to Section 7.01(a) or any termination
            of
            a REMIC pursuant to Section 7.01(d) shall be effected in accordance with
            the
            following additional requirements, unless the Trustee seeks (at the request
            of
            the party exercising the option to purchase all of the Mortgage Loans
            or Pooling
            REMIC 1 Regular Interests, pursuant to Section 7.01(b) or Section 7.01(d),
            respectively), and subsequently receives, an Opinion of Counsel (at the
            expense
            of such requesting party), addressed to the Trustee and any NIMS Insurer
            to the
            effect that the failure to comply with the requirements of this Section
            7.03
            will not result in an Adverse REMIC Event:

          

          
            
              
              

            

            
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          (i)
             Within
            89
            days prior to the time of the making of the final payment on the Certificates
            (other than the Class LT-R Certificates, in the case of a purchase of
            the
            Pooling REMIC 1 Regular Interests, upon notification by the Master Servicer,
            any
            NIMS Insurer or an Affiliate of the Seller that it intends to exercise
            its
            option to cause the termination of the Trust Fund or purchase the Pooling
            REMIC
            1 Regular Interests, the Trustee shall adopt a plan of complete liquidation
            on
            behalf of each REMIC (other than Pooling REMIC 1, in the case of a purchase
            of
            the Pooling REMIC 1 Regular Interests), meeting the requirements of a
            qualified
            liquidation under the REMIC Provisions;

          

          (ii)
             Any
            sale
            of the assets of the Trust Fund or the Pooling REMIC 1 Regular Interests
            pursuant to Section 7.02 shall be a sale for cash and shall occur at
            or after
            the time of adoption of such a plan of complete liquidation and prior
            to the
            time of making of the final payment on the Certificates (other than the
            Class
            LT-R Certificates, in the case of a purchase of the Pooling REMIC 1 Regular
            Interests);

          

          (iii)
             On
            the
            date specified for final payment of the Certificates (other than the
            Class LT-R
            Certificates, in the case of a purchase of the Pooling REMIC 1 Regular
            Interests, the Trustee shall make final distributions of principal and
            interest
            on such Certificates in accordance with Section 5.02. In the case of
            a Trust
            Fund Termination Event, and, after payment of, or provision for any outstanding
            expenses, the Trustee shall 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 REMIC) shall terminate at that time; and

          

          (iv)
             In
            no
            event may the final payment on the Certificates or the final distribution
            or
            credit to the Holders of the Residual Certificates in respect of the
            residual
            interest in any liquidated REMIC be made after the 89th day from the
            date on
            which the plan of complete liquidation for such REMIC is adopted.

          

          (b)
             By
            its
            acceptance of a Residual Certificate, each Holder thereof hereby agrees
            to
            accept the plan of complete liquidation prepared by the Depositor and
            adopted by
            the Trustee under this Section and to take such other action in connection
            therewith as may be reasonably requested by the Master Servicer or any
            Servicer.

          

          (c)
             In
            connection with the termination of the Trust Fund or a Section 7.01(d)
            Purchase
            Event, the Trustee may request an Opinion of Counsel addressed to the
            Trustee
            (at the expense of the Depositor) to the effect that all the requirements
            of a
            qualified liquidation under the REMIC Provisions have been met.

          

          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 or Trustee Fees and any unreimbursed expenses
            of the
            Trustee allocable to such Distressed Mortgage Loan. Any such purchase
            shall be
            accomplished by the NIMS Insurer’s remittance of the purchase price for the
            Distressed Mortgage Loan to the Master Servicer for deposit into the
            Collection
            Account. The NIMS Insurer shall not use any procedure in selecting Distressed
            Mortgage Loans to be purchase which would be materially adverse to the
            Certificateholders or the Certificate Insurer.

          

          
            
              
              

            

            
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          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, as applicable, (or Percentage Interest) of Certificates of each
            Class
            affected thereby shall, with the prior written consent of any NIMS Insurer,
            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 reasonable indemnity 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 to
            the
            Trustee during such sixty-day period by such Certificateholders or any
            NIMS
            Insurer; it being understood and intended, and being expressly covenanted
            by
            each Certificateholder with every other Certificateholder, any NIMS Insurer
            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 the rights of any NIMS Insurer, or to obtain or seek
            to obtain
            priority over or preference to any other such Holder or any NIMS Insurer,
            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, any
            NIMS
            Insurer 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
            Trustee is not acting as Certificate Registrar, the Certificate Registrar
            will
            furnish or cause to be furnished to the Trustee and any NIMS Insurer,
            within
            fifteen days after receipt by the Certificate Registrar of a request
            by the
            Trustee or any NIMS Insurer 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
            any
            NIMS Insurer or three or more Holders or Certificate Owners (hereinafter
            referred to as “Applicants”) apply in writing to the Trustee, 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 Trustee shall, within five Business Days after the
            receipt of
            such application, afford such Applicants reasonable access during the
            normal
            business hours of the Trustee to the most recent list of Certificateholders
            held
            by the Trustee 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 Master Servicer,
            any
            NIMS Insurer, the Certificate Registrar and the Trustee, that none of
            the
            Depositor, the Master Servicer, any NIMS Insurer, the Certificate Registrar,
            the
            Paying Agent or 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 Certificate Registrar and
            the
            Paying Agent 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 and the Master Servicer,
            if
            made in the manner provided in this Section. Each of the Trustee and
            the 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 deems
            sufficient.

          

          (c)
             The
            ownership of Certificates or Pooling REMIC 1 Regular Interests (whether
            or not
            such Certificates or Pooling REMIC 1 Regular Interests shall be overdue
            and
            notwithstanding any notation of ownership or other writing thereon made
            by
            anyone other than the Trustee) shall be proved by the Certificate Register,
            and
            none of the Trustee, the Master Servicer, the Paying Agent or 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 or Pooling REMIC 1 Regular Interests
            shall bind every future Holder of the same Certificate or Pooling REMIC
            1
            Regular Interests and the Holder of every Certificate or Pooling REMIC
            1 Regular
            Interests 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 or the Master Servicer in reliance thereon, whether
            or
            not notation of such action is made upon such Certificate or Pooling
            REMIC 1
            Regular Interests.

          

          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
            or
            Pooling REMIC 1 Regular Interests, appoint Aurora Loan Services LLC,
            as Master
            Servicer. For and on behalf of the Depositor, the Trustee, the Certificate
            Insurer and the Certificateholders, the Master Servicer shall master
            service the
            Mortgage Loans in accordance with the provisions of this Agreement and
            the
            provisions of each Servicing Agreement. 

          

          
            	 	
                    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 Master Servicer
            Fidelity Bond and a Master Servicer 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 be consistent
            with
            coverage customarily maintained by master servicers of mortgage loans
            similar to
            the Mortgage Loans and the Master Servicer shall provide the Trustee,
            the
            Certificate Insurer 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 Servicer 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 such policies and of the certificates
            and
            notices referred to in clause (ii) to the Trustee upon request.

          

          
            
              
              

            

            
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          (b)
             The
            Master Servicer shall promptly report to the Trustee and any NIMS Insurer
            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
            Trustee and any NIMS Insurer, on request, certificates evidencing that
            such bond
            and insurance policy are in full force and effect. The Master Servicer
            shall
            promptly report to the Trustee and any NIMS Insurer 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 Trustee and any NIMS Insurer. 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
            Trustee
            for deposit into the Certificate Account. Any amounts relating to the
            Mortgage
            Loans collected by the applicable 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
            the
            Trustee, each Rating Agency and the Depositor and, upon request, the
            Certificate
            Insurer, a copy of the annual audited financial statements of its 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.

          

          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 

          

          
            
              
              

            

            
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          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,
            the
            Certificate Insurer 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 related 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 successor 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 an Adverse REMIC Event.
            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 under the applicable Servicing Agreement,
            is hereby
            authorized and empowered by the Trustee when the Master Servicer or such
            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 execute, upon
            request,
            any powers of attorney furnished to it by the Master Servicer empowering
            the
            Master Servicer or any 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 or administer the Mortgage Loans and
            carry out
            its duties hereunder and to allow such 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 any 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 no event shall the Master
            Servicer, without the Trustee’s written consent: (i) initiate any action, suit
            or proceeding solely under the Trustee’s name without indicating the Master
            Servicer in its 

          

          
            
              
              

            

            
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          applicable,
            representative capacity, so long as the jurisdictional and procedural
            rules will
            allow for this insertion to occur, (ii) initiate any action, suit or
            proceeding
            not directly relating to the servicing of a Mortgage Loan (including
            but not
            limited to actions, suits or proceedings against Certificateholders,
            or against
            the Depositor or the Transferor for breaches of representations and warranties)
            solely under the Trustee’s name, (iii) engage counsel to represent the Trustee
            in any action, suit or proceeding not directly relating to the servicing
            of a
            Mortgage Loan (including but not limited to actions, suits or proceedings
            against Certificateholders, or against the Depositor or the Transferor
            for
            breaches of representations and warranties), or (iv) prepare, execute
            or deliver
            any government filings, forms, permits, registrations or other documents
            or take
            any action with the intent to cause, and that actually causes, the Trustee
            to be
            registered to do business in any state. The Master Servicer shall indemnify
            the
            Trustee for any and all costs, liabilities and expenses incurred by the
            Trustee
            in connection with the negligent or willful misuse of such powers of
            attorney by
            the Master Servicer. 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 on behalf
            of the
            Trust Fund, be deemed to be the agent of the Trustee.

          

          (b)
             In
            master
            servicing and administering the Mortgage Loans, the Master Servicer shall
            employ
            procedures, and shall exercise the same care that it customarily employs
            and
            exercises 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 Premium, except as set forth below)
            and,
            except as set forth below (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 of the Certificates (other than the Class AIO Certificates,
            which is February 2047. In the event of any such modification, the Master
            Servicer shall calculate the Scheduled Payment for such Mortgage Loan
            based on
            the modified terms of the Mortgage Loan and shall only be required to
            make
            Advances pursuant to Section 5.04 to the extent of the new Scheduled
            Payment. 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 related Servicer, reasonably foreseeable,
            (2) in the case of a waiver of a Prepayment Premium, (a) such Mortgage
            Loan is
            in default or default by the related Mortgagor is, in the reasonable
            judgment of
            the Master Servicer or the related Servicer, reasonably foreseeable and
            such
            waiver would maximize recovery of total proceeds taking into account
            the value
            of such Prepayment Premium and the related Mortgage Loan and (b) if the
            prepayment is not the result of a refinance by the related Servicer or
            any of
            its affiliates, (i) the collection of the Prepayment Premium would be
            in
            violation of applicable law or (ii) the collection of such Prepayment
            Premium
            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 result in an Adverse REMIC
            Event.

          

          
            
              
              

            

            
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          Section
            9.05. Enforcement
            of Servicer’s and Master Servicer’s Obligations.  

          

          (a)
             Each
            Servicing Agreement requires the applicable Servicer, respectively, 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
            actions
            taken or to be taken by a Servicer on behalf of the Master Servicer.
            Any fees
            and other amounts payable to a Servicer shall be deducted from amounts
            remitted
            to the Master Servicer by such Servicer to the extent permitted by the
            applicable Servicing Agreement and shall not be an obligation of the
            Trust Fund,
            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, any NIMS Insurer, the
            Certificate Insurer and the Certificateholders, shall use its reasonable
            best
            efforts to enforce the obligations of each Servicer under the related
            Servicing
            Agreement, and shall, upon obtaining actual knowledge of the failure
            of a
            Servicer to perform its obligations in accordance therewith, to the extent
            that
            such non-performance of such obligations would have a material adverse
            effect on
            a Mortgage Loan or the Trust Fund, terminate the rights and obligations
            of such
            Servicer thereunder and either act as servicer of the related Mortgage
            Loans or
            cause the other parties hereto to enter into a Servicing Agreement (and
            such
            parties hereby agree to execute and deliver any such successor 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 (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, (iii) to the extent
            that
            such amounts are insufficient to reimburse the Master Servicer for the
            costs of
            such enforcement, 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, notifications,
            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 to deposit therein
            any collections of amounts received with respect to amounts due for taxes,
            assessments, water rates, standard hazard insurance policy premiums,
            Payaheads,
            if applicable, 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 or the applicable Servicer has determined
            that the
            funds so advanced are recoverable from escrow payments, reimbursement
            pursuant
            to Section 4.02 or otherwise.

          

          
            
              
              

            

            
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          (b)
             Costs
            incurred by the Master Servicer or by any Servicer 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, extraordinary costs, and not
            ordinary or
            routine costs shall be recoverable as a Servicing Advance by the Master
            Servicer
            pursuant to Section 4.02.

          

          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 provide for the servicing of the Mortgage Loans
            by a
            successor servicer to be appointed as provided in the applicable Servicing
            Agreement.

          

          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 the 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 a successor 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 the related Servicing Agreement, 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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          (c)
             If
            the
            Master Servicer acts as a successor servicer, it will have the same obligations
            to made Advances as the Servicer under the related Servicing Agreement
            and to
            reimburse itself for unreimbursed Advances if required by the Servicing
            Agreement but will have no obligation to make an Advance if it determines
            in its
            reasonable judgment that such Advance is non-recoverable. To the extent
            that the
            Master Servicer is unable to find a successor servicer that is willing
            to
            service the Mortgage Loans for the Servicing Fee because of the obligation
            of
            the Servicer to make Advances regardless of whether such Advance is recoverable,
            the applicable Servicing Agreement may be amended to provide that the
            successor
            servicer shall have no obligation to make an Advance if it determines
            in its
            reasonable judgment that such Advance is non-recoverable and provides
            an
            Officer’s Certificate to such effect to the Master Servicer and the Trustee and
            any NIMS Insurer.

          

          Section
            9.08. Master
            Servicer Liable for Enforcement.  

          

          Notwithstanding
            any Servicing Agreement, the Master Servicer shall remain obligated and
            liable
            to the Trustee, any NIMS Insurer, the Certificate Insurer 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. 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 Certificate Insurer and any NIMS
            Insurer.
            The Master Servicer shall be entitled to enter into any agreement with
            any
            Servicer 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 Any Servicer and Trustee or
                      Depositor.  

                  

          

          

          Any
            Servicing Agreement that may be entered into and any other transactions
            or
            services relating to the Mortgage Loans involving any Servicer in its
            capacity
            as such and not as an originator shall be deemed to be between such Servicer,
            the Seller, the NIMS Insurer, the Master Servicer, and the Trustee, the
            Certificate Insurer and the Depositor shall not be deemed parties thereto
            and
            shall have no obligations, duties or liabilities with respect to such
            Servicer
            except as set forth in Section 9.10 hereof, but shall have rights thereunder
            as
            third party beneficiaries. It is furthermore understood and agreed by
            the
            parties hereto that the obligations of any Servicer are set forth in
            their
            entirety in such Servicer’s related Servicing Agreement and such Servicer has no
            obligations under and is not otherwise bound by the terms of this Agreement.
            

          

          Section
            9.10. Assumption
            of Servicing Agreement by Trustee.  

          

          (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 issuance of any notice of
            termination
            pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee
            shall, in
            accordance with Section 6.14, thereupon assume all of the rights and
            obligations
            of such Master Servicer hereunder and under each Servicing Agreement
            entered
            into with respect to the Mortgage Loans. The Trustee, its designee or
            any
            successor master servicer appointed by 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
            Trustee
            and any NIMS Insurer, and hereby agrees to indemnify and hold harmless
            the
            Trustee and any NIMS Insurer from and against all costs, damages, expenses
            and
            liabilities (including reasonable attorneys’ fees) incurred by the Trustee or
            any NIMS Insurer as a result of such liability or obligations of the
            Master
            Servicer and in connection with the Trustee’s (or other successor master
            servicer’s) assumption (but not its performance, except to the extent that costs
            or liability of the Trustee (or other successor master servicer’s) 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 Trustee against
            negligent or willful misconduct of the Trustee.

          

          
            
              
              

            

            
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          (b)
             The
            Master Servicer that has been terminated shall, upon request of the Trustee
            but
            at the expense of such Master Servicer, 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; Easements.

          

          (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 cause the related Servicer 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 collectibility 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.

          

          
            
              
              

            

            
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          (a)
             Upon
            (i)
            becoming aware of the payment in full of any Mortgage Loan or (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, the Master Servicer
            shall,
            or shall 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 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 hereof have been or will
            be so
            deposited) of a Servicing Officer and shall request (on the form attached
            hereto
            as Exhibit C or on the form attached to the related Custodial Agreement)
            the
            Trustee or the applicable Custodian, to deliver to the applicable Servicer
            the
            related Mortgage File; provided,
            however,
            that 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, and to the extent that such a
            request,
            on its face, originates from a Servicing Officer, no original signature
            shall be
            required. Upon receipt of such certification and request, the Trustee
            or the
            applicable Custodian (with the consent, and at the direction of the Trustee),
            shall promptly release the related Mortgage File to the applicable Servicer
            and
            neither the Trustee nor the applicable Custodian shall have any further
            responsibility with regard to such Mortgage File. Upon any such payment
            in full,
            the Master Servicer is authorized, and each Servicer, to the extent such
            authority is provided for 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.

          

          (b)
             From
            time
            to time and as appropriate for the servicing or foreclosure of any Mortgage
            Loan
            and in accordance with Accepted Servicing Practices and the applicable
            Servicing
            Agreement, the Trustee shall execute such 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 applicable Custodian, shall,
            upon
            request of the Master Servicer, or of a Servicer, and delivery to the
            Trustee or
            the applicable Custodian, of a request for release of documents and a
            receipt
            signed by a Servicing Officer substantially in the form of 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 Servicer to return the Mortgage File to the Trustee
            or the
            applicable Custodian, as applicable, when the need therefor by the Master
            Servicer or 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 hereinabove specified, the trust receipt shall be released
            by
            the Trustee or the applicable 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 of such delivery.

          

          
            
              
              

            

            
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                    Section
                      9.13.

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

                  

          

          

          (a)
             The
            Master Servicer shall transmit, or shall cause the applicable Servicer
            to
            transmit, to the Trustee 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 or of the applicable Servicing Agreement
            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 a Servicer as 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
            related 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
            (i) to the
            Trustee, its respective agents and accountants at any time upon reasonable
            request and during normal business hours, (ii) to the Certificate Insurer
            and
            (iii) to Certificateholders that are savings and loan associations, banks
            or
            insurance companies, the OTS, 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, in each case to the extent
            so
            required by applicable regulations of the OTS or such 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.

          

          (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 Liquidation
            Proceeds
            or Insurance Proceeds, shall be held by the Master Servicer, or by any
            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
            Trustee
            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 any 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 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
            a 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 applicable laws.

          

          
            
              
              

            

            
              159

              
                

              

            

            
              
              

            

          

          (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.

          

          Section
            9.14. Representations
            and Warranties of the Master Servicer.  

          

          (a)
             The
            Master Servicer hereby represents and warrants to the Depositor, any
            NIMS
            Insurer, the Certificate Insurer and the Trustee, for the benefit of
            the
            Certificateholders, as of the Closing Date that:

          

          (i) it
            is
            validly existing and in good standing as a limited liability company
            under the
            laws of the State of Delaware, 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);

          

          
            
              
              

            

            
              160

              
                

              

            

            
              
              

            

          

          (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, bylaw 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;

          

          (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 a Fannie Mae-
            or
            Freddie Mac-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;

          

          (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; and

          

          (xi) the
            information about the Master Servicer under the heading “The Master Servicer” in
            the Prospectus relating to the Master Servicer does not include an untrue
            statement of a material fact and does not omit to state a material fact,
            with
            respect to the statements made, necessary in order to make the statements
            in
            light of the circumstances under which they were made not
            misleading.

          

          (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 Certificate Insurer,
            any NIMS
            Insurer 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). 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 Certificate Insurer
            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 Certificate Insurer,
            any
            NIMS Insurer 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.

          

          
            
              
              

            

            
              161

              
                

              

            

            
              
              

            

          

          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, the Master Servicer, the
            Certificate 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) hereof. 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 hereunder of the Master Servicer respecting a breach
            by the
            Depositor of the representations and warranties in Sections 2.03(a)(i)
            through
            (vi) hereof.

          

          (d)
             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 either the Depositor, the Master Servicer,
            the
            Trustee, the Certificate Insurer or any NIMS Insurer or notice thereof
            by any
            one of such parties to the other parties. 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).

          

          Section
            9.15. Opinion.  

          

          On
            or
            before the Closing Date, the Master Servicer shall cause to be delivered
            to the
            Depositor, the Seller, the Certificate Insurer, the Trustee and any NIMS
            Insurer
            one or more Opinions 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.

          

          
            
              
              

            

            
              162

              
                

              

            

            
              
              

            

          

          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
            or any Servicing Agreement (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 applicable Servicing Agreement) 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 cause each Servicer (to the extent provided in
            the
            applicable Servicing Agreement) to, prepare and present on behalf of
            the
            Trustee, the Certificate Insurer 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 or the Custodial Account
            upon
            receipt, except that any amounts realized that are to be applied to the
            repair
            or restoration of the related Mortgaged Property or related to the related
            Mortgagor in accordance with the Master Servicer’s or related Servicer’s normal
            servicing procedures need not be so deposited (or remitted).

          

          Section
            9.18. Maintenance
            of the Primary Mortgage Insurance Policies.  

          

          (a)
             The
            Master Servicer shall cause each Servicer to remit (with respect to any
            Primary
            Mortgage Insurance Policy) or shall remit on behalf of each Servicer
            to the PMI
            Insurer, the applicable PMI Insurance Premiums and provide monthly Mortgage
            Loan
            balance updates to the related PMI Insurers. 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 noncoverage under
            any
            applicable Primary Mortgage Insurance Policy of any loss which, but for
            the
            actions of such Master Servicer or such 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 knowingly 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 in accordance with the provisions of this Agreement
            and the related Servicing Agreement, as applicable. 

          

          
            
              
              

            

            
              163

              
                

              

            

            
              
              

            

          

          (b)
             The
            Master Servicer agrees, to the extent provided in each Servicing Agreement,
            to
            cause each Servicer to present, on behalf of the Trustee, the Certificate
            Insurer 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 on behalf of 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) 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 each Servicer to deliver
            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 or any Servicer from time to time.

          

          
            	 	
                    Section
                      9.20.

                  	
                    Realization
                      Upon Defaulted Mortgage Loans.

                  

          

          

          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 Certificate
            Insurer 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).

          

          
            
              
              

            

            
              164

              
                

              

            

            
              
              

            

          

          Section
            9.21. Compensation
            to the Master Servicer.  

          

          The
            Master Servicer shall be entitled to withdraw from the Collection Account,
            subject to Section 5.05, the Master Servicing Fee 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 Premium) 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 Trustee 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.

          

          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 cause the applicable
            Servicer,
            to the extent provided in the applicable Servicing Agreement 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 each Servicer, upon the final disposition of any
            REO
            Property, shall be entitled to reimbursement for any related unreimbursed
            Advances and other 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
            Net 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.

          

          
            
              
              

            

            
              165

              
                

              

            

            
              
              

            

          

          (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 be remitted by wire transfer
            in
            immediately available funds to the Trustee for deposit into the Certificate
            Account on the next succeeding Master Servicer Remittance Date.

          

          Section
            9.23. Notice
            to the Sponsor, the Depositor and the Trustee. 

          

          (a)
             The
            Master Servicer shall promptly notify the Trustee, 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 V to this Agreement. On or before March 1st
            of each
            year, the Depositor shall distribute the information in Exhibit V hereto
            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 Trustee, 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 the 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.

          

          Section
            9.24. Reports
            to the Trustee.  

          

          (a)
             Not
            later
            than 30 days after each Distribution Date, the Master Servicer shall,
            upon
            request, forward to the Trustee 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, any NIMS
            Insurer,
            the Certificate Insurer and to any Certificateholders (or by the Trustee
            at the
            Master Servicer’s expense if the Master Servicer shall fail to provide such
            copies to the Certificateholders (unless (i) the Master Servicer shall
            have
            failed to provide the Trustee with such statement or (ii) the Trustee
            shall be
            unaware of the Master Servicer’s failure to provide such
            statement)).

          

          
            
              
              

            

            
              166

              
                

              

            

            
              
              

            

          

          (b)
             Not
            later
            than two Business Days following each Distribution Date, the Master Servicer
            shall deliver to one 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 upon information supplied to the Master Servicer
            by the
            Servicer without independent verification thereof and the Master Servicer
            shall
            be entitled to rely on such information.

          

          Section
            9.25. Assessment
            of Compliance and Attestation Reports. 

          

          (a)
             Assessment
            of Compliance

          

          (i) By
            March
            15 of each year, commencing in March 2008, the Master Servicer, at its
            own
            expense, shall furnish, and shall cause any Servicing Function Participant
            engaged by it to furnish, at its own expense, to the Sponsor, the Depositor,
            the
            Master Servicer, the Certificate Insurer and the Trustee, a report on
            an
            assessment of compliance with the Relevant Servicing Criteria (as identified
            on
            Exhibit O) 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. 

          

          (ii) When
            the
            Master Servicer (or any Servicing Function Participant engaged by the
            Master
            Servicer) submits its assessments to the Trustee and Depositor, 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 Depositor and Trustee what Relevant
            Servicing Criteria will be addressed in any such reports prepared by
            any such
            Servicing Function Participant.

          

          (iii) Promptly
            after receipt of each such report on assessment of compliance, the Exchange
            Act
            Signing Party shall confirm that the assessments, taken as a whole, address
            all
            of the 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, where the Master Servicer is the Exchange
            Act
            Signing Party, shall notify the Depositor of any exceptions. 

          

          
            
              
              

            

            
              167

              
                

              

            

            
              
              

            

          

          (b)
             Attestation
            Reports

          

          (i) By
            March
            15 of each 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, commencing in March 2008, the Master Servicer,
            at
            its own expense, shall cause, and shall cause any Servicing Function
            Participant
            engaged by it to cause, at its own expense, a registered public accounting
            firm
            (which may also render other services to the Master Servicer) that is
            a member
            of the American Institute of Certified Public Accountants to furnish
            a report to
            the Sponsor, the Depositor, the Master Servicer, the Certificate Insurer
            and the
            Trustee, 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. 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.

          

          (ii) Promptly
            after receipt of such report from the Master Servicer or any Servicing
            Function
            Participant engaged by such party, the Exchange Act Signing Party 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
            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
                      .
                      

                  

          

          

          (a)
             The
            Master Servicer shall deliver (and the Master Servicer shall cause any
            Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor,
            the
            Certificate Insurer and the Trustee 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. 

          

          
            
              
              

            

            
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          (b)
             Copies
            of
            such statements shall be provided to any Certificateholder upon request,
            by the
            Master Servicer or by the Trustee at the Master Servicer’s expense if the Master
            Servicer failed to provide such copies (unless (i) the Master Servicer
            shall
            have failed to provide the Trustee with such statement or (ii) the Trustee
            shall
            be unaware of the Master Servicer’s failure to provide such
            statement).

          

          (c)
             The
            Master Servicer shall give prompt written notice to the Trustee, the
            Sponsor and
            the Depositor of the appointment of any Subcontractor by it and a written
            description (in form and substance satisfactory to the Trustee, the Sponsor
            and
            the Depositor) of the role and function of each Subcontractor utilized
            by the
            Master Servicer, 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.

          

          (d)
             The
            Master Servicer shall notify the Trustee, the Depositor and the Sponsor
            within
            five (5) days of knowledge thereof (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) at any time an affiliate of any of the
            parties
            listed on Exhibit P to this Agreement. On or before March 1st of each
            year, the
            Depositor shall distribute the information in Exhibit P to the Master
            Servicer.

          

          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 Fannie
            Mae or
            Freddie Mac and shall have a net worth of not less than
            $15,000,000.

          

          Section
            9.28. Resignation
            of Master Servicer.  

          

          Except
            as
            otherwise provided in Sections 9.27, 9.28 and 9.29 hereof, the Master
            Servicer
            shall not resign from the obligations and duties hereby imposed on it
            unless it
            or the Trustee 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, the Certificate Insurer and any NIMS Insurer.
            No such
            resignation shall become effective until a period of time not to exceed
            90 days
            after the Trustee receives written notice thereof from the Master Servicer
            and
            until the Trustee shall have assumed, or a successor master servicer
            acceptable
            to the NIMS Insurer and the Trustee shall have been appointed by the
            Trustee 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 and the Depositor to the Trustee and
            any NIMS
            Insurer.

          

          
            
              
              

            

            
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          Section
            9.29. Assignment
            or Delegation of Duties by the Master Servicer.  

          

          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 Subservicer, Subcontractor
            or 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 Certificate Insurer, any NIMS Insurer or the Depositor 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, and the name of any such affiliated
            Subcontractor or Subservicer shall be given promptly by the Master Servicer
            to
            the Depositor, the Trustee, the Certificate Insurer and any NIMS Insurer.
            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.

          

          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 without (a) giving notice to
            the
            Trustee and the Depositor and (b) requiring any such Subcontractor to
            provide to
            the Master Servicer assessment report as provided in Section 9.25(a)
            and an
            attestation report as provided for in Section 9.25(b), which reports
            the Master
            Servicer shall include in its attestation and assessment reports.

          

          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.

          

          
            
              
              

            

            
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          (c)
             None
            of
            the Master Servicer, the Seller or the Depositor or any of the directors,
            officers, employees or agents of any of them shall be under any liability
            to the
            Trustee, the Certificate Insurer 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 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 and
            the
            Depositor and any director, officer, employee or agent of any of them
            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.

          

          Section
            9.31. Indemnification;
            Third-Party Claims.  

          

          The
            Master Servicer agrees to indemnify the Depositor, the Sponsor, any NIMS
            Insurer, the Certificate Insurer and the Trustee, and their respective
            officers,
            directors, agents and affiliates, and 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 Certificate Insurer, any NIMS Insurer
            or the
            Trustee may sustain arising out of or based upon (a) any material breach
            by the
            Master Servicer of any if its obligations hereunder, including particularly
            its
            obligations to provide any reports 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 in 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 Certificate Insurer, any NIMS Insurer
            and the
            Trustee 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 Certificate Insurer, any NIMS Insurer or
            the Trustee
            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. 

          

          
            
              
              

            

            
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          ARTICLE
            X

          

          REMIC
            ADMINISTRATION

          

          Section
            10.01. REMIC
            Administration.  

          

          (a)
             REMIC
            elections as set forth in the Preliminary Statement 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. The regular interests and residual interest in each REMIC shall
            be as
            designated in the Preliminary Statement. For purposes of such designations,
            the
            interest rate of any regular interest that is computed by taking into
            account
            the weighted average of the Net Mortgage Rates of the Mortgage Loans
            shall be
            reduced by the amount of any expense paid by the Trust to the extent
            that (i)
            such expense was not taken into account in computing the Net Mortgage
            Rate of
            any Mortgage Loan, (ii) such expense does not constitute an “unanticipated
            expense” of a REMIC within the meaning of Treasury Regulation Section
            1.860G-1(b)(3)(ii), (iii) such expense does not relate to an Excluded
            Trust
            Asset and (iv) the amount of such expense was not taken into account
            in
            computing the interest rate of a more junior Class of regular
            interests.

          

          (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 1.860G-1(a)(4) will be the Latest Possible
            Maturity Date.

          

          (c)
             The
            Trustee 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 Trustee shall pay any and all tax
            related
            expenses (not including taxes) of each REMIC, including but not limited
            to any
            professional fees or expenses related to audits or any administrative
            or
            judicial proceedings with respect to such REMIC 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 Trustee in fulfilling its duties
            hereunder (including its duties as tax return preparer). The Trustee
            shall be
            entitled to reimbursement of expenses to the extent provided in clause
            (i) above
            from the Certificate Account; provided,
            however,
            the
            Trustee shall not be entitled to reimbursement for expenses incurred
            in
            connection with the preparation of tax returns and other reports as required
            by
            Section 6.20 and this Section.

          

          (d)
             The
            Trustee shall prepare, sign and file all of each REMIC’s federal and applicable
            state tax and information returns as such REMIC’s direct representative. As used
            herein, applicable state tax and information returns shall mean returns
            as may
            be required by the laws of any state the applicability of which to the
            Trust
            Fund shall have been confirmed to the Trustee in writing either by the
            delivery
            to the Trustee of an Opinion of Counsel to such effect, or by delivery
            to the
            Trustee of a written notification to such effect by the taxing authority
            of such
            state. The expenses of preparing and filing such returns shall be borne
            by the
            Trustee.

          

          
            
              
              

            

            
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          (e)
             The
            Trustee or its designee shall perform on behalf of each REMIC all reporting
            and
            other tax compliance duties that are the responsibility of such REMIC
            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
            Trustee 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
            pursuant to Treasury Regulation 1.860E-2(a)(5) and any person designated
            in
            Section 860E(e)(3) of the Code and (ii) to the Certificateholders such
            information or reports as are required by the Code or REMIC
            Provisions.

          

          The
            Trustee shall be entitled to receive reasonable compensation from the
            Trust Fund
            for the performance of its duties under this subsection (e); provided,
            however,
            that
            such compensation shall not exceed $5,000 per year; provided, further,
            that,
            after a Section 7.01(d) Purchase Event, any expenses incurred by the
            Trustee in
            connection with such Section 7.01(d) Purchase Event shall be reimbursed
            to the
            Trustee, regardless of the limitation set forth above, in accordance
            with
            Section 4.04(b).

          

          (f)
             The
            Trustee, 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 to take any action necessary to create or maintain the status of
            any 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 Master Servicer
            nor
            the Holder of any Residual Certificate shall knowingly take any action,
            within
            their respective control, 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 result in an Adverse REMIC Event unless the Trustee,
            any 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 result in an Adverse REMIC Event. In addition,
            prior to taking any action with respect to any REMIC or the assets therein,
            or
            causing any 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 Master Servicer, any NIMS Insurer or their respective
            designees, in writing, with respect to whether such action could cause
            an
            Adverse REMIC Event to occur with respect to any REMIC, and no such Person
            shall
            take any such action or cause any REMIC to take any such action as to
            which the
            Trustee, the Master Servicer or any NIMS Insurer has advised it in writing
            that
            an Adverse REMIC Event could occur.

          

          (g)
             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 taxes are not paid by a Residual Certificateholder, the Trustee
            shall
            pay any remaining REMIC taxes out of current or future amounts otherwise
            distributable to the Holder of the Residual Certificate in any such REMIC
            or, if
            no such amounts are available, out of other amounts held in the Certificate
            Account, and shall reduce amounts otherwise payable to holders of regular
            interests in any such REMIC, as the case may be.

          

          
            
              
              

            

            
              173

              
                

              

            

            
              
              

            

          

          (h)
             The
            Trustee shall, for federal income tax purposes, maintain books and records
            with
            respect to each REMIC on a calendar year and on an accrual basis.

          

          (i)
             No
            additional contributions of assets shall be made to any REMIC, except
            as
            expressly provided in this Agreement.

          

          (j)
             Neither
            the Trustee nor the Master Servicer shall enter into any arrangement
            by which
            any REMIC will receive a fee or other compensation for services.

          

          (k)
             Upon
            the
            request of any Rating Agency, the Trustee shall deliver an Officer’s Certificate
            stating, without regard to any actions taken by any party other than
            the
            Trustee, the Trustee’s compliance with provisions of this Section
            10.01.

          

          (l)
             The
            Trustee shall treat each of the Basis Risk Reserve Fund, the Cap Account
            and the
            Swap 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 X Certificates
            and that is not an asset of any REMIC. The Trustee shall treat each Certificate
            (other than the Class X, Class LT-R, Class R and Class P Certificates)
            as
            representing not only ownership of regular interests in a REMIC, but
            also
            ownership of an interest in a notional principal contract entered into
            with the
            Class X Certificateholders. The rights of the Holders of the LIBOR Certificates
            to receive Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls shall
            be
            treated as rights in such notional principal contract. Pursuant to each
            such
            notional principal contract, all beneficial owners of the Certificates
            (other
            than the Class P, Class X, Class LT-R and Class R Certificates) shall
            be treated
            as having agreed to pay, on each Distribution Date, to the beneficial
            owners of
            the Class X Certificates an aggregate amount equal to the excess, if
            any, of (i)
            the amount payable on such Distribution Date on the interest in the Upper
            Tier
            REMIC corresponding to such Class of Certificates over (ii) the amount
            payable
            on such Class of Certificates on such Distribution Date (such excess,
            a “Class I
            Shortfall”). A Class I Shortfall payable from interest collections shall be
            allocated to each Class of Certificates to the extent that interest accrued
            on
            such Class for the related Accrual Period at the Certificate Interest
            Rate for a
            Class, computed by substituting “REMIC Net Funds Cap” for “the Net Funds Cap” in
            the definition thereof, exceeds the amount of interest accrued for the
            related
            Accrual Period based on the applicable Net Funds Cap, and a Class I Shortfall
            payable from principal collections shall be allocated to the most subordinate
            Class of Certificates with an outstanding principal balance to the extent
            of
            such balance. However, any payment from the Certificates of a Class I
            Shortfall
            shall be treated for tax purposes as having been received by the beneficial
            owners of such Certificates in respect of their Interests in the Upper
            Tier
            REMIC 1 and as having been paid by such beneficial owners to the Supplemental
            Interest Trust pursuant to the notional principal contract. For tax purposes,
            the notional principal contract shall be deemed to have a value in favor
            of the
            Certificates entitled to receive Basis Risk Shortfalls and Unpaid Basis
            Risk
            Shortfalls of $45,000 as of the Closing Date.

          

          (m)
             [Reserved]

          

          
            
              
              

            

            
              174

              
                

              

            

            
              
              

            

          

          (n)
             Notwithstanding
            the priority and sources of payments set forth in Article V hereof or
            otherwise,
            the Trustee shall account for all distributions on the Certificates as
            set forth
            in this Section 10.01. In no event shall any payments of Basis Risk Shortfalls
            or Unpaid Basis Risk Shortfalls provided for in this Section 10.01 be
            treated as
            payments with respect to a “regular interest” in a REMIC within the meaning of
            Code Section 860G(a)(1). 

          

          Section
            10.02. Prohibited
            Transactions and Activities.  

          

          None
            of
            the Depositor, the Master Servicer or 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 each REMIC 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, unless the Trustee and any NIMS Insurer have received an Opinion
            of
            Counsel (at the expense of the party causing such sale, disposition,
            or
            substitution) that such disposition, acquisition, substitution, or acceptance
            will not (a) result in an Adverse REMIC Event, (b) affect the distribution
            of
            interest or principal on the Certificates, or (c) result in the encumbrance
            of
            the assets transferred or assigned to the Trust Fund (except pursuant
            to the
            provisions of this Agreement). 

          

          Section
            10.03. Indemnification
            with Respect to Certain Taxes and Loss of REMIC Status.  

          

          Upon
            the
            occurrence of an Adverse REMIC Event due to the negligent performance
            by the
            Trustee of its duties and obligations set forth herein, the Trustee shall
            indemnify the Holder of the related Residual Certificate or the Trust
            Fund, as
            applicable, against any and all losses, claims, damages, liabilities
            or expenses
            (“Losses”) resulting from such negligence; provided,
            however,
            that the
            Trustee shall not be liable for any such Losses attributable to the action
            or
            inaction of the Master Servicer, the Depositor, the Class X Certificateholder
            or
            the Holder of a Residual Certificate, as applicable, nor for any such
            Losses
            resulting from misinformation provided by the Holder of such Residual
            Certificate on which the Trustee 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 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 or any Servicing Agreement,
            (2) for
            any Losses other than arising out of a negligent performance by the Trustee
            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). In addition, the Trustee shall not
            have any
            liability for the actions or failure to act of any other party hereto.
            

          

          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 on behalf of any REMIC with respect to any REO
            Property
            which might cause an Adverse REMIC Event unless the Master Servicer and
            any NIMS
            Insurer has advised, or has caused the applicable Servicer to advise,
            the
            Trustee in writing to the effect that, under the REMIC Provisions, such
            action
            would not result in an Adverse REMIC Event.

          

          
            
              
              

            

            
              175

              
                

              

            

            
              
              

            

          

          (b)
             The
            Master Servicer shall cause the applicable Servicer (to the extent provided
            in
            its Servicing Agreement) 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 the extent provided in its Servicing
            Agreement) to, dispose of any REO Property within three years 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, the REMIC may hold REO Property for a longer period without
            causing
            an Adverse REMIC Event. If the Master Servicer has received such an extension,
            then the Master Servicer, acting on the Trustee’s behalf 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 and the Master Servicer or the applicable
            Servicer,
            acting on behalf of the Trustee hereunder, is unable to sell the REO
            Property
            within 33 months after its acquisition by the Trust Fund or if the Master
            Servicer has received such an extension, and the Master Servicer or the
            applicable Servicer is unable to sell the REO Property within the period
            ending
            three months before the close of the Extended Period, the Master Servicer
            shall
            cause the applicable Servicer, before the end of the three year period
            or the
            Extended Period, as applicable, to (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 applicable 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.

          

          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.  

          

          
            
              
              

            

            
              176

              
                

              

            

            
              
              

            

          

          (a)
             On
            or
            prior to a Section 7.01(d) Purchase Event, this Agreement may be amended
            from
            time to time by the Depositor, the Master Servicer and the Trustee, with
            the
            consent of any NIMS Insurer and with the consent of the Certificate Insurer
            (solely as to any matter involving the Insured Certificates or the Mortgage
            Loans), but without consent of the Swap Counterparty (except to the extent
            that
            the rights or obligations of the Swap Counterparty hereunder or under
            the Swap
            Agreement, respectively, are affected thereby or the ability of the Trustee
            on
            behalf of the Supplemental Interest Trust and the Trust Fund to perform
            fully
            and timely its obligations under the Swap Agreement is adversely affected,
            in
            which case prior written consent of the Swap Counterparty is required)
            and
            without notice to or the consent of any of the 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 the Prospectus, 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, any NIMS
            Insurer,
            the Certificate Insurer and the Swap Counterparty shall be provided with
            an
            Opinion of Counsel addressed to the Trustee, any NIMS Insurer, the Certificate
            Insurer and the Swap Counterparty (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 receives written confirmation from
            each
            Rating Agency that such amendment will not cause such Rating Agency to
            reduce
            the then current rating assigned to the Certificates (without regard
            to the
            Certificate Insurance Policy with respect to the Insured Certificates).
            

          

          (b)
             On
            or
            prior to a Section 7.01(d) Purchase Event, this Agreement may also be
            amended
            from time to time by the Depositor, the Master Servicer, and the Trustee,
            with
            the consent of any NIMS Insurer, and with the consent of the Certificate
            Insurer
            (solely as to any matter involving the Insured Certificates or the Mortgage
            Loans) but without consent of the Swap Counterparty (except to the extent
            that
            the rights or obligations of the Swap Counterparty hereunder or under
            the Swap
            Agreement, respectively, are affected thereby or the ability of the Trustee
            on
            behalf of the Supplemental Interest Trust and the Trust Fund to perform
            fully
            and timely its obligations under the Swap Agreement is adversely affected,
            in
            which case prior written consent of the Swap Counterparty is required)
            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, the Swap Counterparty,
            the
            Certificate Insurer and any NIMS Insurer receives an Opinion of Counsel
            addressed to the Trustee, the Swap Counterparty, the Certificate Insurer
            and any
            NIMS Insurer, at the expense of the party requesting the change, that
            such
            change will not cause an Adverse REMIC Event and is permitted hereunder;
            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 Class Notional Amount, as applicable (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, as applicable (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.

          

          
            
              
              

            

            
              177

              
                

              

            

            
              
              

            

          

          (c)
             After
            a
            Section 7.01(d) Purchase Event but on or prior to a Trust Fund Termination
            Event, this Agreement may be amended from time to time by the Depositor,
            the
            Master Servicer, the LTURI-holder and the Trustee but without the consent
            of the
            Swap Counterparty (except to the extent that the rights or obligations
            of the
            Swap Counterparty hereunder or under the Swap Agreement, respectively,
            are
            affected thereby or the ability of the Trustee on behalf of the Supplemental
            Interest Trust and the Trust Fund to perform fully and timely its obligations
            under the Swap Agreement is adversely affected, in which case prior written
            consent of the Swap Counterparty is required). Prior to entering into
            any
            amendment without the consent of Holders pursuant to this paragraph,
            the
            Trustee, the Swap Counterparty and any NIMS Insurer shall be provided
            with an
            Opinion of Counsel addressed to the Trustee, the Swap Counterparty and
            any NIMS
            Insurer (at the expense of the party requesting such amendment) to the
            effect
            that such amendment is permitted under this Section and will not result
            in an
            Adverse REMIC Event.

          

          (d)
             Promptly
            after the execution of any such amendment, the Trustee shall furnish
            written
            notification of the substance of such amendment to each Holder, the Depositor,
            the Swap Counterparty, the Certificate Insurer, any NIMS Insurer and
            to the
            Rating Agencies.

          

          (e)
             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 Trustee may
            prescribe.

          

          (f)
             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.

          

          (g)
             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 and the Trustee
            to the
            extent necessary, in the judgment of the Depositor and its counsel, to
            comply
            with the Rules.

          

          (h)
             Notwithstanding
            the foregoing, the Certificate Insurer shall be required to consent to
            any
            amendment that does not have a material adverse effect in any respect
            on the
            rights and interests of the Certificate Insurer hereunder.

          

          
            
              
              

            

            
              178

              
                

              

            

            
              
              

            

          

          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 Class Notional
            Amount,
            as applicable (or Percentage Interest), Certificates owned by the Depositor,
            the
            Master Servicer, the Trustee, any Servicer or Affiliates thereof are
            not to be
            counted so long as such Certificates are owned by the Depositor, the
            Master
            Servicer, the Trustee, any Servicer or any Affiliate 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 and the Trustee agree to cooperate with
            each
            other to provide to any Certificateholders, and to any prospective purchaser
            of
            Certificates designated by such holder, upon the request of such holder
            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 in
            providing such information shall be reimbursed by the Depositor.

          

          (b)
             The
            Trustee shall 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 Commission pursuant to Section 6.20(c) and (ii) a
            copy of
            any other document incorporated by reference in the Prospectus (to the
            extent
            that the Trustee has such documents in its possession or such documents
            are
            reasonably obtainable by the Trustee). Any reasonable out-of-pocket expenses
            incurred by the Trustee in providing copies of such documents shall be
            reimbursed by the Depositor.

          

          (c)
             On
            each
            Distribution Date, the Trustee shall make available on its website or
            otherwise
            deliver to the Depositor a copy of the report delivered to Certificateholders
            pursuant to Section 4.03.

          

          Section
            11.06. Governing
            Law.  

          

          THIS
            AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
            OF THE
            STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS
            (OTHER
            THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS,
            RIGHTS
            AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
            WITH
            SUCH LAWS.

          

          Section
            11.07. Notices.  

          

          All
            demands, notices and communications hereunder shall be in writing and
            shall be
            deemed to have been duly given when received by (a) in the case of the
            Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue,
            7th
            Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2007-14H,
            (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
            Avenue, 7th Floor, New York, New York 10019, Attention: Mortgage Finance,
            LXS
            2007-14H, (c) in the case of the Trustee, the applicable Corporate Trust
            Office, (d) in the case of the Master Servicer, Aurora Loan Services LLC,
            10350 Park Meadows Drive, Littleton, Colorado 80124; Attention: Master
            Servicing, LXS 2007-14H, (e) in the case of the Swap Counterparty, at
            the
            address therefore set forth in the Swap Agreement, (f) in the case of
            the Cap
            Counterparty, at the address therefore set forth in the Cap Agreement,
            and (g)
            in the case of the Certificate Insurer, Ambac Assurance Corporation,
            One State
            Street Plaza, 19th Floor, New York, New York, Attention: Consumer Asset-Backed
            Securities Group, Lehman XS Trust Mortgage Pass-Through Certificates,
            Series
            2007-14H, Class A2-2 and A4 Certificates, or as to each party, such other
            address as may hereafter be furnished by such party to the other parties
            in
            writing. All demands, notices and communications to a party 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 above 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.

          

          
            
              
              

            

            
              179

              
                

              

            

            
              
              

            

          

          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.

          

          The
            Depositor shall promptly notify the Custodians, the Master Servicer,
            the
            Certificate Insurer and the Trustee in writing of the issuance of any
            Class of
            NIM Securities issued by a NIMS Insurer and the identity of such NIMS
            Insurer.
            Thereafter, 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
            be subject
            to and have the right to enforce the provisions of this Agreement so
            long as the
            NIM Securities remaining outstanding or the NIMS Insurer is owed amounts
            in
            respect of its guarantee of payment of such NIM Securities. 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
            Swap Counterparty and its successors and assignees under the Swap Agreement,
            the
            NIMS Insurer, the Holders, any benefit or any legal or equitable right,
            power,
            remedy or claim under this Agreement, except to the extent specified
            in Section
            11.15.

          

          
            
              
              

            

            
              180

              
                

              

            

            
              
              

            

          

          
            	 	
                    Section
                      11.12.

                  	
                    Special
                      Notices to the Rating Agencies, the Certificate Insurer and
                      any NIMS
                      Insurer.  

                  

          

          

          (a)
             The
            Depositor shall give prompt notice to the Rating Agencies, the Certificate
            Insurer and any NIMS Insurer 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;

          

          (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;

          

          (vi) the
            making of a final payment pursuant to Section 7.02; and

          

          (vii) any
            termination of the rights and obligations of any Servicer under the applicable
            Servicing Agreement.

          

          (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
            Moody’s, to:

           

          Moody’s
            Investors Service, Inc.

          99
            Church
            Street

          New
            York,
            New York 10007

          Attention:
            Residential Mortgages

          

          If
            to
            S&P, to:

          

          Standard
            & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
            Inc.

          55
            Water
            Street

          New
            York,
            New York 10014

          Attention:
            Residential Mortgages

          

          
            
              
              

            

            
              181

              
                

              

            

            
              
              

            

          

          (c)
             The
            Trustee shall provide or make available to the Rating Agencies reports
            prepared
            pursuant to Section 4.03. In addition, the Trustee 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
            Trustee.

          

          Section
            11.13. 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, the Certificate Insurer or the Trust
            Fund.

          

          Section
            11.14. 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
            11.15. Transfer
            of Servicing.  

          

          The
            Seller agrees that it shall provide written notice to the Master Servicer,
            the
            Swap Counterparty, any NIMS Insurer, the Certificate Insurer and the
            Trustee
            thirty days prior to any proposed transfer or assignment by the Seller
            of its
            rights under the Servicing Agreement or of the servicing thereunder from
            time to
            time with respect to any Mortgage Loan or group of Mortgage Loans, or
            delegation
            of its rights or duties thereunder or any portion thereof to any other
            Person
            other than the initial Servicer under such Servicing Agreement; provided,
            however,
            that the
            Seller shall not be required to provide prior notice of (i) any transfer
            of
            servicing that occurs within three months following the Closing Date
            to an
            entity that is a Servicer on the Closing Date or (ii) any assignment
            of any
            servicing rights from the Seller to an affiliate of the Seller. In addition,
            the
            ability of the Seller to transfer or assign its rights and delegate its
            duties
            under the Servicing Agreement or to transfer the servicing thereunder,
            from time
            to time with respect to any Mortgage Loan or group of Mortgage Loans,
            to a
            successor servicer shall be subject to the following conditions:

          

          (i) Satisfaction
            of the conditions to such transfer as set forth in the applicable Servicing
            Agreement including, without limitation, receipt of written consent of
            any NIMS
            Insurer and the Master Servicer (such consent not to be unreasonably
            withheld)
            to such transfer;

          

          (ii) Such
            successor servicer must be qualified to service loans for Fannie Mae
            or Freddie
            Mac, and must be a member in good standing of MERS;

          

          (iii) Such
            successor servicer must satisfy the seller/servicer eligibility standards
            in the
            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;

          

          
            
              
              

            

            
              182

              
                

              

            

            
              
              

            

          

          (iv) Such
            successor servicer must execute and deliver to the Trustee and the Master
            Servicer an agreement, in form and substance reasonably satisfactory
            to the
            Trustee 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;

          

          (v) If
            the
            successor servicer is not a Servicer of Mortgage Loans at the time of
            the
            transfer, there must be delivered to the Trustee, the Certificate Insurer
            and
            the Master Servicer 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 (without
            regard
            to the Certificate Insurance Policy with respect to the Insured Certificates);
            and

          

          (vi) The
            Seller shall, at its cost and expense, take such steps, or cause the
            transferring Servicer to take such steps, as may be necessary or appropriate
            to
            effectuate and evidence the transfer of the servicing of the specified
            Mortgage
            Loans to such successor or replacement 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 or replacement 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 or replacement
            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 or replacement
            servicer, or, if such transfer occurs after a Servicer Remittance Date
            but
            before the next succeeding Master Servicer Remittance Date, to the Trustee,
            all
            funds held by the prior 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 or replacement servicer, continue to forward
            to such
            successor or replacement 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 or replacement 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 or replacement servicer, continue to cooperate with the successor
            or
            replacement servicer to facilitate such transfer in such manner and to
            such
            extent as the successor or replacement servicer may reasonably request.
            Notwithstanding the foregoing, the prior Servicer shall be obligated
            to perform
            the items listed above to the extent provided in the applicable Servicing
            Agreement.

          

          
            
              
              

            

            
              183

              
                

              

            

            
              
              

            

          

          Section
            11.16. Matters
            Relating to the Certificate Insurance Policy. 

          

          (a)
             All
            notices, statements, reports, certificates or opinions required by this
            Agreement to be sent by any other party hereto to the Class A2-2
            Certificateholders or the Class A4 Certificateholders shall also be sent
            by the
            Trustee to the Certificate Insurer at the following address, if not provided
            on
            the Trustee’s internet website:

          

          Ambac
            Assurance Corporation

          

          One
            State
            Street Plaza, 19th Floor

          

          New
            York,
            New York 10004

          

          Attention:
            Consumer Asset-Backed Securities Group

          

          Re: Lehman
            XS
            Trust Mortgage Pass-Through Certificates, Series 2007-14H, Class A2-2
            and A4
            Certificates

          

          or
            such
            other address as the Certificate Insurer may hereafter furnish to the
            Depositor
            and the Trustee.

          

          (b)
             Notwithstanding
            any provision to the contrary, the parties to this Agreement agree that
            it is
            appropriate, in furtherance of the interest of such parties as set forth
            herein,
            that the Certificate Insurer receive the benefit of this Agreement, solely
            with
            respect to the Certificates and the Mortgage Loans, as an intended third
            party
            beneficiary of this Agreement to the extent of such provisions.

          

          (c)
             No
            purchase of the property of the Trust Fund pursuant to Section 7.01(b)
            shall
            occur if such purchase would result in a draw on the Certificate Insurance
            Policy, unless the Certificate Insurer has consented to such
            purchase.

          

          (d)
             All
            references herein to the rating of the Certificates shall be without
            regard to
            the Certificate Insurance Policy.

          

          [SIGNATURES
            TO FOLLOW]

          

           

          
            
              
              

            

            
              184

              
                

              

            

            
              
              

            

          

          

          IN
            WITNESS WHEREOF, the parties hereto 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: 
            /s/
            Ellen V. Kiernan            
Name:
            Ellen V. Kiernan
Title:
            Senior Vice President

          

          AURORA
            LOAN SERVICES LLC, as Master Servicer

          

          

          By: 
            /s/
            Michele L. Olds            
Name:
            Michele L. Olds
Title:
            Vice President

          

          LASALLE
            BANK NATIONAL ASSOCIATION,

          as
            Trustee

          

          

          By: 
            /s/
            Susan L. Feld              
Name:
            Susan L. Feld
Title:
            Vice President

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Solely
            for purposes of Section 6.11 and 11.15,

          accepted
            and agreed to by:

          

          LEHMAN
            BROTHERS HOLDINGS INC.

          

          By:
            /s/
            Michael Hitzmann            

          Name:
            Michael Hitzmann

          Title:
            Authorized Signatory

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            A

          

          FORMS
            OF CERTIFICATES

          

          

          

          
            
              
              

            

            
              A-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            B-1

          

          FORM
            OF
            INITIAL CERTIFICATION

          

                                                  
            

          Date

          

          LaSalle
            Bank National Association

          135
            S.
            LaSalle Street, Suite 1511

          Chicago,
            Illinois 60603

          Attention:
            Global Securities and Trust Services - Lehman XS Trust 2007-14H

          

          Aurora
            Loan Services LLC, as Master Servicer

          10350
            Park Meadows Drive

          Littleton,
            Colorado 80124

          

          Structured
            Asset Securities Corporation,

          as
            Depositor

          745
            Seventh Avenue

          7th
            Floor

          New
            York,
            New York 10019

          Attention:
            Mortgage Finance, LXS 2007-14H

          

          Ambac
            Assurance Corporation

          One
            State
            Street Plaza

          New
            York,
            New York 10004

          

          
            	 	
                    Re:

                  	
                    Trust
                      Agreement dated as of July 1, 2007 (the “Trust
                      Agreement”),

                  

          

          by
            and
            among Structured Asset Securities Corporation, as Depositor,

          Aurora
            Loan Services LLC, as Master Servicer and LaSalle Bank National

          Association,
            as Trustee with respect to Lehman XS Trust Mortgage Pass-Through

          Certificates,
            Series 2007-14H                                 

          

          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, hereby certifies that
            it 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]

          

          By:_____________________________________

          Name:
            

          Title:

          
            
              
              

            

            
              B-1-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            B-2

          

          FORM
            OF
            INTERIM CERTIFICATION

                                          

          Date

          LaSalle
            Bank National Association

          135
            S.
            LaSalle Street, Suite 1511

          Chicago,
            Illinois 60603

          Attention:
            Global Securities and Trust Services - Lehman XS Trust 2007-14H

          

          Aurora
            Loan Services LLC, as Master Servicer

          10350
            Park Meadows Drive

          Littleton,
            Colorado 80124

          

          Structured
            Asset Securities Corporation,

          as
            Depositor

          745
            Seventh Avenue, 7th
            Floor

          New
            York,
            New York 10019

          Attention:
            Mortgage Finance, LXS 2007-14H

          

          Ambac
            Assurance Corporation

          One
            State
            Street Plaza

          New
            York,
            New York 10004

          

          
            	 	
                    Re:

                  	
                    Trust
                      Agreement dated as of July 1, 2007 (the “Trust
                      Agreement”),

                  

          

          by
            and
            among Structured Asset Securities Corporation, as Depositor,

          Aurora
            Loan Services LLC, as Master Servicer and C LaSalle Bank National

          Association,
            as Trustee with respect to Lehman XS Trust Mortgage Pass-Through

          Certificates,
            Series 2007-14H                                

          

          Ladies
            and Gentlemen:

          

          In
            accordance with Section 2.02(b) of the Trust Agreement, the undersigned,
            as
            Custodian, 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 in Section 2.01(b) of the
            Trust
            Agreement 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]

          

          By:______________________________

          Name:
            

          Title:

          
            
              
              

            

            
              B-2-1

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            B-3

          

          FORM
            OF
            FINAL CERTIFICATION

          

                                          

          Date

          LaSalle
            Bank National Association

          135
            S.
            LaSalle Street, Suite 1511

          Chicago,
            Illinois 60603

          Attention:
            Global Securities and Trust Services - Lehman XS Trust 2007-14H

          

          Aurora
            Loan Services LLC, as Master Servicer

          10350
            Park Meadows Drive

          Littleton,
            Colorado 80124

          

          Structured
            Asset Securities Corporation,

          as
            Depositor

          745
            Seventh Avenue, 7th
            Floor

          New
            York,
            New York 10019

          Attention:
            Mortgage Finance, LXS 2007-14H

          

          Ambac
            Assurance Corporation

          One
            State
            Street Plaza

          New
            York,
            New York 10004

          

          
            	 	
                    Re:

                  	
                    Trust
                      Agreement dated as of July 1, 2007 (the “Trust
                      Agreement”),

                  

          

          by
            and
            among Structured Asset Securities Corporation, as Depositor,

          Aurora
            Loan Services LLC, as Master Servicer and LaSalle Bank National

          Association,
            as Trustee with respect to Lehman XS Trust Mortgage Pass-Through

          Certificates,
            Series 2007-14H                                

          

          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
            in the
            Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule
            I
            hereto, it has reviewed the documents listed in Section 2.01(b) of the
            Trust
            Agreement and has determined that each such document appears to be complete
            and,
            based on an examination of such documents, the information set forth
            in items
            (i) through (vi) of 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]

          

          By:_____________________________________

          Name:

          Title:
            

          
            
              
              

            

            
              B-3-1

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            B-4

          

          FORM
            OF ENDORSEMENT

          

          Pay
            to the order of
            LaSalle
            Bank National Association, as trustee (the “Trustee”), under the Trust Agreement
            dated as of July 1, 2007, among Structured Asset Securities Corporation,
            as
            depositor, Aurora Loan Services LLC, as master servicer, and the Trustee,
            relating to Lehman XS Trust Mortgage Pass-Through Certificates, Series
            2007-14H,
            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 Trustee
            under
            a certain Trust Agreement dated as of July 1, 2007 by and among Structured
            Asset
            Securities Corporation, as Depositor, LaSalle Bank National Association,
            as
            Trustee, and Aurora Loan Services LLC, as Master Servicer (the “Trust
            Agreement”), the undersigned 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 Servicer hereby certifies that all amounts received
            in
            connection with the loan have been or will be credited to the Certificate
            Account pursuant to the Trust Agreement.)

          

          2. The
            Mortgage Loan is being foreclosed.

          

          3. Mortgage
            Loan substituted. (The 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 [Servicer] [Master Servicer] hereby certifies
            that the
            Purchase Price (or FPD Purchase Price (in the case of a First Payment
            Default
            Mortgage Loan)) has been credited to the Certificate Account or Collection
            Account, as applicable, 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
            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:

          

          
            	 	
                    1.

                  	
                    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.

                  

          

          

          
            	 	
                    2.

                  	
                    That
                      the Purchaser’s Taxpayer Identification Number is
                      [           ].

                  

          

          

          
            	 	
                    3.

                  	
                    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.

                  

          

          

          
            	 	
                    4.

                  	
                    That
                      the Purchaser either (x) is not, and on __________________
                      [date of
                      transfer] will not be, an employee benefit plan or other retirement
                      arrangement subject to Section 406 of the Employee Retirement
                      Income
                      Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Code
                      (collectively, a “Plan”) or a person acting on behalf of any such Plan or
                      investing the assets of any such Plan to acquire a Residual
                      Certificate;
                      (y) if the Residual Certificate has been the subject of an
                      ERISA-Qualifying Underwriting, is an insurance company that
                      is purchasing
                      the Residual Certificate with funds contained in an “insurance company
                      general account” as defined in Section V(e) of Prohibited Transaction
                      Class Exemption (“PTCE”) 95-60 and the purchase and holding of the
                      Certificate are covered under Sections I and III of PTCE 95-60;
                      or (z)
                      herewith delivers to the Trustee an opinion of counsel (a “Benefit Plan
                      Opinion”) satisfactory to the Trustee, and upon which the Trustee,
                      the
                      Master Servicer, any NIMS Insurer and the Depositor shall be
                      entitled to
                      rely, to the effect that the purchase or holding of such Residual
                      Certificate by the Investor will not result in any non-exempt
                      prohibited
                      transactions under Title I of ERISA or Section 4975 of the
                      Code and will
                      not subject the Trustee, the Master Servicer, any NIMS Insurer
                      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 Trust Fund or any of the above
                      parties.

                  

          

          
            
              
              

            

            
              D-1-1

              
                

              

            

            
              
              

            

          

          
            	 	
                    5.

                  	
                    That
                      the Purchaser hereby acknowledges that under the terms of the
                      Trust
                      Agreement (the “Agreement”) by and among Structured Asset Securities
                      Corporation, as Depositor, Aurora Loan Services LLC, as Master
                      Servicer,
                      and LaSalle
                      Bank National Association,
                      as Trustee, dated as of July 1, 2007, relating to Lehman XS
                      Trust Mortgage
                      Pass-Through Certificates, Series 2007-14H, no transfer of
                      the Residual
                      Certificates shall be permitted to be made to any person unless
                      the
                      Depositor and Trustee have received a certificate from such
                      transferee
                      containing the representations in paragraphs 3 and 4
                      hereof.

                  

          

          

          
            	 	
                    6.

                  	
                    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”).

                  

          

          

          
            	 	
                    7.

                  	
                    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.

                  

          

          

          
            	 	
                    8.

                  	
                    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 3, paragraph 6 or paragraph
                      10 hereof
                      are not satisfied or that the Purchaser has reason to believe
                      does not
                      satisfy the requirements set forth in paragraph 7 hereof, and
                      (ii) without
                      obtaining from the prospective Purchaser an affidavit substantially
                      in
                      this form and providing to the Trustee a written statement
                      substantially
                      in the form of Exhibit D-2 to the
                      Agreement.

                  

          

          

          
            	 	
                    9.

                  	
                    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.

                  

          

          

          
            	 	
                    10.

                  	
                    That
                      the Purchaser (i) is not a Non-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 Trustee with an effective Internal Revenue
                      Service Form
                      W-8ECI
                      (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 or
                      (iii) is a Non-U.S. Person that has delivered to both the transferor
                      and
                      the Trustee an opinion of a nationally recognized tax counsel
                      to the
                      effect that the transfer of such Residual Certificate to it
                      is in
                      accordance with the requirements of the Code and the regulations
                      promulgated thereunder and that such transfer of a Residual
                      Certificate
                      will not be disregarded for federal income tax purposes. “Non-U.S. Person”
                      means an individual, corporation, partnership or other person
                      other than
                      (i) a citizen or resident of the United States; (ii) a corporation,
                      partnership or other entity created or organized in or under
                      the laws of
                      the United States or any state thereof, including for this
                      purpose, the
                      District of Columbia; (iii) an estate that is subject to U.S.
                      federal
                      income tax regardless of the source of its income; (iv) 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 United States trustees
                      have
                      authority to control all substantial decisions of the trust;
and,
                      (v) to the extent provided in Treasury regulations, certain
                      trusts in
                      existence on 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

              
                

              

            

            
              
              

            

          

          
            	 	
                    11.

                  	
                    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 7 and paragraph 10
                      hereof.

                  

          

          

          
            	 	
                    12.

                  	
                    That
                      the Purchaser consents to the designation of the Trustee as
                      its agent to
                      act as “tax matters person” of the Trust Fund pursuant to the Trust
                      Agreement.

                  

          

          

          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:

          

           

          
            
              
              

            

            
              D-1-3

              
                

              

            

            
              
              

            

          

          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

          

          RESIDUAL
            CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

          

          ____________________________

          Date

          

          
            	 	
                    Re:

                  	
                    Lehman
                      XS Trust Mortgage Pass-Through Certificates, Series
                      2007-14H

                  

          

          

          _______________________
            (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 7 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

          

          LIST
            OF SERVICING AGREEMENTS

          

          
            	
                    1.

                  	
                    Servicing
                      Agreement dated as of July 1, 2007, between Lehman Brothers
                      Holdings Inc.,
                      as seller, and Aurora Loan Services LLC, in its dual capacities
                      of
                      servicer and master servicer, and acknowledged by LaSalle Bank
                      National
                      Association, as trustee.

                  

          

          
            	
                    2.

                  	
                    Reconstituted
                      Servicing Agreement dated as of July 1, 2007, between Lehman
                      Brothers
                      Holdings Inc., as seller, and GreenPoint Mortgage Funding,
                      Inc., as
                      servicer, and acknowledged by Aurora Loan Services LLC, as
                      master
                      servicer, and LaSalle Bank National Association, as
                      trustee.

                  

          

          
            	
                    3.

                  	
                    Reconstituted
                      Servicing Agreement dated as of July 1, 2007, between Lehman
                      Brothers
                      Holdings Inc., as seller, and Countrywide Home Loans Servicing
                      LP, as
                      servicer, and acknowledged by Aurora Loan Services LLC, as
                      master
                      servicer, and LaSalle Bank National Association, as
                      trustee.

                  

          

          
            
              
              

            

            
              E-1

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            F

          

          FORM
            OF RULE 144A TRANSFER CERTIFICATE

          

          
            	 	
                    Re:

                  	
                    Lehman
                      XS Trust

                  

          

          Mortgage
            Pass-Through Certificates

          Series
            2007-14H                                                       

          

          Reference
            is hereby made to the Trust Agreement dated as of July 1, 2007 (the “Trust
            Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
            Aurora Loan Services LLC, as Master Servicer, and LaSalle Bank 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 Balance 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 Securities 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 your benefit
            and
            the benefit of 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
            Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-14H (the
            “Privately Offered Certificates”) of the Structured Asset Securities Corporation
            (the “Depositor”), 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 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 Trustee under the Trust Agreement dated as
                      of July 1, 2007
                      (the “Trust Agreement”) by and among the Depositor, Aurora Loan Services
                      LLC, as Master Servicer, and LaSalle
                      Bank National Association,
                      as Trustee (the “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 Trustee 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.

                  

          

          

          
            	
                    (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.

                  

          

          

          
            
              
              

            

            
              G-1

              
                

              

            

            
              
              

            

          

          
            	
                    (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 ERISA-Restricted Certificates, we understand
                      that in
                      accordance with ERISA, the Code and the Exemption, no Plan
                      and no person
                      acting on behalf of such a Plan may acquire such Certificate
                      except in
                      accordance with 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 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. In
            the case of an ERISA-Restricted Certificate, the
            Investor either (x) is not, and on ___________ [date of transfer] will
            not be,
            an employee benefit plan or other retirement arrangement subject to Section
            406
            of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
            Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”)
            (collectively, a “Plan”) or a person acting on behalf of any such Plan or
            investing the assets of any such Plan to acquire a Certificate; (y) if
            the
            Certificate has been the subject of an ERISA-Qualifying Underwriting,
            is an
            insurance company that is purchasing the Certificate with funds contained
            in an
“insurance company general account” as defined in Section V(e) of Prohibited
            Transaction Class Exemption (“PTCE”) 95-60 and the purchase and holding of the
            Certificate are covered under Sections I and III of PTCE 95-60; or (z)
            herewith
            delivers to the Trustee an opinion of counsel (a “Benefit Plan Opinion”)
            satisfactory to the Trustee, and upon which the Trustee, the Master Servicer,
            any NIMS Insurer and the Depositor shall be entitled to rely, to the
            effect that
            the purchase or holding of such Certificate by the Investor will not
            result in
            any non-exempt prohibited transactions under Title I of ERISA or Section
            4975 of
            the Code and will not subject the Trustee, the Master Servicer, any NIMS
            Insurer
            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 Trust Fund or the above parties.

          

          3. In
            the
            case of an ERISA-Restricted Trust Certificate, prior to the termination
            of the
            Swap Agreement and the Cap Agreement, either (i) the Investor is neither
            a Plan
            nor a person acting on behalf of any such Plan or using the assets of
            any such
            Plan to effect such transfer or (ii) the acquisition and holding of the
            ERISA-Restricted Trust Certificate are eligible for exemptive relief
            under the
            statutory exemption for nonfiduciary service providers under Section
            408(b)(17)
            of ERISA and Section 4975(d)(20) of the Code, PTCE 84-14, PTCE 90-1,
            PTCE 91-38,
            PTCE 95-60 or PTCE 96-23 or some other applicable exemption.

          

          4. The
            Investor hereby acknowledges that under the terms of the Trust Agreement
            (the
“Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
            Aurora Loan Services LLC, as Master Servicer, and LaSalle
            Bank National Association,
            as Trustee, dated as of July 1, 2007, regarding Lehman XS Trust Mortgage
            Pass-Through Certificates, Series 2007-14H, no transfer of the ERISA-Restricted
            Certificates or the ERISA-Restricted Trust Certificates shall be permitted
            to be
            made to any person unless the Trustee has received a certificate from
            such
            transferee in the form hereof.

          

          
            
              
              

            

            
              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

                  	
                    )

                  

          

          

          

          Subscribed
            and sworn before me this _____ day of _________ 20___.

          

          ______________________________

          NOTARY
            PUBLIC

          

          My
            commission expires the

          _____
            day of __________, 20___.

          

          

          

          
            
              
              

            

            
              H-2

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            I

          

          [RESERVED]

          

          

          

          

          

          

          

          
            
              
              

            

            
              I-1

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            J

          

          FORM
            OF AMBAC CERTIFICATE INSURANCE POLICY

          

          

          

          

          

          

          

          
            
              
              

            

            
              J-1

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            K

          

          CUSTODIAL
            AGREEMENTS

          

          

          
            	
                    1.

                  	
                    Custodial
                      Agreement dated and effective as of July 1, 2007, by and between
                      Deutsche
                      Bank National Trust Company, as custodian, and LaSalle Bank
                      National
                      Association, as trustee, and acknowledged by Structured Asset
                      Securities
                      Corporation, as depositor, and Aurora Loan Services LLC, in
                      its dual
                      capacities as servicer and master
                      servicer.

                  

          

           

          
            	
                    2.

                  	
                    Custodial
                      Agreement dated and effective as of July 1, 2007, by and between
                      LaSalle
                      Bank National Association, as custodian, and LaSalle Bank National
                      Association, as trustee, and acknowledged by Structured Asset
                      Securities
                      Corporation, as depositor, and Aurora Loan Services LLC, in
                      its dual
                      capacities as servicer and master
                      servicer.

                  

          

           

          
            	
                    3.

                  	
                    Custodial
                      Agreement dated and effective as of July 1, 2007, by and between
                      U.S. Bank
                      National Association, as custodian, and LaSalle Bank National
                      Association,
                      as trustee, and acknowledged by Structured Asset Securities
                      Corporation,
                      as depositor, and Aurora Loan Services LLC, in its dual capacities
                      as
                      servicer and master servicer.

                  

          

           

          
            	
                    4.

                  	
                    Custodial
                      Agreement dated and effective as of July 1, 2007, by and between
                      Wells
                      Fargo Bank, N.A., as custodian, and LaSalle Bank National Association,
                      as
                      trustee, and acknowledged by Structured Asset Securities Corporation,
                      as
                      depositor, and Aurora Loan Services LLC, in its dual capacities
                      as
                      servicer and master servicer.

                  

          

           

          

          
            
              
              

            

            
              K-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            L-1

          

          [Reserved]

          

          
            
              
              

            

            
              L-1-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            L-2

          

          [RESERVED]

           

          
            
              
              

            

            
              L-2-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            M

          FORM
            OF BACK-UP CERTIFICATION TO BE PROVIDED TO

          THE
            DEPOSITOR AND/OR THE MASTER SERVICER BY THE TRUSTEE

          

          Structured
            Asset Securities Corporation

          745
            Seventh Avenue, 7th Floor

          New
            York,
            New York 10019

          Attention:
            Mortgage Finance, LXS 2007-14H

          

          Aurora
            Loan Services LLC

          10350
            Park Meadows Drive

          Littleton,
            Colorado 80124

          

          Re: Lehman
            XS Trust

          Mortgage
            Pass-Through Certificates, Series 2007-14H

          

          Reference
            is made to the Trust
            Agreement dated as of June 1, 2007 (the “Trust Agreement”), by and among LaSalle
            Bank National Association, (the “Trustee”), Aurora Loan Services LLC, as master
            servicer (the “Master Servicer”), and Structured Asset Securities Corporation,
            as depositor (the “Depositor”). The Trustee
            hereby certifies to the Depositor and the Master Servicer, and its officers,
            directors and affiliates, and with the knowledge and intent that they
            will rely
            upon this certification, that:

          

          
            	 	
                    (i)

                  	
                    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 the period covered by the Annual Report (collectively
                      with the
                      Annual Report, the “Reports”), of the Trust;

                  

          

          

          
            	 	
                    (ii)

                  	
                    Based
                      on my knowledge, the Reports, taken as a whole, do not contain
                      any untrue
                      statement of a material fact or omit to state a material fact
                      required to
                      be stated therein or 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;
                      

                  

          

          

          
            	 	
                    (iii)

                  	
                    Based
                      on my knowledge, the distribution information required to be
                      provided by
                      the Trustee under the Trust Agreement for inclusion in the
                      Reports is
                      included in the Reports.

                  

          

          

          Date:

          LASALLE
            BANK NATIONAL ASSOCIATION, as Trustee

          

          By: ____________________________

          Name: ____________________________

          Title: ____________________________

          

          
            
              
              

            

            
              M-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            N-1

          SWAP
            AGREEMENT

          

          SCHEDULE
            A to
            the
            Confirmation dated as of July 31, 2007,

          Re:
            Reference Number 7071171

          Amortization
            Schedule, subject
            to adjustment in accordance with the Modified Following Business Day
            Convention

          

          
            	
                    Period
                      Date from 

                    and
                      Including

                  	
                    Period
                      Date to and 

                    Excluding:

                  	
                    Notional
                      

                    Amount
                      (USD)

                  	
                    Fixed
                      Rate

                  
	
                    8/27/2007

                  	
                    9/25/2007

                  	
                          754,468,817 

                  	
                    5.431%

                  
	
                    9/25/2007

                  	
                    10/25/2007

                  	
                          727,765,092 

                  	
                    5.447%

                  
	
                    10/25/2007

                  	
                    11/26/2007

                  	
                          702,005,630 

                  	
                    5.414%

                  
	
                    11/26/2007

                  	
                    12/26/2007

                  	
                          677,157,735 

                  	
                    5.400%

                  
	
                    12/26/2007

                  	
                    1/25/2008

                  	
                          653,188,695 

                  	
                    5.412%

                  
	
                    1/25/2008

                  	
                    2/25/2008

                  	
                          630,067,383 

                  	
                    5.412%

                  
	
                    2/25/2008

                  	
                    3/25/2008

                  	
                          607,763,836 

                  	
                    5.406%

                  
	
                    3/25/2008

                  	
                    4/25/2008

                  	
                          586,249,171 

                  	
                    5.386%

                  
	
                    4/25/2008

                  	
                    5/27/2008

                  	
                          565,495,850 

                  	
                    5.369%

                  
	
                    5/27/2008

                  	
                    6/25/2008

                  	
                          545,476,581 

                  	
                    5.355%

                  
	
                    6/25/2008

                  	
                    7/25/2008

                  	
                          526,165,460 

                  	
                    5.340%

                  
	
                    7/25/2008

                  	
                    8/25/2008

                  	
                          468,496,074 

                  	
                    5.331%

                  
	
                    8/25/2008

                  	
                    9/25/2008

                  	
                          448,904,889 

                  	
                    5.325%

                  
	
                    9/25/2008

                  	
                    10/27/2008

                  	
                          430,132,449 

                  	
                    5.321%

                  
	
                    10/27/2008

                  	
                    11/25/2008

                  	
                          412,144,530 

                  	
                    5.323%

                  
	
                    11/25/2008

                  	
                    12/26/2008

                  	
                          394,908,533 

                  	
                    5.325%

                  
	
                    12/26/2008

                  	
                    1/26/2009

                  	
                          378,392,913 

                  	
                    5.330%

                  
	
                    1/26/2009

                  	
                    2/25/2009

                  	
                          362,567,600 

                  	
                    5.340%

                  
	
                    2/25/2009

                  	
                    3/25/2009

                  	
                          347,403,828 

                  	
                    5.350%

                  
	
                    3/25/2009

                  	
                    4/27/2009

                  	
                          332,873,846 

                  	
                    5.362%

                  
	
                    4/27/2009

                  	
                    5/26/2009

                  	
                          318,951,204 

                  	
                    5.379%

                  
	
                    5/26/2009

                  	
                    6/25/2009

                  	
                          305,610,504 

                  	
                    5.397%

                  
	
                    6/25/2009

                  	
                    7/27/2009

                  	
                          292,827,434 

                  	
                    5.420%

                  
	
                    7/27/2009

                  	
                    8/25/2009

                  	
                          235,764,045 

                  	
                    5.441%

                  
	
                    8/25/2009

                  	
                    9/25/2009

                  	
                          224,269,857 

                  	
                    5.460%

                  
	
                    9/25/2009

                  	
                    10/26/2009

                  	
                          213,335,769 

                  	
                    5.506%

                  
	
                    10/26/2009

                  	
                    11/25/2009

                  	
                          202,934,511 

                  	
                    5.526%

                  
	
                    11/25/2009

                  	
                    12/28/2009

                  	
                          193,040,118 

                  	
                    5.538%

                  
	
                    12/28/2009

                  	
                    1/25/2010

                  	
                          183,627,898 

                  	
                    5.549%

                  
	
                    1/25/2010

                  	
                    2/25/2010

                  	
                          174,674,366 

                  	
                    5.560%

                  
	
                    2/25/2010

                  	
                    3/25/2010

                  	
                          166,157,339 

                  	
                    5.571%

                  
	
                    3/25/2010

                  	
                    4/26/2010

                  	
                          158,055,396 

                  	
                    5.582%

                  
	
                    4/26/2010

                  	
                    5/25/2010

                  	
                          150,348,305 

                  	
                    5.593%

                  
	
                    5/25/2010

                  	
                    6/25/2010

                  	
                          143,016,831 

                  	
                    5.605%

                  
	
                    6/25/2010

                  	
                    7/26/2010

                  	
                          136,042,675 

                  	
                    5.616%

                  
	
                    7/26/2010

                  	
                    8/25/2010

                  	
                          129,408,430 

                  	
                    5.629%

                  
	
                    8/25/2010

                  	
                    9/27/2010

                  	
                          123,097,557 

                  	
                    5.643%

                  
	
                    9/27/2010

                  	
                    10/25/2010

                  	
                          117,094,175 

                  	
                    5.657%

                  
	
                    10/25/2010

                  	
                    11/26/2010

                  	
                          111,383,415 

                  	
                    5.670%

                  
	
                    11/26/2010

                  	
                    12/27/2010

                  	
                          105,950,973 

                  	
                    5.681%

                  
	
                    12/27/2010

                  	
                    1/25/2011

                  	
                          100,783,337 

                  	
                    5.691%

                  
	
                    1/25/2011

                  	
                    2/25/2011

                  	
                            95,867,604 

                  	
                    5.700%

                  
	
                    2/25/2011

                  	
                    3/25/2011

                  	
                            91,191,502 

                  	
                    5.708%

                  
	
                    3/25/2011

                  	
                    4/25/2011

                  	
                            86,743,355 

                  	
                    5.715%

                  
	
                    4/25/2011

                  	
                    5/25/2011

                  	
                            82,512,054 

                  	
                    5.721%

                  

          

           

          
            
              
              

            

            
              N-1-1

              
                

              

            

            
              
              

            

          

           

          
            	
                    Period
                      Date from 

                    and
                      Including

                  	
                    Period
                      Date to and 

                    Excluding:

                  	
                    Notional 

                    Amount (USD)

                  	
                    Fixed
                      Rate

                  
	
                    5/25/2011

                  	
                    6/27/2011

                  	
                            78,487,035 

                  	
                    5.725%

                  
	
                    6/27/2011

                  	
                    7/25/2011

                  	
                            74,658,245 

                  	
                    5.728%

                  
	
                    7/25/2011

                  	
                    8/25/2011

                  	
                            71,016,122 

                  	
                    5.732%

                  
	
                    8/25/2011

                  	
                    9/26/2011

                  	
                            67,551,571 

                  	
                    5.739%

                  
	
                    9/26/2011

                  	
                    10/25/2011

                  	
                            64,255,938 

                  	
                    5.746%

                  
	
                    10/25/2011

                  	
                    11/25/2011

                  	
                            61,120,992 

                  	
                    5.753%

                  
	
                    11/25/2011

                  	
                    12/27/2011

                  	
                            58,138,901 

                  	
                    5.759%

                  
	
                    12/27/2011

                  	
                    1/25/2012

                  	
                            55,302,217 

                  	
                    5.766%

                  
	
                    1/25/2012

                  	
                    2/27/2012

                  	
                            52,603,770 

                  	
                    5.772%

                  
	
                    2/27/2012

                  	
                    3/26/2012

                  	
                            50,035,450 

                  	
                    5.779%

                  
	
                    3/26/2012

                  	
                    4/25/2012

                  	
                            47,592,383 

                  	
                    5.785%

                  
	
                    4/25/2012

                  	
                    5/25/2012

                  	
                            45,268,509 

                  	
                    5.791%

                  
	
                    5/25/2012

                  	
                    6/25/2012

                  	
                            43,057,996 

                  	
                    5.797%

                  
	
                    06/25/2012

                  	
                    7/25/2012

                  	
                            40,955,173 

                  	
                    5.803%

                  
	
                    7/25/2012

                  	
                    Thereafter

                  	
                    0

                  	
                    0.000%

                  

          

          

          
            
              
              

            

            
              N-1-2

              
                

              

            

            
              
              

            

          

          EXHIBIT
            N-2

          CAP
            AGREEMENT

          

          SCHEDULE
            A to
            the
            Confirmation dated as of July 31, 2007,

          Re:
            Reference Number 7069010

          Amortization
            Schedule, subject
            to adjustment in accordance with the Modified Following Business Day
            Convention

          

          
            	
                    Period
                      Date from and Including

                  	
                    Period
                      Date to and 

                    Excluding:

                  	
                    Notional
                      Amount 

                    (USD)

                  
	
                    6/25/2008

                  	
                    7/25/2008

                  	
                          39,041,339 

                  
	
                    7/25/2008

                  	
                    8/25/2008

                  	
                          40,663,405 

                  
	
                    8/25/2008

                  	
                    9/25/2008

                  	
                          42,102,361 

                  
	
                    9/25/2008

                  	
                    10/27/2008

                  	
                          43,369,935 

                  
	
                    10/27/2008

                  	
                    11/25/2008

                  	
                          43,740,627 

                  
	
                    11/25/2008

                  	
                    12/26/2008

                  	
                          43,752,516 

                  
	
                    12/26/2008

                  	
                    1/26/2009

                  	
                          43,559,276 

                  
	
                    1/26/2009

                  	
                    2/25/2009

                  	
                          43,175,531 

                  
	
                    2/25/2009

                  	
                    3/25/2009

                  	
                          42,615,030 

                  
	
                    3/25/2009

                  	
                    4/27/2009

                  	
                          41,890,842 

                  
	
                    4/27/2009

                  	
                    5/26/2009

                  	
                          41,015,294 

                  
	
                    5/26/2009

                  	
                    6/25/2009

                  	
                          40,000,054 

                  
	
                    6/25/2009

                  	
                    7/27/2009

                  	
                          83,670,795 

                  
	
                    7/27/2009

                  	
                    8/25/2009

                  	
                          82,166,083 

                  
	
                    8/25/2009

                  	
                    9/25/2009

                  	
                          80,483,455 

                  
	
                    9/25/2009

                  	
                    10/26/2009

                  	
                          78,638,978 

                  
	
                    10/26/2009

                  	
                    11/25/2009

                  	
                          76,647,700 

                  
	
                    11/25/2009

                  	
                    12/28/2009

                  	
                          74,523,732 

                  
	
                    12/28/2009

                  	
                    1/25/2010

                  	
                          72,280,298 

                  
	
                    1/25/2010

                  	
                    2/25/2010

                  	
                          69,929,965 

                  
	
                    2/25/2010

                  	
                    3/25/2010

                  	
                          67,484,139 

                  
	
                    3/25/2010

                  	
                    4/26/2010

                  	
                          64,953,639 

                  
	
                    4/26/2010

                  	
                    5/25/2010

                  	
                          62,348,587 

                  
	
                    5/25/2010

                  	
                    6/25/2010

                  	
                          59,678,437 

                  
	
                    6/25/2010

                  	
                    7/26/2010

                  	
                          56,952,013 

                  
	
                    7/26/2010

                  	
                    8/25/2010

                  	
                          63,262,886 

                  
	
                    8/25/2010

                  	
                    9/27/2010

                  	
                          69,266,267 

                  
	
                    9/27/2010

                  	
                    10/25/2010

                  	
                          74,977,028 

                  
	
                    10/25/2010

                  	
                    11/26/2010

                  	
                          78,950,558 

                  
	
                    11/26/2010

                  	
                    12/27/2010

                  	
                          77,565,458 

                  
	
                    12/27/2010

                  	
                    1/25/2011

                  	
                          76,160,423 

                  
	
                    1/25/2011

                  	
                    2/25/2011

                  	
                          74,739,522 

                  
	
                    2/25/2011

                  	
                    3/25/2011

                  	
                          73,306,516 

                  
	
                    3/25/2011

                  	
                    4/25/2011

                  	
                          71,864,876 

                  
	
                    4/25/2011

                  	
                    5/25/2011

                  	
                          70,417,805 

                  
	
                    5/25/2011

                  	
                    6/27/2011

                  	
                          68,968,248 

                  
	
                    6/27/2011

                  	
                    7/25/2011

                  	
                          67,518,914 

                  
	
                    7/25/2011

                  	
                    8/25/2011

                  	
                          66,072,289 

                  
	
                    8/25/2011

                  	
                    9/26/2011

                  	
                          64,630,646 

                  
	
                    9/26/2011

                  	
                    10/25/2011

                  	
                          63,196,067 

                  
	
                    10/25/2011

                  	
                    11/25/2011

                  	
                          61,770,447 

                  
	
                    11/25/2011

                  	
                    12/27/2011

                  	
                          60,355,511 

                  
	
                    12/27/2011

                  	
                    1/25/2012

                  	
                          58,952,728 

                  
	
                    1/25/2012

                  	
                    2/27/2012

                  	
                          57,561,931 

                  
	
                    2/27/2012

                  	
                    3/26/2012

                  	
                          56,186,079 

                  

          

           

          
            
              
              

            

            
              N-2-1

              
                

              

            

            
              
              

            

          

           

          
            	
                    Period
                      Date from 

                    and
                      Including

                  	
                    Period
                      Date to and 

                    Excluding:

                  	
                    Notional Amount (USD)

                  
	
                    3/26/2012

                  	
                    4/25/2012

                  	
                          54,826,370 

                  
	
                    4/25/2012

                  	
                    5/25/2012

                  	
                          53,483,800 

                  
	
                    5/25/2012

                  	
                    6/25/2012

                  	
                          52,159,090 

                  
	
                    06/25/2012

                  	
                    7/25/2012

                  	
                          39,041,339 

                  
	
                    7/25/2012

                  	
                    Thereafter

                  	
                    0

                  

          

          

          

          
            
              
              

            

            
              N-2-2

              
                

              

            

            
              
              

            

          

          EXHIBIT
            O

          

          FORM
            OF
            CERTIFICATION REGARDING SERVICING CRITERIA TO BE ADDRESSED IN REPORT
            ON
            ASSESSMENT OF COMPLIANCE

           

          

          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 July 1,
            2007 (the
“Agreement”), by and among LaSalle Bank National Association (the “Trustee”),
            Aurora Loan Services LLC, as master servicer (the “Master Servicer”), and
            Structured Asset Securities Corporation, as depositor (the “Depositor”) with
            respect to Lehman XS Trust Mortgage Pass-Through Certificates, Series
            2007-14H.

          

          
            	
                    Regulation
                      AB 

                    Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                    (including
                      the 

                    Trustee
                      if 

                    acting
                      as 

                    Paying
                      Agent)

                  	
                    Trustee

                  	
                    Master
                      

                    Servicer

                  
	 	
                    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 mortgage loans 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 mortgage loans 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

                  	
                    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

                  

          

           

          
            
              
              

            

            
              O-1

              
                

              

            

            
              
              

            

          

           

          
            	
                    Regulation
                      AB 

                    Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                    (including
                      the 

                    Trustee
                      if 

                    acting
                      as 

                    Paying
                      Agent)

                  	
                    Trustee

                  	
                    Master
                      

                    Servicer

                  
	
                    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

                  
	
                    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 mortgage loans serviced by the Servicer.
                      

                  	 	
                    X

                  	
                    X

                  

          

           

          
            
              
              

            

            
              O-2

              
                

              

            

            
              
              

            

          

           

          
            	
                    Regulation
                      AB 

                    Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                    (including
                      the 

                    Trustee
                      if 

                    acting
                      as 

                    Paying
                      Agent)

                  	
                    Trustee

                  	
                    Master
                      

                    Servicer

                  
	
                    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

                  	
                    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 mortgage loans is maintained as required by
                      the transaction
                      agreements or related pool asset documents. 

                  	
                     

                  	 	 
	
                    1122(d)(4)(ii)

                  	
                    Mortgage
                      loans 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 mortgage loans, 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 mortgage loans 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 mortgage
                      loans (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 mortgage loans including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or unemployment).
                      

                  	 	 	 

          

           

          
            
              
              

            

            
              O-3

              
                

              

            

            
              
              

            

          

           

          
            	
                    Regulation
                      AB 

                    Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                    (including
                      the 

                    Trustee
                      if 

                    acting
                      as 

                    Paying
                      Agent)

                  	
                    Trustee

                  	
                    Master
                      

                    Servicer

                  
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for mortgage loans 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 mortgage loans, or such
                      other number
                      of days specified in the transaction agreements. 

                  	 	 	 
	
                    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. 

                  	 	
                    X

                  	 

          

           

          

          

           

          
            
              
              

            

            
              O-4

              
                

              

            

            
              
              

            

          

          EXHIBIT
            P

          

          TRANSACTION
            PARTIES

           

          Sponsor
            and Seller: Lehman Brothers Holdings Inc.

          

          Depositor:
            Structured Asset Securities Corporation

          

          Trustee:
            LaSalle Bank National Association

          

          Securities
            Administrator: None

          

          Master
            Servicer: Aurora Loan Services LLC

          

          Swap
            Counterparty: ABN AMRO Bank N.V.

          

          Cap
            Counterparty: ABN AMRO Bank N.V.

          

          Servicer(s):
            Aurora Loan Services LLC

          

          Originator(s):
            Lehman Brothers Bank, FSB

          

          Custodian(s):
            U.S. Bank National Association, LaSalle Bank National Association, Deutsche
            Bank
            National Trust Company and Wells Fargo Bank, N.A.

          

          Primary
            Mortgage Insurance Provider: Not applicable. 

          

          Certificate
            Insurer: Ambac Assurance Corporation

          

          

          

          

          
            
              
              

            

            
              P-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            Q

          

          Additional
            Form 10-D Disclosure

          

          

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1: Distribution and Pool Performance Information

                     

                  	 
	
                    Information
                      included in the Monthly Statement

                  	
                    Master
                      Servicer

                    Servicer

                    Trustee
                      

                  
	
                    Any
                      information required by 1121 which is NOT included on the Monthly
                      Statement

                  	
                    Depositor

                  
	
                    Item
                      2: Legal Proceedings

                     

                    Any
                      legal proceeding pending against the following entities or
                      their
                      respective property, that is material to Certificateholders,
                      including any
                      proceeding known to be contemplated by governmental
                      authorities:

                  	 
	
                    ▪
                      Issuing Entity (Trust Fund)

                  	
                    Trustee,
                      Master Servicer and Depositor

                  
	
                    ▪
                      Sponsor (Seller)

                  	
                    Depositor

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Custodian

                  	
                    Custodian

                  
	
                    ▪
                      1110(b) Originator

                  	
                    Depositor

                  
	
                    ▪
                      Any 1108(a)(2) Servicer (other than the Master Servicer or
                      Securities
                      Administrator)

                  	
                    Servicer

                  
	
                    ▪
                      Any other party contemplated by 1100(d)(1)

                  	
                    Depositor

                  
	
                    Item
                      3: Sale of Securities and Use of Proceeds

                    Information
                      from Item 2(a) of Part II of Form 10-Q:

                     

                    With
                      respect to any sale of securities by the sponsor, depositor or issuing
                      entity, that are backed by the same asset pool or are otherwise
                      issued by
                      the issuing entity, whether or not registered, provide the
                      sales and use
                      of proceeds information in Item 701 of Regulation S-K. Pricing
                      information
                      can be omitted if securities were not registered.

                  	
                    Depositor

                  
	
                     

                    Item
                      4: Defaults Upon Senior Securities

                     

                    Information
                      from Item 3 of Part II of Form 10-Q:

                     

                    Report
                      the occurrence of any Event of Default (after expiration of
                      any grace
                      period and provision of any required notice)

                  	
                     

                    Trustee

                  

          

          
            
              
              

            

            
              Q-1

              
                

              

            

            
              
              

            

          

          

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      5: Submission of Matters to a Vote of Security
                      Holders

                     

                    Information
                      from Item 4 of Part II of Form 10-Q

                  	
                    Trustee

                  
	
                    Item
                      6: Significant Obligors of Pool Assets

                     

                    Item
                      1112(b) - Significant
                      Obligor Financial Information*

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Item.

                  	 
	
                    Item
                      7: Significant Enhancement Provider Information

                     

                  	
                    Depositor

                  
	
                    Item
                      8: Other Information

                     

                    Disclose
                      any information required to be reported on Form 8-K during
                      the period
                      covered by the Form 10-D but not reported

                  	
                     

                     

                     

                    Any
                      party responsible for the applicable Form 8-K Disclosure
                      item

                  
	
                    Item
                      9: Exhibits

                  	 
	
                    Monthly
                      Statement to Certificateholders

                  	
                    Trustee

                  
	
                    Exhibits
                      required by Item 601 of Regulation S-K, such as material
                      agreements

                  	
                    Depositor

                  

          

          

          
            
              
              

            

            
              Q-2

              
                

              

            

            
              
              

            

          

          EXHIBIT
            R

          

          Additional
            Form 10-K Disclosure

          

          

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1B: Unresolved Staff Comments

                     

                  	
                    Depositor

                  
	
                    Item
                      9B: Other Information

                    Disclose
                      any information required to be reported on Form 8-K during
                      the fourth
                      quarter covered by the Form 10-K but not reported

                  	
                    Any
                      party responsible for disclosure items on Form 8-K

                  
	
                    Item
                      15: Exhibits, Financial Statement Schedules

                  	
                    Depositor

                  
	
                    Regulation
                      AB Item 1112(b): Significant Obligors of Pool
                      Assets

                  	 
	
                    Significant
                      Obligor Financial Information*

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-K if updated
                      information
                      is required pursuant to the Item.

                  	 
	
                    Regulation
                      AB Item 1114(b)(2): Credit Enhancement Provider Financial
                      Information

                  	 
	
                    ▪
                      Determining applicable disclosure threshold

                  	
                    Depositor

                  
	
                    ▪
                      Requesting required financial information (including any required
                      accountants’ consent to the use thereof) or effecting incorporation by
                      reference

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-K if updated
                      information
                      is required pursuant to the Item.

                  	
                    Depositor

                  
	
                    Regulation
                      AB Item 1115(b): Derivative Counterparty Financial
                      Information

                  	 
	
                    ▪
                      Determining current maximum probable exposure

                  	
                    Depositor

                  
	
                    ▪
                      Determining current significance percentage

                  	
                    Depositor

                  
	
                    ▪
                      Requesting required financial information (including any required
                      accountants’ consent to the use thereof) or effecting incorporation by
                      reference

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-K if updated
                      information
                      is required pursuant to the Item.

                  	 
	
                    Regulation
                      AB Item 1117: Legal Proceedings

                     

                    Any
                      legal proceeding pending against the following entities or
                      their
                      respective property, that is material to Certificateholders,
                      including any
                      proceeding known to be contemplated by governmental
                      authorities:

                  	 

          

          
            
              
              

            

            
              R-1

              
                

              

            

            
              
              

            

          

          

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	
                    ▪
                      Issuing Entity (Trust Fund)

                  	
                    Trustee,
                      Master Servicer and Depositor

                  
	
                    ▪
                      Sponsor (Seller)

                  	
                    Depositor

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Custodian

                  	
                    Custodian

                  
	
                    ▪
                      1110(b) Originator

                  	
                    Depositor

                  
	
                    ▪
                      Any 1108(a)(2) Servicer (other than the Master Servicer or
                      Securities
                      Administrator)

                  	
                    Servicer

                  
	
                    ▪
                      Any other party contemplated by 1100(d)(1)

                  	
                    Depositor

                  
	
                    Regulation
                      AB Item 1119: Affiliations and Relationships

                  	 
	
                    Whether
                      (a) the Sponsor (Seller), Depositor or Issuing Entity is an
                      affiliate of
                      the following parties, and (b) to the extent known and material,
                      any of
                      the following parties are affiliated with one another:

                  	
                    Depositor
                      as to (a) 

                    Sponsor/Seller
                      as to (a)

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any other 1101(d)(1) material party

                  	
                    Depositor/Sponsor

                  
	
                    Whether
                      there are any “outside the ordinary course business arrangements” other
                      than would be obtained in an arm’s length transaction between (a) the
                      Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                      and (b) any
                      of the following parties (or their affiliates) on the other
                      hand, that
                      exist currently or within the past two years and that are material
                      to a
                      Certificateholder’s understanding of the Certificates:

                  	
                    Depositor
                      as to (a) 

                    Sponsor/Seller
                      as to (a)

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor/Sponsor

                  

          

          
            
              
              

            

            
              R-2

              
                

              

            

            
              
              

            

          

          

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any other 1101(d)(1) material party

                  	
                    Depositor/Sponsor

                  
	
                    Whether
                      there are any specific relationships involving the transaction
                      or the pool
                      assets between (a) the Sponsor (Seller), Depositor or Issuing
                      Entity on
                      the one hand, and (b) any of the following parties (or their
                      affiliates)
                      on the other hand, that exist currently or within the past
                      two years and
                      that are material:

                  	
                    Depositor
                      as to (a) 

                    Sponsor/Seller
                      as to (a)

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any other 1101(d)(1) material party

                  	
                    Depositor/Sponsor

                  

          

          

          
            
              
              

            

            
              R-3

              
                

              

            

            
              
              

            

          

          EXHIBIT
            S

          

          Form
            8-K
            Disclosure Information

          

          

          
            	
                    FORM
                      8-K DISCLOSURE INFORMATION

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1.01- Entry into a Material Definitive Agreement

                     

                    Disclosure
                      is required regarding entry into or amendment of any definitive
                      agreement
                      that is material to the securitization, even if depositor is
                      not a party.
                      

                     

                    Examples:
                      servicing agreement, custodial agreement.

                     

                    Note:
                      disclosure not required as to definitive agreements that are
                      fully
                      disclosed in the prospectus

                  	
                    All
                      parties

                  
	
                    Item
                      1.02- Termination of a Material Definitive Agreement

                     

                    Disclosure
                      is required regarding termination of any definitive agreement
                      that is
                      material to the securitization (other than expiration in accordance
                      with
                      its terms), even if depositor is not a party. 

                     

                    Examples:
                      servicing agreement, custodial agreement.

                  	
                    All
                      parties

                  
	
                    Item
                      1.03- Bankruptcy or Receivership

                     

                    Disclosure
                      is required regarding the bankruptcy or receivership, with
                      respect to any
                      of the following: 

                  	
                    Depositor

                  
	
                    ▪
                      Sponsor (Seller)

                  	
                    Depositor/Sponsor
                      (Seller)

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Affiliated Servicer

                  	
                    Servicer

                  
	
                    ▪
                      Other Servicer servicing 20% or more of the pool assets at
                      the time of the
                      report

                  	
                    Servicer

                  
	
                    ▪
                      Other material servicers

                  	
                    Servicer

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Significant Obligor

                  	
                    Depositor

                  
	
                    ▪
                      Credit Enhancer (10% or more)

                  	
                    Depositor

                  
	
                    ▪
                      Derivative Counterparty

                  	
                    Depositor

                  

          

          
            
              
              

            

            
              S-1

              
                

              

            

            
              
              

            

          

          

          
            	
                    FORM
                      8-K DISCLOSURE INFORMATION

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	
                    ▪
                      Custodian

                  	
                    Custodian

                  
	
                    Item
                      2.04- Triggering Events that Accelerate or Increase a Direct
                      Financial
                      Obligation or an Obligation under an Off-Balance Sheet
                      Arrangement

                     

                    Includes
                      an early amortization, performance trigger or other event,
                      including event
                      of default, that would materially alter the payment priority/distribution
                      of cash flows/amortization schedule.

                     

                    Disclosure
                      will be made of events other than waterfall triggers which
                      are disclosed
                      in the monthly statements to the certificateholders.

                  	
                    Depositor

                    Master
                      Servicer

                    Trustee

                  
	
                    Item
                      3.03- Material Modification to Rights of Security
                      Holders

                     

                    Disclosure
                      is required of any material modification to documents defining
                      the rights
                      of Certificateholders, including the Pooling and Servicing
                      Agreement.

                  	
                    Trustee

                    Depositor

                  
	
                    Item
                      5.03- Amendments of Articles of Incorporation or Bylaws; Change
                      of Fiscal
                      Year

                    Disclosure
                      is required of any amendment “to the governing documents of the issuing
                      entity”.

                  	
                    Depositor

                  
	
                    Item
                      6.01- ABS Informational and Computational
                      Material

                  	
                    Depositor

                  
	
                    Item
                      6.02- Change of Servicer or Securities Administrator

                     

                    Requires
                      disclosure of any removal, replacement, substitution or addition
                      of any
                      master servicer, affiliated servicer, other servicer servicing
                      10% or more
                      of pool assets at time of report, other material servicers
                      or
                      trustee.

                  	
                    Master
                      Servicer/Depositor/

                    Servicer/Trustee

                  
	
                    Regulation
                      AB disclosure about any new servicer or master servicer is
                      also
                      required.

                  	
                    Servicer/Master
                      Servicer/Depositor

                  
	
                    Regulation
                      AB disclosure about any new Trustee is also required.

                  	
                    Trustee

                  
	
                    Item
                      6.03- Change in Credit Enhancement or External
                      Support

                    Covers
                      termination of any enhancement in manner other than by its
                      terms, the
                      addition of an enhancement, or a material change in the enhancement
                      provided. Applies to external credit enhancements as well as
                      derivatives.
                      

                  	
                    Depositor/Trustee

                  

          

          
            
              
              

            

            
              S-2

              
                

              

            

            
              
              

            

          

          

          
            	
                    FORM
                      8-K DISCLOSURE INFORMATION

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	
                    Regulation
                      AB disclosure about any new enhancement provider is also
                      required.

                  	
                    Depositor

                  
	
                    Item
                      6.04- Failure to Make a Required Distribution

                  	
                    Trustee

                  
	
                    Item
                      6.05- Securities Act Updating Disclosure

                     

                    If
                      any material pool characteristic differs by 5% or more at the
                      time of
                      issuance of the securities from the description in the final
                      prospectus,
                      provide updated Regulation AB disclosure about the actual asset
                      pool.

                  	
                    Depositor

                  
	
                    If
                      there are any new servicers or originators required to be disclosed
                      under
                      Regulation AB as a result of the foregoing, provide the information
                      called
                      for in Items 1108 and 1110 respectively.

                  	
                    Depositor

                  
	
                    Item
                      7.01- Regulation FD Disclosure

                  	
                    All
                      parties

                  
	
                    Item
                      8.01- Other Events

                     

                    Any
                      event, with respect to which information is not otherwise called
                      for in
                      Form 8-K, that the registrant deems of importance to
                      certificateholders.

                  	
                    Depositor

                  
	
                    Item
                      9.01- Financial Statements and Exhibits

                  	
                    Responsible
                      party for reporting/disclosing the financial statement or
                      exhibit

                  

          

          

          

           

          
            
              
              

            

            
              S-3

              
                

              

            

            
              
              

            

          

          SCHEDULE
            A

          

          MORTGAGE
            LOAN SCHEDULE

          

          [On
            file
            with McKee Nelson LLP]

          

          

          

          
            
              
              

            

            
              Schedule
                A

              
                

              

            

            
              
              

            

          

          SCHEDULE
            B

          

          FIRST
            PAYMENT DEFAULT MORTGAGE LOAN SCHEDULE

          

          [On
            file
            with McKee Nelson LLP]

          

          
            
              
              

            

            
              Schedule
                BThis
      Note
      is a Global Security within the meaning of the Indenture hereinafter referred
      to
      and is registered in the name of the Depository named below or a nominee of
      the
      Depository. This Note is not exchangeable for Notes registered in the name
      of a
      Person other than the Depository or its nominee except in the limited
      circumstances described herein and in the Indenture, and no transfer of this
      Note (other than a transfer of this Note as a whole by the Depository to a
      nominee of the Depository or by a nominee of the Depository to the Depository
      or
      another nominee of the Depository) may be registered except in the limited
      circumstances described herein.

    

    Unless
      this certificate is presented by an authorized representative of The Depository
      Trust Company, a New York corporation (the “Depository”), to the
      Company
      or its agent for registration of transfer, exchange, or payment, and any
      certificate issued is registered in the name of Cede & Co. or in such other
      name as is requested by an authorized representative of the Depository (and
      any
      payment is made to Cede & Co. or to such other entity as is requested by an
      authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER
      USE
      HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
      registered owner hereof, Cede & Co., has an interest herein.

    

    

    CITIGROUP
      INC.

    6.000%
      Notes due August 15, 2017

     

    
      	
              REGISTERED

            	
              REGISTERED

            
	 	
              CUSIP:
                172967 EH 0

            
	 	
              ISIN:
                US172967EH05

            
	 	
              Common
                Code: 031655749

            
	 	 
	
              No.
                R-_____

            	
              $__________

            

    

    

    

    CITIGROUP
      INC., a Delaware corporation (the “Company”, which
      term includes any successor Person under the Indenture), for value received,
      hereby promises to pay to Cede & Co., or registered assigns, the principal
      sum of $____________ on August 15, 2017 and
      to
      pay interest thereon from and including August 15, 2007 or from the most recent
      Interest Payment Date to which interest has been paid or duly provided for,
      semi-annually, on February 15 and August 15 of each year, commencing February
      15, 2008, at the rate of 6.000% per annum, until the principal hereof is paid
      or
      made available for payment. The interest so payable, and punctually paid or
      duly
      provided for, on any Interest Payment Date will, as provided in the Indenture,
      be paid to the Person in whose name this Note is registered at the close of
      business on the Record Date for such interest, which shall be the February
      1 and
      August 1 (whether or not a Business Day) immediately preceding such Interest
      Payment Date.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Any
      such
      interest not so punctually paid or duly provided for will forthwith cease to
      be
      payable to the holder on such Record Date and may either be paid to the Person
      in whose name this Note is registered at the close of business on a subsequent
      Record Date, such subsequent Record Date to be not less than five days prior
      to
      the date of payment of such defaulted interest, notice whereof shall be given
      to
      holders of Notes of this series not less than 15 days prior to such subsequent
      Record Date, or be paid at any time in any other lawful manner not inconsistent
      with the requirements of any securities exchange on which the Notes of this
      series may be listed, and upon such notice as may be required by such exchange,
      all as more fully provided in the Indenture.

    

    Interest
      hereon will be calculated on the basis of a 360-day year comprised of twelve
      30-day months.

    

    If
      either
      an Interest Payment Date or the Maturity of the Notes falls on a day that is
      not
      a Business Day, such Interest Payment Date or Maturity will be the next
      succeeding Business Day. If a date for payment of interest or principal on
      the
      Notes falls on a day that is not a business day in the place of payment, such
      payment will be made on the next succeeding business day in such place of
      payment as if made on the date the payment was due. No interest will accrue
      on
      any amounts payable for the period from and after the due date for payment
      of
      such principal or interest. 

    

    For
      these
      purposes, “Business Day” means any day which is a day on which commercial banks
      settle payments and are open for general business in The City of New
      York.

    

    Payment
      of the principal of and interest on this Note will be made at the office or
      agency of the Trustee maintained for that purpose in The City of New
      York.

    

    Reference
      is hereby made to the further provisions of this Note set forth on the reverse
      hereof, which further provisions shall for all purposes have the same effect
      as
      if set forth at this place.

    

    Unless
      the certificate of authentication hereon has been executed by the Trustee or
      by
      an authenticating agent on behalf of the Trustee by manual signature, this
      Note
      shall not be entitled to any benefit under the Indenture or be valid or
      obligatory for any purpose.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company has caused this instrument to be duly executed
      under its corporate seal.

     

    
      	 	 	 
	 	CITIGROUP
              INC.
	 
 	 
 	 
 
	Dated:
              August 15, 2007	By:  	 
	 	
              
Title:
              Chief Accounting
              Officer

    
      	ATTEST: 	 	 	 
	 	 	 	 
	By:	 	 	
            
	
              
                

              
Title: Assistant Secretary	 	 	
            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    This
      is
      one of the Notes of the series issued under the within-mentioned
      Indenture.

    
       

      
        	 	 	 
	 	THE
                BANK OF NEW
                YORK,
as Trustee
	 
 	 
 	 
 
	Dated:
                August 15, 2007	By:  	 
	 	
                
Name:
	 	Title: 

         

        
          	 	 	 
	 	-or- 	 
	 	 	 
	 	 	 
	 	CITIBANK,
                  N.A.,
as Authenticating Agent
	 
 	 
 	 
 
	
                	By:  	 
	 	
                  
Name:
	 	Title: 

        

      

    

     

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    This
      Note
      is one of a duly authorized issue of Securities of the Company (the “Notes”),
      issued and to be issued in one or more series under the Indenture, dated as
      of
      March 15, 1987 (as amended and supplemented to date, the “Indenture”), between
      the Company and The Bank of New York, as Trustee (the “Trustee”, which term
      includes any successor trustee under the Indenture), to which Indenture and
      all
      indentures supplemental thereto reference is hereby made for a statement of
      the
      respective rights, limitations of rights, duties and immunities thereunder
      of
      the Company, the Trustee and the holders of the Notes and of the terms upon
      which the Notes are, and are to be, authenticated and delivered. This Note
      is
      one of the series designated on the face hereof, initially limited in aggregate
      principal to $1,500,000,000.

    

    If
      an
      event of default (as defined in the Indenture) with respect to Notes of this
      series shall occur and be continuing, the principal of the Notes of this series
      may be declared due and payable in the manner and with the effect provided
      in
      the Indenture.

    

    The
      Indenture contains provisions for defeasance at any time of the entire
      indebtedness of this Note upon compliance by the Company with certain conditions
      set forth in Sections 11.03 and 11.04 thereof, which provisions apply to this
      Note.

    

    The
      Indenture contains provisions permitting the Company and the Trustee, without
      the consent of the holders of the Securities, to establish, among other things,
      the form and terms of any series of Securities issuable thereunder by one or
      more supplemental indentures, and, with the consent of the holders of not less
      than 66 2/3% in aggregate principal amount of Securities at the time outstanding
      which are affected thereby, to modify the Indenture or any supplemental
      indenture or the rights of the holders of Securities of such series to be
      affected, provided that no such modification will (i) extend the fixed maturity
      of any Securities, reduce the rate or extend the time of payment of interest
      thereon, reduce the principal amount thereof or the premium, if any, thereon,
      reduce the amount of the principal of Original Issue Discount Securities payable
      on any date, change the currency in which Securities are payable, or impair
      the
      right to institute suit for the enforcement of any such payment on or after
      the
      maturity thereof, without the consent of the holder of each Security so
      affected, or (ii) reduce the aforesaid percentage of Securities of any series
      the consent of the holders of which is required for any such modification
      without the consent of the holders of all Securities of such series then
      outstanding, or (iii) modify, without the written consent of the Trustee, the
      rights, duties or immunities of the Trustee.

    

    No
      reference herein to the Indenture and no provision of this Note or of the
      Indenture shall alter or impair the obligation of the Company, which is absolute
      and unconditional, to pay the principal of and interest on this Note at the
      times, place and rate, and in the coin or currency, herein
      prescribed.

    

    This
      Note
      is a Global Security registered in the name of a nominee of the Depository.
      This
      Note is exchangeable for Notes registered in the name of a person other than
      the
      Depository or its nominee only in the limited circumstances hereinafter
      described. Unless and until it is exchanged in whole or in part for definitive
      Notes in certificated form, this Note may not be transferred except as a whole
      by the Depository to a nominee of the Depository or by a nominee of the
      Depository to the Depository or another nominee of the
      Depository.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    The
      Notes
      represented by this Global Security are exchangeable for definitive Notes in
      certificated form of like tenor as such Notes in denominations of $1,000 and
      whole multiples of $1,000 in excess thereof only if (i) the Depository
      notifies the Company that it is unwilling or unable to continue as Depository
      for the Notes or (ii) the Depository ceases to be a clearing agency registered
      under the Securities Exchange Act of 1934, as amended, or (iii) the Company
      in
      its sole discretion decides to allow the Notes to be exchanged for definitive
      Notes in registered form. Any Notes that are exchangeable pursuant to the
      preceding sentence are exchangeable for certificated Notes issuable in
      authorized denominations and registered in such names as the Depository shall
      direct. As provided in the Indenture and subject to certain limitations therein
      set forth, the transfer of definitive Notes in certificated form is registrable
      in the register maintained by the Company in The City of New York for such
      purpose, upon surrender of the definitive Note for registration of transfer
      at
      the office or agency of the registrar, duly endorsed by, or accompanied by
      a
      written instrument of transfer in form satisfactory to the Company and the
      registrar duly executed by, the holder thereof or his attorney duly authorized
      in writing, and thereupon one or more new Notes of this series and of like
      tenor, of authorized denominations and for the same aggregate principal amount,
      will be issued to the designated transferee or transferees. Subject to the
      foregoing, this Note is not exchangeable, except for a Global Security or Global
      Securities of this issue of the same principal amount to be registered in the
      name of the Depository or its nominee.

    

    No
      service charge shall be made for any such registration of transfer or exchange,
      but the Company may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

    

    Prior
      to
      due presentment of this Note for registration of transfer, the Company, the
      Trustee and any agent of the Company or the Trustee may treat the Person in
      whose name this Note is registered as the owner hereof for all purposes, whether
      or not this Note be overdue, and neither the Company, the Trustee nor any such
      agent shall be affected by notice to the contrary.

    

    The
      Company will pay additional amounts (“Additional Amounts”) to the beneficial
      owner of any Note that is a non-United States person in order to ensure that
      every net payment on such Note will not be less, due to payment of U.S.
      withholding tax, than the amount then due and payable. For this purpose, a
“net
      payment” on a Note means a payment by the Company or a paying agent, including
      payment of principal and interest, after deduction for any present or future
      tax, assessment or other governmental charge of the United States. These
      Additional Amounts will constitute additional interest on the Note.

    

    The
      Company will not be required to pay Additional Amounts, however, in any of
      the
      circumstances described in items (1) through (13) below.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	 	
              (1)

            	
              Additional
                Amounts will not be payable if a payment on a Note is reduced as
                a result
                of any tax, assessment or other governmental charge that is imposed
                or
                withheld solely by reason of the beneficial
                owner:

            

    

    

    
      	 	 	
              (a)

            	
              having
                a relationship with the United States as a citizen, resident or
                otherwise;

            

    

    
      	 	 	
              (b)

            	
              having
                had such a relationship in the past
                or

            

    

    
      	 	 	
              (c)

            	
              being
                considered as having had such a
                relationship.

            

    

    

    
      	 	
              (2)

            	
              Additional
                Amounts will not be payable if a payment on a Note is reduced as
                a result
                of any tax, assessment or other governmental charge that is imposed
                or
                withheld solely by reason of the beneficial
                owner:

            

    

    

    
      	 	
               

            	
              (a)

            	
              being
                treated as present in or engaged in a trade or business in the United
                States;

            

    

    
      	 	
               

            	
              (b)

            	
              being
                treated as having been present in or engaged in a trade or business
                in the
                United States in the past or

            

    

    
      	 	
               

            	
              (c)

            	
              having
                or having had a permanent establishment in the United
                States.

            

    

    

    
      	 	
              (3)

            	
              Additional
                Amounts will not be payable if a payment on a Note is reduced as
                a result
                of any tax, assessment or other governmental charge that is imposed
                or
                withheld in whole or in part by reason of the beneficial owner being
                or
                having been any of the following (as such terms are defined in the
                Internal Revenue Code of 1986, as
                amended):

            

    

    

    
      	 	
               

            	
              (a)

            	
              personal
                holding company;

            

    

    
      	 	
               

            	
              (b)

            	
              foreign
                personal holding company;

            

    

    
      	 	
               

            	
              (c)

            	
              foreign
                private foundation or other foreign tax-exempt
                organization;

            

    

    
      	 	
               

            	
              (d)

            	
              passive
                foreign investment company;

            

    

    
      	 	
               

            	
              (e)

            	
              controlled
                foreign corporation or

            

    

    
      	 	
               

            	
              (f)

            	
              corporation
                which has accumulated earnings to avoid United States federal income
                tax.

            

    

    

    
      	 	
              (4)

            	
              Additional
                Amounts will not be payable if a payment on a Note is reduced as
                a result
                of any tax, assessment or other governmental charge that is imposed
                or
                withheld solely by reason of the beneficial owner owning or having
                owned,
                actually or constructively, 10 percent or more of the total combined
                voting power of all classes of stock of the Company entitled to vote
                or by
                reason of the beneficial owner being a bank that has invested in
                a Note as
                an extension of credit in the ordinary course of its trade or
                business.

            

    

    

    For
      purposes of items (1) through (4) above, “beneficial owner” means a
      fiduciary, settlor, beneficiary, member or shareholder of the holder if the
      holder is an estate, trust, partnership, limited liability company, corporation
      or other entity, or a person holding a power over an estate or trust
      administered by a fiduciary holder.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	 	
              (5)

            	
              Additional
                Amounts will not be payable to any beneficial owner of a Note that
                is
                a:

            

    

    

    
      	 	
               

            	
              (a)

            	
              fiduciary;

            

    

    
      	 	
               

            	
              (b)

            	
              partnership;

            

    

    
      	 	
               

            	
              (c)

            	
              limited
                liability company or

            

    

    
      	 	
               

            	
              (d)

            	
              other
                fiscally transparent entity

            

    

    

    
      	 	 	
              or
                that is not the sole beneficial owner of the Note, or any portion
                of the
                Note. However, this exception to the obligation to pay Additional
                Amounts
                will only apply to the extent that a beneficiary or settlor in relation
                to
                the fiduciary, or a beneficial owner or member of the partnership,
                limited
                liability company or other fiscally transparent entity, would not
                have
                been entitled to the payment of an Additional Amount had the beneficiary,
                settlor, beneficial owner or member received directly its beneficial
                or
                distributive share of the payment.

            

    

    

    
      	 	
              (6)

            	
              Additional
                Amounts will not be payable if a payment on a Note is reduced as
                a result
                of any tax, assessment or other governmental charge that is imposed
                or
                withheld solely by reason of the failure of the beneficial owner
                or any
                other person to comply with applicable certification, identification,
                documentation or other information reporting requirements. This exception
                to the obligation to pay Additional Amounts will only apply if compliance
                with such reporting requirements is required by statute or regulation
                of
                the United States or by an applicable income tax treaty to which
                the
                United States is a party as a precondition to exemption from such
                tax,
                assessment or other governmental
                charge.

            

    

    

    
      	 	
              (7)

            	
              Additional
                Amounts will not be payable if a payment on a Note is reduced as
                a result
                of any tax, assessment or other governmental charge that is collected
                or
                imposed by any method other than by withholding from a payment on
                a Note
                by the Company or a paying agent.

            

    

    

    
      	 	
              (8)

            	
              Additional
                Amounts will not be payable if a payment on a Note is reduced as
                a result
                of any tax, assessment or other governmental charge that is imposed
                or
                withheld by reason of a change in law, regulation, or administrative
                or
                judicial interpretation that becomes effective more than 15 days
                after the
                payment becomes due or is duly provided for, whichever occurs
                later.

            

    

    

    
      	 	
              (9)

            	
              Additional
                Amounts will not be payable if a payment on a Note is reduced as
                a result
                of any tax, assessment or other governmental charge that is imposed
                or
                withheld by reason of the presentation by the beneficial owner of
                a Note
                for payment more than 30 days after the date on which such payment
                becomes due or is duly provided for, whichever occurs
                later.

            

    

    

    
      	 	
              (10)

            	
              Additional
                Amounts will not be payable if a payment on a Note is reduced as
                a result
                of any:

            

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      	 	
               

            	
              (a)

            	
              estate
                tax;

            

    

    
      	 	
               

            	
              (b)

            	
              inheritance
                tax;

            

    

    
      	 	
               

            	
              (c)

            	
              gift
                tax;

            

    

    
      	 	
               

            	
              (d)

            	
              sales
                tax;

            

    

    
      	 	
               

            	
              (e)

            	
              excise
                tax;

            

    

    
      	 	
               

            	
              (f)

            	
              transfer
                tax;

            

    

    
      	 	
               

            	
              (g)

            	
              wealth
                tax;

            

    

    
      	 	
               

            	
              (h)

            	
              personal
                property tax or

            

    

    
      	 	
               

            	
              (i)

            	
              any
                similar tax, assessment, withholding, deduction or other governmental
                charge.

            

    

    

    
      	 	
              (11)

            	
              Additional
                Amounts will not be payable if a payment on a Note is reduced as
                a result
                of any tax, assessment, or other governmental charge required to
                be
                withheld by any paying agent from a payment of principal or interest
                on a
                Note if such payment can be made without such withholding by any
                other
                paying agent.

            

    

    

    
      	 	
              (12)

            	
              Additional
                amounts will not be payable if a payment on a Note is reduced as
                a result
                of any tax, assessment or other governmental charge that is required
                to be
                made pursuant to any European Union directive on the taxation of
                savings
                income or any law implementing or complying with, or introduced to
                conform
                to, any such directive.

            

    

    

    
      	 	
              (13)

            	
              Additional
                Amounts will not be payable if a payment on a Note is reduced as
                a result
                of any combination of items (1) through (12)
                above.

            

    

    

    Except
      as
      specifically provided herein, the Company will not be required to make any
      payment of any tax, assessment or other governmental charge imposed by any
      government or a political subdivision or taxing authority of such
      government.

    

    As
      used
      in this Note, “United States person” means:

    

    
      	 	
              (a)

            	
              any
                individual who is a citizen or resident of the United
                States;

            

    

    
      	 	
              (b)

            	
              any
                corporation, partnership or other entity created or organized in
                or under
                the laws of the United States;

            

    

    
      	 	
              (c)

            	
              any
                estate if the income of such estate falls within the federal income
                tax
                jurisdiction of the United States regardless of the source of such
                income
                and

            

    

    
      	 	
              (d)

            	
              any
                trust if a United States court is able to exercise primary supervision
                over its administration and one or more United States persons have
                the
                authority to control all of the substantial decisions of the
                trust.

            

    

    

    Additionally,
      “non-United States person” means a person who is not a United States person, and
“United States” means the states of the United States of America and the
      District of Columbia, but excluding its territories and its
      possessions.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    Except
      as
      provided below, the Notes may not be redeemed prior to maturity.

     

    (1) The
      Company may, at its option, redeem the Notes if:

    

    
      	 	 	
              (a)

            	
              the
                Company becomes or will become obligated to pay Additional Amounts
                as
                described above;

            

    

    
      	 	 	
              (b)

            	
              the
                obligation to pay Additional Amounts arises as a result of any change
                in
                the laws, regulations or rulings of the United States, or an official
                position regarding the application or interpretation of such laws,
                regulations or rulings, which change is announced or becomes effective
                on
                or after August 8, 2007 and

            

    

    
      	 	 	
              (c)

            	
              the
                Company determines, in its business judgment, that the obligation
                to pay
                such Additional Amounts cannot be avoided by the use of reasonable
                measures available to it, other than substituting the obligor under
                the
                Notes or taking any action that would entail a material cost to the
                Company.

            

    

    

    
      	 	
              (2)

            	
              The
                Company may also redeem the Notes, at its option,
                if:

            

    

    

    
      	 	 	
              (a)

            	
              any
                act is taken by a taxing authority of the United States on or after
                August
                8, 2007, whether or not such act is taken in relation to the Company
                or
                any affiliate, that results in a substantial probability that the
                Company
                will or may be required to pay Additional Amounts as described
                above;

            

    

    
      	 	 	
              (b)

            	
              the
                Company determines, in its business judgment, that the obligation
                to pay
                such Additional Amounts cannot be avoided by the use of reasonable
                measures available to it, other than substituting the obligor under
                the
                Notes or taking any action that would entail a material cost to the
                Company and

            

    

    
      	 	 	
              (c)

            	
              the
                Company receives an opinion of independent counsel to the effect
                that an
                act taken by a taxing authority of the United States results in a
                substantial probability that the Company will or may be required
                to pay
                the Additional Amounts described under above, and delivers to the
                Trustee
                a certificate, signed by a duly authorized officer, stating that
                based on
                such opinion the Company is entitled to redeem the Notes pursuant
                to their
                terms.

            

    

    

    Any
      redemption of the Notes as set forth in clauses (1) or (2) above shall be in
      whole, and not in part, and will be made at a redemption price equal to 100%
      of
      the principal amount of the Notes Outstanding plus accrued interest thereon
      to
      the date of redemption. Holders shall be given not less than 30 days nor more
      than 60 days prior notice by the Trustee of the date fixed for such
      redemption.

    

    All
      terms
      used in this Note which are defined in the Indenture shall have the meanings
      assigned to them in the Indenture. The Notes are governed by the laws of the
      State of New York.

    
      
         

      

      
        10

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