Document:

Unassociated Document

     

    
      

      

    

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC.,

    Depositor

    

    GREENWICH
      CAPITAL FINANCIAL PRODUCTS, INC.,

    Seller

    

    WELLS
      FARGO BANK, N.A.,

    Master
      Servicer and Securities Administrator

    

    

    CLAYTON
      FIXED INCOME SERVICES INC.,

    Credit
      Risk Manager

    

    and

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee
      and a Custodian

     

    

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of July 1, 2007

     

     

     

    _________________________________

     

    HarborView
      Mortgage Loan Trust

    Mortgage
      Loan Pass-Through Certificates, Series 2007-6

    
 

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      of Contents

     

    
      	 	
              Page

            
	 	 
	
              ARTICLE
                I DEFINITIONS; DECLARATION OF TRUST

            	
              6

            
	 	 
	
              SECTION
                1.01. Defined Terms.

            	
              6

            
	
              SECTION
                1.02. Accounting.

            	
              59

            
	 	 
	
              ARTICLE
                II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                CERTIFICATES

            	
              59

            
	 	 
	
              SECTION
                2.01. Conveyance of Mortgage Loans.

            	
              59

            
	
              SECTION
                2.02. Acceptance by Trustee.

            	
              67

            
	
              SECTION
                2.03. Repurchase or Substitution of Mortgage Loans by the Originators
                and
                the Seller.

            	
              69

            
	
              SECTION
                2.04. Representations and Warranties of the Seller with Respect to
                the
                Mortgage Loans.

            	
              73

            
	
              SECTION
                2.05. [Reserved].

            	
              74

            
	
              SECTION
                2.06. Representations and Warranties of the Depositor.

            	
              74

            
	
              SECTION
                2.07. Issuance of Certificates.

            	
              76

            
	
              SECTION
                2.08. Representations and Warranties of the Seller.

            	
              76

            
	
              SECTION
                2.09. Covenants of the Seller.

            	
              78

            
	 	 
	
              ARTICLE
                III ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS; CREDIT
                RISK
                MANAGER

            	
              78

            
	 	 
	
              SECTION
                3.01. Master Servicer to Service and Administer the Mortgage
                Loans.

            	
              78

            
	
              SECTION
                3.02. REMIC-Related Covenants.

            	
              80

            
	
              SECTION
                3.03. Monitoring of Servicers.

            	
              80

            
	
              SECTION
                3.04. Fidelity Bond.

            	
              82

            
	
              SECTION
                3.05. Power to Act; Procedures.

            	
              83

            
	
              SECTION
                3.06. Due-on-Sale Clauses; Assumption Agreements.

            	
              84

            
	
              SECTION
                3.07. Release of Mortgage Files.

            	
              84

            
	
              SECTION
                3.08. Documents, Records and Funds in Possession of Master Servicer
                to be
                Held for Trust Fund.

            	
              85

            
	
              SECTION
                3.09. Standard Hazard Insurance and Flood Insurance
                Policies.

            	
              86

            
	
              SECTION
                3.10. Presentment of Claims and Collection of Proceeds.

            	
              86

            
	
              SECTION
                3.11. Maintenance of the Primary Insurance Policies.

            	
              86

            
	
              SECTION
                3.12. Trustee to Retain Possession of Certain Insurance Policies
                and
                Documents.

            	
              87

            
	
              SECTION
                3.13. Realization Upon Defaulted Mortgage Loans.

            	
              87

            
	
              SECTION
                3.14. Additional Compensation to the Master Servicer.

            	
              87

            
	
              SECTION
                3.15. REO Property.

            	
              88

            
	
              SECTION
                3.16. Assessments of Compliance and Attestation Reports.

            	
              89

            
	
              SECTION
                3.17. Annual Compliance Statement.

            	
              91

            
	
              SECTION
                3.18. Enforcement of Regulation AB Deliverables.

            	
              92

            
	
              SECTION
                3.19. Sarbanes-Oxley Certification.

            	
              92

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                3.20. Reports Filed with Securities and Exchange
                Commission.

            	
              92

            
	
              SECTION
                3.21. Additional Information.

            	
              98

            
	
              SECTION
                3.22. Intention of the Parties and Interpretation.

            	
              99

            
	
              SECTION
                3.23. Indemnification.

            	
              99

            
	
              SECTION
                3.24. [Reserved]

            	
              100

            
	
              SECTION
                3.25. [Reserved]

            	
              100

            
	
              SECTION
                3.26. [Reserved]

            	
              100

            
	
              SECTION
                3.27. [Reserved]

            	
              100

            
	
              SECTION
                3.28. Closing Opinion of Counsel.

            	
              100

            
	
              SECTION
                3.29. [Reserved]

            	
              100

            
	
              SECTION
                3.30. Merger or Consolidation of the Master Servicer.

            	
              100

            
	
              SECTION
                3.31. Indemnification of the Trustee, the Master Servicer and the
                Securities Administrator.

            	
              100

            
	
              SECTION
                3.32. Limitations on Liability of the Master Servicer and Others;
                Indemnification of Trustee and Others.

            	
              101

            
	
              SECTION
                3.33. Master Servicer Not to Resign.

            	
              103

            
	
              SECTION
                3.34. Successor Master Servicer.

            	
              103

            
	
              SECTION
                3.35. Sale and Assignment of Master Servicing.

            	
              104

            
	
              SECTION
                3.36. Reporting Requirements of the Commission.

            	
              104

            
	
              SECTION
                3.37. Duties of the Credit Risk Manager.

            	
              104

            
	
              SECTION
                3.38. Limitation Upon Liability of the Credit Risk
                Manager.

            	
              105

            
	
              SECTION
                3.39. Removal of Credit Risk Manager.

            	
              105

            
	 	 
	
              ARTICLE
                IV ACCOUNTS

            	
              105

            
	 	 
	
              SECTION
                4.01. Servicing Accounts.

            	
              105

            
	
              SECTION
                4.02. Distribution Account.

            	
              107

            
	
              SECTION
                4.03. Permitted Withdrawals and Transfers from the Distribution
                Account.

            	
              109

            
	
              SECTION
                4.04. [Reserved]

            	
              111

            
	
              SECTION
                4.05. [Reserved]

            	
              111

            
	
              SECTION
                4.06. Prefunding Account.

            	
              111

            
	
              SECTION
                4.07. Capitalized Interest Account.

            	
              112

            
	 	 
	
              ARTICLE
                V FLOW OF FUNDS

            	
              112

            
	 	 
	
              SECTION
                5.01. Distributions.

            	
              112

            
	
              SECTION
                5.02. Allocation of Net Deferred Interest.

            	
              122

            
	
              SECTION
                5.03. Allocation of Realized Losses.

            	
              122

            
	
              SECTION
                5.04. Statements.

            	
              123

            
	
              SECTION
                5.05. Remittance Reports; Advances.

            	
              127

            
	
              SECTION
                5.06. Compensating Interest Payments.

            	
              128

            
	
              SECTION
                5.07. Basis Risk Reserve Fund.

            	
              128

            
	
              SECTION
                5.08. Recoveries.

            	
              129

            
	
              SECTION
                5.09. The Final Maturity Reserve Trust.

            	
              129

            
	
              SECTION
                5.10. Yield Maintenance Agreement; Yield Maintenance Trust; Yield
                Maintenance Trust Account.

            	
              130

            
	
              SECTION
                5.11. Yield Maintenance Account; Collateral Account.

            	
              131

            
	
              SECTION
                5.12. [Reserved].

            	
              133

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                5.13. Basis Risk Cap Agreement.

            	
              133

            
	
              SECTION
                5.14. Basis Risk Cap Termination Receipts.

            	
              134

            
	 	 
	
              ARTICLE
                VI THE CERTIFICATES

            	
              134

            
	 	 
	
              SECTION
                6.01. The Certificates.

            	
              134

            
	
              SECTION
                6.02. Registration of Transfer and Exchange of
                Certificates.

            	
              136

            
	
              SECTION
                6.03. Mutilated, Destroyed, Lost or Stolen Certificates.

            	
              143

            
	
              SECTION
                6.04. Persons Deemed Owners.

            	
              144

            
	
              SECTION
                6.05. Appointment of Paying Agent.

            	
              144

            
	 	 
	
              ARTICLE
                VII DEFAULT

            	
              145

            
	 	 
	
              SECTION
                7.01. Event of Default.

            	
              145

            
	
              SECTION
                7.02. Trustee to Act.

            	
              147

            
	
              SECTION
                7.03. Waiver of Event of Default.

            	
              148

            
	
              SECTION
                7.04. Notification to Certificateholders.

            	
              148

            
	 	 
	
              ARTICLE
                VIII THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

            	
              149

            
	 	 
	
              SECTION
                8.01. Duties of the Trustee and the Securities
                Administrator.

            	
              149

            
	
              SECTION
                8.02. Certain Matters Affecting the Trustee and the Securities
                Administrator.

            	
              151

            
	
              SECTION
                8.03. Trustee and the Securities Administrator Not Liable for Certificates
                or Mortgage Loans.

            	
              152

            
	
              SECTION
                8.04. Trustee, Custodian, Master Servicer and Securities Administrator
                May
                Own Certificates.

            	
              153

            
	
              SECTION
                8.05. Trustee’s and Securities Administrator’s Fees and
                Expenses.

            	
              154

            
	
              SECTION
                8.06. Eligibility Requirements for Trustee and Securities
                Administrator.

            	
              154

            
	
              SECTION
                8.07. Resignation or Removal of Trustee and Securities
                Administrator.

            	
              155

            
	
              SECTION
                8.08. Successor Trustee and Successor Securities
                Administrator.

            	
              156

            
	
              SECTION
                8.09. Merger or Consolidation of Trustee or Securities
                Administrator.

            	
              157

            
	
              SECTION
                8.10. Appointment of Co-Trustee or Separate Trustee.

            	
              157

            
	
              SECTION
                8.11. Limitation of Liability.

            	
              158

            
	
              SECTION
                8.12. Trustee May Enforce Claims Without Possession of
                   Certificates.

            	
              158

            
	
              SECTION
                8.13. Suits for Enforcement.

            	
              159

            
	
              SECTION
                8.14. Waiver of Bond Requirement.

            	
              159

            
	
              SECTION
                8.15. Waiver of Inventory, Accounting and Appraisal
                Requirement.

            	
              159

            
	
              SECTION
                8.16. Appointment of Custodians.

            	
              160

            
	
              SECTION
                8.17. Limitation of Liability of Trustee and Securities Administrator;
                Indemnification.

            	
              160

            
	
              SECTION
                8.18. Administrator’s Fees and Expenses.

            	
              160

            
	
              SECTION
                8.19. Resignation or Removal of the Administrator.

            	
              161

            
	
              SECTION
                8.20. Closing Opinion of Counsel.

            	
              161

            
	 	 
	
              ARTICLE
                IX REMIC ADMINISTRATION

            	
              162

            
	 	 
	
              SECTION
                9.01. REMIC Administration.

            	
              162

            
	
              SECTION
                9.02. Prohibited Transactions and Activities.

            	
              164

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                X TERMINATION

            	
              165

            
	 	 
	
              SECTION
                10.01. Termination.

            	
              165

            
	
              SECTION
                10.02. Additional Termination Requirements.

            	
              168

            
	
              SECTION
                10.03. NIMS Insurer Optional Purchase Right of Distressed Mortgage
                Loans.

            	
              168

            
	 	 
	
              ARTICLE
                XI DISPOSITION OF TRUST FUND ASSETS

            	
              169

            
	 	 
	
              SECTION
                11.01. Disposition of Trust Fund Assets.

            	
              169

            
	 	 
	
              ARTICLE
                XII MISCELLANEOUS PROVISIONS

            	
              169

            
	 	 
	
              SECTION
                12.01. Amendment.

            	
              169

            
	
              SECTION
                12.02. Recordation of Agreement; Counterparts.

            	
              170

            
	
              SECTION
                12.03. Limitation on Rights of Certificateholders.

            	
              171

            
	
              SECTION
                12.04. Governing Law; Jurisdiction.

            	
              172

            
	
              SECTION
                12.05. Notices.

            	
              172

            
	
              SECTION
                12.06. Severability of Provisions.

            	
              173

            
	
              SECTION
                12.07. Article and Section References.

            	
              173

            
	
              SECTION
                12.08. Notice to the Rating Agencies.

            	
              173

            
	
              SECTION
                12.09. Further Assurances.

            	
              174

            
	
              SECTION
                12.10. Benefits of Agreement.

            	
              174

            
	
              SECTION
                12.11. Acts of Certificateholders.

            	
              175

            
	
              SECTION
                12.12. Successors and Assigns.

            	
              175

            
	
              SECTION
                12.13. Provision of Information.

            	
              175

            
	
              SECTION
                12.14. Transfer of Servicing.

            	
              176

            
	
              SECTION
                12.15. Tax Treatment of the Class ES Certificates.

            	
              176

            

    

    

    EXHIBITS
      AND SCHEDULES:

     

    
      	
              Exhibit
                A

            	
              Form
                of Senior Certificate

            	
              A

            
	
              Exhibit
                B

            	
              Form
                of Subordinate Certificate

            	
              B

            
	
              Exhibit
                C-1

            	
              Form
                of Class C Certificate

            	
              C-1

            
	
              Exhibit
                C-2

            	
              Form
                of Class P Certificate

            	
              C-2

            
	
              Exhibit
                C-3

            	
              Form
                of Class R Certificate

            	
              C-3

            
	
              Exhibit
                C-4

            	
              Form
                of Class ES Certificate

            	
              C-4

            
	
              Exhibit
                D

            	
              Form
                of Reverse Certificate

            	
              D

            
	
              Exhibit
                E

            	
              [Reserved]

            	
              E

            
	
              Exhibit
                F

            	
              Request
                for Release

            	
              F

            
	
              Exhibit
                G-1

            	
              Form
                of Receipt of Mortgage Note

            	
              G-1

            
	
              Exhibit
                G-2

            	
              Form
                of Interim Certification of Trustee

            	
              G-2

            
	
              Exhibit
                G-3

            	
              Form
                of Final Certification of Trustee

            	
              G-3

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            	
              H

            
	
              Exhibit
                I-1

            	
              Form
                of ERISA Representation for Residual Certificate

            	
              I-1

            
	
              Exhibit
                I-2

            	
              Form
                of ERISA Representation for ERISA Restricted Trust
                Certificates

            	
              I-2

            
	
              Exhibit
                J-1

            	
              Form
                of Investment Letter [Non-Rule 144A]

            	
              J-1

            
	
              Exhibit
                J-2

            	
              Form
                of Rule 144A Investment Letter

            	
              J-2

            
	
              Exhibit
                K

            	
              Form
                of Transferor Certificate

            	
              K

            
	
              Exhibit
                L

            	
              Transfer
                Affidavit for Residual Certificate Pursuant to Section
                6.02(e)

            	
              L

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    
      	
              Exhibit
                M

            	
              Form
                of Back-Up Sarbanes-Oxley Certification

            	
              M

            
	
              Exhibit
                N

            	
              List
                of Servicers and Servicing Agreements

            	
              N

            
	
              Exhibit
                O

            	
              Transaction
                Parties

            	
              O

            
	
              Exhibit
                P

            	
              Form
                of Subsequent Transfer Agreement

            	
              P

            
	
              Exhibit
                Q

            	
              Servicing
                Criteria to be Addressed in Report on Assessment of
                Compliance

            	
              Q

            
	
              Exhibit
                R

            	
              Form
                10-D, Form 8-K, Form 10-K Reporting Responsibility

            	
              R

            
	
              Exhibit
                S

            	
              Form
                of Securities Administrator Certification

            	
              S

            
	
              Exhibit
                T

            	
              Additional
                Disclosure Notification

            	
              T

            
	
              Exhibit
                U

            	
              [Reserved]

            	
              U

            
	
              Exhibit
                V

            	
              List
                of Originators and Purchase Agreements

            	
              V

            
	
              Exhibit
                W

            	
              Basis
                Risk Cap Agreement

            	
              W

            
	
              Exhibit
                X

            	
              Yield
                Maintenance Allocation Agreement

            	
              X

            
	
              Exhibit
                Y

            	
              Yield
                Maintenance Agreement

            	
              Y

            
	
              Exhibit
                Z

            	
              List
                of Assignment Agreements

            	
              Z

            
	 	 	 
	
              Schedule
                I

            	
              Mortgage
                Loan Schedule

            	 
	
              Schedule
                II

            	
              Final
                Maturity Reserve Schedule

            	 
	
              Schedule
                III

            	
              CMC
                Subservicing Fee Schedule

            	 

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement is dated as of July 1, 2007 (the “Agreement”),
      among
      GREENWICH CAPITAL ACCEPTANCE, INC., a Delaware corporation, as depositor (the
      “Depositor”),
      GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a New York corporation, as seller
      (the “Seller”),
      WELLS
      FARGO BANK, N.A., a national banking association, as master servicer (in such
      capacity, the “Master
      Servicer”)
      and as
      securities administrator (in such capacity, the “Securities
      Administrator”),
      CLAYTON FIXED INCOME SERVICES INC., as credit risk manager (the “Credit Risk
      Manager”), and DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking
      association, as trustee and a custodian (the “Trustee”).
      

    

    PRELIMINARY
      STATEMENT:

    

    For
      federal income tax purposes, the Trust Fund (exclusive of the assets held in
      the
      Prefunding Account, the Capitalized Interest Account, the Basis Risk Reserve
      Fund, the Yield Maintenance Trust, the Yield Maintenance Trust Account, the
      Yield Maintenance Account, the Yield Maintenance Agreement, the Basis Risk
      Cap
      Agreement, the Basis Risk Cap Account, the Collateral Account, the Final
      Maturity Reserve Trust and the Final Maturity Reserve Account and the Class
      ES
      Distributable Amount (the “Excluded
      Trust Property”))
      comprises three REMICs in a tiered REMIC structure: the “Lower-Tier
      REMIC,”
the
      “Middle-Tier
      REMIC,”
and
      the
“Upper-Tier
      REMIC.”
Each
      Certificate, other than the Class ES and Class R Certificates, shall represent
      ownership of a regular interest in the Upper-Tier REMIC, as described herein.
      The LIBOR Certificates also
      represent the right to receive (i) payments in respect of the Final Maturity
      Reserve Account, as provided in section 5.01(g), and (ii) payments in respect
      of
      Basis Risk Shortfalls from the Yield Maintenance Account as provided in Section
      5.01(h) or the Basis Risk Reserve Fund as provided in section 5.07. The owners
      of the Class C Certificates beneficially own the Basis Risk Reserve Fund, the
      Final Maturity Reserve Account, the Final Maturity Reserve Trust, the Basis
      Risk
      Cap Agreement, the Basis Risk Cap Account, the Yield Maintenance Trust Account,
      and the Yield Maintenance Account. The Class R Certificates represent the only
      class of residual interests in the Upper-Tier REMIC, as well as the only
      residual interests in each of the Lower-Tier REMIC and the Middle-Tier
      REMIC.

    

    The
      Upper Tier REMIC shall hold as its assets the uncertificated interests in the
      Middle-Tier REMIC other than the Class MT-R interest (each, a “Middle-Tier
      REMIC Regular Interest”),
      and each such Middle-Tier REMIC Regular Interest is hereby designated as a
      regular interest in the Middle-Tier REMIC for purposes of the REMIC Provisions.
      The Middle-Tier REMIC shall hold as its assets the uncertificated interests
      in
      the Lower-Tier REMIC other than the Class LT-R interest (each a “Lower-Tier
      REMIC Regular Interest”),
      and each such Lower-Tier REMIC Regular Interest is hereby designated as a
      regular interest in the Lower-Tier REMIC. The Lower-Tier REMIC shall hold as
      its
      assets the property of the Trust Fund other than the Excluded Trust Property
      and
      the interests in any other REMIC created hereby.

    

    For
      purposes of the REMIC Provisions, the startup day for each REMIC created hereby
      is the Closing Date. All REMIC regular and residual interests created hereby
      will be retired on or before the Latest Possible Maturity Date.

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    Lower-Tier
      REMIC

    

    The
      following table sets forth (or describes) the designation, interest rate, and
      initial principal balance of each Lower-Tier Regular Interest and the LT-R
      Interest:

     

    
      	
              Designation

            	 	
              Interest
                

              Rate

            	 	
              Initial
                Principal

              Balance

            
	
              LT-Initial

            	 	
              (1)

            	 	
              $    641,592,027.16

            
	
              LT-Subsequent

            	 	
              (2)

            	 	
              $      47,501,207.00

            
	
              LT-C

            	 	
              (3)

            	 	
              (3)

            
	
              LT-I

            	 	
              (4)

            	 	
              (4)

            
	
              LT-R

            	 	
              (5)

            	 	
              (5)

            

    

    

    

    
      	 	
              (1)

            	
              The
                interest rate with respect to the first four Distribution Dates (and
                the
                related Accrual Period) for the LT- Initial Lower-Tier Regular Interests
                is a per annum rate equal to the weighted average of the Net Loan
                Rates of
                the Initial Mortgage Loans as of the first day of the related Due
                Period.
                The interest rate for any subsequent Distribution Date (and the related
                Accrual Period) is the Net WAC.

            

    

    

    
      	 	
              (2)

            	
              The
                interest rate with respect to the first four Distribution Dates (and
                the
                related Accrual Period) for the LT-Subsequent Lower-Tier Regular
                Interest
                is 0.00%, and for every Distribution Date (and related Accrual Period)
                thereafter is the Net WAC. 

            

    

    

    
      	 	
              (3)

            	
              The
                LT-C Interest is an interest only interest that does not have a principal
                balance. For the first four Distribution Dates only it shall have
                a
                notional balance equal to the aggregate of the Stated Principal Balances,
                if any, of the Subsequent Mortgage Loans as of the first day of the
                related Due Period. For the first four Distribution Dates only, it
                shall
                be entitled to interest, if any, accrued on the Subsequent Mortgage
                Loans
                for the related Due Period at their Net Loan Rates, but only to the
                extent
                the interest so accrued is included in Available Funds for either
                Loan
                Group for such first Distribution Date. For each Distribution Date
                after
                the first four Distribution Dates, the notional balance of the LT-C
                Interest shall be zero and it shall not be entitled to any
                distributions.

            

    

    

    
      	 	
              (4)

            	
              The
                LT-I Interest is an interest only interest that does not have a principal
                balance but has a notional amount as of any Distribution Date equal
                to the
                aggregate of the principal balances of the Mortgage Loans as of the
                first
                day of the related Due Period. For any Distribution Date before the
                Distribution Date in August 2017, it shall bear interest for the
                related
                Due Period at a fixed rate of 0.00%, and for each Distribution Date
                commencing on the Distribution Date in August 2017 and on each
                Distribution Date thereafter until the Final Maturity Reserve Termination
                Date, it shall bear interest for the related Due Period at a fixed
                rate
                equal to the Final Maturity Reserve
                Rate.

            

    

    

    
      	 	
              (5)

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

            

    

    

    On
      each
      Distribution Date, Available Funds for both Loan Groups shall be distributed
      among the Lower-Tier Regular Interests and the LT-R Interest in the following
      order of priority:

    

    (1)
      First, as interest on the Lower-Tier Regular Interests at the interest rates
      described above;

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (2)
      Second, to the LT-Initial Interest, in reduction of its principal balance,
      an
      amount necessary to cause its principal balance to equal the aggregate of the
      Stated Principal Balances of the Initial Mortgage Loans as of the close of
      the
      related Due Period; 

    

    (3)
      Third, to the LT-Subsequent Interest, in reduction of its principal balance,
      an
      amount necessary to reduce its principal balance to zero; and

    

    (4)
      Finally, to the LT-R Interest, any remaining amounts.

    

    If
      on any
      Distribution Date, Realized Losses have been sustained in the related Prepayment
      Period, and after taking into account distributions on such Distribution Date,
      the aggregate principal balance of the LT-Initial and LT-Subsequent Interests
      exceed the Pool Collateral Balance for such Distribution Date, Realized Losses,
      to the extent of such excess, shall be allocated between the LT-Initial and
      LT-Subsequent Interests in the same manner in which principal distributions
      a
      made on such Lower-Tier Regular Interests. 

    

    On
      each
      Distribution Date, Net Deferred Interest shall be allocated between the
      LT-Initial and LT-Subsequent Interests in the same manner in which principal
      distributions are made on such Lower-Tier Regular Interests. 

    

    On
      each
      Distribution Date, Prepayment Penalty Amounts on the Initial Mortgage Loans
      shall be paid in respect of the LT-Initial Interest and any Prepayment Penalty
      Amounts on the Subsequent Mortgage Loans shall be paid in respect of the
      LT-Subsequent Interests.

    

    Middle-Tier
      REMIC

    

    The
      following table sets forth (or describes) the designation, interest rate, and
      initial principal balance of each Middle-Tier Regular Interest and the MT-R
      Interest:

     

    
      	
              Designation

            	 	
              Interest
                

              Rate

            	 	
              Initial
                Principal

              Balance

            	 	
              Corresponding
                

              Class
                of 

              Certificate

            
	
              MT-1A-1A

            	 	
              (1)

            	 	
              (5)

            	 	
              1A-1A

            
	
              MT-1A-1B

            	 	
              (1)

            	 	
              (5)

            	 	
              1A-1B

            
	
              MT-2A-1A

            	 	
              (1)

            	 	
              (5)

            	 	
              2A-1A

            
	
              MT-2A-1B

            	 	
              (1)

            	 	
              (5)

            	 	
              2A-1B

            
	
              MT-2A-1C

            	 	
              (1)

            	 	
              (5)

            	 	
              2A-1C

            
	
              MT-B-1

            	 	
              (1)

            	 	
              (5)

            	 	
              B-1

            
	
              MT-B-2

            	 	
              (1)

            	 	
              (5)

            	 	
              B-2

            
	
              MT-B-3

            	 	
              (1)

            	 	
              (5)

            	 	
              B-3

            
	
              MT-B-4

            	 	
              (1)

            	 	
              (5)

            	 	
              B-4

            
	
              MT-B-5

            	 	
              (1)

            	 	
              (5)

            	 	
              B-5

            
	
              MT-B-6

            	 	
              (1)

            	 	
              (5)

            	 	
              B-6

            
	
              MT-B-7

            	 	
              (1)

            	 	
              (5)

            	 	
              B-7

            
	
              MT-B-8

            	 	
              (1)

            	 	
              (5)

            	 	
              B-8

            
	
              MT-B-9

            	 	
              (1)

            	 	
              (5)

            	 	
              B-9

            
	
              MT-P
                

            	 	
              (1)

            	 	
              (5)

            	 	
              P

            
	
              MT-Q

            	 	
              (1)

            	 	
              (5)

            	 	
              N/A

            
	
              MT-I

            	 	
              (2)

            	 	
              (2)

            	 	
              N/A

            
	
              MT-C

            	 	
              (3)

            	 	
              (3)

            	 	
              N/A

            
	
              MT-R

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            

    

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    __________________________

    
      	 	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Middle-Tier Regular Interests is
                a per
                annum rate equal to the weighted average of the interest rates on
                the
                LT-Initial and LT-Subsequent Lower-Tier Regular Interests, weighted
                based
                on their relative principal balances as of the first day of the related
                Accrual Period.

            

    

    

    
      	 	
              (2)

            	
              The
                MT-I Interest is an interest only interest that does not have a principal
                balance. For any Distribution Date, it is entitled to all amounts
                distributed in respect of the LT-I Interest on such Distribution
                Date.
                

            

    

    

    
      	 	
              (3)

            	
              The
                MT-C Interest is an interest only interest that does not have a principal
                balance. For any Distribution Date, it is entitled to all amounts
                distributed in respect of the LT-C Interest on such Distribution
                Date.
                

            

    

    

    
      	 	
              (4)

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

            

    

    

    
      	 	
              (5)

            	
              The
                Initial Principal Balance for each of these Middle-Tier REMIC Regular
                Interests shall equal one-half of the Original Class Principal Balance
                of
                its Corresponding Class of
                Certificates.

            

    

    

    On
      each
      Distribution Date, Available Funds shall be distributed in payment of principal
      on the Lower-Tier Regular Interests as follows:

    

    
      	 	
              a.

            	
              concurrently
                to the MT-1A-1A, MT-1A-1B, MT-2A-1A, MT-2A-1B, MT-2A-1C, MT-B-1,
                MT-B-2,
                MT-B-3, MT-B-4, MT-B-5, MT-B-6, MT-B-7, MT-B-8, MT-B-9, and MT-P
                Interests
                until the principal balance of each such Middle-Tier Regular Interest
                equals 50% of the Class Principal Balance of the Corresponding Class
                of
                Certificates immediately after such Distribution
                Date;

            

    

    

    
      	 	
              b.

            	
              to
                the MT-Q Interest until its principal balance equals the excess,
                if any,
                of (I) the Pool Collateral Balance immediately after such Distribution
                Date over (II) the aggregate of the principal balances of the Middle-Tier
                Regular Interests (other than the MT-Q , MT-C, and the MT-I Interests)
                after taking into account distributions on such Distribution Date
                under
                priority (a) above; and

            

    

    

    
      	 	
              c.

            	
              finally,
                to the Middle-Tier Regular Interests, as distributions of interest
                at the
                interest rates shown in the table
                above.

            

    

    

    On
      each
      Distribution Date, after taking into account principal distributions under
      priorities (a) and (b) above, Realized Losses attributable to principal and
      any
      Net Deferred Interest shall each be allocated among the Middle-Tier Regular
      Interests in the same manner that principal is distributed among such
      Middle-Tier Regular Interests.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    On
      each
      Distribution Date, Prepayment Penalty Amounts shall be distributed to the MT-P
      Interest.

    

    Upper-Tier
      REMIC

    

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate and Original Class Principal Balance for each Class of Certificates, each
      of which, except for the Class R Certificates, is hereby designated as
      representing ownership of a REMIC regular interest in the Upper-Tier REMIC
      for
      purposes of the REMIC Provisions.

     

    
      	
              Class

            	
              Original
                Class Principal Balance 

              or

              Class
                Notional Balance

            	
              Pass-Through
                Rate

            
	
              Class
                1A-1A

            	
              $199,253,000

            	
              (1)

            
	
              Class
                1A-1B

            	
              $  22,139,000

            	
              (1)

            
	
              Class
                2A-1A

            	
              $240,309,000

            	
              (1)

            
	
              Class
                2A-1B

            	
              $100,129,000

            	
              (1)

            
	
              Class
                2A-1C

            	
              $  60,077,000

            	
              (1)

            
	
              Class
                B-1

            	
              $  15,849,000

            	
              (1)

            
	
              Class
                B-2

            	
              $  10,681,000

            	
              (1)

            
	
              Class
                B-3

            	
              $    5,168,000

            	
              (1)

            
	
              Class
                B-4

            	
              $    3,445,000

            	
              (1)

            
	
              Class
                B-5

            	
              $    3,446,000

            	
              (1)

            
	
              Class
                B-6

            	
              $    5,857,000

            	
              (1)

            
	
              Class
                B-7

            	
              $    4,135,000

            	
              (1)

            
	
              Class
                B-8

            	
              $    3,790,000

            	
              (1)

            
	
              Class
                B-9

            	
              $    9,647,000

            	
              (1)

            
	
              Class
                C

            	
              (2)

            	
              (2)

            
	
              Class
                P

            	
              $100

            	
              (3)

            
	
              Class
                R

            	
              (4)

            	
              (4)

            
	
              Class
                ES

            	
              (5)

            	
              (5)

            

    

    ____________

    
      	 	
              (1)

            	
              Calculated
                pursuant to the definition of “Pass-Through Rate.” For purposes of the
                REMIC Provisions, for the first four Distribution Dates only, interest
                accrued on any Class of LIBOR Certificates at a Pass-Through Rate
                in
                excess of the Middle-Tier Net WAC Cap shall be deemed to have been
                paid
                from the Basis Risk Reserve Fund.

            

    

    

    
      	 	
              (2)

            	
              The
                Class C Certificates shall have an initial principal balance of
                $5,168,134.16. The Class C Certificates also comprise a notional
                component
                having a notional amount that at all times will equal the aggregate
                of the
                principal balances of the Middle-Tier REMIC Regular Interests (i.e.,
                the
                Pool Collateral Balance). For each Distribution Date (and the related
                Accrual Period), the notional component shall bear interest at a
                rate
                equal to the excess of (a) the weighted average of the interest rates
                on
                the Middle-Tier REMIC Regular Interests (other than the MT2-I and
                MT2-C
                Interests), weighted on the basis of the principal balance of each
                such
                Middle-Tier REMIC Regular Interest, over (b) the Adjusted Middle-Tier
                WAC.
                For any Distribution Date, interest that accrues on the notional
                component
                of the Class C Certificates shall be deferred to the extent of any
                increase in the Overcollateralized Amount on such date. Such deferred
                interest shall not itself bear interest. In addition to the rights
                set
                forth above, the Class C Certificates shall also evidence ownership
                of the
                MT2-I and MT2-C Interests in the Middle-Tier
                REMIC.

            

    

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	 	
              (3)

            	
              The
                Class P Certificates shall not bear interest at a stated rate. The
                Class P
                Certificates shall have an initial Class Principal Balance of $100.00.
                Prepayment Penalty Amounts paid with respect to the Mortgage Loans
                shall
                be distributed to the Class P
                Certificates.

            

    

    

    
      	 	
              (4)

            	
              The
                Class R Certificates represent the sole class of residual interest
                in the
                Upper-Tier REMIC and do not have a principal balance or a pass-through
                rate. In addition, the Class R Certificates represent ownership of
                the
                LT-R and MT-R Interests.

            

    

    

    
      	 	
              (5)

            	
              The
                Class ES Certificates are an interest-only Certificates and for each
                Distribution Date the Class ES Certificates shall receive the Class
                ES
                Distributable Amount. The Class ES Certificates shall represent an
                interest in the Trust Fund, but shall not represent an interest in
                any
                REMIC created hereby.

            

    

    

    ARTICLE
      I

    

    DEFINITIONS;
      DECLARATION OF TRUST

    

    SECTION
      1.01. Defined
      Terms.

    

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article. All calculations of interest described herein shall
      be made on the basis of an assumed 360-day year consisting of twelve 30-day
      months unless otherwise indicated in this Agreement.

    

    “60
      Day+ Rolling Average”:
      With
      respect to any Distribution Date, the rolling three month average percentage
      of
      Mortgage Loans that are 60 or more days Delinquent, including loans in
      foreclosure, all REO Property and Mortgage Loans where the Mortgagor has filed
      for bankruptcy.

    

    “Accepted
      Master Servicing Practices”:
      With
      respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
      servicing practices of prudent mortgage servicing institutions that 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
      (except in its capacity as successor to any Servicer), or (y) as provided in
      the
      Servicing Agreements, to the extent applicable to the Servicers, but in no
      event
      below the standard set forth in clause (x).

    

    “Account”:
      The
      Distribution Account, the Yield Maintenance Trust Account, the Yield Maintenance
      Account, the Final Maturity Reserve Account, the Basis Risk Reserve Fund, the
      Basis Risk Cap Account, the Servicing Account and the Prefunding Account, as
      the
      context requires.

    

    “Accrual
      Period”:
      With
      respect to each Distribution Date and the LIBOR Certificates, the period
      beginning on the immediately preceding Distribution Date (or the Closing Date,
      in the case of the first Distribution Date) and ending on the day immediately
      preceding such Distribution Date. Interest for such Classes of LIBOR
      Certificates will be calculated based upon a 360-day year and the actual number
      of days in each Accrual Period. With respect to any Distribution Date, the
      Class
      C Certificates, each Lower-Tier Regular Interest and each Middle-Tier Regular
      Interest, the calendar month preceding such Distribution Date. Interest for
      the
      Class C Certificates, each Lower-Tier Regular Interest and each Middle-Tier
      Regular Interest will be calculated based on a 360-day year and assuming each
      month has 30 days.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    “Additional
      Disclosure Notification”:
      As
      defined in Section 3.19(a).

    

    “Additional
      Form 10-D Disclosure”:
      As
      defined in Section 3.19(a).

    

    “Additional
      Form 10-K Disclosure”:
      As
      defined in Section 3.19(b).

    

    “Adjusted
      Cap Rate”:
      Any of
      the Group 1 Adjusted Cap Rate, the Group 2 Adjusted Cap Rate or the Subordinate
      Adjusted Cap Rate.

    

    “Adjusted
      Middle-Tier WAC”:
      With
      respect to any Distribution Date (and the related Accrual Period), the product
      of (i) 2 multiplied by (ii) the weighted average of the interest rates on the
      Middle-Tier REMIC Regular Interests, (other than the MT-I, MT-IO and MT-C
      Interests) weighted on the basis of their principal balances as of the first
      day
      of the related Accrual Period and computed for this purpose by first
      (a)
      subjecting the interest rate on the MT-Q Interests to a cap of 0.00%, and
second
      (b)
      subjecting the interest rate on each of the MT-1A-1A, MT-1A-1B, MT-2A-1A,
      MT-2A-1B, MT-2A-1C, MT-B-1, MT-B-2, MT-B-3, MT-B-4, MT-B-5, MT-B-6, MT-B-7,
      MT-B-8 and MT-B-9 Interests to a cap equal to the product of Pass-Through Rate
      for the Corresponding Class of Certificates for such Distribution Date
      multiplied by the quotient of the actual number of days in the Accrual Period
      divided
      by
      30.

    

    “Adjustment
      Date”:
      With
      respect to each Mortgage Loan, each adjustment date on which the related Loan
      Rate changes pursuant to the related Mortgage Note. The first Adjustment Date
      following the Cut-off Date as to each Mortgage Loan is set forth in the Mortgage
      Loan Schedule.

    

    “Administrator”:
      Wells
      Fargo Bank, N.A. and its successors in interest and assigns, or any successor
      administrator appointed as herein provided.

    

    “Advance”:
      With
      respect to any Distribution Date and any Mortgage Loan or REO Property, any
      advance made by the Master Servicer (including, without limitation, the Trustee
      in its capacity as successor Master Servicer) in respect of such Distribution
      Date pursuant to Section 5.05 or by any Servicer in accordance with the related
      Servicing Agreement for such Distribution Date.

    

    “Adverse
      REMIC Event”:
      Either
      (i) the 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) the 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. 

    

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

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    “Aggregate
      Collateral Balance”:
      With
      respect to any date of determination (other than the Closing Date), an amount
      equal to the aggregate Stated Principal Balance of the Mortgage Loans
plus
      the
      amount, if any, then on deposit in the Prefunding Account. With respect to
      the
      Closing Date, an amount equal to the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the Initial Cut-off Date plus
      the
      amount on deposit in the Prefunding Account on the Initial Closing
      Date.

    

    “Aggregate
      Final Maturity Reserve Amount”: 
      With respect any Distribution Date, the sum of the Group I Final Maturity
      Reserve Amount and the Group II Final Maturity Reserve Amount.

    

    “Aggregate
      Subsequent Transfer Amount”:
      With
      respect to any Subsequent Transfer Date, the aggregate Stated Principal Balance
      as of the applicable Subsequent Cut-off Date of the Subsequent Mortgage Loans
      conveyed on such Subsequent Transfer Date, as listed on the revised Mortgage
      Loan Schedule delivered pursuant to Section 2.01(b); provided,
      however,
      that
      such amount shall not exceed the amount on deposit in the Prefunding Account
      as
      of such Subsequent Transfer Date.

    

    “Agreement”:
      This
      Pooling and Servicing Agreement dated as of July 1, 2007, as amended,
      supplemented and otherwise modified from time to time.

    

    “Allocated
      Realized Loss Amount”:
      With
      respect to any Distribution Date and any Class of Offered Certificates, an
      amount equal the sum of any Realized Losses allocated to that Class of
      Certificates on such Distribution Date and any Allocated Realized Loss Amounts
      previously allocated to such Class pursuant to Section 5.03 minus
      any
      amounts distributed to such Class pursuant to Section 5.01(a) in respect of
      Allocated Realized Loss Amounts.

    

    “American
      Home”:
      American Home Mortgage Servicing, Inc. and its successors in interest and
      assigns, in its capacity as a Servicer.

    

    “Apportioned
      Principal Balance”:
      With
      respect to any Class of Subordinate Certificates, either Loan Group and any
      Distribution Date, the Class Principal Balance of such Class immediately prior
      to such Distribution Date multiplied by a fraction, the numerator of which
      is
      the Subordinate Component for the related Loan Group for such date and the
      denominator of which is the sum of the Subordinate Components (in the aggregate)
      for such date.

    

    “Assignment”:
      With
      respect to any Mortgage, an assignment of mortgage, notice of transfer or
      equivalent instrument, in recordable form, which is sufficient, under the laws
      of the jurisdiction in which the related Mortgaged Property is located, to
      reflect or record the sale of such Mortgage.

    

    “Assignment
      Agreements”:
      Each
      of the assignment and recognition agreements or assignment agreements identified
      on Exhibit Z hereto, as amended, supplemented and otherwise modified from time
      to time.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    “Available
      Funds”:
      With
      respect to any Distribution Date and any Loan Group, an amount equal to
      (i) the sum, without duplication, of (a) the aggregate of the Monthly
      Payments received on or prior to the related Determination Date (excluding
      Monthly Payments due in future Due Periods but received by the related
      Determination Date) in respect of the Mortgage Loans in such Loan Group,
      (b) Net Liquidation Proceeds, Insurance Proceeds (including from primary
      mortgage insurance policies), Principal Prepayments (excluding Prepayment
      Penalty Amounts), Recoveries and other unscheduled recoveries of principal
      and
      interest in respect of the Mortgage Loans in such Loan Group received during
      the
      related Prepayment Period, (c) the aggregate of any amounts received in respect
      of REO Properties for such Distribution Date in respect of the Mortgage Loans
      in
      such Loan Group, (d) the aggregate of any amounts of Interest Shortfalls
      (excluding for such purpose all shortfalls as a result of Relief Act Reductions)
      paid by the Servicers pursuant to the related Servicing Agreements and
      Compensating Interest Payments deposited in the Distribution Account for that
      Distribution Date in respect of the Mortgage Loans in such Loan Group,
      (e) the aggregate of the Purchase Prices, Substitution Adjustments,
      Repurchase Prices and other amounts collected for purchases or substitutions
      pursuant to Section 2.03 deposited in the Distribution Account during the
      related Prepayment Period in respect of the Mortgage Loans in such Loan Group,
      (f) the aggregate of any Advances made by any Servicer and Advances made by
      the Master Servicer for that Distribution Date in respect of the Mortgage Loans
      in such Loan Group, (g) the aggregate of any Advances made by the Trustee
      (as successor Master Servicer) for such Distribution Date pursuant to Section
      7.02 hereof in respect of the Mortgage Loans in such Loan Group and (h) the
      Termination Price allocated to such Loan Group on the Distribution Date on
      which
      the Trust Fund is terminated and (i) with respect to the Distribution Date
      in
      the month immediately following the end of the Prefunding Period, any amounts
      remaining in the Prefunding Account (other than investment earnings thereon);
      minus
      (ii) the sum of (u) if there is a Deficiency Amount (i) prior to the end of
      the Prefunding Period, any amount remaining in the Prefunding Account equal
      to
      such Deficiency Amount, and (ii) in the case of the Distribution Date
      immediately following the end of the Prefunding Period, the amount released
      from
      the Prefunding Account and transferred to the Distribution Account, if any,
      equal to such Deficiency Amount, (v) to the extent of amounts attributable
      to interest, the Expense Fees for such Distribution Date in respect of the
      Mortgage Loans in such Loan Group, (w) to the extent of amounts attributable
      to
      interest or principal, as applicable, amounts in reimbursement for Advances
      previously made in respect of the Mortgage Loans in such Loan Group and other
      amounts as to which the Servicers, the Trustee, the Credit Risk Manager, the
      Securities Administrator, the Custodians and the Master Servicer are entitled
      to
      be reimbursed pursuant to Section 4.03, (x) first,
      to the
      extent of amounts attributable to interest, and second,
      if such
      amounts are insufficient, to the extent of amounts attributable to principal,
      the amount payable to the Trustee, the Master Servicer, the Custodians or the
      Securities Administrator pursuant to Section 8.05, Section 3.30(b) and Section
      3.31(c) in respect of Mortgage Loans in such Loan Group or if not related to
      a
      Mortgage Loan, allocated to each Loan Group on a pro
      rata
      basis
      and (y) amounts deposited in the Distribution Account, as the case may be,
      in
      error, in respect of Mortgage Loans in such Loan Group.

    

    “Bankruptcy
      Code”:
      The
      Bankruptcy Reform Act of 1978 (Title 11 of the United States Code), as
      amended.

    

    “Basis
      Risk Cap Account”:
      As
      defined in Section 5.13(a).

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    “Basis
      Risk Cap Agreement”:
      The
      basis risk cap agreement dated July 31, 2007, which agreement provides for
      the
      monthly payment specified therein to the Securities Administrator (for the
      benefit of the Certificateholders) commencing with the Distribution Date in
      August 2007 and ending on the Distribution Date in February 2011, by the Basis
      Risk Cap Provider, but subject to the conditions set forth therein together
      with
      any schedules, confirmations or other agreements relating thereto, attached
      hereto as Exhibit W.

    

    “Basis
      Risk Cap Amount”:
      With
      respect to each Distribution Date, the amount of any payment required to be
      made
      by the Basis Risk Cap Provider pursuant to the terms of the Basis Risk Cap
      Agreement deposited into the Basis Risk Cap Account, and any investment earnings
      thereon.

    

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

    

    “Basis
      Risk Cap Provider”:
      The
      counterparty to the Basis Risk Cap Agreement, and any successor in interest
      or
      assigns. Initially, the Basis Risk Cap Provider shall be Bear Stearns Financial
      Products Inc.

    

    “Basis
      Risk Cap Replacement Receipts”:
      As
      defined in Section 5.14(a).

    

    “Basis
      Risk Cap Replacement Receipts Account”:
      As
      defined in Section 5.14(a).

    

    “Basis
      Risk Cap Termination Payment”:
      Upon
      the designation of an “Early Termination Date” as defined in the Basis Risk Cap
      Agreement, the payment required to be made by the Basis Risk Cap Provider to
      the
      Securities Administrator pursuant to the terms of the Basis Risk Cap Agreement
      and accrued interest thereon as provided in the Basis Risk Cap Agreement, as
      calculated by the Basis Risk Cap Provider and furnished to the
      Trustee.

    

    “Basis
      Risk Cap Termination Receipts”:
      As
      defined in Section 5.14(a).

    

    “Basis
      Risk Cap Termination Receipts Account”:
      As
      defined in Section 5.14(a).

    

    “Basis
      Risk Reserve Fund”:
      A fund
      created as part of the Trust Fund pursuant to Section 5.07 of this Agreement
      but
      which is not an asset of any of the REMICs.

    

    “Basis
      Risk Shortfall”:
      With
      respect to any Distribution Date and the LIBOR Certificates, the sum
      of:

    

    (i) the
      excess, if any, of the Interest Distributable Amount that such Class would
      have
      been entitled to receive if the Pass-Through Rate for such Class were calculated
      without regard to clause (ii) in the definition thereof, over the actual
      Interest Distributable Amount such Class is entitled to receive for such
      Distribution Date (computed without regard to any allocation of Net Interest
      Shortfalls);

    

    (ii) any
      excess described in clause (i) above remaining unpaid from prior Distribution
      Dates; and

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (iii) interest
      for the applicable Accrual Period on the amount described in clause (ii) above
      based on the applicable Pass-Through Rate, determined without regard to clause
      (ii) in the definition thereof.

    

    “Book-Entry
      Certificates”:
      Any of
      the Certificates that shall be registered in the name of the Depository or
      its
      nominee, the ownership of which is reflected on the books of the Depository
      or
      on the books of a Person maintaining an account with the Depository (directly,
      as a “Depository Participant”, or indirectly, as an indirect participant in
      accordance with the rules of the Depository and as described in Section 6.02
      hereof). On the Closing Date, all Classes of the Certificates other than the
      Physical Certificates shall be Book-Entry Certificates.

    

    “Bulk
      PMI Fee”:
      Not
      applicable.

    

    “Bulk
      PMI Fee Rate”:
      Not
      applicable.

    

    “Bulk
      PMI Policy”:
      Not
      applicable.

    

    “Business
      Day”:
      Any
      day other than a Saturday, a Sunday or a day on which banking or savings
      institutions in the State of California, the State of Minnesota, the State
      of
      Maryland, the State of New York or in the city in which the Corporate Trust
      Office of the Trustee or the Securities Administrator is located are authorized
      or obligated by law or executive order to be closed.

    

    “Call
      Option”:
      The
      right to terminate this Agreement and the Trust Fund pursuant to the second
      paragraph of Section 10.01(a) hereof.

    

    “Call
      Option Date”:
      As
      defined in Section 10.01(a) hereof.

    

    “Cap
      Rate”:
      With
      respect to any Distribution Date and the Yield Maintenance Agreement, the cap
      rate for such date set forth on Schedule I of the Yield Maintenance
      Agreement.

    

    “Capitalized
      Interest Account”:
      The account established and maintained by the Securities Administrator pursuant
      to Section 4.07. Such account will not be an asset of any REMIC.

    

    “Capitalized
      Interest Requirement”:
      With respect to
      the
      first Distribution Date, an amount equal to the excess of the Basis Risk
      Shortfalls for such Distribution Date over the sum of (i) the Required Reserve
      Fund Deposit for such Distribution Date and (ii) any amounts available from
      the
      Yield Maintenance Account to pay Basis Risk Shortfalls for such Distribution
      Date. 

    

    “Central
      Mortgage”:
      Central Mortgage Company, and its successors in interest and
      assigns.

    

    “Certificate”:
      Any
      Regular Certificate, Residual Certificate, Class C Certificate, Class ES
      Certificate or Class P Certificate.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    “Certificate
      Group 1”:
      At any
      time, the Group 1 Certificates.

    

    “Certificate
      Group 2”:
      At any
      time, the Group 2 Certificates.

    

    “Certificate
      Group”:
      Either
      Certificate Group 1 or Certificate Group 2, as the context
      requires.

    

    “Certificate
      Owner”:
      With
      respect to each Book-Entry Certificate, any beneficial owner thereof and with
      respect to each Physical Certificate, the Certificateholder
      thereof.

    

    “Certificate
      Principal Balance”:
      With
      respect to each Certificate of a given Class (other than the Class C, Class
      ES
      and Class R Certificates) and any date of determination, the product of (i)
      the
      Class Principal Balance of such Class and (ii) the applicable Percentage
      Interest of such Certificate.

    

    “Certificate
      Register”
and
      “Certificate
      Registrar”:
      The
      register maintained and registrar appointed pursuant to Section 6.02 hereof,
      which initially shall be the Securities Administrator.

    

    “Certificateholder”
or
      “Holder”:
      The
      Person in whose name a Certificate is registered in the Certificate Register,
      except that a Disqualified Organization or non-U.S. Person shall not be a Holder
      of the Residual Certificate for any purpose hereof; provided
      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, the NIMS Insurer, the Securities Administrator,
      the Servicers, the Credit Risk Manager 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.

    

    “Certification
      Parties”:
      As
      defined in Section 3.19.

    

    “Certifying
      Person”:
      As
      defined in Section 3.19.

    

    “Class”:
      Collectively, Certificates that have the same priority of payment and bear
      the
      same class designation and the form of which is identical except for variation
      in the Percentage Interest evidenced thereby.

    

    “Class
      B-1 Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      Class
      Principal Balance of the Class B-1 Certificates immediately prior to such
      Distribution Date and (b) the excess of (x) the sum of (i) the aggregate Class
      Principal Balance of the Senior Certificates (after taking into account the
      distribution of the Senior Principal Distribution Amount on such Distribution
      Date) and (ii) the Class Principal Balance of the Class B-1 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) for each Distribution Date prior to August 2013, 81.375% and
      thereafter 85.100% and (ii) the Aggregate Collateral Balance as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the Aggregate Collateral Balance as of the last day of the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus
      the
      related Overcollateralization Floor.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    “Class
      B-2 Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      Class
      Principal Balance of the Class B-2 Certificates immediately prior to such
      Distribution Date and (b) the excess of (x) the sum of (i) the aggregate Class
      Principal Balance of the Senior Certificates (after taking into account the
      distribution of the Senior Principal Distribution Amount on such Distribution
      Date), (ii) the Class Principal Balance of the Class B-1 Certificates (after
      taking into account the distribution of the Class B-1 Principal Distribution
      Amount on such Distribution Date) and (iii) the Class Principal Balance of
      the
      Class B-2 Certificates immediately prior to such Distribution Date over (y)
      the
      lesser of (A) the product of (i) for each Distribution Date prior to August
      2013, 85.250% and thereafter 88.200% and (ii) the Aggregate Collateral Balance
      as of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the Aggregate Collateral Balance as of the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus
      the
      related Overcollateralization Floor.

    

    “Class
      B-3 Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      Class
      Principal Balance of the Class B-3 Certificates immediately prior to such
      Distribution Date and (b) the excess of (x) the sum of (i) the aggregate Class
      Principal Balance of the Senior Certificates (after taking into account the
      distribution of the Senior Principal Distribution Amount on such Distribution
      Date), (ii) the Class Principal Balance of the Class B-1 Certificates (after
      taking into account the distribution of the Class B-1 Principal Distribution
      Amount on such Distribution Date), (iii) the Class Principal Balance of the
      Class B-2 Certificates (after taking into account the distribution of the Class
      B-2 Principal Distribution Amount on such Distribution Date) and (iv) the Class
      Principal Balance of the Class B-3 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) for each
      Distribution Date prior to August 2013, 87.125% and thereafter 89.700% and
      (ii)
      the Aggregate Collateral Balance as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) and (B) the Aggregate
      Collateral Balance as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) minus
      the
      related Overcollateralization Floor.

    

    “Class
      B-4 Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      Class
      Principal Balance of the Class B-4 Certificates immediately prior to such
      Distribution Date and (b) the excess of (x) the sum of (i) the aggregate Class
      Principal Balance of the Senior Certificates (after taking into account the
      distribution of the Senior Principal Distribution Amount on such Distribution
      Date), (ii) the Class Principal Balance of the Class B-1 Certificates (after
      taking into account the distribution of the Class B-1 Principal Distribution
      Amount on such Distribution Date), (iii) the Class Principal Balance of the
      Class B-2 Certificates (after taking into account the distribution of the Class
      B-2 Principal Distribution Amount on such Distribution Date), (iv) the Class
      Principal Balance of the Class B- 3 Certificates (after taking into account
      the
      distribution of the Class B-3 Principal Distribution Amount on such Distribution
      Date) and (v) the Class Principal Balance of the Class B-4 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) for each Distribution Date prior to August 2013, 88.375% and
      thereafter 90.700% and (ii) the Aggregate Collateral Balance as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the Aggregate Collateral Balance as of the last day of the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus
      the
      related Overcollateralization Floor.

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    “Class
      B-5 Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      Class
      Principal Balance of the Class B-5 Certificates immediately prior to such
      Distribution Date and (b) the excess of (x) the sum of (i) the aggregate Class
      Principal Balance of the Senior Certificates (after taking into account the
      distribution of the Senior Principal Distribution Amount on such Distribution
      Date), (ii) the Class Principal Balance of the Class B-1 Certificates (after
      taking into account the distribution of the Class B-1 Principal Distribution
      Amount on such Distribution Date), (iii) the Class Principal Balance of the
      Class B-2 Certificates (after taking into account the distribution of the Class
      B-2 Principal Distribution Amount on such Distribution Date), (iv) the Class
      Principal Balance of the Class B-3 Certificates (after taking into account
      the
      distribution of the Class B-3 Principal Distribution Amount on such Distribution
      Date), (v) the Class Principal Balance of the Class B-4 Certificates (after
      taking into account the distribution of the Class B-4 Principal Distribution
      Amount on such Distribution Date) and (vi) the Class Principal Balance of the
      Class B-5 Certificates immediately prior to such Distribution Date over (y)
      the
      lesser of (A) the product of (i) for each Distribution Date prior to August
      2013, 89.625% and thereafter 91.700% and (ii) the Aggregate Collateral Balance
      as of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the Aggregate Collateral Balance as of the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus
      the
      related Overcollateralization Floor.

    

    “Class
      B-6 Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      Class
      Principal Balance of the Class B-6 Certificates immediately prior to such
      Distribution Date and (b) the excess of (x) the sum of (i) the aggregate Class
      Principal Balance of the Senior Certificates (after taking into account the
      distribution of the Senior Principal Distribution Amount on such Distribution
      Date), (ii) the Class Principal Balance of the Class B-1 Certificates (after
      taking into account the distribution of the Class B-1 Principal Distribution
      Amount on such Distribution Date), (iii) the Class Principal Balance of the
      Class B-2 Certificates (after taking into account the distribution of the Class
      B-2 Principal Distribution Amount on such Distribution Date), (iv) the Class
      Principal Balance of the Class B-3 Certificates (after taking into account
      the
      distribution of the Class B-3 Principal Distribution Amount on such Distribution
      Date), (v) the Class Principal Balance of the Class B-4 Certificates (after
      taking into account the distribution of the Class B-4 Principal Distribution
      Amount on such Distribution Date), (vi) the Class Principal Balance of the
      Class
      B-5 Certificates (after taking into account the distribution of the Class B-5
      Principal Distribution Amount on such Distribution Date) and (vii) the Class
      Principal Balance of the Class B-6 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) for each
      Distribution Date prior to August 2013, 91.750% and thereafter 93.400% and
      (ii)
      the Aggregate Collateral Balance as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) and (B) the Aggregate
      Collateral Balance as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) minus
      the
      related Overcollateralization Floor.

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    “Class
      B-7 Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      Class
      Principal Balance of the Class B-7 Certificates immediately prior to such
      Distribution Date and (b) the excess of (x) the sum of (i) the aggregate Class
      Principal Balance of the Senior Certificates (after taking into account the
      distribution of the Senior Principal Distribution Amount on such Distribution
      Date), (ii) the Class Principal Balance of the Class B-1 Certificates (after
      taking into account the distribution of the Class B-1 Principal Distribution
      Amount on such Distribution Date), (iii) the Class Principal Balance of the
      Class B-2 Certificates (after taking into account the distribution of the Class
      B-2 Principal Distribution Amount on such Distribution Date), (iv) the Class
      Principal Balance of the Class B-3 Certificates (after taking into account
      the
      distribution of the Class B-3 Principal Distribution Amount on such Distribution
      Date), (v) the Class Principal Balance of the Class B-4 Certificates (after
      taking into account the distribution of the Class B-4 Principal Distribution
      Amount on such Distribution Date), (vi) the Class Principal Balance of the
      Class
      B-5 Certificates (after taking into account the distribution of the Class B-5
      Principal Distribution Amount on such Distribution Date), (vii) the Class
      Principal Balance of the Class B-6 Certificates (after taking into account
      the
      distribution of the Class B-6 Principal Distribution Amount on such Distribution
      Date) and (viii) the Class Principal Balance of the Class B-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) for each Distribution Date prior to August 2013, 93.250% and
      thereafter 94.600% and (ii) the Aggregate Collateral Balance as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the Aggregate Collateral Balance as of the last day of the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus
      the
      related Overcollateralization Floor.

    

    “Class
      B-8 Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      Class
      Principal Balance of the Class B-8 Certificates immediately prior to such
      Distribution Date and (b) the excess of (x) the sum of (i) the aggregate Class
      Principal Balance of the Senior Certificates (after taking into account the
      distribution of the Senior Principal Distribution Amount on such Distribution
      Date), (ii) the Class Principal Balance of the Class B-1 Certificates (after
      taking into account the distribution of the Class B-1 Principal Distribution
      Amount on such Distribution Date), (iii) the Class Principal Balance of the
      Class B-2 Certificates (after taking into account the distribution of the Class
      B-2 Principal Distribution Amount on such Distribution Date), (iv) the Class
      Principal Balance of the Class B-3 Certificates (after taking into account
      the
      distribution of the Class B-3 Principal Distribution Amount on such Distribution
      Date), (v) the Class Principal Balance of the Class B-4 Certificates (after
      taking into account the distribution of the Class B-4 Principal Distribution
      Amount on such Distribution Date), (vi) the Class Principal Balance of the
      Class
      B-5 Certificates (after taking into account the distribution of the Class B-5
      Principal Distribution Amount on such Distribution Date), (vii) the Class
      Principal Balance of the Class B-6 Certificates (after taking into account
      the
      distribution of the Class B-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Class Principal Balance of the Class B-7 Certificates (after
      taking into account the distribution of the Class B-7 Principal Distribution
      Amount on such Distribution Date) and (ix) the Class Principal Balance of the
      Class B-8 Certificates immediately prior to such Distribution Date over (y)
      the
      lesser of (A) the product of (i) for each Distribution Date prior to August
      2013, 94.625% and thereafter 95.700% and (ii) the Aggregate Collateral Balance
      as of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the Aggregate Collateral Balance as of the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus
      the
      related Overcollateralization Floor.

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    “Class
      B-9 Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      Class
      Principal Balance of the Class B-9 Certificates immediately prior to such
      Distribution Date and (b) the excess of (x) the sum of (i) the aggregate Class
      Principal Balance of the Senior Certificates (after taking into account the
      distribution of the Senior Principal Distribution Amount on such Distribution
      Date), (ii) the Class Principal Balance of the Class B-1 Certificates (after
      taking into account the distribution of the Class B-1 Principal Distribution
      Amount on such Distribution Date), (iii) the Class Principal Balance of the
      Class B-2 Certificates (after taking into account the distribution of the Class
      B-2 Principal Distribution Amount on such Distribution Date), (iv) the Class
      Principal Balance of the Class B-3 Certificates (after taking into account
      the
      distribution of the Class B-3 Principal Distribution Amount on such Distribution
      Date), (v) the Class Principal Balance of the Class B-4 Certificates (after
      taking into account the distribution of the Class B-4 Principal Distribution
      Amount on such Distribution Date), (vi) the Class Principal Balance of the
      Class
      B-5 Certificates (after taking into account the distribution of the Class B-5
      Principal Distribution Amount on such Distribution Date), (vii) the Class
      Principal Balance of the Class B-6 Certificates (after taking into account
      the
      distribution of the Class B-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Class Principal Balance of the Class B-7 Certificates (after
      taking into account the distribution of the Class B-7 Principal Distribution
      Amount on such Distribution Date), (ix) the Class Principal Balance of the
      Class
      B-8 Certificates (after taking into account the distribution of the Class B-8
      Principal Distribution Amount on such Distribution Date) and (ix) the Class
      Principal Balance of the Class B-9 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) for each
      Distribution Date prior to August 2013, 98.125% and thereafter 98.500% and
      (ii)
      the Aggregate Collateral Balance as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) and (B) the Aggregate
      Collateral Balance as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) minus
      the
      related Overcollateralization Floor.

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    “Class
      C Distributable Amount”:
      With
      respect to any Distribution Date, the amount of interest that has accrued on
      the
      Class C Notional Balance, as described in the Preliminary Statement, but that
      has not been distributed pursuant to Section 5.01(a)(iv)(I) hereof prior to
      such
      Distribution Date. In addition, such amount shall include the initial
      Overcollateralized Amount (less the $100 of such amount allocated to the Class
      P
      Certificates) to the extent such amount has not been distributed on prior
      Distribution Dates as part of the Overcollateralization Release
      Amount.

    

    “Class
      C Notional Balance”:
      With
      respect to any Distribution Date (and the related Accrual Period) the aggregate
      principal balance of the Middle-Tier REMIC Regular Interests (the Pool
      Collateral Balance) as specified in the Preliminary Statement.

    

    “Class
      ES Distributable Amount”:
      With
      respect to each Distribution Date and each Mortgage Loan serviced by GMACM,
      an
      amount equal to one month’s interest at the Excess Servicing Fee Rate on the
      Stated Principal Balance of such Mortgage Loan as of the Due Date in the month
      of such Distribution Date (prior to giving effect to any Scheduled Payments
      due
      on such Mortgage Loan on such Due Date).

    

    “Class
      P Distributable Amount”:
      With
      respect to each Distribution Date, all Prepayment Penalty Amounts in respect
      of
      the Mortgage Loans received by the Servicers (other than Countrywide Home Loans
      Servicing LP) for the related Prepayment Period.

    

    “Class
      Principal Balance”:
      With
      respect to any Distribution Date and any Class of Regular Certificates, the
      Original Class Principal Balance thereof as (a) reduced by the sum of (x) all
      amounts actually distributed in respect of principal of that Class (including
      amounts paid from the Yield Maintenance Account pursuant to Section
      5.01(h)(vii)) on all prior Distribution Dates, (y) all Realized Losses, if
      any,
      actually allocated to that Class on all prior Distribution Dates and (z) any
      applicable Writedown Amount, and (b) increased by (x) the amount of Deferred
      Interest allocated to such Class of Certificates on such Distribution Date
      as
      set forth in Section 5.02 and (y) any Recoveries allocated to such Class of
      Certificates pursuant to Section 5.08. 

    

    “Close
      of Business”:
      As
      used herein, with respect to any Business Day and location, 5:00 p.m. at such
      location.

    

    “Closing
      Date”:
      July
      31, 2007.

    

    “CMC”:
      Central Mortgage Company, as a Servicer of a portion of the Mortgage Loans
      as
      set forth and as individually defined in the Mortgage Loan Schedule hereto,
      and
      any successors in interest and assigns.

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    “CMT”:
      the
      weekly average yield on United States Treasury securities adjusted to a constant
      maturity of one-year, as published by the Federal Reserve Board in Statistical
      Release H.15(519).

    

    “Code”:
      The
      Internal Revenue Code of 1986, as amended.

    

    “Collateral
      Account”:
      The
      account established and maintained by the Securities Administrator in accordance
      with the provisions of Section 5.10(b).

    

    “Commission”:
      U.S.
      Securities and Exchange Commission.

    

    “Compensating
      Interest Payment”:
      With
      respect to any Distribution Date, an
      amount equal to the amount, if any, by which (x) the aggregate
      amount of any Interest Shortfalls (excluding for such purpose all shortfalls
      as
      a result of Relief Act Reductions) required to be paid by the Servicers pursuant
      to the related Servicing Agreement with respect to such Distribution Date,
      exceeds (y) the aggregate amount actually paid by the Servicers in respect
      of
      such shortfalls; provided,
      that
      such amount, to the extent payable by the Master Servicer, shall not exceed
      the
      aggregate Master Servicing Fee that would be payable to the Master Servicer
      in
      respect of such Distribution Date without giving effect to any Compensating
      Interest Payment.
      

    

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

    

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

    

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

    

    “Cooperative
      Loan Documents”:
      With
      respect to any Cooperative Loan, (i) the Cooperative Shares, together with
      a
      stock power in blank; (ii) the original or a copy of the executed Security
      Agreement and the assignment of the Security Agreement in blank; (iii) the
      original or a copy of the executed Proprietary Lease and the original assignment
      of the Proprietary Lease endorsed in blank; (iv) the original, if available,
      or
      a copy of the executed Recognition Agreement and, if available, the original
      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 amendments (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.

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    “Cooperative
      Shares”:
      Shares
      issued by a Cooperative Corporation.

    

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

    

    “Corporate
      Trust Office”:
      With
      respect to the Trustee, the principal corporate trust office of the Trustee
      at
      which at any particular time its corporate trust business in connection with
      this Agreement shall be administered, which office at the date of the execution
      of this instrument is located at 1761 East St. Andrew Place, Santa Ana,
      California 92705, Attention: HarborView Trust 2007-6, or at such other address
      as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, the Master Servicer, the Securities
      Administrator and the Seller. With respect to the Securities Administrator
      and
      the Certificate Registrar and (i) presentment of Certificates for registration
      of transfer, exchange or final payment, Wells Fargo Bank, National Association,
      Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention:
      Corporate Trust, HarborView Mortgage Loan Trust 2007-6, and (ii) for all other
      purposes, P.O. Box 98, Columbia, Maryland 21046 (or for overnight deliveries,
      9062 Old Annapolis Road, Columbia, Maryland 21045), Attention: Corporate Trust,
      HarborView Mortgage Loan Trust 2007-6.

    

    “Corresponding
      Class”:
      With
      respect to each class of Middle Tier Regular Interests, the Class or Classes
      of
      Certificates corresponding to such class as set forth in the Preliminary
      Statement. 

    

    “Credit
      Enhancement Percentage”:
      With
      respect to any Distribution Date and any Class of Certificates, the percentage
      obtained by dividing (i) the sum of (x) the aggregate Class Principal Balance
      of
      the Subordinate Certificates subordinate to such Class and (y) the
      Overcollateralized Amount by (y) the Aggregate Collateral Balance.

     

    
      	 	
              Initial
                Credit Enhancement 

              Percentage

            	
              Target
                Credit Enhancement 

              Percentage
                before

              August
                2013 or

              Stepdown
                Date

            	
              Target
                Credit Enhancement 

              Percentage
                on or after

              August
                2013 or

              Stepdown
                Date

            
	
              Senior

            	
              9.750%

            	
              24.375%

            	
              19.500%

            
	
              B-1

            	
              7.450%

            	
              18.625%

            	
              14.900%

            
	
              B-2

            	
              5.900%

            	
              14.750%

            	
              11.800%

            
	
              B-3

            	
              5.150%

            	
              12.875%

            	
              10.300%

            
	
              B-4

            	
              4.650%

            	
              11.625%

            	
              9.300%

            
	
              B-5

            	
              4.150%

            	
              10.375%

            	
              8.300%

            
	
              B-6

            	
              3.300%

            	
              8.250%

            	
              6.600%

            
	
              B-7

            	
              2.700%

            	
              6.750%

            	
              5.400%

            
	
              B-8

            	
              2.150%

            	
              5.375%

            	
              4.300%

            
	
              B-9

            	
              0.750%

            	
              1.875%

            	
              1.500%

            

    

     

    “Credit
      Risk Management Agreement”:
      Either
      (i) any of the credit risk management agreements dated as of the Closing Date,
      entered into by the related Servicer and the Credit Risk Manager or (ii) the
      credit risk management agreement dated as of the Closing Date, entered into
      by
      the Master Servicer and the Credit Risk Manager, as applicable.

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    “Credit
      Risk Manager”:
      Clayton Fixed Income Services Inc., a Colorado corporation, and its successors
      in interest and assigns.

    

    “Credit
      Risk Manager Fee”:
      With
      respect to any Distribution Date and each Mortgage Loan serviced by a Servicer
      that has entered into a Credit Risk Management Agreement, an amount equal to
      the
      product of (a) one twelfth, (b) the Credit Risk Manager Fee Rate and (c) the
      Scheduled Principal Balance of such Mortgage Loan as of the first day of the
      related Collection Period.

    

    “Credit
      Risk Manager Fee Rate”:
      0.0050% per annum.

    

    “Custodian”:
      Each
      of Deutsche Bank National Trust Company and The Bank of New York, and their
      respective successors in interest and assigns acting as a custodian of the
      Mortgage Files.

    

    “Cut-off
      Date”:
      The
      Initial Cut-off Date or the Subsequent Cut-off Date, as applicable.

    

    “Cut-off
      Date Aggregate Principal Balance”:
      The
      aggregate of the Cut-off Date Principal Balances of all of the Mortgage
      Loans.

    

    “Cut-off
      Date Collateral Balance”:
      With
      respect to any Distribution Date, the sum of (i) the aggregate Stated Principal
      Balance of all Initial Mortgage Loans as of the Initial Cut-off Date and (ii)
      the Prefunded Amount.

    

    “Cut-off
      Date Principal Balance”:
      With
      respect to any Mortgage Loan, the principal balance thereof remaining to be
      paid, after application of all scheduled principal payments due on or before
      the
      applicable Cut-off Date whether or not received as of the applicable Cut-off
      Date (or as of the applicable date of substitution with respect to a Qualified
      Substitute Mortgage Loan).

    

    “Debt
      Service Reduction”:
      With
      respect to any Mortgage Loan, a reduction in the scheduled Monthly Payment
      for
      that Mortgage Loan by a court of competent jurisdiction in a proceeding under
      the Bankruptcy Code, unless the reduction results from a Deficient
      Valuation.

    

    “Deferred
      Interest”:
      With
      respect to each Mortgage Loan and each related Due Date, will be the excess,
      if
      any, of the amount of interest accrued on such Mortgage Loan from the preceding
      Due Date to such due date over the portion of the Monthly Payment allocated
      to
      interest for such Due Date.

    

    “Deficient
      Valuation”:
      With
      respect to any Mortgage Loan, a valuation of the related Mortgaged Property
      by a
      court of competent jurisdiction in an amount less than the then outstanding
      principal balance of the Mortgage Loan, which valuation results from a
      proceeding initiated under the Bankruptcy Code.

    

    “Definitive
      Certificates”:
      Any
      Certificate evidenced by a Physical Certificate and any Certificate issued
      in
      lieu of a Book-Entry Certificate pursuant to Section 6.02(c) or (d)
      hereof.

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    “Deleted
      Mortgage Loan”:
      A
      Mortgage Loan replaced or to be replaced by one or more Qualified Substitute
      Mortgage Loans.

    

    “Delinquent”:
      Any
      Mortgage Loan with respect to which the Monthly Payment due on a Due Date is
      not
      made.

    

    “Depositor”:
      Greenwich Capital Acceptance, Inc., a Delaware corporation, or any successor
      in
      interest or assign.

    

    “Depository”:
      The
      initial Depository shall be The Depository Trust Company, whose nominee is
      Cede
& Co., or any other organization registered as a “clearing agency” pursuant
      to Section 17A of the Exchange Act. The Depository shall initially be the
      registered Holder of the Book-Entry Certificates. The Depository shall at all
      times be a “clearing corporation” as defined in Section 8-102(3) of the Uniform
      Commercial Code of the State of New York.

    

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

    

    “Determination
      Date”:
      With
      respect to any Distribution Date and each Mortgage Loan, the date each month,
      as
      set forth in the applicable Servicing Agreement, on which the related Servicer
      determines the amount of all funds required to be remitted to the Master
      Servicer on the Servicer Remittance Date with respect to such Mortgage Loan.
      

    

    “Disqualified
      Organization”:
      A
“disqualified organization” defined in Section 860E(e)(5) of the Code, or any
      other Person so designated by the Securities Administrator based upon an Opinion
      of Counsel provided to the Securities Administrator by nationally recognized
      counsel acceptable to the Securities Administrator that the holding of an
      ownership interest in the Residual Certificate by such Person may cause the
      Trust Fund or any Person having an ownership interest in any Class of
      Certificates (other than such Person) to incur liability for any federal tax
      imposed under the Code that would not otherwise be imposed but for the transfer
      of an ownership interest in the Residual Certificate to such
      Person.

    

    “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 related Servicer on behalf of the
      Trust Fund has accepted a deed in lieu of foreclosure.

    

    “Distribution
      Account”:
      The
      trust account or accounts created and maintained by the Securities Administrator
      pursuant to Section 4.02 hereof for the benefit of the Certificateholders and
      designated “Distribution Account, Wells Fargo Bank, N.A., as Securities
      Administrator, on behalf of Deutsche Bank National Trust Company, as Trustee,
      in
      trust for the registered Holders of HarborView Mortgage Loan Trust Mortgage
      Loan
      Pass-Through Certificates, Series 2007-6” and which must be an Eligible
      Account.

    

    “Distribution
      Account Income”:
      With
      respect to any Distribution Date, any interest or other investment income earned
      on funds deposited in the Distribution Account during the month of such
      Distribution Date.

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    “Distribution
      Date”:
      The
      19th day of each month, or, if such day is not a Business Day, the next Business
      Day commencing in August 2007.

    

    “Distribution
      Date Statement”:
      As
      defined in Section 5.04(a) hereof.

    

    “Due
      Date”:
      With
      respect to each Mortgage Loan and any Distribution Date, the first day of the
      calendar month in which such Distribution Date occurs on which the Monthly
      Payment for such Mortgage Loan was due, exclusive of any days of
      grace.

    

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

    

    “Eligible
      Account”:
      Any
      of:

    

    (i) (A)
      with
      respect to the Basis Risk Reserve Fund, the Basis Risk Cap Account, the Basis
      Risk Cap Termination Account, the Basis Risk Cap Replacement Receipts Account
      and the Yield Maintenance Account, an account or accounts maintained with a
      federal or state chartered depository institution or trust company the
      short-term unsecured debt obligations of which (or, in the case of a depository
      institution or trust company that is the principal subsidiary of a holding
      company, the short-term unsecured debt obligations of such holding company)
      are
      rated at the time any amounts are held on deposit therein (a) “P-1” by Moody's
      (or at least “A2” if such institution has no short-term rating from Moody’s),
      (b) at least “A-1” by S&P (or at least “A+” if such institution has no
      short-term rating from S&P) and (c) “F1” by Fitch (with respect to the
      preceding clauses (a), (b) and (c), in each case if such rating agency is a
      Rating Agency, and such applicable ratings from S&P, Fitch and Moody’s, the
“Required Ratings”), provided,
      in each
      case, that following a downgrade, withdrawal or suspension of any such
      institution’s rating below any applicable Required Rating, each such account
      shall promptly (and in any case within not more than 30 calendar days in the
      case of Moody’s and Fitch, or 60 calendar days in the case of S&P) be moved
      to another institution which has the Required Ratings, or to one or more
      segregated trust accounts as provided in clause (iii);

    

    (B)
      With
      respect to each other Eligible Account, an account or accounts maintained with
      a
      federal or state chartered depository institution or trust company the
      short-term unsecured debt obligations of which (or, in the case of a depository
      institution or trust company that is the principal subsidiary of a holding
      company, the short-term unsecured debt obligations of such holding company)
      are
      rated at the time any amounts are held on deposit therein (a) “P-1” by Moody's
      (or at least “A2” if such institution has no short-term rating from Moody’s),
      (b) at least “A-2” by S&P (or at least “BBB+” if such institution has no
      short-term rating from S&P) and (c) “F1” by Fitch (with respect to the
      preceding clauses (a), (b) and (c), in each case if such rating agency is a
      Rating Agency, and such applicable ratings from S&P, Fitch and Moody’s, the
“Required Ratings”), provided, in each case, that following a downgrade,
      withdrawal or suspension of any such institution’s rating below any applicable
      Required Rating, each such account shall promptly (and in any case within not
      more than 30 calendar days) be moved to another institution which has the
      Required Ratings, or to one or more segregated trust accounts as provided in
      clause (iii);

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    (ii) an
      account or accounts the deposits in which are fully secured such that, as
      evidenced by an Opinion of Counsel delivered to the Securities Administrator
      and
      the Trustee and to each Rating Agency, the Trustee on behalf of the
      Certificateholders will have a claim with respect to the funds in the account
      or
      a perfected first priority security interest against the collateral (which
      shall
      be limited to Permitted Investments) securing those funds that is superior
      to
      claims of any other depositors or creditors of the depository institution with
      which such account is maintained;

    

    (iii) a
      trust
      account or accounts maintained with the trust department of a federal or state
      chartered depository institution, national banking association or trust company
      acting in its fiduciary capacity; or 

    

    (iv) an
      account otherwise acceptable to each Rating Agency without reduction or
      withdrawal of its then current ratings of the Certificates as evidenced by
      a
      letter from such Rating Agency to the Securities Administrator and the Trustee.
      Eligible Accounts may bear interest.

    

    “ERISA”:
      The
      Employee Retirement Income Security Act of 1974, as amended.

    

    “ERISA-Restricted
      Certificates”:
      (i)
      the Class C Certificates, the Class ES Certificates, the Class P Certificates
      and the Residual Certificates and (ii) any Offered Certificates that are not
      rated at least “BBB-” (or its equivalent).

    

    “ERISA
      Restricted Trust Certificate”:
      The
      Offered Certificates.

    

    “Event
      of Default”:
      In
      respect of the Master Servicer, one or more of the events (howsoever described)
      set forth in Section 7.01 hereof as an event or events upon the occurrence
      and
      continuation of which the Master Servicer may be terminated.

    

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

    

    “Excess
      Servicing Fee Rate”:
      With
      respect to any Mortgage Loan, the excess, if any, of 0.375% per annum over
      the
      related Subservicing Fee Rate.

    

    “Expense
      Fee”:
      With
      respect to any Mortgage Loan, the sum of (i) the Master Servicing Fee, (ii)
      the
      Servicing Fee, (iii) any Credit Risk Manager Fee, (iv) any Bulk PMI Fee, if
      applicable, and (v) with respect to any Lender-Paid Mortgage Insurance Loan,
      the
      Lender-Paid Mortgage Insurance Fee.

    

    “Expense
      Fee Rate”:
      With
      respect to any Mortgage Loan, the per annum rate at which the Expense Fee
      accrues for such Mortgage Loan as set forth in the Mortgage Loan
      Schedule.

    

    “Extra
      Principal Distribution Amount”:
      With
      respect to any Distribution Date, is the lesser of (x) the Net Monthly Excess
      Cashflow for such Distribution Date (after distribution of any amounts pursuant
      to Section 5.01(a)(iii)(A) and (B)) and (y) the Overcollateralization Deficiency
      Amount for such Distribution Date.

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    “Fannie
      Mae”:
      The
      Federal National Mortgage Association or any successor thereto.

    

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

    

    “Final
      Distribution Date”:
      The
      Distribution Date occurring in August 2037.

    

    “Final
      Maturity Reserve Account”:
      The
      account created pursuant to Section 5.09 of this Agreement.

    

    “Final
      Maturity Reserve Rate”:
      A per
      annum rate equal to the product of (i) 1.00% and (ii) a fraction, the numerator
      of which is the aggregate Stated Principal Balance as of the applicable Cut-off
      Date of the Mortgage Loans having 40-year original terms to maturity and the
      denominator of which is the aggregate Stated Principal Balance as of the
      applicable Cut-off Date of all of the Mortgage Loans.

    

    “Final
      Maturity Reserve Schedule”:
      With
      respect to each Distribution Date on or after the Distribution Date in August
      2017 through and including Final Maturity Reserve Termination Date, the
      aggregate principal balance set forth on Schedule II hereto for that
      Distribution Date.

    

    “Final
      Maturity Reserve Termination Date”:
      With
      respect to each Distribution Date on or after the Distribution Date in August
      2017, the earlier of (i) the Distribution Date in August 2037 or (ii) the
      termination of the Trust Fund.

    

    “Final
      Maturity Reserve Trust”:
      The
      trust created pursuant to Section 5.09 of this Agreement and designated as
      the
“Final Maturity Reserve Trust,” the assets of which consist of the Final
      Maturity Reserve Account, but which is not an asset of any REMIC.

    

    “Final
      Recovery Determination”:
      With
      respect to any defaulted Mortgage Loan or any REO Property (other than a
      Mortgage Loan or REO Property purchased by the Seller pursuant to or
      contemplated by Section 2.03, 3.25 and 10.01), a determination made by the
      related Servicer, and reported to the Trustee, that all Insurance Proceeds,
      Liquidation Proceeds and other payments or recoveries which the related Servicer
      expects to be finally recoverable in respect thereof have been so
      recovered.

    

    “Fitch”:
      Fitch
      Ratings and its successors.

    

    “Form
      8-K Disclosure Information”:
      As
      defined in Section 3.19(c).

    

    “Freddie
      Mac”:
      The
      Federal Home Loan Mortgage Corporation or any successor thereto.

    

    “GCFP”:
      Greenwich Capital Financial Products, Inc., and its successors in interest
      and
      assigns.

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    “GMACM”:
      GMAC
      Mortgage, LLC, as a Servicer of a portion of the Mortgage Loans as set forth
      and
      as individually defined in the Mortgage Loan Schedule hereto, and any successors
      in interest and assigns.

    

    “Gross
      Margin”:
      With
      respect to each Mortgage Loan, the fixed percentage set forth in the related
      Mortgage Note that is added to the applicable Index on each Adjustment Date
      in
      accordance with the terms of the related Mortgage Note used to determine the
      Loan Rate for such Mortgage Loan.

    

    “Group
      1 Adjusted Cap Rate”:
      With
      respect to any Distribution Date and the Class 1A-1A and Class 1A-1B
      Certificates, the Net WAC Cap for such Distribution Date, determined by first
      reducing the Net WAC by a per annum rate equal to the product of (i) the Net
      Deferred Interest for Loan Group 1 for that Distribution Date multiplied by
      (ii)
      12, divided
      by
      the Loan
      Group Collateral Balance for Loan Group 1 as of the first day of the month
      before such Distribution Date (or in the case of the first Distribution Date,
      as
      of the Initial Cut-off Date).

    

    “Group
      1 Certificates”:
      The
      Class 1A-1A and Class 1A-1B Certificates.

    

    “Group
      1 Final Maturity Reserve Amount”:
      With
      respect to each Distribution Date prior to the Distribution Date in August
      2017,
      zero. With respect to each Distribution Date commencing on the Distribution
      Date
      in August 2017 and on each Distribution Date thereafter until the Final Maturity
      Reserve Termination Date, an amount equal to the lesser of (x) the product
      of
      (i) the quotient of the Final Maturity Reserve Rate divided
      by
      12 and
      (ii) the aggregate Stated Principal Balance of the Group 1 Mortgage Loans on
      the
      first day of the related Due Period (not including for this purpose Group 1
      Mortgage Loans for which prepayments in full have been received and distributed
      in the month prior to the Distribution Date) and (y) the Interest Remittance
      Amount for Loan Group 1 after making any withdrawals from the Distribution
      Account pursuant to Section 4.03(a). Notwithstanding the foregoing, if on any
      Distribution Date the aggregate Stated Principal Balance of Mortgage Loans
      having 40-year original terms to maturity on such Distribution Date is less
      than
      or equal to the applicable amount set forth in the Final Maturity Reserve
      Schedule, the Final Maturity Reserve Amount shall equal zero.

    

    “Group
      1 Mortgage Loan”:
      A
      Mortgage Loan that is identified as such on the Mortgage Loan Schedule and
      that
      has a Stated Principal Balance at origination that conforms to Freddie Mac
      loan
      limits.

    

    “Group
      1 Prefunded Amount”:
      The
      amount deposited in the Prefunding Account on the Closing Date to purchase
      additional Group 1 Mortgage Loans, which shall equal $7,824,363.

    

    “Group
      1 Principal Distribution Amount”:
      For
      any Distribution Date on or after the Stepdown Date and as long as a Trigger
      Event has not occurred or is not continuing with respect to such Distribution
      Date, will be the lesser of (a) the Senior Principal Distribution Amount
      multiplied by the Group 1 Principal Distribution Percentage and (b) the
      aggregate Class Principal Balance of the Group 1 Certificates; provided,
      however,
      that
      with respect to any such Distribution Date on which the aggregate Class
      Principal Balance of the Group 2 Certificates is reduced to zero, the Group
      2
      Principal Distribution Percentage of the Senior Principal Distribution Amount
      available for distribution to the Senior Certificates in excess of the amount
      necessary to reduce the aggregate Class Principal Balance of the Group 2
      Certificates to zero will be applied to increase the Group 1 Principal
      Distribution Amount (so long as any Class of Group 1 Certificates is
      outstanding).

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    “Group
      1 Principal Distribution Percentage”:
      For
      any Distribution Date, a fraction, the numerator of which is (a) the aggregate
      Stated Principal Balance of the Group 1 Mortgage Loans as of the first day
      of
      the related Due Period minus
      (b) the
      aggregate Stated Principal Balance of the Group 1 Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, but without giving effect to any Deferred Interest and any Realized
      Losses during the related Due Period), and the denominator of which is (a)
      the
      aggregate Stated Principal Balance of the Mortgage Loans as of the first day
      of
      the related Due Period minus
      (b) the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period, but without giving effect to any Deferred Interest and any Realized
      Losses during the related Due Period).

    

    “Group
      2 Adjusted Cap Rate”:
      With
      respect to any Distribution Date and the Group 2 Certificates, the Net WAC
      Cap
      for such Distribution Date, determined by first reducing the Net WAC by a per
      annum rate equal to the product of (i) the Net Deferred Interest for Loan Group
      2 for that Distribution Date multiplied by (ii) 12, divided
      by
      the Loan
      Group Collateral Balance for Loan Group 2 as of the first day of the month
      before such Distribution Date (or in the case of the first Distribution Date,
      as
      of the Initial Cut-off Date).

    

    “Group
      2 Certificates”:
      The
      Class 2A-1A, Class 2A-1B and Class 2A-1C Certificates.

    

    “Group
      2 Final Maturity Reserve Amount”:
      With
      respect to each Distribution Date prior to the Distribution Date in August
      2017,
      zero. For each Distribution Date commencing on the Distribution Date in August
      2017 and on each Distribution Date thereafter until the Final Maturity Reserve
      Termination Date, an amount equal to the lesser of (x) the product of (i) the
      quotient of the Final Maturity Reserve Rate divided
      by
      12 and
      (ii) the aggregate Stated Principal Balance of the Group 2 Mortgage Loans on
      the
      first day of the related Due Period (not including for this purpose Group 2
      Mortgage Loans for which prepayments in full have been received and distributed
      in the month prior to the Distribution Date) and (y) the Interest Remittance
      Amount for Loan Group 2 after making any withdrawals from the Distribution
      Account pursuant to Section 4.03(a). Notwithstanding the foregoing, if on any
      Distribution Date the aggregate Stated Principal Balance of Mortgage Loans
      having 40-year original terms to maturity on such Distribution Date is less
      than
      or equal to the applicable amount set forth in the Final Maturity Reserve
      Schedule, the Final Maturity Reserve Amount shall equal zero.

    

    “Group
      2 Mortgage Loan”:
      A
      Mortgage Loan that is identified as such on the Mortgage Loan Schedule and
      that
      has a Stated Principal Balance at origination that may or may not conform to
      Fannie Mae or Freddie Mac loan limits.

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    “Group
      2 Prefunded Amount”:
      The
      amount deposited in the Prefunding Account on the Closing Date to purchase
      additional Group 2 Mortgage Loans, which shall equal approximately
      $39,676,844.00.

    

    “Group
      2 Principal Distribution Amount”:
      For
      any Distribution Date on or after the Stepdown Date and as long as a Trigger
      Event has not occurred or is not continuing with respect to such Distribution
      Date, will be the lesser of (a) the Senior Principal Distribution Amount
      multiplied by the Group 2 Principal Distribution Percentage and (b) the
      aggregate Class Principal Balance of the Group 2 Certificates; provided,
      however,
      that
      with respect to any such Distribution Date on which the aggregate Class
      Principal Balance of the Group 1 Certificates is reduced to zero, the Group
      1
      Principal Distribution Percentage of the Senior Principal Distribution Amount
      available for distribution to the Senior Certificates in excess of the amount
      necessary to reduce the aggregate Class Principal Balance of the Group 1
      Certificates to zero will be applied to increase the Group 2 Principal
      Distribution Amount (so long as any Class of Group 2 Certificates is
      outstanding).

    

    “Group
      2 Principal Distribution Percentage”:
      For
      any Distribution Date, a fraction, the numerator of which is (a) the aggregate
      Stated Principal Balance of the Group 2 Mortgage Loans as of the first day
      of
      the related Due Period minus
      (b) the
      aggregate Stated Principal Balance of the Group 2 Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, but without giving effect to any Deferred Interest and any Realized
      Losses during the related Due Period), and the denominator of which is (a)
      the
      aggregate Stated Principal Balance of the Mortgage Loans as of the first day
      of
      the related Due Period minus
      (b) the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period, but without giving effect to any Deferred Interest and any Realized
      Losses during the related Due Period). 

    

    “Group
      Percentage”:
      For
      any Loan Group and any Distribution Date, a fraction, expressed as a percentage,
      the numerator of which is the sum of (i) the aggregate Stated Principal Balance
      of Mortgage Loans in such Loan Group and (ii) the amount, if any, then on
      deposit in the Prefunding Account related to such Loan Group, and the
      denominator of which is the Aggregate Collateral Balance for such Distribution
      Date.

    

    “Indemnified
      Persons”:
      The
      Trustee (individually in its corporate capacity and in all capacities
      hereunder), the Master Servicer, the Depositor, the Custodians, the Securities
      Administrator (in all capacities hereunder) and the NIMS Insurer and their
      respective officers, directors, agents and employees and, with respect to the
      Trustee, any separate co-trustee and its officers, directors, agents and
      employees.

    

    “Indenture”:
      An
      indenture relating to the issuance of notes secured by the Class C Certificates,
      the Class P Certificates and/or the Residual Certificates (or any portion
      thereof) which may or may not be guaranteed by the NIMS Insurer.

    

    
      
        
        

      

      
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    “Independent”:
      When
      used with respect to any accountants, a Person who is “independent” within the
      meaning of Rule 2-01(B) of the Securities and Exchange Commission’s Regulation
      S-X. Independent means, 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 or indirect 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.

    

    “Index”:
      With
      respect to each Mortgage Loan and each Adjustment Date, the index specified
      in
      the related Mortgage Note.

    

    “Initial
      Certificate Principal Balance”:
      With
      respect to any Certificate other than the Class C, Class ES and Class R
      Certificates, the amount designated “Initial Certificate Principal Balance” on
      the face thereof.

    

    “Initial
      Cut-off Date”:
      With
      respect to any Initial Mortgage Loan, the Close of Business in New York City
      on
      July 1, 2007.

    

    “Initial
      Group 1 Mortgage Loans”:
      Any of
      the Group 1 Mortgage Loans with a Cut-off Date of the Initial Cut-off Date
      and
      which are included in the Trust Fund as of the Closing Date. The aggregate
      Stated Principal Balance of the Initial Group 1 Mortgage Loans is equal to
      $237,485,637.

    

    “Initial
      Group 2 Mortgage Loans”:
      Any of
      the Group 2 Mortgage Loans with a Cut-off Date of the Initial Cut-off Date
      and
      which are included in the Trust Fund as of the Closing Date. The aggregate
      Stated Principal Balance of the Initial Group 2 Mortgage Loans is equal to
      $404,106,390. 

    

    “Initial
      LIBOR Rate”:
      5.320%.

    

    “Initial
      Mortgage Loan”:
      Any of
      the Initial Group 1 Mortgage Loans or the Initial Group 2 Mortgage Loans
      conveyed to the Trust Fund on the Closing Date pursuant to Section 2.01
      hereof, which Mortgage Loans shall be listed on the Mortgage Loan Schedule
      delivered pursuant to this Agreement.

    

    “Insurance
      Proceeds”:
      With
      respect to any Mortgage Loan, proceeds of any title policy, hazard policy or
      other insurance policy covering a Mortgage Loan, to the extent such proceeds
      are
      not to be applied to the restoration of the related Mortgaged Property or
      released to the related Mortgagor in accordance with the related Servicing
      Agreement.

    

    “Interest
      Distributable Amount”:
      With
      respect to any Distribution Date and each Class of Certificates (other than
      the
      Class C, Class P, Class ES and Class R Certificates), the sum of (i) the
      Monthly Interest Distributable Amount for that Class and (ii) the Unpaid
      Interest Shortfall Amount for that Class.

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    “Interest
      Remittance Amount”:
      With
      respect to any Distribution Date and any Loan Group, the portion of the
      Available Funds for such Distribution Date attributable to interest received
      or
      advanced with respect to the Mortgage Loans in such Loan Group plus
      Principal Prepayments for the related Prepayment Period to the extent of
      Deferred Interest for the related Distribution Date. 

    

    “Interest
      Shortfall”:
      With
      respect to any Distribution Date and each Mortgage Loan that during the related
      Prepayment Period was the subject of a Principal Prepayment or a reduction
      of
      its Monthly Payment under the Relief Act, an amount determined as
      follows:

    

    (a) Principal
      Prepayments in part received during the relevant Prepayment Period: the
      difference between (i) one month’s interest at the applicable Net Loan Rate for
      such Mortgage Loan on the amount of such prepayment and (ii) the amount of
      interest for the calendar month of such prepayment (adjusted to the applicable
      Net Loan Rate) received at the time of such prepayment; and

    

    (b) Principal
      Prepayments in full received during the relevant Prepayment Period: the
      difference between (i) one month’s interest at the applicable Net Loan Rate on
      the Stated Principal Balance of such Mortgage Loan immediately prior to such
      prepayment and (ii) the amount of interest for the calendar month of such
      prepayment (adjusted to the applicable Net Loan Rate) received at the time
      of
      such prepayment; and

    

    (c) any
      Relief Act Reductions for such Distribution Date.

    

    “Latest
      Possible Maturity Date”:
      As
      determined as of the Cut-off Date, the Distribution Date following the fifth
      anniversary of the scheduled maturity date of the Mortgage Loan having the
      latest scheduled maturity date as of the Cut-off Date.

    

    “Lender-Paid
      Mortgage Insurance Loan”:
      Each
      Mortgage Loan identified as such in the Mortgage Loan Schedule.

    

    “Lender-Paid
      Mortgage Insurance Fee”:
      With
      respect to any Distribution Date and each Lender Paid Mortgage Insurance
      Mortgage Loan, an amount equal to the product of the Lender-Paid Mortgage
      Insurance Fee Rate and the outstanding Principal Balance of such Mortgage Loan
      as of the first day of the related Due Period. 

    

    “Lender-Paid
      Mortgage Insurance Fee Rate”:
      For
      each Lender-Paid Mortgage Insurance Loan and any Distribution Date, the per
      annum rate required to be paid in connection with the related lender-paid
      mortgage insurance policy for such Mortgage Loan on such Distribution
      Date.

    

    “LIBOR”:
      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 Securities Administrator
      on
      the basis of the “Interest Settlement Rate” set by the BBA for one-month United
      States dollar deposits, as such rates appear on Reuters’ “page LIBOR 01”, as of
      11:00 a.m. (London time) on such LIBOR Determination Date.

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    (a) If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on Reuters’ “page LIBOR 01” as of 11:00 a.m. (London time), or if
      Reuters’ “page LIBOR 01” is not available on such date, the Securities
      Administrator will obtain such rate from Bloomberg’s page “BBAM.” If such rate
      is not published for such LIBOR Determination Date, LIBOR for such date will
      be
      the most recently published Interest Settlement Rate. In the event that the
      BBA
      no longer sets an Interest Settlement Rate, the rate for such date will be
      determined on the basis of the rates at which one-month U.S. dollar deposits
      are
      offered by the Reference Banks at approximately 11:00 am (London time) on such
      date to prime banks in the London interbank market. In such event, the
      Securities Administrator will request the principal London office of each of
      the
      Reference Banks to provide a quotation of its rate. If at least two such
      quotations are provided, the rate for that date will be the arithmetic mean
      of
      the quotations (rounded upwards if necessary to the nearest whole multiple
      of
      1/16%). If fewer than two quotations are provided as requested, the rate for
      that date will be the arithmetic mean of the rates quoted by major banks in
      New
      York City, selected by the Securities Administrator (after consultation with
      the
      Depositor), at approximately 11:00 a.m. (New York City time) on such date for
      one-month U.S. dollar loan to leading European banks.

    

    (b) The
      establishment of LIBOR by the Securities Administrator and the Securities
      Administrator’s subsequent calculation of the Pass-Through Rate applicable to
      the LIBOR 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
      Class 1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B, Class 2A-1C, Class B-1,
      Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7, Class B-8
      and
      Class B-9 Certificates.

    

    “LIBOR
      Determination Date”:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period for the LIBOR Certificates.

    

    “Liquidated
      Mortgage Loan”:
      With
      respect to any Distribution Date, any Mortgage Loan in respect of which the
      Servicer has determined, as of the end of the related Prepayment Period, that
      all Liquidation Proceeds that it expects to recover with respect to the
      liquidation of such Mortgage Loan or disposition of the related REO Property
      have been recovered.

    

    “Liquidation
      Event”:
      With
      respect to any Mortgage Loan, any of the following events: (i) such Mortgage
      Loan is paid in full; (ii) a Final Recovery Determination is made as to such
      Mortgage Loan; or (iii) such Mortgage Loan is removed from the Trust Fund by
      reason of its being purchased, sold or replaced pursuant to or as contemplated
      hereunder. With respect to any REO Property, either of the following events:
      (i)
      a Final Recovery Determination is made as to such REO Property; or (ii) such
      REO
      Property is removed from the Trust Fund by reason of its being sold or purchased
      pursuant to Section 10.01 hereof or the applicable provisions of the related
      Servicing Agreement.

    

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    “Liquidation
      Expenses”:
      With
      respect to a Mortgage Loan in liquidation, unreimbursed expenses paid or
      incurred by or for the account of the Master Servicer or the related Servicer,
      such expenses including (a) property protection expenses, (b) property sales
      expenses, (c) foreclosure and sale costs, including court costs and reasonable
      attorneys’ fees, and (d) similar expenses reasonably paid or incurred in
      connection with liquidation. 

    

    “Liquidation
      Proceeds”:
      With
      respect to any Mortgage Loan, the amount (other than amounts received in respect
      of the rental of any REO Property prior to REO Disposition) received by the
      Servicer as proceeds from the liquidation of such Mortgage Loan, as determined
      in accordance with the applicable provisions of the related Servicing Agreement,
      other than Recoveries; provided
      that
      with respect to any Mortgage Loan or REO Property repurchased, substituted
      or
      sold pursuant to or as contemplated hereunder, or pursuant to the applicable
      provisions of the applicable Servicing Agreement, “Liquidation Proceeds” shall
      also include amounts realized in connection with such repurchase, substitution
      or sale.

    

    “Loan
      Group”:
      Either
      of Loan Group 1 or Loan Group 2, as the context requires.

    

    “Loan
      Group Balance”:
      As to
      each Loan Group and any Distribution Date, the aggregate of the Stated Principal
      Balances, as of the Close of Business on the first day of the month preceding
      the month in which such Distribution Date occurs, of the Mortgage Loans in
      such
      Loan Group that were Outstanding Mortgage Loans on that day.

    

    “Loan
      Group 1”:
      At any
      time, the Group 1 Mortgage Loans in the aggregate and any REO Properties
      acquired in respect thereof.

    

    “Loan
      Group 2”:
      At any
      time, the Group 2 Mortgage Loans in the aggregate and any REO Properties
      acquired in respect thereof.

    

    “Loan
      Group Collateral Balance”:
      With
      respect to each Loan Group and any date of determination, the applicable Loan
      Group Balance plus the amount, if any, then on deposit in the Prefunding
      Account, with respect to the related Loan Group; provided
      that the
      Loan Group Collateral Balance as of the Initial Cut-off Date will include the
      Group 1 Prefunded Amount or Group 2 Prefunded Amount, as
      applicable.

    

    “Loan
      Rate”:
      With
      respect to each Mortgage Loan, the annual rate at which interest accrues on
      such
      Mortgage Loan from time to time in accordance with the provisions of the related
      Mortgage Note.

    

    “Loan-to-Value
      Ratio”:
      With
      respect to each Mortgage Loan and any date of determination, a fraction,
      expressed as a percentage, the numerator of which is the Principal Balance
      of
      the Mortgage Loan at such date of determination and the denominator of which
      is
      the Value of the related Mortgaged Property.

    

    “Lost
      Note Affidavit”:
      With
      respect to any Mortgage Loan as to which the original Mortgage Note has been
      lost or destroyed and has not been replaced, an affidavit from the Seller
      certifying that the original Mortgage Note has been lost, misplaced or destroyed
      (together with a copy of the related Mortgage Note and indemnifying the Trust
      Fund against any loss, cost or liability resulting from the failure to deliver
      the original Mortgage Note) in the form of Exhibit H hereto.

    

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

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

    

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

    

    “Majority
      Certificateholders”:
      The
      Holders of Certificates evidencing at least 51% of the Voting
      Rights.

    

    “Master
      Servicer”:
      Wells
      Fargo Bank, N.A., or any successor Master Servicer appointed as herein
      provided.

    

    “Master
      Servicing Fee”:
      As to
      any Distribution Date and each related Mortgage Loan, an amount equal to the
      product of the applicable Master Servicing Fee Rate and the outstanding
      Principal Balance of such Mortgage Loan as of the first day of the related
      Due
      Period.

    

    “Master
      Servicing Fee Rate”:
      0.0125% per annum.

    

    “Maximum
      Loan Rate”:
      With
      respect to each Mortgage Loan, the percentage set forth in the related Mortgage
      Note as the maximum Loan Rate thereunder.

    

    “MERS”:
      Mortgage Electronic Registration Systems, Inc., a corporation organized and
      existing under the laws of the State of Delaware, or any successor
      thereto.

    

    “MERS
      Mortgage Loan”:
      Any
      Mortgage Loan registered with MERS on the MERS System.

    

    “MERS® System”:
      The
      system of recording transfers of mortgages electronically maintained by
      MERS.

    

    “Middle-Tier
      REMIC Regular Interest”:
      As
      described in the Preliminary Statement.

    

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

    

    “Middle-Tier
      Net WAC Cap”:
      For any
      Distribution Date, the product of (i) the weighted average of the interest
      rates
      on the Middle-Tier REMIC 2 Regular Interests for such Distribution Date (other
      than the MT-C and MT-I Interests) multiplied by (ii) the quotient of 30 divided
      by the actual number of days in the accrual period.

    

    “MIN”:
      The
      Mortgage Identification Number for any MERS Mortgage Loan.

    

    “MOM
      Loan”:
      Any
      Mortgage Loan as to which MERS is acting as mortgagee, solely as nominee for
      the
      originator of such Mortgage Loan and its successors in interest and
      assigns.

    

    “Monthly
      Interest Distributable Amount”:
      With
      respect to each Class of Certificates (other than the Class C, Class P, Class
      ES
      and Class R Certificates) and any Distribution Date, the amount of interest
      accrued during the related Accrual Period at the lesser of the related
      Pass-Through Rate and the related Adjusted Cap Rate on the Class Principal
      Balance of that Class immediately prior to that Distribution Date; provided,
      however,
      the
      amount so accrued shall be reduced by the Net Interest Shortfalls, if any,
      allocated to such Class of Certificates. Net Interest Shortfalls for any Loan
      Group shall be allocated among each Class of Senior Certificates related to
      such
      Loan Group and the Subordinate Certificates based on, in the case of each Class
      of related Senior Certificates, the amount of interest accrued in the related
      Accrual Period at the applicable Pass-Through Rate, and in the case of each
      Class of Subordinate Certificates, the interest accrued in the related Accrual
      Period at the applicable Pass-Through Rate determined solely with reference
      to
      its Apportioned Principal Balance for the Loan Groups to which the Net Interest
      Shortfall relates. In addition, for purposes of compliance with the REMIC
      Provisions, (A) the Monthly Interest Distributable Amount for each Class of
      Subordinate Certificates shall be calculated by reducing the related
      Pass-Through Rate by a per annum rate equal to (i) 12 times the Subordinate
      Class Expense Share for such Class divided
      by
      (ii) the
      Class Principal Balance of such Class as of the beginning of the related Accrual
      Period and (B) such Class shall be deemed to bear interest at such Pass-Through
      Rate as so reduced for federal income tax purposes.

    

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    “Monthly
      Payment”:
      With
      respect to any Mortgage Loan, the scheduled monthly payment of principal and/or
      interest on such Mortgage Loan that is payable by the related Mortgagor from
      time to time under the related Mortgage Note, determined, for the purposes
      of
      this Agreement: (a) after giving effect to any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act;
      (b)
      without giving effect to any extension granted or agreed to by the Servicers
      pursuant to the applicable provisions of the Servicing Agreements; and (c)
      on
      the assumption that all other amounts, if any, due under such Mortgage Loan
      are
      paid when due.

    

    “Moody’s”:
      Moody’s Investors Service, Inc. and its successors.

    

    “Mortgage”:
      The
      mortgage, deed of trust or other instrument creating a first lien on, or first
      priority security interest in, a Mortgaged Property securing a Mortgage
      Note.

    

    “Mortgage
      File”:
      The
      mortgage documents listed in Section 2.01 hereof pertaining to a particular
      Mortgage Loan and any additional documents required to be added to the Mortgage
      File pursuant to this Agreement.

    

    “Mortgage
      Loan”:
      Each
      mortgage loan (including Cooperative Loans) transferred and assigned to the
      Trustee pursuant to Section 2.01 or Section 2.03(e) hereof as from time to
      time
      held as a part of the Trust Fund, the mortgage loans so held being identified
      in
      the Mortgage Loan Schedule.

    

    “Mortgage
      Loan Purchase Agreement”:
      The
      Mortgage Loan Purchase Agreement between the Seller and the Depositor, dated
      as
      of July 1, 2007, regarding the transfer of the Mortgage Loans by the Seller
      (including the Seller’s rights and interest in the Servicing Agreements) to or
      at the direction of the Depositor.

    

    “Mortgage
      Loan Schedule”:
      As of
      any date, the list of Mortgage Loans included in the Trust Fund on such date,
      attached hereto as Schedule I. The Mortgage Loan Schedule shall be prepared
      by
      the Seller and shall set forth the following information with respect to each
      Mortgage Loan:

    

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    
      	 	
              (i)

            	
              the
                Mortgage Loan identifying number;

            

    

    

    
      	 	
              (ii)

            	
              the
                state and five-digit ZIP code of the Mortgaged
                Property;

            

    

    

    
      	 	
              (iii)

            	
              a
                code indicating whether the Mortgaged Property was represented by
                the
                borrower, at the time of origination, as being
                owner-occupied;

            

    

    

    
      	 	
              (iv)

            	
              a
                code indicating whether the Residential Dwelling constituting the
                Mortgaged Property is (a) a detached single family dwelling, (b)
                a
                dwelling in a planned unit development, (c) a condominium unit, (d)
                a two-
                to four-unit residential property, (e) a townhouse or (f) other type
                of
                Residential Dwelling;

            

    

    

    
      	 	
              (v)

            	
              if
                the related Mortgage Note permits the borrower to make Monthly Payments
                of
                interest only for a specified period of time, (a) the original number
                of
                such specified Monthly Payments and (b) the remaining number of such
                Monthly Payments as of the Cut-off
                Date;

            

    

    

    
      	 	
              (vi)

            	
              the
                original months to maturity;

            

    

    

    
      	 	
              (vii)

            	
              the
                stated remaining months to maturity from the Cut-off Date based on
                the
                original amortization schedule;

            

    

    

    
      	 	
              (viii)

            	
              the
                Loan-to-Value Ratio at origination;

            

    

    

    
      	 	
              (ix)

            	
              [Reserved]

            

    

    

    
      	 	
              (x)

            	
              the
                Loan Rate in effect immediately following the Cut-off
                Date;

            

    

    

    
      	 	
              (xi)

            	
              the
                date on which the first Monthly Payment is or was due on the Mortgage
                Loan;

            

    

    

    
      	 	
              (xii)

            	
              the
                stated maturity date;

            

    

    

    
      	 	
              (xiii)

            	
              the
                Servicing Fee Rate;

            

    

    

    
      	 	
              (xiv)

            	
              the
                last Due Date on which a Monthly Payment was actually applied to
                the
                unpaid Stated Principal Balance;

            

    

    

    
      	 	
              (xv)

            	
              the
                original principal balance of the Mortgage
                Loan;

            

    

    

    
      	 	
              (xvi)

            	
              the
                Stated Principal Balance of the Mortgage Loan on the Cut-off Date
                and a
                code indicating the purpose of the Mortgage Loan (i.e., purchase
                financing, rate/term refinancing, cash-out
                refinancing);

            

    

    

    
      	 	
              (xvii)

            	
              the
                Index and Gross Margin specified in related Mortgage
                Note;

            

    

    

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    
      	 	
              (xviii)

            	
              the
                next Adjustment Date, if
                applicable;

            

    

    

    
      	 	
              (xix)

            	
              the
                Maximum Loan Rate, if applicable;

            

    

    

    
      	 	
              (xx)

            	
              the
                Value of the Mortgaged Property;

            

    

    

    
      	 	
              (xxi)

            	
              the
                sale price of the Mortgaged Property, if
                applicable;

            

    

    

    
      	 	
              (xxii)

            	
              the
                product code;

            

    

    

    
      	 	
              (xxiii)

            	
              whether
                the Mortgage Loan is a Lender-Paid Mortgage Insurance Loan, and the
                applicable Lender-Paid Mortgage Insurance Fee Rate, if
                applicable;

            

    

    

    
      	 	
              (xxiv)

            	
              the
                Expense Fee Rate therefor;

            

    

    

    
      	 	
              (xxv)

            	
              the
                respective Loan Group; and

            

    

    

    
      	 	
              (xxvi)

            	
              whether
                the Mortgage Loan is a SRO Mortgage
                Loan.

            

    

    

    Information
      set forth in clauses (ii) and (iii) above regarding each Mortgagor and the
      related Mortgaged Property shall be confidential and the Trustee (or Master
      Servicer) shall not disclose such information except to the extent disclosure
      may be required by any law or regulatory or administrative authority;
provided,
      however,
      that
      the Trustee may disclose on a confidential basis any such information to its
      agents, attorneys and any auditors in connection with the performance of its
      responsibilities hereunder.

    

    The
      Mortgage Loan Schedule, as in effect from time to time, shall also set forth
      the
      following information with respect to the Mortgage Loans in the aggregate and
      by
      Loan Group as of the Cut-off Date: (1) the number of Mortgage Loans;
      (2) the current Principal Balance of the Mortgage Loans; (3) the
      weighted average Loan Rate of the Mortgage Loans; and (4) the weighted
      average remaining months to maturity of the Mortgage Loans. The Mortgage Loan
      Schedule shall be amended from time to time by the Seller in accordance with
      the
      provisions of this Agreement.

    

    “Mortgage
      Note”:
      The
      original executed note or other evidence of indebtedness evidencing the
      indebtedness of a Mortgagor under a Mortgage Loan.

    

    “Mortgaged
      Property”:
      Either
      of (x) the fee simple or leasehold 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.

    

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    “MTA”:
      The
      twelve-month average yields on United States Treasury securities adjusted to
      a
      constant maturity of one year as published by the Federal Reserve Board in
      Statistical Release H.15(519).

    

    “MTA
      Indexed”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the MTA index.

    

    “Net
      Deferred Interest”:
      With
      respect to each Loan Group and any Distribution Date, the greater of (i) the
      excess, if any, of the Deferred Interest for the related Due Date over the
      aggregate amount of any Principal Prepayments in part or in full received during
      the related Prepayment Period and (ii) zero.

    

    “Net
      Interest Shortfall”:
      With
      respect to any Distribution Date, the excess of the Interest Shortfalls, if
      any,
      for such Distribution Date over the sum of (i) Interest Shortfalls paid by
      the
      Servicers under the Servicing Agreements with respect to such Distribution
      Date
      and (ii) Compensating Interest Payments made with respect to such Distribution
      Date.

    

    “Net
      Liquidation Proceeds”:
      With
      respect to any Liquidated Mortgage Loan or any other disposition of related
      Mortgaged Property (including REO Property) the related Liquidation Proceeds
      net
      of Advances, related Servicing Advances, related Servicing Fees, related Master
      Servicing Fees and any other accrued and unpaid fees received and retained
      in
      connection with the liquidation of such Mortgage Loan or Mortgaged
      Property.

    

    “Net
      Loan Rate”:
      With
      respect to any Mortgage Loan (or the related REO Property), as of any date
      of
      determination, a per annum rate of interest equal to the then applicable Loan
      Rate for such Mortgage Loan minus
      the
      Expense Fee Rate and, commencing on the Distribution Date in August 2017 and
      on
      each Distribution Date thereafter until the Final Maturity Reserve Termination
      Date, the Final Maturity Reserve Rate.

    

    “Net
      Monthly Excess Cashflow”:
      With
      respect to any Distribution Date is equal to the sum of (a) any
      Overcollateralization Release Amount and (b) the excess of (x) the Available
      Funds for such Distribution Date over (y) the sum for such Distribution Date
      of
      (A) the Monthly Interest Distributable Amounts for the LIBOR Certificates,
      (B)
      the Unpaid Interest Shortfall Amounts for the Class 1A-1A, Class 1A-1B, Class
      2A-1A, Class 2A-1B and Class 2A-1C Certificates, (C) the Principal Remittance
      Amount, (D) the Aggregate Final Maturity Reserve Amount and (E) the amount
      of
      Principal Prepayments for the related Prepayment Period to the extent of
      Deferred Interest for such Distribution Date.

    

    “Net
      Realized Losses”:
      With
      respect to any Class of Certificates and any Distribution Date, the excess
      of
      (i) the amount of Realized Losses previously allocated to that Class over (ii)
      the sum of (a) the amount of any increases to the Class Principal Balance of
      that Class pursuant to Section 5.08 due to Recoveries and (b) any payments
      received pursuant to Sections 5.01(h)(i) and (ii) from the Yield Maintenance
      Account.

    

    “Net
      WAC”:
      With
      respect to the first three Distribution Dates only, the product of (i) the
      weighted average of the Net Loan Rates of the Initial Mortgage Loans as of
      the
      Initial Cut-off Date, weighted on the basis of their Stated Principal Balances
      on such date, multiplied by (ii) the quotient of (a) the aggregate of Stated
      Principal Balances of the Initial Mortgage Loans on the Initial Cut-off Date
      divided by (b) the sum or the aggregate of the Stated Principal Balances of
      the
      Initial Mortgage Loans as of the Initial Cut-off Date and the amount on deposit
      in the Prefunding Account on such date. With respect to each succeeding
      Distribution Date, the weighted average of the Net Loan Rates of the Mortgage
      Loans as of the first day of the related Due Period, weighted on the basis
      of
      their Stated Principal Balances at the beginning of the related Due
      Period.

    

    
      
        
        

      

      
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    “Net
      WAC Cap”:
      For
      the LIBOR Certificates and any Distribution Date is equal to the product of
      (x)
      the Net WAC for such Distribution Date and (y) a fraction, the numerator of
      which is 30 and the denominator of which is the actual number of days in the
      related Accrual Period

    

    “NIM
      Notes”:
      Any
      net interest margin notes issued by an indenture or other special purpose entity
      pursuant to an Indenture in connection with a NIMS Transaction.

    

    “NIM
      Redemption Amount”:
      As
      defined in Section 10.01(a).

    

    “NIM
      Residual Securities”:
      Any
      preference shares, preference certificates or ownership certificates issued
      by a
      trust or other special purpose entity in connection with a NIMS
      Transaction.

    

    “NIMS
      Agreement”:
      Any
      agreement pursuant to which the NIM Notes are issued.

    

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

    

    “NIMS
      Transaction”:
      Any
      issuance by a trust or other special purpose entity of NIM Notes and NIM
      Residual Securities, the principal assets of which trust include Class P and
      Class C Certificates and payments received thereon.

    

    “Nonrecoverable”:
      The
      determination by the Master Servicer or the Servicer in respect of a delinquent
      Mortgage Loan that if it were to make an Advance in respect thereof, such amount
      would not be recoverable from any collections or other recoveries (including
      Liquidation Proceeds) on such Mortgage Loan.

    

    “Offered
      Certificates”:
      The
      Class 1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B, Class 2A-1C, Class B-1,
      Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7, Class B-8
      and
      Class B-9 Certificates.

    

    “Officers’
      Certificate”:
      A
      certificate signed by the Chairman of the Board, the Vice Chairman of the Board,
      the President or a vice president (however denominated), or by the Treasurer,
      the Secretary, or one of the assistant treasurers or assistant secretaries
      of
      the Seller, the Master Servicer or the Depositor, as applicable.

    

    “One-Month
      LIBOR”:
      The
      average of interbank offered rates for one month U.S. dollar deposits in the
      London market based on quotations of major banks.

    

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    “Opinion
      of Counsel”:
      A
      written opinion of counsel, who may, without limitation, be a salaried counsel
      for the Depositor, the Seller or any Servicer, acceptable to the Trustee or
      the
      Securities Administrator, as applicable, except that any opinion of counsel
      relating to (a) the qualification of any REMIC created hereunder as a REMIC
      or
      (b) compliance with the REMIC Provisions must be an opinion of Independent
      counsel.

    

    “Original
      Capitalized Interest Amount”:
      $0.

    

    “Original
      Class Principal Balance”:
      With
      respect to each Class of Certificates other than the Class C, Class P, Class
      ES
      and Class R Certificates, the corresponding aggregate amount set forth opposite
      the Class designation of such Class in the Preliminary Statement. 

    

    “Originator”:
      Each
      party listed as an “Originator” on Exhibit V hereto or any other originator
      contemplated by Item 1110 (§229.1110) of Regulation AB. 

    

    “OTS”:
      The
      Office of Thrift Supervision.

    

    “Outstanding
      Mortgage Loan”:
      As of
      any Due Date, a Mortgage Loan with a Stated Principal Balance greater than
      zero,
      that was not the subject of a prepayment in full prior to such Due Date and
      that
      did not become a Liquidated Mortgage Loan prior to such Due Date.

    

    “Overcollateralization
      Deficiency Amount”:
      With
      respect to any Distribution Date, the amount, if any, by which the
      Overcollateralization Target Amount exceeds the Overcollateralized Amount on
      such Distribution Date (assuming that 100% of the Principal Remittance Amount
      is
      applied as a principal payment on such Distribution Date).

    

    “Overcollateralization
      Floor”:
      An
      amount equal to $3,445,466.

    

    “Overcollateralization
      Release Amount”:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Remittance
      Amount for such Distribution Date and (y) the excess, if any, of (i) the
      Overcollateralized Amount for such Distribution Date (assuming that 100% of
      the
      Principal Remittance Amount is applied as a principal payment on such
      Distribution Date) over (ii) the Overcollateralization Target Amount for such
      Distribution Date.

    

    “Overcollateralization
      Target Amount”:
      With
      respect to any Distribution Date, an amount equal to (i) prior to the Stepdown
      Date, 0.750% of (a) the aggregate Stated Principal Balance of the Initial
      Mortgage Loans as of the Initial Cut-off Date and (b) the amount on deposit
      in
      the Prefunding Account on the Closing Date; (ii) on or after the Stepdown Date
      so long as a Trigger Event is not in effect, the greater of (x)(I) 1.875% of
      the
      current Aggregate Collateral Balance prior to the Distribution Date in August
      2013 or (II) 1.500% of the current Aggregate Collateral Balance on or after
      the
      Distribution Date in August 2013 and (y) the Overcollateralization Floor; or
      (iii) on or after the Stepdown Date and if a Trigger Event is in effect, the
      Overcollateralization Target Amount for the immediately preceding Distribution
      Date.

    

    “Overcollateralized
      Amount”:
      With
      respect to any Distribution Date, an amount equal to (i) the Aggregate
      Collateral Balance as of the last day of the related Prepayment Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) minus (ii) the sum
      of
      the aggregate Certificate Principal Balance of the LIBOR Certificates and the
      Class P Certificates as of such Distribution Date (after giving effect to
      distributions to be made on such Distribution Date).

    

    
      
        
        

      

      
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    “Ownership
      Interest”:
      With
      respect to any Certificate, any ownership or security interest in such
      Certificate, including any interest in such Certificate as the Holder thereof
      and any other interest therein, whether direct or indirect, legal or beneficial,
      as owner or as pledgee.

    

    “Pass-Through
      Rate”:
      With
      respect to each Class of LIBOR Certificates and any Distribution Date, the
      rate
      set forth below:

    

    
      	 	
              (A)

            	
              The
                Pass-Through Rate for the Class 1A-1A Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                0.200%
                per annum (0.400% per annum after the Call Option Date), (ii) the Net
                WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (B)

            	
              The
                Pass-Through Rate for the Class 1A-1B Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                0.300%
                per annum (0.600%
                per annum after the Call Option Date), (ii) the Net WAC Cap for that
                Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (C)

            	
              The
                Pass-Through Rate for the Class 2A-1A Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                0.190%
                per annum (0.380% per annum after the Call Option Date), (ii) the Net
                WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (D)

            	
              The
                Pass-Through Rate for the Class 2A-1B Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                0.230%
                per annum (0.460% per annum after the Call Option Date), (ii) the Net
                WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (E)

            	
              The
                Pass-Through Rate for the Class 2A-1C Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                0.280%
                per annum (0.560% per annum after the Call Option Date), (ii) the Net
                WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (G)

            	
              The
                Pass-Through Rate for the Class B-1 Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                0.500%
                per annum (0.750% per annum after the Call Option Date), (ii) the Net
                WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (H)

            	
              The
                Pass-Through Rate for the Class B-2 Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                0.550%
                per annum 0.825% per annum after the Call Option Date), (ii) the Net
                WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      
        
        

      

      
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              (I)

            	
              The
                Pass-Through Rate for the Class B-3 Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                0.800%
                per annum (1.200% per annum after the Call Option Date), (ii) the Net
                WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (J)

            	
              The
                Pass-Through Rate for the Class B-4 Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                1.150%
                per annum (1.725% per annum after the Call Option Date), (ii) the Net
                WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (K)

            	
              The
                Pass-Through Rate for the Class B-5 Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                1.750%
                per annum (2.625% per annum after the Call Option Date), (ii) the Net
                WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (L)

            	
              The
                Pass-Through Rate for the Class B-6 Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                1.750%
                per annum (2.625% per annum after the Call Option Date), (ii) the Net
                WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (M)

            	
              The
                Pass-Through Rate for the Class B-7 Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                1.750%% per annum (2.625%% per annum after the Call Option Date),
                (ii) the Net WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (N)

            	
              The
                Pass-Through Rate for the Class B-8 Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                1.750%% per annum (2.625%% per annum after the Call Option Date),
                (ii) the Net WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    
      	 	
              (O)

            	
              The
                Pass-Through Rate for the Class B-9 Certificates with respect to
                any
                Distribution Date shall equal the least of (i) One-Month LIBOR plus
                1.750%% per annum (2.625%% per annum after the Call Option Date),
                (ii) the Net WAC Cap for that Distribution Date and (iii) 10.50% per
                annum.

            

    

    

    “Paying
      Agent”:
      Any
      paying agent appointed pursuant to Section 6.05 hereof, initially, the
      Securities Administrator.

    

    “PCAOB”:
      The
      Public Company Accounting Oversight Board.

    

    “Percentage
      Interest”:
      With
      respect to any Certificate (other than a Class C, Class P, Class R and Class
      ES
      Certificates), a fraction, expressed as a percentage, the numerator of which
      is
      the Initial Certificate Principal Balance represented by such Certificate and
      the denominator of which is the Original Class Principal Balance or Original
      Class Notional Balance, as applicable, of the related Class. With respect to
      the
      Class C, Class ES and Class P Certificates, the percentage interest specified
      on
      the face thereof. With respect to the Class R Certificates, 100%.

    

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    “Permitted
      Investments”:
      Any
      one or more of the following obligations or securities acquired at a purchase
      price of not greater than par, regardless of whether issued or managed by the
      Depositor, the Master Servicer, the Trustee or any of their respective
      Affiliates or for which an Affiliate of the Trustee serves as an
      advisor:

    

    
      	 	
              (i)

            	
              direct
                obligations of, or obligations fully guaranteed as to timely payment
                of
                principal and interest by, the United States or any agency or
                instrumentality thereof, provided
                such obligations are backed by the full faith and credit of the United
                States; 

            

    

    

    
      	 	
              (ii)

            	
              (A)
                demand and time deposits in, certificates of deposit of, bankers’
                acceptances issued by or federal funds sold by any depository institution
                or trust company (including the Trustee, the Securities Administrator
                or
                the Master Servicer or their agents acting in their respective commercial
                capacities) incorporated under the laws of the United States of America
                or
                any state thereof and subject to supervision and examination by federal
                and/or state authorities, so long as, at the time of such investment
                or
                contractual commitment providing for such investment, such depository
                institution or trust company or its ultimate parent has a short-term
                uninsured debt rating in one of the two highest available rating
                categories of each of the Rating Agencies and (B) any other demand
                or time
                deposit or deposit which is fully insured by the
                FDIC;

            

    

    

    
      	 	
              (iii)

            	
              repurchase
                obligations with respect to any security described in clause
                (i) above and entered into with a depository institution or trust
                company (acting as principal) rated A or higher by each of the Rating
                Agencies;

            

    

    

    
      	 	
              (iv)

            	
              securities
                bearing interest or sold at a discount that are issued by any corporation
                incorporated under the laws of the United States of America, the
                District
                of Columbia or any State thereof and that are rated by each Rating
                Agency
                in its highest long-term unsecured rating categories at the time
                of such
                investment or contractual commitment providing for such
                investment;

            

    

    

    
      	 	
              (v)

            	
              commercial
                paper (including both non-interest-bearing discount obligations and
                interest-bearing obligations) that is rated by each Rating Agency
                in its
                highest short-term unsecured debt rating available at the time of
                such
                investment;

            

    

    

    
      	 	
              (vi)

            	
              any
                mutual fund, money market fund, common trust fund or other pooled
                investment vehicle, including any such fund that is managed by the
                NIMS
                Insurer, the Securities Administrator or any affiliate of the Securities
                Administrator or for which the NIMS Insurer, the Securities Administrator
                or any of its affiliates acts as an adviser as long as such fund
                is rated
                in at least the second highest rating category by each Rating Agency
                rating such fund or vehicle; and each of the Securities Administrator
                or
                the NIMS Insurer may trade with itself or an affiliate when purchasing
                or
                selling Permitted Investments; and

            

    

    

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    
      	 	
              (vii)

            	
              if
                previously confirmed in writing to the Securities Administrator,
                any other
                demand, money market or time deposit, or any other obligation, security
                or
                investment, as may be acceptable to each Rating Agency in writing
                as a
                permitted investment of funds backing securities having ratings equivalent
                to its highest initial ratings of the Senior
                Certificates;

            

    

    

    provided,
      however,
      that no
      instrument described hereunder shall evidence either the right to receive (a)
      only interest with respect to the obligations underlying such instrument or
      (b)
      both principal and interest payments derived from obligations underlying such
      instrument and the interest and principal payments with respect to such
      instrument provide a yield to maturity at par greater than 120% of the yield
      to
      maturity at par of the underlying obligations.

    

    “Permitted
      Transferee”:
      Any
      Transferee of a Residual Certificate other than a Disqualified Organization
      or a
      non-U.S. Person.

    

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

    

    “Physical
      Certificates”:
      The
      Class C, Class P, Class ES and Class R Certificates.

    

    “Pool
      Balance”:
      With
      respect to any Distribution Date, the aggregate of the Stated Principal
      Balances, as of the Close of Business on the first day of the related Due
      Period, of the Mortgage Loans in all Loan Groups that were Outstanding Mortgage
      Loans on that day, plus
      the
      amount on deposit, if any, in the Prefunding Account.

    

    “Pool
      Collateral Balance”:
      As of
      any date of determination, the Pool Balance plus the amount, if any, then on
      deposit in the Prefunding Account.

    

    “Prefunded
      Amount”:
      The
      amount deposited in the Prefunding Account on the Closing Date, which shall
      equal $47,501,207.00.

    

    “Prefunding
      Account”:
      The
      separate Eligible Account created and maintained by the Securities Administrator
      pursuant to Section 4.06 in the name of the Trustee for the benefit of the
      Certificateholders and designated “Prefunding Account, Wells Fargo Bank, N.A.,
      as Securities Administrator, on behalf of Deutsche Bank National Trust Company,
      as Trustee, in trust for the registered Holders of HarborView Mortgage Loan
      Trust Mortgage Loan Pass-Through Certificates, Series 2007-6.” Funds in the
      Prefunding Account shall be held in trust for the Certificateholders for the
      uses and purposes set forth in this Agreement and shall not be a part of any
      REMIC created hereunder; provided,
      however,
      that
      any investment income earned from Permitted Investments made with funds in
      the
      Prefunding Account shall be for the account of the Depositor.

    

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    “Prefunding
      Period”:
      The
      period from the Closing Date until the earliest of (i) the date on which the
      amount on deposit in the Prefunding Account is reduced to less than $100,000,
      (ii) an Event of Default occurs or (iii) October 29, 2007.

    

    “Premium
      Proceeds”:
      The
      amount by which the Termination Price paid in connection with the termination
      pursuant to Section 10.01 hereof exceeds the sum of (i) accrued and unpaid
      interest and unpaid principal on the Certificates and any Unpaid Basis Risk
      Shortfalls, (ii) any unreimbursed Servicing Advances and Advances and any unpaid
      Master Servicing Fees and Servicing Fees and (iii) all amounts, if any, then
      due
      and owing to the Trustee, the Master Servicer, the Securities Administrator
      and
      the Credit Risk Manager under this Agreement.

    

    “Prepayment
      Penalty Amount”:
      With
      respect to any Mortgage Loan and each Distribution Date, all premiums or
      charges, if any, paid by Mortgagors under the related Mortgage Notes as a result
      of full or partial Principal Prepayments collected and deposited into the
      Distribution Account during the immediately preceding Prepayment Period, under
      the terms of the related Servicing Agreement.

    

    “Prepayment
      Period”:
      With
      respect to any Distribution Date, the calendar month preceding the month in
      which such Distribution Date occurs.

    

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

    

    “Principal
      Balance”:
      With
      respect to any Mortgage Loan, other than a Liquidated Mortgage Loan, and any
      day, the related Cut-off Date Principal Balance, minus
      all
      collections credited against the Principal Balance of such Mortgage Loan after
      the Cut-off Date, as increased by the amount of any Deferred Interest added
      to
      the outstanding Principal Balance of such Mortgage Loan pursuant to the terms
      of
      the related Mortgage Note. For purposes of this definition, a Liquidated
      Mortgage Loan shall be deemed to have a Principal Balance equal to the Principal
      Balance of the related Mortgage Loan as of the final recovery of related
      Liquidation Proceeds and a Principal Balance of zero thereafter. With respect
      to
      any REO Property and any day, the Principal Balance of the related Mortgage
      Loan
      immediately prior to such Mortgage Loan becoming REO Property.

    

    “Principal
      Deficiency Amount”:
      With
      respect to any Distribution Date and any Undercollateralized Group, the excess,
      if any, of the aggregate Class Principal Balance of such Undercollateralized
      Group immediately prior to such Distribution Date over the sum of the Principal
      Balances of the Mortgage Loans in the related Loan Group immediately prior
      to
      such Distribution Date.

    

    “Principal
      Distribution Amount”:
      With
      respect to any Distribution Date and Loan Group, the excess of (x) the related
      Principal Remittance Amount for such Distribution Date over (y) such Loan
      Group’s pro
      rata
      share,
      based on the aggregate Stated Principal Balance of the Mortgage Loans, of the
      Overcollateralization Release Amount for such Distribution Date.

    

    “Principal
      Prepayment”:
      Any
      payment of principal made by the Mortgagor on a Mortgage Loan that is received
      in advance of its scheduled Due Date and that is not accompanied by an amount
      of
      interest representing the full amount of scheduled interest due on any Due
      Date
      in any month or months subsequent to the month of prepayment.

    

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    “Principal
      Remittance Amount”:
      With
      respect to each Loan Group and any Distribution Date, the sum of (a) each
      scheduled payment of principal collected or advanced on the related Mortgage
      Loans (before taking into account any Deficient Valuations or Debt Service
      Reductions) by the Servicer in respect of the related Due Period, (b) that
      portion of the Purchase Price or Repurchase Price, as applicable, representing
      principal of any repurchased Mortgage Loan in that Loan Group, deposited to
      the
      Distribution Account during the related Prepayment Period, (c) the
      principal portion of any related Substitution Adjustments with respect to that
      Loan Group deposited in the Distribution Account during the related Prepayment
      Period, (d) the principal portion of all Insurance Proceeds received during
      the related Prepayment Period with respect to Mortgage Loans in that Loan Group
      that are not yet Liquidated Mortgage Loans, (e) the principal portion of
      all Net Liquidation Proceeds received during the related Prepayment Period
      with
      respect to Liquidated Mortgage Loans in that Loan Group other than Recoveries,
      (f) all Principal Prepayments (net of portions of Principal Prepayments
      applied in respect of Deferred Interest pursuant to Section 5.01(a)(i)) in
      part
      or in full on Mortgage Loans received by the Servicer during the related
      Prepayment Period, net of Deferred Interest, (g) all Recoveries related to
      that
      Loan Group received during the related Prepayment Period, (h) the outstanding
      principal balance of each Mortgage Loan purchased from the Trust Fund by the
      NIMS Insurer (in the case of certain Mortgage Loans 90 days or more delinquent),
      (i) with respect to the November 2007 Distribution Date only, any amount
      remaining in the Prefunding Account at the end of the Prefunding Period in
      respect of each Loan Group and (j) on the Distribution Date on which the
      Trust Fund is to be terminated pursuant to Section 10.01 hereof, that portion
      of
      the Termination Price in respect of principal for that Loan Group. 

    

    “Private
      Certificates”:
      The
      Class C, Class P, Class ES and Class R Certificates.

    

    “Private
      Placement Memorandum”:
      Not
      applicable.

    

    “Pro
      Rata Share”:
      With
      respect to any Distribution Date and any Class of Subordinate Certificates,
      the
      portion of the Subordinate Principal Distribution Amount allocable to such
      Class, equal to the product of the (a) Subordinate Principal Distribution Amount
      on such date and (b) a fraction, the numerator of which is the related Class
      Principal Balance of that Class and the denominator of which is the aggregate
      of
      the Class Principal Balances of all the Classes of Subordinate
      Certificates.

    

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

    

    “Prospectus
      Supplement”:
      That
      certain prospectus supplement dated July 30, 2007, relating to the initial
      offering of the Offered Certificates.

    

    
      
        
        

      

      
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    “Purchase
      Agreement”:
      Each
      mortgage loan purchase agreement and/or assignment agreement relating to the
      acquisition by the Seller of the Mortgage Loans and between the related
      Originator and the Seller, as listed on Exhibit V hereto.

    

    “Purchase
      Price”:
      With
      respect to any Mortgage Loan or REO Property to be purchased pursuant to or
      as
      contemplated by Section 2.03 hereof, and as confirmed by an Officers’
Certificate from the Seller to the Trustee and the Securities Administrator,
      an
      amount equal to the sum of (i) 100% of the Principal Balance thereof as of
      the date of purchase (or such other price as is provided in Section 10.01),
      plus
      (ii) in the case of (x) a Mortgage Loan, accrued interest on such
      Principal Balance at the applicable Loan Rate (or if the related Servicer is
      repurchasing such Mortgage Loan, the Loan Rate minus the applicable Servicing
      Fee Rate) from the Due Date as to which interest was last covered by a payment
      by the Mortgagor through the end of the calendar month in which the purchase
      is
      to be effected, and (y) an REO Property, the sum of (1) accrued
      interest on such Principal Balance at the applicable Loan Rate (or if the
      related Servicer is repurchasing such Mortgage Loan, the Loan Rate minus the
      applicable Servicing Fee Rate) from the Due Date as to which interest was last
      covered by a payment by the Mortgagor plus (2) REO Imputed Interest for such
      REO
      Property for each calendar month commencing with the calendar month in which
      such REO Property was acquired and ending with the calendar month in which
      such
      purchase is to be effected, net of the total of all net rental income, Insurance
      Proceeds and Liquidation Proceeds that as of the date of purchase had been
      distributed as or to cover REO Imputed Interest, plus (iii) any
      unreimbursed Servicing Advances and any unpaid Expense Fees allocable to such
      Mortgage Loan or REO Property, plus (iv) in the case of a Mortgage Loan
      required to be purchased pursuant to Section 2.03 hereof, expenses reasonably
      incurred or to be incurred by the Trustee in respect of the breach or defect
      giving rise to the purchase obligation and plus (v) any costs and damages
      incurred by the Trust Fund in connection with any violation by such Mortgage
      Loan of any predatory- or abusive-lending laws.

    

    “Qualified
      Institutional Buyer”:
      As
      defined in Rule 144A under the Securities Act.

    

    “Qualified
      Substitute Mortgage Loan”:
      A
      mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms
      of
      this Agreement which must, on the date of such substitution, (i) have an
      outstanding principal balance, after application of all scheduled payments
      of
      principal and interest due during or prior to the month of substitution, not
      in
      excess of, and not more than 5% less than, the Principal Balance of the Deleted
      Mortgage Loan as of the Due Date in the calendar month during which the
      substitution occurs, (ii) have a maximum loan rate not less than the
      Maximum Loan Rate of the Deleted Mortgage Loan, (iii)  have a gross margin
      equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (iv)
      have the same Index as the Deleted Mortgage Loan, (v) have its next adjustment
      date not more than two months after the next Adjustment Date of the Deleted
      Mortgage Loan, (vi) have a remaining term to maturity not greater than (and
      not
      more than one year less than) that of the Deleted Mortgage Loan, (vii) be
      current as of the date of substitution, (viii) have 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, (ix) have been underwritten or
      re-underwritten in accordance with the same or substantially similar
      underwriting criteria and guidelines as the Deleted Mortgage Loan, (x) is of
      the
      same or better credit quality as the Deleted Mortgage Loan and (xi) conform
      to each representation and warranty set forth in Section 2.04 hereof applicable
      to 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 principal
      balances, the terms described in clause (vi) hereof shall be determined on
      the basis of weighted average remaining term to maturity, the Loan-to-Value
      Ratio described in clause (viii) 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 (x) hereof must be
      satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate,
      as
      the case may be.

    

    
      
        
        

      

      
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    “Rating
      Agency”:
      Each
      of Moody’s and S&P and any respective successors thereto. If Moody’s,
      S&P or their respective successors shall no longer be in existence, “Rating
      Agency” shall include such nationally recognized statistical rating agency or
      agencies, or other comparable Person or Persons, as shall have been designated
      by the Depositor, notice of which designation shall be given to the Trustee
      and
      the Master Servicer.

    

    “Realized
      Loss”:
      With
      respect to any Liquidated Mortgage Loan, the amount of loss realized equal
      to
      the portion of the Principal Balance remaining unpaid after application of
      all
      Net Liquidation Proceeds in respect of such Liquidated Mortgage
      Loan.

    

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

    

    “Reconstitution
      Agreement”:
      Each
      of the reconstitution agreements dated as of July 1, 2007, among the Seller,
      the
      Depositor and the related Servicer and acknowledged by the Master Servicer
      and
      the Trustee, reconstituting the Servicing Agreements.

    

    “Record
      Date”:
      With
      respect to each Distribution Date and the LIBOR Certificates, the Business
      Day
      preceding the applicable Distribution Date so long as such Certificates remain
      Book-Entry Certificates and otherwise the Record Date shall be same as the
      other
      Classes of Certificates. For each other Class of Certificates, the last Business
      Day of the calendar month preceding the month in which such Distribution Date
      occurs.

    

    “Recovery”:
      With
      respect to any Distribution Date and a Mortgage Loan that became a Liquidated
      Mortgage Loan in the month preceding the month prior to that Distribution Date
      and with respect to which the related Realized Loss was allocated to one or
      more
      Classes of Certificates, an amount received in respect of such Liquidated
      Mortgage Loan during the prior calendar month, net of any reimbursable
      expenses.

    

    “Reference
      Bank”:
      A
      leading bank engaged in transactions in Eurodollar deposits in the international
      Eurocurrency market, which shall not control, be controlled by, or be under
      common control with, the Securities Administrator and shall have an established
      place of business in London. Until all of the LIBOR Certificates are paid in
      full, the Securities Administrator will at all times retain at least four
      Reference Banks for the purpose of determining LIBOR with respect to each LIBOR
      Determination Date. The Securities Administrator initially shall designate
      the
      Reference Banks (after consultation with the Depositor). If any such Reference
      Bank should be unwilling or unable to act as such or if the Securities
      Administrator should terminate its appointment as Reference Bank, the Securities
      Administrator shall promptly appoint or cause to be appointed another Reference
      Bank (after consultation with the Depositor). The Securities Administrator
      shall
      have no liability or responsibility to any Person for (i) the selection of
      any
      Reference Bank for purposes of determining LIBOR or (ii) any inability to retain
      at least four Reference Banks which is caused by circumstances beyond its
      reasonable control.

    

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    “Refinancing
      Mortgage Loan”:
      Any
      Mortgage Loan originated in connection with the refinancing of an existing
      mortgage loan.

    

    “Regular
      Certificate”:
      Any
      Certificate other than the Class C, Class P, Class ES and Class R
      Certificates.

    

    “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 clarifications and interpretations as have been provided by the Commission
      in the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time.

    

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

    

    “Regulation
      S Global Security”:
      The
      meaning specified in Section 6.01.

    

    “Relevant
      Servicing Criteria”:
      The
      Servicing Criteria applicable to each party, as set forth on Exhibit Q attached
      hereto. Multiple parties can have responsibility for the same Relevant Servicing
      Criteria. With respect to a Servicing Function Participant engaged by the Master
      Servicer, the Securities Administrator, the Trustee, the Custodians or a
      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, or any similar state or local
      law.

    

    “Relief
      Act Reductions”:
      With
      respect to any Distribution Date and any Mortgage Loan as to which there has
      been a reduction in the amount of interest collectible thereon for the most
      recently ended Due Period as a result of the application of the Relief Act,
      the
      amount, if any, by which (i) interest collectible on that Mortgage Loan during
      such Due Period is less than (ii) one month’s interest on the Stated Principal
      Balance of such Mortgage Loan at the Loan Rate for such Mortgage Loan before
      giving effect to the application of the Relief Act.

    

    “REMIC”:
      A
“real estate mortgage investment conduit” within the meaning of Section 860D of
      the Code.

    

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    “REMIC
      Opinion”:
      An
      Independent Opinion of Counsel, to the effect that the proposed action described
      therein would not cause an Adverse REMIC Event.

    

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

    

    “Remittance
      Report”:
      The
      Master Servicer’s Remittance Report to the Securities Administrator providing
      information with respect to each Mortgage Loan which is provided no later than
      the second Business Day following each Determination Date and which shall
      contain such information as may be agreed upon by the Master Servicer and the
      Securities Administrator and which shall be sufficient to enable the Securities
      Administrator to prepare the related Distribution Date Statement.

    

    “Rents
      from Real Property”:
      With
      respect to any REO Property, gross income of the character described in Section
      856(d) of the Code.

    

    “REO
      Account”:
      The
      account or accounts maintained by the Servicers in respect of an REO Property
      pursuant to the Servicing Agreements.

    

    “REO
      Disposition”:
      The
      sale or other disposition of an REO Property on behalf of the Trust
      Fund.

    

    “REO
      Imputed Interest”:
      With
      respect to any REO Property, for any calendar month during which such REO
      Property was at any time part of the Trust Fund, one month’s interest at the
      applicable Net Loan Rate for such REO Property on the Principal Balance of
      such
      REO Property (or, in the case of the first such calendar month, of the related
      Mortgage Loan if appropriate) as of the Close of Business on the Due Date in
      such calendar month.

    

    “REO
      Principal Amortization”:
      With
      respect to any REO Property, for any calendar month, the excess, if any, of
      (a)
      the aggregate of all amounts received in respect of such REO Property during
      such calendar month, whether in the form of rental income, sale proceeds
      (including, without limitation, that portion of the Termination Price paid
      in
      connection with a purchase of all of the Mortgage Loans and REO Properties
      pursuant to Section 10.01 hereof that is allocable to such REO Property) or
      otherwise, net of any portion of such amounts (i) payable pursuant to the
      applicable provisions of the relevant Servicing Agreement in respect of the
      proper operation, management and maintenance of such REO Property or (ii)
      payable or reimbursable to the applicable Servicer pursuant to the applicable
      provisions of the related Servicing Agreement for unpaid Master Servicing Fees
      and Servicing Fees in respect of the related Mortgage Loan and unreimbursed
      Servicing Advances and Advances in respect of such REO Property or the related
      Mortgage Loan, over (b) the REO Imputed Interest in respect of such REO
      Property for such calendar month.

    

    “REO
      Property”:
      A
      Mortgaged Property acquired by a Servicer on behalf of the Trust Fund through
      foreclosure or deed-in-lieu of foreclosure in accordance with the applicable
      provisions of the Servicing Agreements.

    

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

    “Reportable
      Event”:
      As
      defined in Section 3.19(c).

    

    “Repurchase
      Price”:
      As
      defined in the related Purchase Agreement.

    

    “Request
      for Release”:
      A
      release signed by a Servicing Officer, in the form of Exhibit F attached
      hereto.

    

    “Required
      Reserve Fund Deposit”:
      With
      respect to the Class C Certificates and any Distribution Date, an amount equal
      to the lesser of (i) the Net Monthly Excess Cashflow otherwise distributable
      to
      the Class C Certificates for such Distribution Date and (ii) the amount required
      to bring the balance on deposit in the Basis Risk Reserve Fund to an amount
      equal to the Basis Risk Shortfalls for such Distribution Date with respect
      to
      the LIBOR Certificates (after giving effect to distributions of amounts received
      pursuant to the Yield Maintenance Allocation Agreement).

    

    “Residential
      Dwelling”:
      Any
      one of the following: (i) a detached one-family dwelling, (ii) a
      detached two- to four-family dwelling, (iii) a one-family dwelling unit in
      a condominium project, (iv) a manufactured home, (v) a cooperative unit or
      (vi)
      a detached one-family dwelling in a planned unit development, none of which
      is a
      mobile home.

    

    “Residual
      Certificate”:
      The
      Class R Certificates.

    

    “Responsible
      Officer”:
      When
      used with respect to the Trustee, any director, any vice president, any
      assistant vice president, any associate assigned to the Corporate Trust Office
      (or similar group) or any other officer of the Trustee customarily performing
      functions similar to those performed by any of the above designated officers
      and, with respect to a particular matter, to whom such matter is referred
      because of such officer’s knowledge of and familiarity with the particular
      subject.

    

    “Restricted
      Global Security”:
      As
      defined in Section 6.01.

    

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

    

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

    

    “Sarbanes-Oxley
      Certification”:
      A
      written certification signed by an officer of the Master Servicer that complies
      with (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and
      (ii)
      Exchange Act Rules 13a-14(d) and 15d-14(d), as in effect from time to time;
      provided
      that if,
      after the Closing Date (a) the Sarbanes-Oxley Act of 2002 is amended, (b) the
      Rules referred to in clause (ii) are modified or superseded by any subsequent
      statement, rule or regulation of the Commission or any statement of a division
      thereof, or (c) any future releases, rules and regulations are published by
      the
      Securities and Exchange Commission from time to time pursuant to the
      Sarbanes-Oxley Act of 2002, which in any such case affects the form or substance
      of the required certification and results in the required certification being,
      in the reasonable judgment of the Master Servicer, materially more onerous
      than
      the form of the required certification as of the Closing Date, the
      Sarbanes-Oxley Certification shall be as agreed to by the Master Servicer,
      the
      Depositor and the Seller following a negotiation in good faith to determine
      how
      to comply with any such new requirements.

    

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    “Securities
      Act”:
      The
      Securities Act of 1933, as amended, and the rules and regulations
      thereunder.

    

    “Securities
      Administrator”:
      Wells
      Fargo Bank, N.A. and its successors in interest and assigns, or any successor
      securities administrator appointed as herein provided.

    

    “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.

    

    “Seller”:
      GCFP,
      in its capacity as seller under this Agreement.

    

    “Senior
      Certificate”:
      Any
      one of the Class 1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B and Class 2A-1C
      Certificates.

    

    “Senior
      Certificate Group”:
      Either
      (a) the Class 1A-1A and Class 1A-1B Certificates with respect to Loan Group
      1 or
      (b) the Class 2A-1A, Class 2A-1B and Class 2A-1C Certificates with respect
      to
      Loan Group 2.

    

    “Senior
      Certificateholder”:
      Any
      Holder of a Senior Certificate.

    

    “Senior
      Credit Support Depletion Date”:
      The
      date on which the Class Principal Balance of each Class of Subordinate
      Certificates has been reduced to zero.

    

    “Senior
      Principal Distribution Amount”:
      With
      respect to any Distribution Date, the excess of (x) the aggregate Class
      Principal Balance of the Senior Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) for each
      Distribution Date prior to August 2013, 75.625% and thereafter 80.500% and
      (ii)
      the Aggregate Collateral Balance as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) and (B) the Aggregate
      Collateral Balance as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) minus
      the
      related Overcollateralization Floor.

    

    “Senior
      Termination Date”:
      For
      each Senior Certificate Group, the Distribution Date on which the aggregate
      of
      the Class Principal Balances of the related Senior Certificates is reduced
      to
      zero.

    

    “Sequential
      Trigger Event”:
      For
      any Distribution Date on or after the Stepdown Date, if (x) the aggregate amount
      of Realized Losses incurred since the Cut-off Date through the last day of
      the
      related Prepayment Period divided by the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date exceeds 0.25% or (y) on any
      Distribution Date on or after the Stepdown Date, a Trigger Event is in effect
      or
      (z) (i) on any Distribution Date before the Stepdown Date the 60 Day+ Rolling
      Average equals or exceeds 32.73% of the prior period’s Credit Enhancement
      Percentage for the Class 1A-1A and Class 1A-1B Certificates and (ii) on any
      Distribution Date on or after the Stepdown Date the 60 Day+ Rolling Average
      equals or exceeds 40.00% of the prior period’s Credit Enhancement Percentage for
      the Class 1A-1A and Class 1A-1B Certificates.

    

    
      
        
        

      

      
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    “Servicer”:
      Each
      of GMACM, CMC, Countrywide Home Loans Servicing LP, American Home, Paul
      Financial, LLC and First Republic Bank.

    

    “Servicer
      Remittance Date”:
      With
      respect to each Mortgage Loan, the 18th
      day of
      each month, or if such 18th
      day is
      not a Business Day, the preceding Business Day.

    

    “Servicing
      Account”:
      Any
      account established and maintained for the benefit of the Trust Fund by the
      Servicers or with respect to the related Mortgage Loans and any REO Property,
      pursuant to the terms of the respective Servicing Agreement.

    

    “Servicing
      Advances”:
      With
      respect to the Servicers and the Master Servicer (including the Trustee in
      its
      capacity as successor Master Servicer), all customary, reasonable and necessary
      “out of pocket” costs and expenses (including reasonable attorneys’ fees and
      expenses) incurred by the Servicers in the performance of its servicing
      obligations under the related Servicing Agreement or by the Master Servicer
      (including the Trustee in its capacity as successor Master Servicer) in the
      performance of its obligations hereunder, including, but not limited to, the
      cost of (i) the preservation, restoration, inspection and protection of the
      Mortgaged Property, (ii) any enforcement or judicial proceedings, including
      foreclosures, (iii) the management and liquidation of the REO Property and
      (iv)
      any other expenses permitted to be reimbursed as Servicing Advances under the
      related Servicing Agreement, as applicable.

    

    “Servicing
      Agreement”:
      Each
      reconstituted servicing agreement set forth on Exhibit N hereto and relating
      to
      a Servicer and the servicing of the related Mortgage Loans by such Servicer,
      as
      the same may be amended from time to time.

    

    “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”:
      With
      respect to each Servicer and each Mortgage Loan serviced by such Servicer and
      for any calendar month, the fee payable to such Servicer determined pursuant
      to
      the applicable Servicing Agreement.

    

    “Servicing
      Fee Rate”:
      With
      respect to approximately 99.98% of the initial Mortgage Loans, the rate of
      0.375% per annum and for approximately 0.02% of the initial Mortgage Loans,
      the
      rate of 0.250% per annum before the date the related Mortgage Loan changes
      from
      a fixed rate Mortgage Loan to an adjustable rate Mortgage Loan, and on and
      after
      that date, the rate of 0.375% per annum.

    

    “Servicing
      Function Participant”:
      Any
      Subservicer or Subcontractor of a Servicer, the Master Servicer, a Custodian
      and
      the Securities Administrator, respectively.

    

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

    “Servicing
      Officer”:
      Any
      officer of the Master Servicer or a Servicer involved in, or responsible for,
      the administration and servicing (or master servicing) of Mortgage Loans, whose
      name and specimen signature appear on a list of servicing officers furnished
      by
      the Master Servicer, each Servicer or Subservicer, as applicable, to the
      Trustee, the Custodians and the Depositor on the Closing Date, as such list
      may
      from time to time be amended.

    

    “Servicing
      Rights”:
      With
      respect to any SRO Mortgage Loan, any and all of the following: (a) the right,
      under the Servicing Agreement, to terminate the related SRO Servicer as servicer
      of the Mortgage Loan, with or without cause, subject to Section 3.03 of this
      Agreement; (b) the right, under the Servicing Agreement, to transfer the
      Servicing Rights and/or all servicing obligations with respect to such Mortgage
      Loan, subject to Section 3.03 of this Agreement; (c) the right to receive the
      Servicing Fee, less an amount to be retained by the related SRO Servicer as
      its
      servicing compensation as agreed to by the Servicing Rights Owner and the
      related SRO Servicer, subject to Section 3.03 of this Agreement, and (d) all
      powers and privileges incident to any of the foregoing.

    

    “Servicing
      Rights Owner”:
      With
      respect to the SRO Mortgage Loans, GCFP or any successor or assign of
      GCFP.

    

    “Sponsor”:
      Greenwich Capital Financial Products, Inc., in its capacity as sponsor under
      this Agreement.

    

    “SRO
      Mortgage Loans”:
      Any
      Mortgage Loans for which GMACM or CMC is the SRO Servicer and GCFP is the
      Servicing Rights Owner, and which are identified in the Mortgage Loan
      Schedule.

    

    “SRO
      Servicer”:
      GMACM
      or CMC in their capacities as Servicers of SRO Mortgage Loans.

    

    “Startup
      Day”:
      As
      defined in Section 9.01(b) hereof.

    

    “Stated
      Principal Balance”:
      With
      respect to any Mortgage Loan: (a) as of the Distribution Date in August 2007,
      the Cut-off Date Principal Balance of such Mortgage Loan, (b) thereafter as
      of any date of determination up to and including the Distribution Date on which
      the proceeds, if any, of a Liquidation Event with respect to such Mortgage
      Loan
      would be distributed, the Cut-off Date Principal Balance of such Mortgage Loan
      minus,
      in the
      case of each Mortgage Loan, the sum of (i) the principal portion of each
      Monthly Payment due on a Due Date subsequent to the Cut-off Date, whether or
      not
      received, (ii) all Principal Prepayments received after the Cut-off Date,
      to the extent distributed pursuant to Section 5.01 before such date of
      determination and (iii) all Liquidation Proceeds and Insurance Proceeds
      applied by the Servicer as recoveries of principal in accordance with the
      applicable provisions of the Servicing Agreement, to the extent distributed
      pursuant to Section 5.01 before such date of determination; and (c) as of
      any date of determination subsequent to the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
      would be distributed, zero; provided
      that
      such
      Stated Principal Balance shall be increased by the amount of any Deferred
      Interest added to the outstanding Principal Balance of such Mortgage Loan
      pursuant to the terms of the related Mortgage Note. With respect to any REO
      Property: (x) as of any date of determination up to and including the
      Distribution Date on which the proceeds, if any, of a Liquidation Event with
      respect to such REO Property would be distributed, an amount (not less than
      zero) equal to the Stated Principal Balance of the related Mortgage Loan as
      of
      the date on which such REO Property was acquired on behalf of the Trust Fund,
      minus the aggregate amount of REO Principal Amortization in respect of such
      REO
      Property for all previously ended calendar months, to the extent distributed
      pursuant to Section 5.01 before such date of determination; and (y) as
      of any date of determination subsequent to the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such REO Property
      would
      be distributed, zero. 

    

    
      
        
        

      

      
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    “Stepdown
      Date”:
      The
      earlier to occur of (i) the first Distribution Date on which the aggregate
      Class
      Principal Balance of the Senior Certificates has been reduced to zero and (ii)
      the later to occur of (x) the Distribution Date occurring in August 2010 and
      (y)
      the first Distribution Date on which the Credit Enhancement Percentage of the
      Senior Certificates (calculated for this purpose only after taking into account
      distributions of principal on the Mortgage Loans and before distribution of
      the
      Principal Distribution Amount to the holders of the Certificates then entitled
      to distributions of principal on such Distribution Date) is greater than or
      equal to the related target Credit Enhancement Percentage of the Senior
      Certificates.

    

    “Subcontractor”:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing of Mortgage Loans but performs one or more discrete functions
      identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
      under
      the direction or authority of any Servicer (or a Subservicer of any Servicer),
      the Master Servicer, the Trustee, the Custodians or the Securities
      Administrator.

    

    “Subordinate
      Adjusted Cap Rate”:
      With
      respect to any Distribution Date and any Class of the Subordinate Certificates,
      the weighted average of the Group 1 Adjusted Cap Rate and the Group 2 Adjusted
      Cap Rate for that Distribution Date, weighted in each case based on the
      applicable Subordinate Component for the related Loan Group.

    

    “Subordinate
      Certificate”:
      Any of
      the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class
      B-7,
      Class B-8 or Class B-9 Certificates.

    

    “Subordinate
      Class Expense Share”:
      For
      each Class of Subordinate Certificates and each Accrual Period, the Subordinate
      Class Expense Share shall be allocated in reverse order of their respective
      numerical Class designations (beginning with the Class of Subordinate
      Certificates with the highest numerical Class designation) and will be an amount
      equal to (i) the sum of, without duplication, (a) the amounts paid to the
      Trustee from the Trust Fund during such Accrual Period pursuant to Section
      8.05
      hereof to the extent such amounts were paid for ordinary or routine expenses
      and
      were not taken into account in computing the Net Loan Rate of any Mortgage
      Loan
      and (b) amounts described in clause (y) of the definition of Available Funds
      herein to the extent such amounts were paid for ordinary or routine expenses
      and
      were not taken into account in computing the Net Loan Rate of any Mortgage
      Loan
minus
      (ii)
      amounts taken into account under clause (i) of this definition in determining
      the Subordinate Class Expense Share of any Class of Subordinate Certificates
      having a higher numeric designation. In no event, however, shall the Subordinate
      Class Expense Share for any Class of Subordinate Certificates and any Accrual
      Period exceed the Monthly Interest Distributable Amount for such Class of
      Certificates computed without regard to the Subordinate Class Expense
      Share.

    

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

    “Subordinate
      Component”:
      With
      respect to each Loan Group and any Distribution Date, the excess of the sum
      of
      the related Pool Balance for such Distribution Date over the aggregate Class
      Principal Balance of the related Senior Certificate Group immediately preceding
      such Distribution Date. The designation “1” and “2” appearing after the
      corresponding Loan Group designation is used to indicate a Subordinate Component
      allocable to Loan Group 1 and Loan Group 2, respectively.

    

    “Subsequent
      Cut-off Date”:
      With
      respect to each Subsequent Mortgage Loan, the date specified as the cut-off
      date
      in the related Subsequent Transfer Agreement for such Subsequent Mortgage
      Loan.

    

    “Subsequent
      Mortgage Loan”:
      Any
      Mortgage Loan, other than an Initial Mortgage Loan, conveyed to the Trust Fund
      pursuant to Section 2.01 hereof and a Subsequent Transfer Agreement, which
      Mortgage Loan shall be listed on the revised Mortgage Loan Schedule delivered
      pursuant to this Agreement and on Schedule A to such Subsequent Transfer
      Agreement. When used with respect to a single Subsequent Transfer Date,
      Subsequent Mortgage Loan shall mean a Subsequent Mortgage Loan conveyed to
      the
      Trust on that Subsequent Transfer Date.

    

    “Subsequent
      Transfer Agreement”:
      A
      Subsequent Transfer Agreement substantially in the form of Exhibit P hereto,
      executed and delivered by and among the Depositor, the Seller and the Trustee
      and acknowledged by the Servicer, as provided in Section 2.01(b)
      hereof.

    

    “Subsequent
      Transfer Date”:
      With
      respect to any Subsequent Transfer Agreement, the date the related Subsequent
      Mortgage Loans are transferred to the Trust pursuant to the related Subsequent
      Transfer Agreement.

    

    “Subservicer”:
      Any
      Person that services Mortgage Loans on behalf of a Servicer, the Master
      Servicer, the Securities Administrator or a Custodian, and 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.

    

    “Subservicing
      Fee”:
      With
      respect to each Mortgage Loan serviced by GMACM, an amount equal to (a)
      one-twelfth the product of (i) the Subservicing Fee Rate and (ii) the Stated
      Principal Balance of such Mortgage Loan as of the first day of the related
      month. With respect to each Mortgage Loan serviced by CMC on behalf of the
      Trust
      Fund, the monthly rate indicated on Schedule III hereto.

    

    “Subservicing
      Fee Rate”:
      With
      respect to any Mortgage Loan serviced by GMACM on behalf of the Trust Fund,
      an
      annual fee equal to 0.0325% of the Assumed Principal Balance (as defined in
      the
      related Servicing Agreement) of such Mortgage Loan. 

    

    “Substitution
      Adjustment”:
      As
      defined in Section 2.03(g) hereof.

    

    
      
        
        

      

      
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    “Tax
      Returns”:
      The
      federal income tax return on Internal Revenue Service Form 1066, U.S. Real
      Estate Mortgage Investment Conduit Income Tax Return, including Schedule Q
      thereto, Quarterly Notice to Residual Interest Holders of the REMIC Taxable
      Income or Net Loss Allocation, or any successor forms, to be filed on behalf
      of
      each of the REMICs created hereunder under the REMIC Provisions, together with
      any and all other information reports or returns that may be required to be
      furnished to the Certificateholders or filed with the Internal Revenue Service
      or any other governmental taxing authority under any applicable provisions
      of
      federal, state or local tax laws.

    

    “Termination
      Price”:
      As
      defined in Section 10.01(a) hereof.

    

    “Terminator”:
      As
      defined in Section 10.01(a) hereof.

    

    “Transfer”:
      Any
      direct or indirect transfer or sale of any Ownership Interest in a Residual
      Certificate.

    

    “Transfer
      Affidavit”:
      As
      defined in Section 6.02(e)(ii) hereof.

    

    “Transferee”:
      Any
      Person who is acquiring by Transfer any Ownership Interest in a
      Certificate.

    

    “Trigger
      Event”:
      With
      respect to any Distribution Date on or after the Stepdown Date, occurs
      when:

    

    (a) the
      sum
      of the percentages obtained by dividing (x) the aggregate Stated Principal
      Balance of Mortgage Loans delinquent 60 days or more, that are in foreclosure
      or
      that are REO Properties by (y) the aggregate Stated Principal Balance of the
      Mortgage Loans, in each case, as of the last day of the previous three calendar
      months divided
      by
      3,
      exceeds (a) prior to August 2013, 28.72% of the current Credit Enhancement
      Percentage of the Senior Certificates and (b) on or after August 2013, 35.90%
      of
      the current Credit Enhancement Percentage of the Senior Certificates;
      or

    

    (b) the
      aggregate amount of Realized Losses for such Distribution Date as a percentage
      of the sum of (a) the aggregate Stated Principal Balance of the Initial Mortgage
      Loans as of the Cut-off Date and (b) the Prefunded Amount, exceeds the
      applicable percentages set forth below with respect to such Distribution
      Date:

    

    
      
        
        

      

      
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              Distribution
                Date Occurring In

            	
              Percentage

            
	 	 
	
              August
                2009 - July 2010

            	
              0.25%
                for the first month plus an additional 1/12th of 0.30% for each month
                thereafter

            
	
              August
                2010 - July 2011

            	
              0.55%
                for the first month plus an additional 1/12th of 0.40% for each month
                thereafter

            
	
              August
                2011 - July 2012

            	
              0.95%
                for the first month plus an additional 1/12th of 0.40% for each month
                thereafter

            
	
              August
                2012 - July 2013 

            	
              1.35%
                for the first month plus an additional 1/12th of 0.50% for each month
                thereafter

            
	
              August
                2013 - July 2014 

            	
              1.85%
                for the first month plus an additional 1/12th of 0.15% for each month
                thereafter

            
	
              August
                2014 and thereafter

            	
              2.00%

            

    

    

    

    “Trust
      Fund”:
      The
      segregated pool of assets subject hereto, constituting the primary trust created
      hereby and to be administered hereunder, such Trust Fund consisting of: (i)
      such
      Mortgage Loans as from time to time are subject to this Agreement, together
      with
      the Mortgage Files relating thereto, and together with all collections thereon
      and proceeds thereof, (ii) any REO Property, together with all collections
      thereon and proceeds thereof, (iii) the Trustee’s rights with respect to the
      Mortgage Loans under all insurance policies required to be maintained pursuant
      to this Agreement and any proceeds thereof, (iv) the Depositor’s rights under
      the Mortgage Loan Purchase Agreement (including any security interest created
      thereby); (v) the Distribution Account (subject to the last sentence of this
      definition), any REO Account and such assets that are deposited therein from
      time to time and any investments thereof, together with any and all income,
      proceeds and payments with respect thereto, (vi) all right, title and
      interest of the Seller in and to each Servicing Agreement, (vii) the Basis
      Risk Reserve Fund, the Prefunding Account, the Basis Risk Cap Account, the
      Basis
      Risk Cap Termination Account, the Basis Risk Cap Replacement Receipts Account
      and the Yield Maintenance Account, (viii) any distributions made by the
      Administrator to the Securities Administrator pursuant to the Yield Maintenance
      Allocation Agreement and (ix) all proceeds of the foregoing.
      Notwithstanding the foregoing, however, the Trust Fund specifically excludes
      (1)
      all payments and other collections of interest and principal due on the Mortgage
      Loans on or before the Cut-off Date and principal received before the Cut-off
      Date (except any principal collected as part of a payment due after the Cut-off
      Date), (2) all income and gain realized from Permitted Investments of funds
      on
      deposit in the Distribution Account and (3) all Servicing Rights with respect
      to
      the SRO Mortgage Loans.

    

    “Trustee”:
      Deutsche Bank National Trust Company, not in its individual capacity but solely
      as trustee, a national banking association, its successors in interest and
      assigns, or any successor trustee appointed as herein provided.

    

    “Trustee
      Fee”:
      The
      annual on-going fee as agreed to by the Trustee and the Master Servicer and
      payable by the Master Servicer on behalf of the Trust Fund to the Trustee from
      the Master Servicer’s own funds pursuant to the terms of the separate fee letter
      agreement between the Trustee and the Master Servicer.

    

    “Undercollateralized
      Group”:
      With
      respect to any Distribution Date and any Loan Group as to which the aggregate
      Class Principal Balance of the related Classes of Senior Certificates, after
      giving effect to distributions pursuant to Section 5.01(a) on such date, is
      greater than the Loan Group Balance of the related Loan Group for such
      Distribution Date, such Classes of Senior Certificates shall constitute an
      Undercollateralized Group.

    

    
      
        
        

      

      
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    “Underwriter’s
      Exemption”:
      Prohibited Transaction Exemption 90-59, as amended by Prohibited Transaction
      Exemption 2007-5 (or any successor thereto), or any substantially similar
      administrative exemption granted by the U.S. Department of Labor. 

    

    “Uninsured
      Cause”:
      Any
      cause of damage to a Mortgaged Property such that the complete restoration
      of
      such property is not fully reimbursable by the hazard insurance policies
      required to be maintained on such Mortgaged Property.

    

    “United
      States Person”
or
      “U.S.
      Person”:
      The
      term shall have the meaning set forth in Section 7701(a)(30) of the Code or
      successor provisions.

    

    “Unpaid
      Basis Risk Shortfall”:
      With
      respect to each Class of LIBOR Certificates and any Distribution Date, the
      aggregate of all Basis Risk Shortfalls for such Class remaining unpaid from
      all
      previous Distribution Dates, together with interest thereon at the applicable
      Pass-Through Rate, computed without regard to the applicable Net WAC Cap, but
      limited to a rate no greater than 10.50% per annum.

    

    “Unpaid
      Interest Shortfall Amount”:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates, the sum
      of
      (i) the excess, if any, of (a) the aggregate of the Monthly Interest
      Distributable Amounts for such Class for all prior Distribution Dates over
      (b)
      the sum of all amounts distributed as interest in respect of such Class from
      the
      Interest Remittance Amount pursuant to Section 5.01(a)(i) and from the Yield
      Maintenance Account pursuant to Section 5.01(h)(v) or (vi), plus (ii) interest
      on the amount described in clause (i) at the applicable Pass-Through Rate for
      the related Accrual Period, plus (iii) any interest accrued pursuant to clause
      (ii) on prior Distribution Dates that remains unpaid.

    

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

    

    “Value”:
      With
      respect to any Mortgage Loan and the related Mortgaged Property, the lesser
      of:

    

    (i) the
      value
      of such Mortgaged Property as determined by an appraisal made for the originator
      of the Mortgage Loan at the time of origination of the Mortgage Loan by an
      appraiser who met the minimum requirements of Fannie Mae and Freddie Mac; and
      

    

    (ii) the
      purchase price paid for the related Mortgaged Property by the Mortgagor with
      the
      proceeds of the Mortgage Loan; 

    

    provided,
      however,
      that in
      the case of a Refinancing Mortgage Loan, such value of the Mortgaged Property
      is
      based solely upon the value determined by an appraisal made for the originator
      of such Refinancing Mortgage Loan at the time of origination by an appraiser
      who
      met the minimum requirements of Fannie Mae and Freddie Mac.

    

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

    “Voting
      Rights”:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. 99% of the voting rights shall be allocated among the Classes
      of Regular Certificates, pro
      rata,
      based
      on a fraction, expressed as a percentage, the numerator of which is the Class
      Principal Balance of such Class and the denominator of which is the aggregate
      of
      the Class Principal Balances then outstanding and 1% of the voting rights shall
      be allocated to the Class R Certificates; provided,
      however,
      that
      when none of the Regular Certificates is outstanding, 100% of the voting rights
      shall be allocated to the Holder of the Class R Certificates. The voting rights
      allocated to a Class of Certificates shall be allocated among all Holders of
      such Class, pro
      rata,
      based
      on a fraction the numerator of which is the Certificate Principal Balance of
      each Certificate of such Class and the denominator of which is the Class
      Principal Balance of such Class; and provided,
      further,
      however,
      that
      any Certificate registered in the name of the Master Servicer, the Securities
      Administrator or the Trustee or any of its affiliates shall not be included
      in
      the calculation of Voting Rights. The Class C, Class ES and Class P Certificates
      shall have no voting rights.

    

    “Writedown
      Amount”:
      The
      reduction described in Section 5.03(c).

    

    “Yield
      Maintenance Account”:
      The
      account established and maintained by the Securities Administrator pursuant
      to
      Section 5.11, which shall be entitled “Yield Maintenance Account, Wells Fargo
      Bank, N.A., as Securities Administrator, on behalf of Deutsche Bank National
      Trust Company, as Trustee, in trust for the registered Holders of HarborView
      Mortgage Loan Trust Mortgage Loan Pass-Through Certificates, Series 2007-6” and
      which must be an Eligible Account.

    

    “Yield
      Maintenance Agreement”:
      The
      interest rate cap agreement for the benefit of the LIBOR Certificates by and
      between the Yield Maintenance Provider and the Administrator, on behalf of
      the
      Yield Maintenance Trust, including the ISDA Master Agreement between the Yield
      Maintenance Provider and the Administrator, the schedule thereto and the related
      confirmation (Ref. No. FXNEC9863), dated as of July 31, 2007 attached as Exhibit
      Y hereto. The Yield Maintenance Agreement shall be an asset of the Yield
      Maintenance Trust and not of the Trust Fund or any REMIC.

    

    “Yield
      Maintenance Allocation Agreement”:
      The
      allocation agreement dated July 31, 2007, among the Administrator, the
      Securities Administrator and the Sponsor, a copy of which is attached hereto
      as
      Exhibit X.

    

    “Yield
      Maintenance Distributable Amount”:
      With
      respect to each Distribution Date and the LIBOR Certificates, an amount equal
      to
      the product of (i) the excess, if any, of (x) LIBOR, subject to the applicable
      cap ceiling set forth on Schedule I to the Yield Maintenance Agreement over
      (y)
      the applicable Cap Rate, (ii) the related Yield Maintenance Notional Balance,
      (iii) 250 and (iii) a fraction, the numerator of which is the actual number
      days
      in the related interest Accrual Period and the denominator of which is
      360.

    

    “Yield
      Maintenance Notional Balance”:
      With
      respect to any Distribution Date, the lesser of (i) the amount set forth on
      Schedule I to the Yield Maintenance Agreement and (ii) (x) the aggregate Class
      Principal Balance of the LIBOR Certificates (y) divided by 250.

    

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

    

    “Yield
      Maintenance Payment Amount”:
      With
      respect to each Distribution Date, an amount equal to the sum of the amounts
      described in Sections 5.01(h)(i) through (vii).

    

    “Yield
      Maintenance Provider”:
      Bear
      Stearns Financial Products Inc., its successors in interest and assigns or
      any
      successor Yield Maintenance Provider.

    

    “Yield
      Maintenance Trust”:
      The
      trust created pursuant to the Yield Maintenance Allocation Agreement and
      designated as the “Yield Maintenance Trust,” the assets of which consist of the
      Yield Maintenance Trust Account, the Yield Maintenance Agreement and the
      Collateral Account, but which is not an asset of the Trust Fund or any
      REMIC.

    

    “Yield
      Maintenance Trust Account”:
      The
      account, relating to the Yield Maintenance Agreement, established by the
      Securities Administrator pursuant to Section 5.11 and maintained by the
      Administrator pursuant to the Yield Maintenance Allocation Agreement and which
      must be an Eligible Account. The Yield Maintenance Trust Account is an asset
      of
      the Yield Maintenance Trust and not of the Trust Fund or any REMIC.

    

    SECTION
      1.02. Accounting.

    

    Unless
      otherwise specified herein, for the purpose of any definition or calculation,
      whenever amounts are required to be netted, subtracted or added or any
      distributions are taken into account such definition or calculation and any
      related definitions or calculations shall be determined without duplication
      of
      such functions.

    

    ARTICLE
      II

    

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

    

    SECTION
      2.01. Conveyance
      of Mortgage Loans.

    

    (a) The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse
      for the benefit of the Certificateholders all the right, title and interest
      of
      the Depositor, including any security interest therein for the benefit of the
      Depositor, in and to (i) each Initial Mortgage Loan identified on the Mortgage
      Loan Schedule, including the related Cut-off Date Principal Balance, all
      interest due thereon after the Initial Cut-off Date and all collections in
      respect of interest and principal due after the Initial Cut-off Date; (ii)
      all
      the Depositor’s right, title and interest in and to the Distribution Account and
      all amounts from time to time credited to and to the proceeds of the
      Distribution Account; (iii) any real property that secured each such Initial
      Mortgage Loan and that has been acquired by foreclosure or deed in lieu of
      foreclosure; (iv) the Depositor’s interest in any insurance policies in respect
      of the Mortgage Loans; (v) all proceeds of any of the foregoing; (vi) any such
      amounts as may be deposited into and held by the Securities Administrator in
      the
      Prefunding Account and the Capitalized Interest Account and (vii) all other
      assets included or to be included in the Trust Fund;
      provided
      that
      such an assignment shall not include any Servicing Rights with respect to SRO
      Mortgage Loans. Such assignment includes all interest and principal due to
      the
      Depositor or the Master Servicer after the Initial Cut-off Date with respect
      to
      the Initial Mortgage Loans. In exchange for such transfer and assignment, the
      Depositor shall receive the Certificates.

    

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

    It
      is
      acknowledged and agreed that the Securities Administrator hereunder shall also
      serve as the Administrator under the Yield Maintenance Allocation Agreement
      and
      the Yield Maintenance Agreement. The Depositor hereby directs the Administrator
      to execute, deliver and perform its obligations under the Yield Maintenance
      Allocation Agreement and the Yield Maintenance Agreement, not in its individual
      capacity, but solely as Administrator on behalf of the Yield Maintenance Trust.
      Every provision of this Agreement relating to the conduct or affecting the
      liability of or affording protection or indemnification to the Securities
      Administrator shall apply to the Administrator’s execution and performance of
      its duties and obligations under the Yield Maintenance Allocation Agreement
      and
      the Yield Maintenance Agreement. 

    

    The
      Depositor hereby directs the Securities Administrator to execute, not in its
      individual capacity, but solely as Securities Administrator on behalf of the
      Trust Fund, the Yield Maintenance Allocation Agreement and perform its duties
      and obligations thereunder.

    

    Concurrently
      with the execution of this Agreement, the Basis Risk Cap Agreement shall be
      delivered to the Securities Administrator. In connection therewith, the
      Depositor hereby directs the Securities Administrator (solely in its capacity
      as
      such) and the Securities Administrator is hereby authorized to execute and
      deliver the Basis Risk Cap Agreement for the benefit of the Certificateholders.
      The Seller, the Securities Administrator, the Depositor and the
      Certificateholders (by their acceptance of such Certificates) acknowledge and
      agree that the Securities Administrator is executing and delivering the Basis
      Risk Cap Agreement solely in its capacity as Securities Administrator of the
      Trust Fund, and not in its individual capacity. The Securities Administrator
      shall have no duty or responsibility to enter into any other basis risk cap
      agreement upon the expiration or termination of the Basis Risk Cap
      Agreement.

    

    It
      is
      agreed and understood by the Depositor, the Seller and the Trustee that it
      is
      not intended that any Mortgage Loan be included in the Trust Fund that is a
      “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, effective
      as of November 27, 2003, or The Home Loan Protection Act of New Mexico,
      effective as of January 1, 2004, or that is a “High Cost Home Mortgage Loan” as
      defined in the Massachusetts Predatory Home Loan Practices Act, effective as
      of
      November 7, 2004, or that is an “Indiana High Cost Home Mortgage Loan” as
      defined in the Indiana High Cost Home Loan Act, effective as of January 1,
      2005.

    

    Notwithstanding
      anything provided herein to the contrary, each of the parties hereto agrees
      and
      acknowledges that, notwithstanding the transfer, conveyance and assignment
      of
      the Mortgage Loans from the Depositor to the Trustee pursuant to this Agreement,
      GCFP remains the sole and exclusive owner of the related Servicing Rights with
      respect to the SRO Mortgage Loans.

    

    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 Assignment
      Agreements and the Mortgage Loan Purchase Agreement, including all rights of
      the
      Seller under the Servicing Agreements to the extent assigned in the Mortgage
      Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall
      be entitled to exercise all rights of the Depositor under the Assignment
      Agreements and the Mortgage Loan Purchase Agreement and all rights of the Seller
      under each Servicing Agreement as if, for such purpose, it were the Depositor
      or
      the Seller, as applicable, including the Seller’s right to enforce remedies for
      breaches of representations and warranties and delivery of the Mortgage Loan
      documents. The foregoing sale, transfer, assignment, set-over, deposit and
      conveyance does not and is not intended to result in creation or assumption
      by
      the Trustee of any obligation of the Depositor, the Seller or any other Person
      in connection with the Mortgage Loans or any other agreement or instrument
      relating thereto except as specifically set forth herein.

    

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

    In
      connection with such transfer and assignment, the Seller, on behalf of the
      Depositor, does hereby deliver on the Closing Date, unless otherwise specified
      in this Section 2.01, to, and deposit with the Trustee, or the related Custodian
      as its designated agent, the following documents or instruments with respect
      to
      each Mortgage Loan (a “Mortgage
      File”)
      so
      transferred and assigned:

    

    
      	 	
              (i)

            	
              the
                original Mortgage Note, endorsed either on its face or by allonge
                attached
                thereto in blank or in the following form: “Pay to the order of Deutsche
                Bank National Trust Company, as Trustee for HarborView Mortgage Loan
                Trust
                Mortgage Loan Pass-Through Certificates, Series 2007-6, without recourse”,
                or with respect to any lost Mortgage Note, an original Lost Note
                Affidavit
                stating that the original Mortgage Note was lost, misplaced or destroyed,
                together with a copy of the related Mortgage
                Note;

            

    

    

    
      	 	
              (ii)

            	
              except
                as provided below, for each Mortgage Loan that is not a MERS Mortgage
                Loan, the original Mortgage, and in the case of each MERS Mortgage
                Loan,
                the original Mortgage, noting the presence of the MIN for that Mortgage
                Loan and either language indicating that the Mortgage Loan is a MOM
                Loan
                if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was
                not a MOM
                Loan at origination, the original Mortgage and the assignment to
                MERS, in
                each case with evidence of recording thereon, and the original recorded
                power of attorney, if the Mortgage was executed pursuant to a power
                of
                attorney, with evidence of recording thereon or, if such Mortgage
                or power
                of attorney has been submitted for recording but has not been returned
                from the applicable public recording office, has been lost or is
                not
                otherwise available, a certified copy of such Mortgage or power of
                attorney, as the case may be, together with an Officer’s Certificate of
                the Seller certifying that the copy of such Mortgage delivered to
                the
                Trustee (or the related Custodian on its behalf) is a true copy and
                that
                the original of such Mortgage has been forwarded to the public recording
                office, or, in the case of a Mortgage that has been lost, a copy
                thereof
                (certified as provided for under the laws of the appropriate jurisdiction)
                and a written Opinion of Counsel (delivered at the Seller’s expense)
                acceptable to the Trustee and the Depositor that an original recorded
                Mortgage is not required to enforce the Trustee’s interest in the Mortgage
                Loan;

            

    

    

    
      	 	
              (iii)

            	
              the
                original or copy 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
                Seller certifying that the copy of such assumption, modification
                or
                substitution agreement delivered to the Trustee (or its custodian)
                on
                behalf of the Trust Fund is a true copy and that the original of
                such
                agreement has been forwarded to the public recording
                office;

            

    

    

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

    

    
      	 	
              (iv)

            	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original Assignment, in form and substance acceptable for recording.
                The
                Mortgage shall be assigned to “Deutsche Bank National Trust Company, as
                Trustee for HarborView Mortgage Loan Trust Mortgage Loan Pass-Through
                Certificates, Series 2007-6, without
                recourse;”

            

    

    

    
      	 	
              (v)

            	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original copy of any intervening Assignment showing a complete chain
                of
                assignments, or, in the case of an intervening Assignment that has
                been
                lost, a written Opinion of Counsel (delivered at the Seller’s expense)
                acceptable to the Trustee and any NIMS Insurer that such original
                intervening Assignment is not required to enforce the Trustee’s interest
                in the Mortgage Loans;

            

    

    

    
      	 	
              (vi)

            	
              the
                original Primary Insurance Policy, if any, or certificate, if
                any;

            

    

    

    
      	 	
              (vii)

            	
              the
                original or a certified copy of lender’s title insurance policy;
                and

            

    

    

    
      	 	
              (viii)

            	
              with
                respect to any Cooperative Loan, the Cooperative Loan
                Documents.

            

    

    

    In
      connection with the assignment of any MERS Mortgage Loan, the Seller agrees
      that
      it will take (or shall cause the applicable Servicer to take), at the expense
      of
      the Seller (with the cooperation of the Depositor, the Trustee and the Master
      Servicer), such actions as are necessary to cause the MERS®
      System
      to indicate that such Mortgage Loans have been assigned by the Seller to the
      Trustee in accordance with this Agreement (or any Subsequent Transfer Agreement)
      for the benefit of the Certificateholders by including (or deleting, in the
      case
      of Mortgage Loans that are repurchased in accordance with this Agreement) in
      such computer files the information required by the MERS®
      System
      to identify the series of the Certificates issued in connection with the
      transfer of such Mortgage Loans to the HarborView Mortgage Loan Trust 2007-6.
      Notwithstanding anything herein to the contrary, the Master Servicer and
      Securities Administrator are not responsible for monitoring any MERS Mortgage
      Loans.

    

    With
      respect to each Cooperative Loan, the Seller, on behalf of the Depositor, does
      hereby deliver to the Trustee (or the related Custodian) the related Cooperative
      Loan Documents and the Seller shall take (or cause the applicable Servicer
      to
      take), at the expense of the Seller (with the cooperation of the Depositor,
      the
      Trustee and the Master Servicer) such actions as are necessary under applicable
      law (including but not limited to the relevant UCC) in order to perfect the
      interest of the Trustee in the related Mortgaged Property.

    

    
      
        
        

      

      
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    Assignments
      of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage
      Loan (other than a Cooperative Loan) shall be recorded; provided,
      however,
      that
      such assignments need not be recorded if, in the Opinion of Counsel (which
      must
      be from Independent Counsel and not at the expense of the Trust Fund or the
      Trustee) acceptable to the Trustee, each Rating Agency, recording in such states
      is not required to protect the Trust Fund’s interest in the related Mortgage
      Loans; provided,
      further,
      notwithstanding the delivery of any Opinion of Counsel, each assignment of
      Mortgage shall be submitted for recording by the Seller (or the Seller will
      cause the applicable Servicer to submit each such assignment for recording),
      at
      the cost and expense of the Seller, in the manner described above, at no expense
      to the Trust Fund or Trustee, upon the earliest to occur of (1) reasonable
      direction by the Majority Certificateholders, (2) the occurrence of a bankruptcy
      or insolvency relating to the Seller or the Depositor, or (3) with respect
      to
      any one Assignment of Mortgage, 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 Seller shall properly record (or the
      Seller will cause the applicable Servicer to properly record), at the expense
      of
      the Seller (with the cooperation of the Depositor, the Trustee and the Master
      Servicer), in each public recording office where the related Mortgages are
      recorded, each assignment referred to in Section 2.01(v) above with respect
      to a
      Mortgage Loan that is not a MERS Mortgage Loan.

    

    The
      Trustee agrees to execute and deliver to the Depositor on or prior to the
      Closing Date an acknowledgment of receipt of the original Mortgage Note (with
      any exceptions noted), substantially in the form attached as Exhibit G-1
      hereto.

    

    If
      the
      original lender’s title insurance policy, or a certified copy thereof, was not
      delivered pursuant to Section 2.01(vii) above, the Seller shall deliver or
      cause
      to be delivered to the Trustee the original or a copy of a written commitment
      or
      interim binder or preliminary report of title issued by the title insurance
      or
      escrow company, with the original or a certified copy thereof to be delivered
      to
      the Trustee, promptly upon receipt thereof, but in any case within 175 days
      of
      the Closing Date. The Seller shall deliver or cause to be delivered to the
      Trustee, promptly upon receipt thereof, any other documents constituting a
      part
      of a Mortgage File received with respect to any Mortgage Loan sold to the
      Depositor by the Seller, including, but not limited to, any original documents
      evidencing an assumption or modification of any Mortgage Loan.

    

    For
      (a)
      Initial Mortgage Loans (if any) that have been prepaid in full after the Initial
      Cut-off Date and prior to the Closing Date or (b) Subsequent Mortgage Loans
      (if
      any) that have been prepaid in full after the applicable Subsequent Cut-off
      Date
      and prior to the applicable Transfer Date, in lieu of the Seller delivering
      the
      above documents, the applicable Servicer shall deliver to any NIMS Insurer
      and
      the Trustee, or to the related Custodian on behalf of the Trustee, prior to
      the
      first Distribution Date, 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 Distribution Account have
      been so deposited. All original documents that are not delivered to the Trustee
      (or to the related Custodian on behalf of the Trustee) on behalf of the Trust
      Fund shall be held by the Master Servicer or the applicable Servicer in trust
      for the Trustee, for the benefit of the Trust Fund and the
      Certificateholders.

    

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

    The
      Depositor herewith delivers to the Trustee an executed copy of the Mortgage
      Loan
      Purchase Agreement.

    

    (b) The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, sets over and otherwise convey to the Trustee without recourse
      for the benefit of the Certificateholders all the right, title and interest
      of
      the Depositor, including any security interest therein for the benefit of the
      Depositor, in and to each Subsequent Mortgage Loan included on the Mortgage
      Loan
      Schedule, including the related Cut-off Date Principal Balance, all interest
      due
      thereon after the Subsequent Cut-off Date and all collections in respect of
      interest and principal due after the Subsequent Cut-off Date; (ii) all the
      Depositor’s right, title and interest in and to the Distribution Account and all
      amounts from time to time credited to and the proceeds of the Distribution
      Account; (iii) any real property that secured each such Subsequent Mortgage
      Loan
      and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv)
      the Depositor’s interest in any insurance policies in respect of the Subsequent
      Mortgage Loans; (v) all proceeds of any of the foregoing; and (vi) all other
      assets included or to be included in the Trust Fund. Such assignment includes
      all interest and principal due to the Depositor after the Subsequent Cut-off
      Date with respect to the Subsequent Mortgage Loans.

    

    Upon
      three Business Days’ prior written notice to the Trustee, the Master Servicer,
      the Securities Administrator, the Servicer and the Rating Agencies, on any
      Business Day designated by the Depositor during the Prefunding Period, the
      Depositor, the Seller, the Trustee and the Servicer shall complete, execute
      and
      deliver a Subsequent Transfer Agreement so long as no Rating Agency has provided
      notice that the execution and delivery of such Subsequent Transfer Agreement
      will result in a reduction or withdrawal of the ratings assigned to the
      Certificates on the Closing Date.

    

    The
      transfer of Subsequent Mortgage Loans and the other property and rights relating
      to them on a Subsequent Transfer Date is subject to the satisfaction of each
      of
      the following conditions:

    

    
      	 	
              (i)

            	
              each
                Subsequent Mortgage Loan conveyed on such Subsequent Transfer Date
                satisfies the representations and warranties applicable to it under
                this
                Agreement and under the applicable Reconstitution Agreement as of
                the
                applicable Subsequent Transfer Date; provided,
                however,
                that with respect to a breach of a representation and warranty with
                respect to a Subsequent Mortgage Loan, the obligation under Section
                2.03
                of this Agreement of the Seller or Originator, as applicable, to
                cure,
                repurchase or replace such Subsequent Mortgage Loan shall constitute
                the
                sole remedy against the Seller or Originator, as applicable, respecting
                such breach available to Certificateholders, the Depositor or the
                Trustee;

            

    

    

    
      	 	
              (ii)

            	
              the
                Trustee and the Rating Agencies are provided with an Opinion of Counsel
                or
                Opinions of Counsel, at the expense of the Depositor, with respect
                to the
                qualification of each REMIC created pursuant to this Agreement as
                a REMIC,
                to be delivered as provided pursuant to this Section
                2.01(b);

            

    

    

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

    
      	 	
              (iii)

            	
              the
                Rating Agencies and the Trustee are provided with an Opinion of Counsel
                or
                Opinions of Counsel, at the expense of the Depositor, with respect
                to the
                characterization of the transfer of the Subsequent Mortgage Loans
                conveyed
                on such Subsequent Transfer Date as a sale, to be delivered as provided
                pursuant to this Section 2.01(b);

            

    

    

    
      	 	
              (iv)

            	
              the
                execution and delivery of such Subsequent Transfer Agreement or conveyance
                of the related Subsequent Mortgage Loans does not result in a reduction
                or
                withdrawal of any ratings assigned to the Certificates on the Closing
                Date
                by the Rating Agencies;

            

    

    

    
      	 	
              (v)

            	
              each
                Subsequent Mortgage Loan may not be 30 or more days contractually
                delinquent as of its Subsequent Transfer
                Date;

            

    

    

    
      	 	
              (vi)

            	
              each
                Subsequent Mortgage Loan may not have a final maturity date later
                than
                August 1, 2047;

            

    

    

    
      	 	
              (vii)

            	
              the
                remaining term to stated maturity of each Subsequent Mortgage Loan
                will
                not exceed 40 years;

            

    

    

    
      	 	
              (viii)

            	
              each
                Subsequent Mortgage Loan will have an LTV ratio not greater than
                100.0%;

            

    

    

    
      	 	
              (ix)

            	
              each
                Subsequent Mortgage Loan will have a Stated Principal Balance not
                greater
                than $3,315,000;

            

    

    

    
      	 	
              (x)

            	
              each
                Subsequent Mortgage Loan will have a first payment date no later
                than
                October 29, 2007;

            

    

    

    
      	 	
              (xi)

            	
              each
                Subsequent Mortgage Loan will be an adjustable rate mortgage loan
                having a
                margin equal to, or in excess of, 1.750% per
                annum;

            

    

    

    
      	 	
              (xii)

            	
              no
                Subsequent Mortgage Loan will be subject to the Homeownership and
                Equity
                Protection Act of 1994 or any comparable state or local law;
                

            

    

    

    
      	 	
              (xiii)

            	
              each
                Subsequent Mortgage Loan will be a valid, existing and enforceable
                first
                lien on the Mortgaged Property;

            

    

    

    
      	 	
              (xiv)

            	
              the
                aggregate pool of Subsequent Mortgage Loans is acceptable to the
                Rating
                Agencies by a prior written
                communication;

            

    

    

    
      	 	
              (xv)

            	
              each
                Subsequent Mortgage Loan will have been originated generally in accordance
                with underwriting criteria substantially similar to the underwriting
                guidelines used by each Originator in the origination of the Initial
                Mortgage Loans;

            

    

    

    
      	 	
              (xvi)

            	
              following
                the purchase of such Subsequent Mortgage Loans by the Trust, the
                Mortgage
                Loans, including the Subsequent Mortgage Loans, will have the following
                characteristics as of their respective Subsequent Cut-off
                Dates:

            

    

    

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

    with
      respect to Loan Group 1:

    

    
      	 	
              (1)

            	
              a
                weighted average margin of not less than 3.000% per
                annum;

            

    

    

    
      	 	
              (2)

            	
              a
                weighted average remaining term to stated maturity of no more than
                390
                months;

            

    

    

    
      	 	
              (3)

            	
              a
                weighted average original LTV ratio of not more than
                77.00%;

            

    

    

    
      	 	
              (4)

            	
              a
                weighted average credit score of not less than 705;
                and

            

    

    

    
      	 	
              (5)

            	
              no
                more than 19.00% of the Group 1 Mortgage Loans, by Cut-off Date Collateral
                Balance, will relate to investor owned
                properties.

            

    

    

    with
      respect to Loan Group 2:

    

    
      	 	
              (1)

            	
              a
                weighted average margin of not less than 3.000% per
                annum;

            

    

    

    
      	 	
              (2)

            	
              a
                weighted average remaining term to stated maturity of no more than
                383
                months;

            

    

    

    
      	 	
              (3)

            	
              a
                weighted average original LTV ratio of not more than
                79.00%;

            

    

    

    
      	 	
              (4)

            	
              a
                weighted average credit score of not less than 710;
                and

            

    

    

    
      	 	
              (5)

            	
              no
                more than 10.00% of the Group 2 Mortgage Loans, by Cut-off Date Collateral
                Balance, will relate to investor owned
                properties.

            

    

    

    
      	 	
              (xvii)

            	
              neither
                the Seller nor the Depositor shall be insolvent or shall be rendered
                insolvent as a result of such
                transfer;

            

    

    

    
      	 	
              (xviii)

            	
              no
                Event of Default shall have occurred
                hereunder;

            

    

    

    
      	 	
              (xix)

            	
              the
                Depositor shall have delivered to the Trustee an Officer’s Certificate
                confirming the satisfaction of each of these conditions precedent;
                and

            

    

    

    
      	 	
              (xx)

            	
              each
                Mortgage Loan shall constitute a “qualified mortgage” within the meaning
                of Section 860G(a)(3) of the Code.

            

    

    

    Notwithstanding
      the foregoing, the aggregate characteristics of the Subsequent Mortgage Loans
      at
      the end of the Prefunding Period shall be substantially the same as the
      aggregate characteristics of the Initial Mortgage Loans as of the Initial
      Cut-off Date.

    

    Upon
      (1)
      delivery to the Trustee by the Depositor of the Opinions of Counsel referred
      to
      in this Section 2.01(b), (2) delivery to the Trustee by the Depositor of a
      revised Mortgage Loan Schedule reflecting the Subsequent Mortgage Loans conveyed
      on such Subsequent Transfer Date and the related Subsequent Mortgage Loans
      and
      (3) delivery to the Trustee by the Depositor of an Officer’s Certificate
      confirming the satisfaction of each of the conditions precedent set forth above
      in this Section 2.01(b), the Securities Administrator shall remit to the
      Depositor the Aggregate Subsequent Transfer Amount related to the Subsequent
      Mortgage Loans transferred by the Depositor on such Subsequent Transfer Date
      from funds in the Prefunding Account.

    

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    The
      Securities Administrator shall not be required to investigate or otherwise
      verify compliance with the conditions set forth in the preceding paragraph,
      except for its own receipt of documents specified above, and shall be entitled
      to rely on the required Officer’s Certificate.

    

    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.

    

    SECTION
      2.02. Acceptance
      by Trustee.

    

    The
      Trustee hereby accepts its appointment as a Custodian hereunder and acknowledges
      the receipt, subject to the provisions of Section 2.01 and subject to the review
      described below and any exceptions noted on the exception report described
      in
      the next paragraph below, of the documents referred to in Section 2.01 above
      and
      all other assets included in the definition of “Trust Fund” and declares that,
      in its capacity as a Custodian, it holds and will hold such documents and the
      other documents delivered to it constituting a Mortgage File, and that it holds
      or will hold all such assets and such other assets included in the definition
      of
“Trust Fund” in trust for the exclusive use and benefit of all present and
      future Certificateholders.

    

    The
      Trustee (or a Custodian on its behalf) further agrees, for the benefit of the
      Certificateholders, to review each Mortgage File delivered to it and to certify
      and deliver to the Depositor, the Seller, any NIMS Insurer and each Rating
      Agency an interim certification in substantially the form attached hereto as
      Exhibit G-2, within 90 days after the Closing Date (or, with respect to any
      document delivered after the Startup Day, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage, within five Business Days after
      the assignment thereof) that, as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
      specifically identified in the exception report annexed thereto as not being
      covered by such certification), (i) all documents required to be delivered
      by it pursuant to Section 2.01 of this Agreement are in its possession,
      (ii) such documents have been reviewed by it and have not been mutilated,
      damaged or torn and relate to such Mortgage Loan and (iii) based on its
      examination and only as to the foregoing, the information set forth in the
      Mortgage Loan Schedule that corresponds to items (i), (ii) and (xv) of the
      Mortgage Loan Schedule accurately reflects information set forth in the Mortgage
      File. It is herein acknowledged that, in conducting such review, the Trustee
      and
      a Custodian on its behalf are under no duty or obligation to inspect, review
      or
      examine any such documents, instruments, certificates or other papers to
      determine that they are genuine, enforceable, or appropriate for the represented
      purpose or that they have actually been recorded or that they are other than
      what they purport to be on their face.

    

    No
      later
      than 180 days after the Closing Date, the Trustee (or a Custodian on its behalf)
      shall deliver to the Depositor, any NIMS Insurer and the Seller a final
      certification in the form annexed hereto as Exhibit G-3 evidencing the
      completeness of the Mortgage Files, with any applicable exceptions noted
      thereon.

    

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

    If,
      in
      the process of reviewing the Mortgage Files and making or preparing, as the
      case
      may be, the certifications referred to above, the Trustee finds any document
      or
      documents constituting a part of a Mortgage File to be missing or not conforming
      to the requirements set forth herein, at the conclusion of its review the
      Trustee (or a Custodian as its designated agent) shall promptly notify the
      Seller and the Depositor. In addition, upon the discovery by the Seller or
      the
      Depositor (or upon receipt by the Trustee of written notification of such
      breach) of a breach of any of the representations and warranties made by the
      Seller in the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan
      that materially adversely affects such Mortgage Loan or the interests of the
      related Certificateholders in such Mortgage Loan, the party discovering such
      breach shall give prompt written notice to the other parties to this
      Agreement.

    

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee and that such property
      not be part of the Depositor’s estate or property of the Depositor in the event
      of any insolvency by the Depositor. In the event that such conveyance is deemed
      to be, or to be made as security for, a loan, the parties intend that the
      Depositor shall be deemed to have granted and does hereby grant to the Trustee
      a
      first priority perfected security interest in all of the Depositor’s right,
      title and interest in and to the Mortgage Loans, the related Mortgage Notes
      and
      the related documents, and that this Agreement shall constitute a security
      agreement under applicable law.

    

    The
      Trustee (or a Custodian on its behalf) shall execute and deliver to the
      Depositor on or prior to each Subsequent Transfer Date an acknowledgment of
      receipt of the original Mortgage Note (with any exceptions noted), substantially
      in the form attached as Exhibit G-1 hereto. 

    

    The
      Trustee (or a Custodian on its behalf) shall, for the benefit of the
      Certificateholders, review each Mortgage File delivered to it for the Subsequent
      Mortgage Loans and to certify and deliver to the Depositor, the Seller and
      the
      Rating Agency an interim certification in substantially the form attached hereto
      as Exhibit G-2, within 45 days after each Subsequent Transfer Date that, as
      to
      each Subsequent Mortgage Loan listed in the Mortgage Loan Schedule (other than
      any Subsequent Mortgage Loan paid in full or any Subsequent Mortgage Loan
      specifically identified in the exception report annexed thereto as not being
      covered by such certification), (i) all documents required to be delivered
      to it pursuant to Section 2.01 of this Agreement are in its possession,
      (ii) such documents have been reviewed by it and have not been mutilated,
      damaged or torn and relate to such Subsequent Mortgage Loan and (iii) based
      on its examination and only as to the foregoing, the information set forth
      in
      the Mortgage Loan Schedule that corresponds to items (i), (ii) and (iii) of
      the
      Mortgage Loan Schedule accurately reflects information set forth in the Mortgage
      File. It is herein acknowledged that, in conducting such review, the Trustee
      and
      a Custodian on its behalf are under no duty or obligation to inspect, review
      or
      examine any such documents, instruments, certificates or other papers to
      determine that they are genuine, enforceable, or appropriate for the represented
      purpose or that they have actually been recorded or that they are other than
      what they purport to be on their face.

    

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

    No
      later
      than 90 days after each Subsequent Transfer Date, the Trustee or a Custodian
      on
      behalf of the Trustee shall deliver to the Depositor and the Seller a final
      certification in the form annexed hereto as Exhibit G-3 (or a substantially
      similar form) evidencing the completeness of the Mortgage Files, with any
      applicable exceptions noted thereon.

    

    If,
      in
      the course of such review of the Mortgage Files relating to the Subsequent
      Mortgage Loans, the related Custodian finds any document constituting a part
      of
      a Mortgage File which does not meet the requirements of Section 2.01(b),
      the Trustee shall cause the related Custodian to list such as an exception
      in
      the Final Certification; provided,
      however,
      that
      the Trustee shall not make any determination as to whether (i) any
      endorsement is sufficient to transfer all right, title and interest of the
      party
      so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note
      or
      (ii) any assignment is in recordable form or is sufficient to effect the
      assignment of and transfer to the assignee thereof under the mortgage to which
      the assignment relates. The Seller or Originator, as applicable, shall cure
      any
      such defect or repurchase or substitute for any such Mortgage Loan in accordance
      with this Section 2.02.

    

    
      	 	
              SECTION
                2.03.

            	
              Repurchase
                or Substitution of Mortgage Loans by the Originators and the
                Seller.

            

    

    

    (a) Upon
      its
      discovery of any materially defective document in, or that a document is missing
      from, a Mortgage File or of the breach by the related Originator of any
      representation, warranty or covenant under the related Purchase Agreement in
      respect of any Mortgage Loan which materially adversely affects the value of
      that Mortgage Loan or the interest therein of the Certificateholders, any party
      hereto shall promptly provide written notice to each other party hereto and
      the
      Securities Administrator shall promptly notify such Originator of such defect,
      missing document or breach and request that such Originator deliver such missing
      document or cure such defect or breach within 90 days from the date that the
      related Originator was notified of such missing document, defect or breach.
      If
      such Originator does not deliver such missing document or cure such defect
      or
      breach in all material respects during such period, the Trustee shall use
      commercially reasonable efforts to enforce such Originator’s obligations under
      the related Purchase Agreement; provided
      that,
      the
      Depositor hereby agrees to direct and assist the Trustee in enforcing any
      obligations of such Originator. It is understood and agreed that the obligation
      of the related Originator to cure or to repurchase or to substitute for (or,
      with respect to any costs and damages incurred by the Trust Fund in connection
      with any violation of any anti-predatory or anti-abusive lending laws, indemnify
      for) any Mortgage Loan as to which a document is missing, a material defect
      in a
      constituent document exists or as to which such a breach has occurred and is
      continuing shall constitute the sole remedy against such Originator respecting
      such omission, defect or breach available to the Trustee or any NIMS Insurer
      on
      behalf of the Certificateholders.

    

    (b) Upon
      its
      discovery or receipt of written notice that a document does not comply with
      the
      requirements of Section 2.01 hereof, or that a document is missing from, a
      Mortgage File or of the breach by the Seller of any representation, warranty
      or
      covenant under the Mortgage Loan Purchase Agreement or in Section 2.04 or
      Section 2.08 hereof in respect of any Mortgage Loan which materially adversely
      affects the value of that Mortgage Loan or the interest therein of the
      Certificateholders, any party hereto shall promptly provide written notice
      to
      each other party hereto and the Trustee (or a Custodian as its designated agent)
      shall promptly notify the Seller of such noncompliance, missing document or
      breach and request that the Seller deliver such missing document or cure such
      noncompliance or breach within 90 days from the date that the Seller was
      notified of such missing document, noncompliance or breach, and if the Seller
      does not deliver such missing document or cure such noncompliance or breach
      in
      all material respects during such period, the Trustee shall use commercially
      reasonable efforts to enforce the Seller’s obligation under the Mortgage Loan
      Purchase Agreement and cause the Seller to repurchase that Mortgage Loan from
      the Trust Fund at the Purchase Price on or prior to the Determination Date
      following the expiration of such 90 day period (subject to Section 2.03(e)
      below); provided,
      however,
      that, in
      connection with any such breach that could not reasonably have been cured within
      such 90 day period, if the Seller shall have commenced to cure such breach
      within such 90 day period, the Seller shall be permitted to proceed thereafter
      diligently and expeditiously to cure the same within the additional period
      provided under the Mortgage Loan Purchase Agreement; and, provided
      further,
      that,
      in the case of the breach of any representation, warranty or covenant made
      by
      the Seller in Section 2.04 hereof, the Seller shall be obligated to cure such
      breach or purchase the affected Mortgage Loans for the Purchase Price or, if
      the
      Mortgage Loan or the related Mortgaged Property acquired with respect thereto
      has been sold, then the Seller shall pay, in lieu of the Purchase Price, any
      excess of the Purchase Price over the Net Liquidation Proceeds received upon
      such sale. 

    

    
      
        
        

      

      
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    (c) The
      Purchase Price or Repurchase Price (as defined in the related Purchase
      Agreement) for a Mortgage Loan purchased or repurchased under this Section
      2.03
      or such other amount due shall be deposited in the Distribution Account on
      or
      prior to the next Determination Date after the Seller’s or the related
      Originator’s obligation to repurchase such Mortgage Loan arises. The Trustee,
      upon receipt of written certification from the Seller or the related Originator
      of the related deposit in the Distribution Account, shall cause the related
      Custodian to release to the Seller or the related Originator, as applicable,
      the
      related Mortgage File and shall execute and deliver such instruments of transfer
      or assignment, in each case without recourse, as the Seller or the related
      Originator, as applicable, shall furnish to it and as shall be necessary to
      vest
      in the Seller or the related Originator, as applicable, any Mortgage Loan
      released pursuant hereto and the Trustee and the related Custodian shall have
      no
      further responsibility with regard to such Mortgage File (it being understood
      that the Trustee and the related Custodian shall have no responsibility for
      determining the sufficiency of such assignment for its intended purpose). In
      lieu of repurchasing any such Mortgage Loan as provided above, the Seller may
      cause such Mortgage Loan to be removed from the Trust Fund (in which case it
      shall become a Deleted Mortgage Loan) and substitute one or more Qualified
      Substitute Mortgage Loans in the manner and subject to the limitations set
      forth
      in Section 2.03(e) below. It is understood and agreed that the obligation of
      the
      Seller to cure or to repurchase or to substitute for (or, with respect to any
      costs and damages incurred by the Trust Fund in connection with any violation
      of
      any anti-predatory or anti-abusive lending laws, indemnify for) any Mortgage
      Loan as to which a document is missing, a material defect in a constituent
      document exists or as to which such a breach has occurred and is continuing
      shall constitute the sole remedy against the Seller respecting such omission,
      defect or breach available to the Trustee on behalf of the
      Certificateholders.

    

    (d) Notwithstanding
      anything to the contrary set forth above, with respect to any breach by the
      Seller of a representation or warranty made by the Seller herein or in the
      Mortgage Loan Purchase Agreement that materially and adversely affects the
      value
      of a Mortgage Loan or the Mortgage Loans or the interest therein of the
      Certificateholders, if the Seller would not be in breach of such representation
      or warranty but for a breach by an Originator of a representation and warranty
      made by such Originator in any Servicing Agreement, then the Originator
      thereunder, in the manner and to the extent set forth therein, and not the
      Seller, shall be required to remedy such breach. In
      addition to such repurchase or substitution obligation, the Seller shall
      indemnify the Trust Fund and hold it harmless against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary 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 Seller’s representations and warranties contained in Section
      2.04.

    

    
      
        
        

      

      
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    (e) If
      pursuant to the provisions of Section 2.03(b), the Seller repurchases or
      otherwise removes from the Trust Fund a Mortgage Loan that is a MERS Mortgage
      Loan, the Seller shall take (or shall cause the applicable Servicer to take),
      at
      the expense of the Seller (with the cooperation of the Depositor, the Trustee
      and the Master Servicer), such actions as are necessary either (i) cause MERS
      to
      execute and deliver an Assignment of Mortgage in recordable form to transfer
      the
      Mortgage from MERS to the Seller and shall cause such Mortgage to be removed
      from registration on the MERS® System in accordance with MERS’ rules and
      regulations or (ii) cause MERS to designate on the MERS® System the Seller or
      its designee as the beneficial holder of such Mortgage Loan. In order to
      facilitate the discovery of any materially defective document in, or that a
      document is missing from, a Mortgage File or of the breach by the related
      Originator of any representation, warranty or covenant under the related
      Purchase Agreement in respect of any Mortgage Loan which materially adversely
      affects the value of that Mortgage Loan or the interest therein of the
      Certificateholders, the Depositor shall have the right to request from the
      related Originator on behalf of the Trust Fund, a copy of the Mortgage File
      (including any documents related thereto, such as payment histories, collection
      screens and payoff amounts), or if any portion of copy of such Mortgage File
      is
      being held by the related Servicer or the related Custodian, from such Servicer
      or such Custodian, as applicable, and the related Originator, Servicer or
      Custodian are hereby authorized to deliver such file to the
      Depositor.

    

    (f) [Reserved].

    

    (g) Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) above must be effected prior to the last
      Business Day that is within two years after the Closing Date. With respect
      to
      any Deleted Mortgage Loan for which the Seller substitutes a Qualified
      Substitute Mortgage Loan or Loans, such substitution shall be effected by the
      Seller delivering to the related Custodian on behalf of the Trustee, for such
      Qualified Substitute Mortgage Loan or Loans, the Mortgage Note, the Mortgage,
      the Assignment to the Trustee, and such other documents and agreements, with
      all
      necessary endorsements thereon, as are required by Section 2.01 hereof, together
      with an Officers’ Certificate stating that each such Qualified Substitute
      Mortgage Loan satisfies the definition thereof and specifying the Substitution
      Adjustment (as described below), if any, in connection with such substitution;
      provided,
      however,
      that, in
      the case of any Qualified Substitute Mortgage Loan that is a MERS Mortgage
      Loan,
      the Seller shall provide such documents and take such other action with respect
      to such Qualified Substitute Mortgage Loans as are required pursuant to Section
      2.01 hereof. The Custodians on behalf of the Trustee shall acknowledge receipt
      for such Qualified Substitute Mortgage Loan or Loans and, within five Business
      Days thereafter, shall review such documents as specified in Section 2.02 hereof
      and deliver to the related Servicer, with respect to such Qualified Substitute
      Mortgage Loan or Loans, a certification substantially in the form attached
      hereto as Exhibit G-2, with any exceptions noted thereon. Within 180 days of
      the
      date of substitution, the Custodians on behalf of the Trustee shall deliver
      to
      the Seller and the Master Servicer a certification substantially in the form
      of
      Exhibit G-3 hereto with respect to such Qualified Substitute Mortgage Loan
      or
      Loans, with any exceptions noted thereon. Monthly Payments due with respect
      to
      Qualified Substitute Mortgage Loans in the month of substitution are not part
      of
      the Trust Fund and will be retained by the Seller. For the month of
      substitution, distributions to Certificateholders will reflect the collections
      and recoveries in respect of such Deleted Mortgage Loan in the Due Period
      preceding the month of substitution and the Depositor or the Seller, as the
      case
      may be, shall thereafter be entitled to retain all amounts subsequently received
      in respect of such Deleted Mortgage Loan. The Seller shall give or cause to
      be
      given written notice to the Certificateholders that such substitution has taken
      place, shall amend the Mortgage Loan Schedule to reflect the removal of such
      Deleted Mortgage Loan from the terms of this Agreement and the substitution
      of
      the Qualified Substitute Mortgage Loan or Loans and shall deliver a copy of
      such
      amended Mortgage Loan Schedule to the Trustee, the Master Servicer and the
      Securities Administrator. Upon such substitution, such Qualified Substitute
      Mortgage Loan or Loans shall constitute part of the Trust Fund and shall be
      subject in all respects to the terms of this Agreement and, in the case of
      a
      substitution effected by the Seller, the Mortgage Loan Purchase Agreement,
      including, in the case of a substitution effected by the Seller all
      representations and warranties thereof included in the Mortgage Loan Purchase
      Agreement and all representations and warranties thereof set forth in Section
      2.04 hereof, in each case as of the date of substitution.

    

    
      
        
        

      

      
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    For
      any
      month in which the Seller substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Seller shall determine, and
      provide written certification to the Trustee and the Seller as to, the amount
      (each, a “Substitution
      Adjustment”),
      if
      any, by which the aggregate Purchase Price of all such Deleted Mortgage Loans
      exceeds the aggregate, as to each such Qualified Substitute Mortgage Loan,
      of
      the principal balance thereof as of the date of substitution, together with
      one
      month’s interest on such principal balance at the applicable Net Loan Rate. On
      or prior to the next Determination Date after the Seller’s obligation to
      repurchase the related Deleted Mortgage Loan arises, the Seller will deliver
      or
      cause to be delivered to the Securities Administrator for deposit in the
      Distribution Account an amount equal to the related Substitution Adjustment,
      if
      any, and the Custodians on behalf of the Trustee, upon receipt of the related
      Qualified Substitute Mortgage Loan or Loans and a written certification from
      the
      Seller of its remittance of the deposit to the Distribution Account, shall
      release to the Seller the related Mortgage File or Files and shall execute
      and
      deliver such instruments of transfer or assignment, in each case without
      recourse, as the Seller shall deliver to it and as shall be necessary to vest
      therein any Deleted Mortgage Loan released pursuant hereto.

    

    In
      addition, the Seller shall obtain at its own expense and deliver to the NIMS
      Insurer and the Trustee an Opinion of Counsel to the effect that such
      substitution (either specifically or as a class of transactions) will not cause
      an Adverse REMIC Event. If such Opinion of Counsel cannot be delivered, then
      such substitution may only be effected at such time as the required Opinion
      of
      Counsel can be given.

    

    
      
        
        

      

      
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    (h) Upon
      discovery by the Seller, the Master Servicer, the Depositor or the Trustee
      that
      any Mortgage Loan does not constitute a “qualified mortgage” within the meaning
      of Section 860G(a)(3) of the Code, the party discovering such fact shall within
      two Business Days give written notice thereof to the other parties. In
      connection therewith, the Seller shall repurchase or, subject to the limitations
      set forth in Section 2.03(e), substitute one or more Qualified Substitute
      Mortgage Loans for the affected Mortgage Loan within 90 days of the earlier
      of
      discovery or receipt of such notice with respect to such affected Mortgage
      Loan.
      Any such repurchase or substitution shall be made in the same manner as set
      forth in Section 2.03(b) above, if made by the Seller. The Trustee shall
      reconvey to the Seller the Mortgage Loan to be released pursuant hereto in
      the
      same manner, and on the same terms and conditions, as it would a Mortgage Loan
      repurchased for breach of a representation or warranty.

    

    (i) Notwithstanding
      the foregoing, 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 Originator under the applicable Purchase Agreement and (ii)
      a
      representation or warranty of the Seller under this Agreement, in each case,
      which materially adversely affects the value of such Mortgage Loan or the
      interest therein of the Certificateholders, the Securities Administrator shall
      first request that the Originator cure such breach or repurchase such Mortgage
      Loan and if the Originator fails to cure such breach or repurchase such Mortgage
      Loan within 60 days of receipt of such request from the Securities
      Administrator, the Securities Administrator shall then request that the Seller
      cure such breach or repurchase such Mortgage Loans.

    

    
      	 	
              SECTION
                2.04.

            	
              Representations
                and Warranties of the Seller with Respect to the Mortgage
                Loans.

            

    

    

    The
      Seller hereby makes the following representations and warranties to the Trustee
      on behalf of the Certificateholders as of the Closing Date with respect to
      the
      Initial Mortgage Loans and as of the applicable Subsequent Transfer Date with
      respect to any Subsequent Mortgage Loan:

    

    (i) Any
      and
      all requirements of any federal, state or local law including, without
      limitation, usury, truth in lending, real estate settlement procedures,
      predatory and abusive lending, consumer credit protection, equal credit
      opportunity, fair housing or disclosure laws applicable to the origination
      and
      servicing of mortgage loans of a type similar to the Mortgage Loans at
      origination have been complied with;

    

    (ii) No
      Mortgage Loan is (a)(1) subject to the provisions of the Homeownership and
      Equity Protection Act of 1994 as amended (“HOEPA”) or (2) has an annual
      percentage rate (“APR”) or total points and fees that are equal to or exceeds
      the HOEPA thresholds (as defined in 12 C.F.R. 226.32 (a)(1)(i) and (ii)), (b)
      a
“high cost” mortgage loan, “covered” mortgage loan, “high risk home” mortgage
      loan, or “predatory” mortgage loan or any other comparable term, no matter how
      defined under any federal, state or local law, (c) subject to any comparable
      federal, state or local statutes or regulations, or any other statute or
      regulation providing for assignee liability to holders of such mortgage loans,
      or (d) a High Cost Loan or Covered Loan, as applicable (as such terms are
      defined in the then current Standard & Poor’s LEVELS® Glossary Revised,
      Appendix E). In addition, no Mortgage Loan originated on or after October 1,
      2002, through March 6, 2003, is governed by the Georgia Fair Lending Act;

    

    
      
        
        

      

      
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    (iii) With
      respect to each representation and warranty with respect to any Mortgage Loan
      made by the related Originator in the related Purchase Agreement that is made
      as
      of the related Closing Date (as defined in the related Purchase Agreement),
      to
      the Seller’s knowledge, no event has occurred since the related Closing Date (as
      defined in the related Purchase Agreement) that would render such
      representations and warranties to be untrue in any material respect as of the
      Closing Date; and

    

    (iv) Each
      Group 1 Mortgage Loan has an original principal balance that conforms to Freddie
      Mac guidelines in effect as of the Closing Date.

    

    With
      respect to the representations and warranties in this Section 2.04 that are
      made
      to the best of the Seller’s knowledge or as to which the Seller has no
      knowledge, if it is discovered by the Depositor, the Seller, the Master Servicer
      or the Trustee that the substance of such representation and warranty is
      inaccurate and such inaccuracy materially and adversely affects the value of
      the
      related Mortgage Loan or the interest therein of the Certificateholders then,
      notwithstanding the Seller’s lack of knowledge with respect to the substance of
      such representation and warranty being inaccurate at the time the representation
      or warranty was made, such inaccuracy shall be deemed a breach of the applicable
      representation or warranty.

    

    It
      is
      understood and agreed that the representations and warranties incorporated
      in
      this Section 2.04 shall survive delivery of the Mortgage Files to the Trustee
      and shall inure to the benefit of the Certificateholders notwithstanding any
      restrictive or qualified endorsement or assignment. Upon discovery by any of
      the
      Depositor, the Seller, the Master Servicer or the Trustee of a breach of any
      of
      the foregoing representations and warranties which materially and adversely
      affects the value of any Mortgage Loan or the interests therein of the
      Certificateholders, the party discovering such breach shall give prompt written
      notice to the other parties, and in no event later than two Business Days from
      the date of such discovery. It is understood and agreed that the obligations
      of
      the Seller set forth in Section 2.03(a) hereof to cure, substitute for or
      repurchase (or, with respect to any costs and damages incurred by the trust
      fund
      in connection with any violation of any anti-predatory or anti-abusive lending
      laws, indemnify for) a related Mortgage Loan pursuant to the Mortgage Loan
      Purchase Agreement constitute the sole remedies available to the
      Certificateholders, any NIMS Insurer or to the Trustee on their behalf
      respecting a breach of the representations and warranties incorporated in this
      Section 2.04.

    

    SECTION
      2.05. [Reserved].

    

    SECTION
      2.06. Representations
      and Warranties of the Depositor.

    

    The
      Depositor represents and warrants to the Trust Fund, any NIMS Insurer and the
      Trustee on behalf of the Certificateholders as follows:

    

    (i) this
      agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general an except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

    

    
      
        
        

      

      
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    (ii) immediately
      prior to the sale and assignment by the Depositor to the Trustee on behalf
      of
      the Trust Fund of each Mortgage Loan, the Depositor had good and marketable
      title to each Mortgage Loan (insofar as such title was conveyed to it by the
      Seller) subject to no prior lien, claim, participation interest, mortgage,
      security interest, pledge, charge or other encumbrance or other interest of
      any
      nature;

    

    (iii) as
      of the
      Closing Date, the Depositor has transferred all right, title and interest in
      the
      Mortgage Loans to the Trustee on behalf of the Trust Fund;

    

    (iv) the
      Depositor has not transferred the Mortgage Loans to the Trustee on behalf of
      the
      Trust Fund with any intent to hinder, delay or defraud any of its creditors;
      

    

    (v) the
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of Delaware, with full corporate power and
      authority to own its assets and conduct its business as presently being
      conducted;

    

    (vi) the
      Depositor is not in violation of its certificate of incorporation or by-laws
      or
      in default in the performance or observance of any material obligation,
      agreement, covenant or condition contained in any contract, indenture, mortgage,
      loan agreement, note, lease or other instrument to which the Depositor is a
      party or by which it or its properties may be bound, which default might result
      in any material adverse changes in the financial condition, earnings, affairs
      or
      business of the Depositor or which might materially and adversely affect the
      properties or assets, taken as a whole, of the Depositor;

    

    (vii) the
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated hereby, do not and will not result
      in a material breach or violation of any of the terms or provisions of, or,
      to
      the knowledge of the Depositor, constitute a default under, any indenture,
      mortgage, deed of trust, loan agreement or other agreement or instrument to
      which the Depositor is a party or by which the Depositor is bound or to which
      any of the property or assets of the Depositor is subject, nor will such actions
      result in any violation of the provisions of the certificate of incorporation
      or
      by-laws of the Depositor or, to the best of the Depositor’s knowledge without
      independent investigation, any statute or any order, rule or regulation of
      any
      court or governmental agency or body having jurisdiction over the Depositor
      or
      any of its properties or assets (except for such conflicts, breaches, violations
      and defaults as would not have a material adverse effect on the ability of
      the
      Depositor to perform its obligations under this Agreement);

    

    (viii) to
      the
      best of the Depositor’s knowledge without any independent investigation, no
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States or any other
      jurisdiction is required for the issuance of the Certificates, or the
      consummation by the Depositor of the other transactions contemplated by this
      Agreement, except such consents, approvals, authorizations, registrations or
      qualifications as (a) may be required under State securities or “blue sky” laws,
      (b) have been previously obtained or (c) the failure of which to obtain would
      not have a material adverse effect on the performance by the Depositor of its
      obligations under, or the validity or enforceability of, this Agreement;
      and

    

    
      
        
        

      

      
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    (ix) there
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; or (d) which might materially and adversely affect the performance
      by the Depositor of its obligations under, or the validity or enforceability
      of,
      this Agreement.

    

    SECTION
      2.07. Issuance
      of Certificates.

    

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to it or to the related Custodian of the Mortgage Files, subject to the
      provisions of Sections 2.01 and 2.02 hereof, together with the assignment
      to it of all other assets included in the Trust Fund, receipt of which is hereby
      acknowledged. Concurrently with such assignment and delivery and in exchange
      therefor, the Securities Administrator, pursuant to the written request of
      the
      Depositor executed by an officer of the Depositor, has caused to be executed,
      authenticated and delivered to or upon the order of the Depositor, the
      Certificates in authorized denominations. The interests evidenced by the
      Certificates constitute the entire beneficial ownership interest in the Trust
      Fund.

    

    SECTION
      2.08. Representations
      and Warranties of the Seller.

    

    The
      Seller hereby represents and warrants to the Trustee on behalf of the
      Certificateholders that, as of the Closing Date or as of such date specifically
      provided herein:

    

    (i) The
      Seller is duly organized, validly existing and in good standing and has the
      power and authority to own its assets and to transact the business in which
      it
      is currently engaged. The Seller is duly qualified to do business and is in
      good
      standing in each jurisdiction in which the character of the business transacted
      by it or properties owned or leased by it requires such qualification and in
      which the failure to so qualify would have a material adverse effect on (a)
      its
      business, properties, assets or condition (financial or other), (b) the
      performance of its obligations under this Agreement, or (c) the value or
      marketability of the Mortgage Loans.

    

    (ii) The
      Seller has the power and authority to make, execute, deliver and perform this
      Agreement and to consummate all of the transactions contemplated hereunder
      and
      has taken all necessary action to authorize the execution, delivery and
      performance of this Agreement which is part of its official records. When
      executed and delivered, this Agreement will constitute the Seller’s legal, valid
      and binding obligations enforceable in accordance with its terms, except as
      enforcement of such terms may be limited by (1) bankruptcy, insolvency,
      reorganization, receivership, moratorium or similar laws affecting the
      enforcement of creditors’ rights generally and the rights of creditors of
      federally insured financial institutions and by the availability of equitable
      remedies, (2) general equity principles (regardless of whether such enforcement
      is considered in a proceeding in equity or at law) or (3) public policy
      considerations underlying the securities laws, to the extent that such policy
      considerations limit the enforceability of the provisions of this Agreement
      which purport to provide indemnification from securities laws
      liabilities.

    

    
      
        
        

      

      
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    (iii) The
      Seller holds all necessary licenses, certificates and permits from all
      governmental authorities necessary for conducting its business as it is
      currently conducted. It is not required to obtain the consent of any other
      party
      or any consent, license, approval or authorization from, or registration or
      declaration with, any governmental authority, bureau or agency in connection
      with the execution, delivery, performance, validity or enforceability of this
      Agreement, except for such consents, licenses, approvals or authorizations,
      or
      registrations or declarations as shall have been obtained or filed, as the
      case
      may be, prior to the Closing Date.

    

    (iv) The
      execution, delivery and performance of this Agreement by the Seller will not
      conflict with or result in a breach of, or constitute a default under, any
      provision of any existing law or regulation or any order or decree of any court
      applicable to the Seller or any of its properties or any provision of its
      articles of incorporation, charter or by-laws, or constitute a material breach
      of, or result in the creation or imposition of any lien, charge or encumbrance
      upon any of its properties pursuant to any mortgage, indenture, contract or
      other agreement to which it is a party or by which it may be bound.

    

    (v) No
      certificate of an officer, written statement or written report delivered
      pursuant to the terms hereof of the Seller contains any untrue statement of
      a
      material fact or omits to state any material fact necessary to make the
      certificate, statement or report not misleading.

    

    (vi) The
      transactions contemplated by this Agreement are in the ordinary course of the
      Seller’s business.

    

    (vii) The
      Seller is not insolvent, nor will the Seller be made insolvent by the transfer
      of the Mortgage Loans to the Depositor, nor is the Seller aware of any pending
      insolvency of the Seller.

    

    (viii) The
      Seller is not in violation of, and the execution and delivery of this Agreement
      by the Seller and its performance and compliance with the terms of this
      Agreement will not constitute a violation with respect to, any order or decree
      of any court, or any order or regulation of any federal, state, municipal or
      governmental agency having jurisdiction, which violation would materially and
      adversely affect the Seller’s financial condition (financial or otherwise) or
      operations, or materially and adversely affect the performance of any of its
      duties hereunder.

    

    (ix) There
      are
      no actions or proceedings against the Seller, or pending or, to its knowledge,
      threatened, before any court, administrative agency or other tribunal; nor,
      to
      the Seller’s knowledge, are there any investigations (i) that, if determined
      adversely, would prohibit the Seller from entering into this Agreement, (ii)
      seeking to prevent the consummation of any of the transactions contemplated
      by
      this Agreement or (iii) that, if determined adversely, would prohibit or
      materially and adversely affect the Seller’s ability to perform any of its
      respective obligations under, or the validity or enforceability of, this
      Agreement.

    

    
      
        
        

      

      
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    (x) The
      Seller did not transfer the Mortgage Loans to the Depositor with any intent
      to
      hinder, delay or defraud any of its creditors.

    

    (xi) The
      Seller acquired title to the Mortgage Loans in good faith, without notice of
      any
      adverse claims.

    

    (xii) The
      transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
      by
      the Seller to the Depositor are not subject to the bulk transfer laws or any
      similar statutory provisions in effect in any applicable
      jurisdiction.

    

    SECTION
      2.09. Covenants
      of the Seller. 

    

    The
      Seller hereby covenants that, except for the transfer hereunder, the Seller
      will
      not sell, pledge, assign or transfer to any other Person, or grant, create,
      incur, assume or suffer to exist any lien on any Mortgage Loan, or any interest
      therein; the Seller will notify the Trustee, as assignee of the Depositor and
      the Master Servicer of the existence of any lien on any Mortgage Loan
      immediately upon discovery thereof, and the Seller will defend the right, title
      and interest of the Trustee, as assignee of the Depositor, in, to and under
      the
      Mortgage Loans, against all claims of third parties claiming through or under
      the Seller; provided,
      however,
      that
      nothing in this Section 2.09 shall prevent or be deemed to prohibit the Seller
      from suffering to exist upon any of the Mortgage Loans any liens for municipal
      or other local taxes and other governmental charges if such taxes or
      governmental charges shall not at the time be due and payable or if the Seller
      shall currently be contesting the validity thereof in good faith by appropriate
      proceedings and shall have set aside on its books adequate reserves with respect
      thereto. The Seller shall, within 30 days after the Closing Date, provide the
      Master Servicer, the Securities Administrator, the Trustee, the Servicer and
      the
      Depositor a complete list of each party to the HarborView Mortgage Loan Trust
      2007-6 transaction.

    

    ARTICLE
      III

    

    ADMINISTRATION
      AND MASTER SERVICING OF THE MORTGAGE LOANS; CREDIT RISK MANAGER

    

    SECTION
      3.01. Master
      Servicer to Service and Administer the Mortgage Loans. 

    

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicers to service and administer their respective Mortgage Loans in
      accordance with the terms of the applicable Servicing Agreement and shall have
      full power and authority to do any and all things which it may deem necessary
      or
      desirable in connection with such master servicing and administration. In
      performing its obligations hereunder, the Master Servicer shall act in a manner
      consistent with Accepted Master Servicing Practices. Furthermore, the Master
      Servicer shall oversee and consult with each Servicer as necessary from
      time-to-time to carry out the Master Servicer’s obligations hereunder, shall
      receive, review and evaluate all reports, information and other data provided
      to
      the Master Servicer by each Servicer and shall cause each Servicer to perform
      and observe the covenants, obligations and conditions to be performed or
      observed by such Servicer under the applicable Servicing Agreement.
      Notwithstanding anything in this Agreement, the Servicing Agreements or the
      Credit Risk Management Agreements to the contrary, the Master Servicer shall
      have no duty or obligation to enforce the Credit Risk Management Agreements
      or
      to supervise, monitor or oversee the activities of the Servicers under the
      related Credit Risk Management Agreements with respect to any action taken
      or
      not taken by the applicable Servicer at the direction of the Seller or pursuant
      to a recommendation of the Credit Risk Manager. The Master Servicer shall
      independently and separately monitor each Servicer’s servicing activities with
      respect to each related Mortgage Loan, reconcile the results of such monitoring
      with such information provided in the previous sentence on a monthly basis
      and
      coordinate corrective adjustments to the Servicers’ and Master Servicer’s
      records, and provide such reconciled and corrected information to the Securities
      Administrator to enable it to prepare the statements specified in Section 5.04
      and any other information and statements required of the Securities
      Administrator hereunder.

    

    
      
        
        

      

      
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    The
      Trustee shall furnish the Servicers and the Master Servicer with any limited
      powers of attorney and other documents in form acceptable to the Trustee,
      necessary or appropriate to enable the Servicers and the Master Servicer to
      service and administer the related Mortgage Loans and REO Property, which
      limited powers of attorney shall provide that the Trustee will not be liable
      for
      the actions or omissions of the Servicers or Master Servicer in exercising
      such
      powers. 

    

    The
      Master Servicer shall not without the Trustee’s written consent (i) initiate any
      action, suit or proceeding solely under the Trustee’s name without indicating
      the Master Servicer’s representative capacity or (ii) take any action with the
      intent to cause, and which actually does cause, the Trustee to be registered
      to
      do business in any state. 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.

    

    The
      Trustee shall provide access to the records and documentation in possession
      of
      the Trustee (including in its capacity as a Custodian hereunder) regarding
      the
      related Mortgage Loans and REO Property and the servicing thereof to the
      Certificateholders, the FDIC, and the supervisory agents and examiners of the
      FDIC, such access being afforded only upon reasonable prior written request
      and
      during normal business hours at the office of the Trustee; provided,
      however,
      that,
      unless otherwise required by law, the Trustee shall not be required to provide
      access to such records and documentation if the provision thereof would violate
      the legal right to privacy of any Mortgagor. The Trustee shall allow
      representatives of the above entities to photocopy any of the records and
      documentation and shall provide equipment for that purpose at a charge that
      covers the Trustee’s actual costs.

    

    The
      Trustee, upon written request of the related Servicer or the Master Servicer,
      as
      applicable, shall execute and deliver to the related Servicer and the Master
      Servicer any court pleadings, requests for trustee’s sale or other documents
      necessary or desirable to (i) the foreclosure or trustee’s sale with respect to
      a Mortgaged Property; (ii) any legal action brought to obtain judgment against
      any Mortgagor on the Mortgage Note or Mortgage; (iii) obtain a deficiency
      judgment against the Mortgagor; or (iv) enforce any other rights or remedies
      provided by the Mortgage Note or Mortgage or otherwise available at law or
      equity.

    

    
      
        
        

      

      
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    SECTION
      3.02. REMIC-Related
      Covenants.

    

    For
      as
      long as each REMIC created hereunder shall exist, the Trustee and the Securities
      Administrator shall act in accordance herewith to treat each such REMIC as
      a
      REMIC, and the Trustee and the Securities Administrator shall comply with any
      directions of the Depositor, the related Servicer or the Master Servicer to
      assure such continuing treatment. In particular, the Trustee, the Securities
      Administrator and the Master Servicer shall not (a) sell or knowingly permit
      the
      sale of all or any portion of the Mortgage Loans or of any investment of
      deposits in an Account unless such sale is as a result of a repurchase of the
      Mortgage Loans or is otherwise permitted pursuant to this Agreement or any
      Servicing Agreement or the Trustee has received a REMIC Opinion prepared at
      the
      expense of the Trust Fund; and (b) other than with respect to a substitution
      pursuant to the Mortgage Loan Purchase Agreement or Section 2.03 or 2.04 of
      this
      Agreement or as otherwise provided in this Agreement or any Servicing Agreement,
      as applicable, accept any contribution to any REMIC after the Startup Day
      without receipt of a REMIC Opinion.

    

    SECTION
      3.03. Monitoring
      of Servicers.

    

    (a) The
      Master Servicer shall be responsible for reporting to the Trustee (on behalf
      of
      the Trust Fund) and the Depositor the compliance by each Servicer with its
      duties under the related Servicing Agreement. In the review of each Servicer’s
      activities, the Master Servicer may rely upon an officer’s certificate of the
      Servicer with regard to such Servicer’s compliance with the terms of its
      Servicing Agreement. In the event that the Master Servicer, in its judgment,
      determines that a Servicer should be terminated in accordance with its Servicing
      Agreement, or that a notice should be sent pursuant to such Servicing Agreement
      with respect to the occurrence of an event that, unless cured, would constitute
      grounds for such termination, the Master Servicer shall notify the Depositor
      and
      the Trustee thereof, and with respect to the SRO Servicer, the Master Servicer
      shall also notify the Servicing Rights Owner, and the Master Servicer shall
      issue such notice or take such other action as it deems appropriate with Section
      3.03(b) or, with respect to the SRO Servicer, Section 3.03(f)
      below.

    

    (b) The
      Master Servicer, for the benefit of the Trust Fund, any NIMS Insurer and the
      Certificateholders, shall (acting as agent of the Trust Fund when enforcing
      the
      Trust Fund’s rights under each Servicing Agreement) (i) enforce the obligations
      of each Servicer under the related Servicing Agreement, and (ii) in the event
      that a Servicer fails to perform its obligations in accordance with the related
      Servicing Agreement, subject to the preceding paragraph, terminate the rights
      and obligations of such Servicer thereunder and act as servicer of the related
      Mortgage Loans or enter into a new Servicing Agreement with a successor Servicer
      selected by the Master Servicer which the Master Servicer shall cause the
      Trustee to acknowledge; provided,
      however,
      it is
      understood and acknowledged by the parties hereto that there will be a period
      of
      transition (not to exceed 90 days) before the actual servicing functions can
      be
      fully transferred to such 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 except as provided below, provided
      that the
      Master Servicer shall not be required to prosecute or defend any legal action
      except to the extent that the Master Servicer shall have received reasonable
      indemnity for its costs and expenses in pursuing such action from the Trust
      Fund.

    

    
      
        
        

      

      
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    (c) To
      the
      extent that the costs and expenses of the Master Servicer related to any
      termination of a Servicer, appointment of a successor Servicer or the transfer
      and assumption of servicing by the Master Servicer or a successor Servicer
      with
      respect to any Servicing Agreement (including, without limitation, (i) all
      reasonable legal costs and expenses and all due diligence costs and expenses
      associated with an evaluation of the potential termination of the Servicer
      as a
      result of an event of default by such Servicer and (ii) all reasonable costs
      and
      expenses associated with the complete transfer of servicing, including all
      servicing files and all servicing data and the completion, correction or
      manipulation of such servicing data as may be required by the successor servicer
      to correct any errors or insufficiencies in the servicing data or otherwise
      to
      enable the successor servicer to service the Mortgage Loans in accordance with
      the related Servicing Agreement) are not fully and timely reimbursed by the
      terminated Servicer, or with respect to any terminated SRO Servicer, are not
      fully and timely reimbursed by the terminated SRO Servicer (or, solely with
      respect to a termination of any SRO Servicer without cause, the Servicing Rights
      Owner), the Master Servicer shall be entitled to reimbursement of such
      reasonable costs and expenses from the Distribution Account.

    

    (d) The
      Master Servicer shall require each Servicer to comply with the remittance
      requirements and other obligations set forth in the related Servicing
      Agreement.

    

    (e) If
      the
      Master Servicer acts as Servicer, it will not assume liability for the
      representations and warranties of the predecessor Servicer, if any, that it
      replaces or for any errors, acts or omissions of such predecessor Servicer
      occurring prior to the termination of such Servicer; provided,
      however,
      the
      Master Servicer shall not be relieved of its liability, if any, as Master
      Servicer under this Section 3.03(e).

    

    (f) Notwithstanding
      anything to the contrary herein, upon the termination of the SRO Servicer for
      any reason whatsoever, the Servicing Rights Owner, as owner of the related
      Servicing Rights, shall at all times have the right to select a successor
      Servicer acceptable to the Master Servicer, which the Master Servicer shall
      appoint, provided
      that
      such servicer is an Acceptable Successor Servicer and that such servicer will
      assume all of the obligations of the terminated Servicer under the related
      Servicing Agreement. The Trustee shall have no duty, and shall not be required,
      to review the terms of such assumption under the Servicing
      Agreement.

    

    (g) It
      is
      understood and acknowledged by the parties hereto that, under the Servicing
      Agreement, the SRO Servicer has the right to resign as a SRO Servicer under
      the
      related Servicing Agreement, provided
      that
      such resignation shall not become effective until (i) the Servicing Rights
      Owner
      has consented to such resignation, and (ii) a successor Servicer is appointed
      which (a) is an Acceptable Successor Servicer and (b) which has assumed all
      of
      the obligations of the terminated Servicer under the related Servicing
      Agreement. Any reasonable costs and expenses of the Master Servicer incurred
      in
      connection with such termination and transfer of servicing shall be paid by
      the
      Servicing Rights Owner.

    

    
      
        
        

      

      
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    (h) It
      is
      understood and acknowledged by the parties hereto that under the Servicing
      Agreement related to the SRO Mortgage Loans, the Servicing Rights Owner has
      the
      right to terminate the SRO Servicer, without cause, as provided and subject
      to
      the limitations of the Servicing Agreement; provided
      that
      such termination shall not become effective until a successor Servicer is
      appointed which (a) is an Acceptable Successor Servicer and (b) which has
      assumed all of the obligations of the terminated Servicer under the related
      Servicing Agreement. Any termination fees owed to the terminated SRO Servicer
      and any reasonable costs and expenses of the Master Servicer incurred in
      connection with such termination and transfer of servicing shall be paid by
      the
      Servicing Rights Owner.

    

    SECTION
      3.04. Fidelity
      Bond.

    

    (a) The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy, affording coverage with
      respect to all directors, officers, employees and other Persons acting on such
      Master Servicer’s behalf, and covering errors and omissions in the performance
      of the Master Servicer’s obligations hereunder. The errors and omissions
      insurance policy and the fidelity bond shall be in such form and amount
      generally acceptable for entities serving as master servicers or trustees.
      The
      Master Servicer shall provide the Trustee and any NIMS Insurer a copy of such
      policy and fidelity bond upon request.

    

    (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 relating to the Mortgage Loans, 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 relating to the Mortgage Loans 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 Securities
      Administrator for deposit into the Distribution 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.

    

    
      
        
        

      

      
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    SECTION
      3.05. Power
      to Act; Procedures.

    

    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, to do any and all things that it may deem necessary or
      desirable in connection with the master 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, the Trust Fund and
      the
      Trustee, customary consents or waivers and other instruments and documents,
      (ii)
      to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds,
      Liquidation Proceeds and Recoveries and (iv) to effectuate, in its own name,
      on
      behalf the Trust Fund, or in the name of the Trust Fund, 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
      Servicing Agreements, as applicable; provided,
      however,
      that
      the Master Servicer shall not (and, consistent with its responsibilities under
      Section 3.03, shall not permit any Servicer to) knowingly or intentionally
      take
      any action, or fail to take (or fail to cause to be taken) any action reasonably
      within its control and the scope of duties more specifically set forth herein,
      that, under the REMIC Provisions, if taken or not taken, as the case may be,
      would result in an Adverse REMIC Event unless the Master Servicer has received
      an Opinion of Counsel (but not at the expense of the Master Servicer) to the
      effect that the contemplated action will not result in an Adverse REMIC Event.
      The Trustee shall furnish the Master Servicer, upon written request from a
      Servicing Officer, with any limited powers of attorney 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 Servicing Agreements and this Agreement, and the Trustee
      shall execute and deliver such other documents, as the Master Servicer may
      request, to enable the Master Servicer to master service and administer the
      Mortgage Loans and carry out its duties hereunder, in each case in accordance
      with Accepted Master Servicing Practices (and the Trustee shall have no
      liability for misuse of any such powers of attorney by the Master Servicer
      or
      any Servicer). In instituting foreclosures or similar proceedings, the Master
      Servicer shall institute such proceedings either in its own name on behalf
      of
      the Trust Fund or in the name of the Trust Fund (or cause a Servicer, pursuant
      to the related Servicing Agreement, to institute such proceedings either in
      the
      name of the Servicer on behalf of the Trust, or in the name of the Trust Fund),
      unless otherwise required by law or otherwise appropriate. 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 Trust Fund or the Trustee on its behalf or that the Trust Fund or the
      Trustee, as applicable, would be adversely affected under the “doing business”
or tax laws of such state if such action is taken in its name, the Master
      Servicer shall join with the Trustee, on behalf of the Trust Fund, in the
      appointment of a co-trustee pursuant to Section 8.10 hereof. In the performance
      of its duties hereunder, the Master Servicer shall be an independent contractor
      and shall not, except in those instances where it is taking action in the name
      of the Trustee, be deemed to be the agent of the Trustee on behalf of the Trust
      Fund.

    

    
      
        
        

      

      
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    SECTION
      3.06. Due-on-Sale
      Clauses; Assumption Agreements.

    

    To
      the
      extent provided in the applicable Servicing Agreement and to the extent Mortgage
      Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause
      the Servicers to enforce such clauses in accordance with the applicable
      Servicing Agreement. If applicable law prohibits the enforcement of a
      due-on-sale clause or such clause is otherwise not enforced in accordance with
      the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
      is
      assumed, the original Mortgagor may be released from liability in accordance
      with the applicable Servicing Agreement.

    

    SECTION
      3.07. Release
      of Mortgage Files.

    

    (a) Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      any Servicer of a notification that payment in full has been escrowed in a
      manner customary for such purposes for payment to Certificateholders on the
      next
      Distribution Date, the applicable Servicer will, if required under the related
      Servicing Agreement, promptly furnish to the applicable Custodian, on behalf
      of
      the Trustee, two copies of a certification substantially in the form of Exhibit
      F hereto signed by a Servicing Officer or in a mutually agreeable electronic
      format which will, in lieu of a signature on its face, originate from a
      Servicing Officer (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 related Servicing Account maintained by the applicable
      Servicer pursuant to Section 4.01 or by the applicable Servicer pursuant to
      its
      Servicing Agreement have been or will be so deposited) and shall request that
      the Trustee (or the related Custodian, on behalf of the Trustee) deliver to
      the
      applicable Servicer the related Mortgage File. Upon receipt of such
      certification and request, the Trustee (or the applicable Custodian, on behalf
      of the Trustee), shall promptly release the related Mortgage File to the
      applicable Servicer and the Trustee (and the Custodians) shall have no further
      responsibility with regard to such Mortgage File. Upon any such payment in
      full,
      each Servicer 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 related Servicing
      Account.

    

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with the applicable Servicing Agreement, the Trustee shall
      execute such documents as shall be prepared and furnished to the Trustee by
      a
      Servicer or the Master Servicer (in form reasonably acceptable to the Trustee)
      and as are necessary to the prosecution of any such proceedings. The Trustee
      (or
      the related Custodian, on behalf of the Trustee), shall, upon the request of
      a
      Servicer or the Master Servicer, and upon delivery to the Trustee (or the
      related Custodian, on behalf of the Trustee) of two copies of a request for
      release signed by a Servicing Officer substantially in the form of Exhibit
      F (or
      in a mutually agreeable electronic format which will, in lieu of a signature
      on
      its face, originate from a Servicing Officer), release the related Mortgage
      File
      held in its possession or control to the Servicer or the Master Servicer, as
      applicable. Such trust receipt shall obligate the Servicer or the Master
      Servicer to return the Mortgage File to the Trustee (or the related Custodian
      on
      behalf of the Trustee) when the need therefor by the Servicer or the Master
      Servicer no longer exists unless the Mortgage Loan shall be liquidated, in
      which
      case, upon receipt of a certificate of a Servicing Officer similar to that
      hereinabove specified, the Mortgage File shall be released by the Trustee (or
      the related Custodian, on behalf of the Trustee), to the Servicer or the Master
      Servicer.

    

    
      
        
        

      

      
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              SECTION
                3.08.

            	
              Documents,
                Records and Funds in Possession of Master Servicer to be Held for
                Trust
                Fund.

            

    

    

    (a) The
      Master Servicer shall transmit and each Servicer (to the extent required by
      the
      related Servicing Agreement) shall transmit to the Trustee (or applicable
      Custodian) such documents and instruments coming into the possession of the
      Master Servicer or such Servicer from time to time as are required by the terms
      hereof or, in the case of the Servicers, by the applicable Servicing Agreement,
      to be delivered to the Trustee (or applicable Custodian). Any funds received
      by
      the Master Servicer or by a Servicer in respect of any Mortgage Loan or which
      otherwise are collected by the Master Servicer or by a Servicer as Liquidation
      Proceeds, Insurance Proceeds or Recoveries in respect of any Mortgage Loan
      shall
      be held for the benefit of the Trust Fund and the Certificateholders, subject
      to
      the Master Servicer’s right to retain or withdraw from the Distribution Account
      the Master Servicing Fee, any additional compensation pursuant to Section 3.14
      and any other amounts provided in this Agreement, and to the right of each
      Servicer to retain its Servicing Fee and any other amounts as provided in the
      applicable Servicing Agreement. The Master Servicer shall, and (to the extent
      provided in the applicable Servicing Agreement) shall cause each Servicer to,
      provide access to information and documentation regarding the Mortgage Loans
      to
      the Trustee, any NIMS Insurer, their agents and accountants at any time upon
      reasonable request and during normal business hours, and to Certificateholders
      that are savings and loan associations, banks or insurance companies, the Office
      of Thrift Supervision, the FDIC and the supervisory agents and examiners of
      such
      Office and Corporation or examiners of any other federal or state banking or
      insurance regulatory authority if so required by applicable regulations of
      the
      Office of Thrift Supervision or other regulatory authority, such access to
      be
      afforded without charge but only upon reasonable request in writing and during
      normal business hours at the offices of the Master Servicer designated by it.
      In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information.

    

    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds, Insurance
      Proceeds or Recoveries, shall be held by the Master Servicer for and on behalf
      of the Trust Fund and the Certificateholders and shall be and remain the sole
      and exclusive property of the Trust Fund; 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.

    

    
      
        
        

      

      
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    SECTION
      3.09. Standard
      Hazard Insurance and Flood Insurance Policies.

    

    (a) For
      each
      Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall enforce
      any obligation of the Servicers under the related Servicing Agreements to
      maintain or cause to be maintained standard fire and casualty insurance and,
      where applicable, flood insurance, all in accordance with the provisions of
      the
      related Servicing Agreements. 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.

    

    (b) Pursuant
      to Sections 4.01 and 4.02, any amounts collected by any Servicer or the Master
      Servicer under any insurance policies (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 Distribution Account, subject to withdrawal pursuant
      to Sections 4.02 and 4.03. 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 Sections 4.02
      and 4.03.

    

    SECTION
      3.10. Presentment
      of Claims and Collection of Proceeds.

    

    The
      Master Servicer shall (to the extent provided in the applicable Servicing
      Agreement) cause the related Servicer to prepare and present on behalf of the
      Trustee, the Trust Fund and the Certificateholders all claims under the
      Insurance Policies 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, bonds or contracts shall be promptly deposited in
      the
      Distribution Account upon receipt, except that any amounts realized that are
      to
      be applied to the repair or restoration of the related Mortgaged Property as
      a
      condition precedent to the presentation of claims on the related Mortgage Loan
      to the insurer under any applicable Insurance Policy need not be so deposited
      (or remitted).

    

    SECTION
      3.11. Maintenance
      of the Primary Insurance Policies.

    

    (a) The
      Master Servicer shall not take, or permit any Servicer (to the extent such
      action is prohibited under the applicable Servicing Agreement) to take, any
      action that would result in noncoverage under any applicable Primary Insurance
      Policy of any loss which, but for the actions of such Master Servicer or
      Servicer, would have been covered thereunder. The Master Servicer shall use
      its
      best reasonable efforts to cause each Servicer (to the extent required under
      the
      related Servicing Agreement) 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 (including any Lender-Paid
      Primary Insurance Policy) in accordance with the provisions of this Agreement
      and the related Servicing Agreement, as applicable. The Master Servicer shall
      not, and shall not permit any Servicer (to the extent required under the related
      Servicing Agreement) to, cancel or refuse to renew any such Primary Insurance
      Policy that is in effect at the date of the initial issuance of the Mortgage
      Note 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.

    

    
      
        
        

      

      
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    (b) The
      Master Servicer agrees to cause each Servicer (to the extent required under
      the
      related Servicing Agreement) to present, on behalf of the Trustee, the Trust
      and
      the Certificateholders, claims to the insurer under any Primary Insurance
      Policies and, in this regard, to take such reasonable action as shall be
      necessary to permit recovery under any Primary Insurance Policies respecting
      defaulted Mortgage Loans. Pursuant to Section 4.01, any amounts collected by
      the
      Servicer under any Primary Insurance Policies shall be remitted to the
      Securities Administrator for deposit in the Distribution Account, subject to
      withdrawal pursuant to Section 4.03.

    

    
      	 	
              SECTION
                3.12.

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            

    

    

    The
      Trustee (or the applicable Custodian, as directed by the Trustee), shall retain
      possession and custody of the originals (to the extent available) of any Primary
      Insurance Policies, or certificate of insurance if applicable and available,
      and
      any certificates of renewal as to the foregoing as may be issued from time
      to
      time as contemplated by this Agreement and which come into its possession.
      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 its Custodian, if any, as directed by the
      Trustee) shall also retain possession and custody of each Mortgage File in
      accordance with and subject to the terms and conditions of this Agreement.
      The
      Master Servicer shall promptly deliver or cause to be delivered to the Trustee
      (or the applicable Custodian, as directed by the Trustee), upon the execution
      or
      receipt thereof the originals of any Primary Insurance Policies, any
      certificates of renewal, and such other documents or instruments that constitute
      portions of the Mortgage File that come into the possession of the Master
      Servicer from time to time.

    

    SECTION
      3.13. Realization
      Upon Defaulted Mortgage Loans.

    

    The
      Master Servicer shall cause each Servicer (to the extent required under the
      related Servicing Agreement) 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.

    

    SECTION
      3.14. Additional
      Compensation to the Master Servicer. 

    

    The
      Master Servicer shall be entitled to receive the Master Servicing Fee and,
      pursuant to Section 4.02(c), certain income and gain realized from any
      investment of funds in the Distribution Account shall be for the benefit of
      the
      Master Servicer as additional compensation. Servicing compensation in the form
      of assumption fees, if any, late payment charges, as collected, if any, or
      otherwise (but, unless otherwise specifically permitted in the applicable
      Servicing Agreement, not including any Prepayment Penalty Amounts) shall be
      retained by the applicable Servicer, or the Master Servicer, and shall not
      be
      deposited in the related Servicing Account or the Distribution
      Account. 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. The amount of
      the
      aggregate compensation payable as set forth in this Section 3.14 plus the Master
      Servicing Fee due to the Master Servicer in respect of any Distribution Date
      shall be reduced in accordance with Section 5.06.

    

    
      
        
        

      

      
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    SECTION
      3.15. REO
      Property.

    

    (a) In
      the
      event the Trust Fund (or the Trustee, on behalf of the Trust), acquires
      ownership of any REO Property in respect of any related Mortgage Loan, the
      deed
      or certificate of sale shall be issued to the Trust Fund, or if required under
      applicable law, to the Trustee, or to its nominee, on behalf of the Trust Fund.
      The Master Servicer shall, to the extent provided in the applicable Servicing
      Agreement, cause the applicable Servicer to sell any REO Property as
      expeditiously as possible (and in no event later than three years after
      acquisition) and in accordance with the provisions of this Agreement and the
      related Servicing Agreement, as applicable. Pursuant to its efforts to sell
      such
      REO Property, the Master Servicer shall cause the applicable Servicer to protect
      and conserve such REO Property in the manner and to the extent required by
      the
      applicable Servicing Agreement, in accordance with the REMIC Provisions and
      in a
      manner that does not result in a tax on “net income from foreclosure property”
or cause such REO Property to fail to qualify as “foreclosure property” within
      the meaning of Section 860G(a)(8) of the Code.

    

    (b) The
      Master Servicer shall, to the extent required by the related Servicing
      Agreement, cause the applicable Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the related
      Servicing Account.

    

    (c) The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Advances and other unreimbursed advances as well as any unpaid Servicing Fees
      from Liquidation Proceeds received in connection with the final disposition
      of
      such REO Property; provided
      that any
      such unreimbursed Advances as well as any unpaid Servicing Fees may be
      reimbursed or paid, as the case may be, prior to final disposition, out of
      any
      net rental income or other net amounts derived from such REO
      Property.

    

    (d) To
      the
      extent provided in the related Servicing Agreement, 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
      related Servicing Account on or prior to the applicable Determination Date
      in
      the month following receipt thereof and be remitted by wire transfer in
      immediately available funds to the Master Servicer for deposit into the
      Distribution Account on the next succeeding Servicer Remittance
      Date.

    

    
      
        
        

      

      
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    SECTION
      3.16. Assessments
      of Compliance and Attestation Reports.

    

    (a) Assessments
      of Compliance.

    

    (i) By
      March
      10 (with a 5 calendar day cure period) of each year, commencing in March 2008,
      the Master Servicer, the Securities Administrator and the Trustee, in its
      capacity as Custodian, each at its own expense, shall furnish, and each such
      party shall cause any Servicing Function Participant engaged by it to furnish
      or
      otherwise make available, each at its own expense, to the Securities
      Administrator and the Depositor (provided
      that the
      Master Servicer shall furnish copies of each such report received by it from
      the
      Servicers to the Depositor), a report on an assessment of compliance with the
      Relevant Servicing Criteria that contains (A) a statement by such party of
      its
      responsibility for assessing compliance with the Relevant Servicing Criteria,
      (B) a statement that such party used the Servicing Criteria to assess compliance
      with the Relevant Servicing Criteria, (C) such party’s assessment of compliance
      with the Relevant Servicing Criteria as of and for the fiscal year covered
      by
      the Form 10-K required to be filed pursuant to Section 3.19(b) and for each
      fiscal year thereafter, whether or not a Form 10-K is required to be filed,
      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) No
      later
      than the end of each fiscal year for the Trust Fund for which a Form 10-K is
      required to be filed, the Master Servicer and the Trustee, in its capacity
      as
      Custodian, shall each forward to the Securities Administrator and the Depositor
      the name of each Servicing Function Participant engaged by it and what Relevant
      Servicing Criteria will be addressed in the report on assessment of compliance
      prepared by such Servicing Function Participant (provided,
      however,
      that
      the Master Servicer need not provide such information to the Securities
      Administrator so long as the Master Servicer and Securities Administrator are
      the same Person). When the Master Servicer, the Trustee, in its capacity as
      Custodian, and the Securities Administrator (or any Servicing Function
      Participant engaged by them) submit their assessments to the Securities
      Administrator, such parties will also at such time include the assessment (and
      attestation pursuant to subsection (b) of this Section 3.16) of each Servicing
      Function Participant engaged by it.

    

    (iii) Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and, if applicable, consult with the Master
      Servicer, the Securities Administrator, the Trustee, in its capacity as
      Custodian, and any Servicing Function Participant engaged by such parties as
      to
      the nature of any material instance of noncompliance with the Relevant Servicing
      Criteria by each such party, and (ii) the Securities Administrator shall confirm
      that the assessments, taken as a whole, address all of the Servicing Criteria
      and taken individually address the Relevant Servicing Criteria for each party
      as
      set forth on Exhibit Q and on any similar exhibit set forth in each Servicing
      Agreement in respect of the Servicer and notify the Depositor of any
      exceptions.

    

    
      
        
        

      

      
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    (iv) The
      Master Servicer shall include all annual reports on assessment of compliance
      received by it from each Servicer (or the Subservicer on its behalf) with its
      own assessment of compliance to be submitted to the Securities Administrator
      pursuant to this Section.

    

    (v) In
      the
      event the Master Servicer, the Securities Administrator, the Trustee, in its
      capacity as Custodian, or any Servicing Function Participant engaged by such
      party is terminated, assigns its rights and obligations under or resigns
      pursuant to the terms of this Agreement, or any other applicable agreement,
      as
      the case may be, such party shall provide a report on assessment of compliance
      pursuant to this Section 3.16(a) or to such other applicable agreement with
      respect to the period of time it was subject to this Agreement or any applicable
      subservicing agreement, notwithstanding any such termination, assignment or
      resignation.

    

    (b) Attestation
      Reports.

    

    (i) By
      March
      10 (with a 5 calendar day cure period) of each year, commencing in March 2008,
      the Master Servicer, the Securities Administrator and the Trustee, in its
      capacity as Custodian, each at its own expense, shall cause, and each such
      party
      shall cause any Servicing Function Participant engaged by it to cause, each
      at
      its own expense, a registered public accounting firm (which may also render
      other services to the Master Servicer and the Trustee, in its capacity as
      Custodian, the Securities Administrator, or such other Servicing Function
      Participants, as the case may be) and that is a member of the American Institute
      of Certified Public Accountants to furnish a report to the Securities
      Administrator and the Depositor, to the effect that (i) it has obtained a report
      on assessment of compliance with the Relevant Servicing Criteria from the
      management of such party, which includes an assertion that such party has
      complied with the Relevant Servicing Criteria, and (ii) 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 each such assessment of compliance and attestation report
      the
      Securities Administrator shall confirm that each assessment submitted pursuant
      to subsection (a) of this Section 3.16 is coupled with an attestation meeting
      the requirements of this Section and notify the Depositor of any
      exceptions.

    

    (iii) The
      Master Servicer shall include each such attestation furnished to it by the
      Servicer with its own attestation to be submitted to the Securities
      Administrator pursuant to this Section. 

    

    
      
        
        

      

      
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    (iv) In
      the
      event the Master Servicer, the Securities Administrator, the Trustee, in its
      capacity as Custodian, a Servicer or any Servicing Function Participant engaged
      by such party is terminated, assigns its rights and duties under or resigns
      pursuant to the terms of this Agreement, or any applicable custodial agreement,
      servicing agreement or subservicing agreement, as the case may be, such party
      shall cause a registered public accounting firm to provide an attestation
      pursuant to this Section 3.16(b) with respect to the period of time it was
      subject to this Agreement or any applicable subservicing agreement,
      notwithstanding any such termination, assignment or resignation.

    

    (v) The
      Trustee’s obligation in its capacity as Custodian to provide assessments of
      compliance and attestations under this Section 3.16 shall terminate upon the
      filing of a Form 15 suspension notice on behalf of the Trust Fund.
      Notwithstanding the foregoing, after the occurrence of such event, and
provided
      that the
      Depositor is not otherwise provided with such reports or copies of such reports,
      the Master Servicer and the Securities Administrator shall be obligated to
      provide a copy of such reports, by March 31 of each year, to the
      Depositor.

    

    SECTION
      3.17. Annual
      Compliance Statement.

    

    The
      Master Servicer and the Securities Administrator shall deliver (and the Master
      Servicer and Securities Administrator shall cause any Servicing Function
      Participant engaged by it to deliver) to the Depositor and the Securities
      Administrator on or before March 10 (with a 5 calendar day cure period) 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 a Servicing
      Function Participant, 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 a Servicing Function Participant, 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.

    

    The
      Master Servicer shall include all annual statements of compliance received
      by it
      from the Servicers with its own annual statement of compliance to be submitted
      to the Securities Administrator pursuant to this Section.

    

    In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by parties is terminated or resigns pursuant to
      the
      terms of this Agreement, or any applicable agreement in the case of a Servicing
      Function Participant, as the case may be, such party shall provide an Officer’s
      Certificate pursuant to this Section 3.17 with respect to the period of time
      it
      was subject to this Agreement or any other applicable agreement, as the case
      may
      be.

    

    
      
        
        

      

      
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    SECTION
      3.18. Enforcement
      of Regulation AB Deliverables.

    

    If
      a
      Servicer or any Servicing Function Participant engaged by it fails to deliver
      any certifications, assessments, attestations or statements of compliance to
      the
      Securities Administrator within the time specified in the related Servicing
      Agreement, the Securities Administrator shall notify such Servicer or any such
      Servicing Function Participant in writing of such failure, with a copy of such
      notice to be delivered to the Seller and the Depositor. If at the end of the
      applicable cure period the applicable Servicer or any Servicing Function
      Participant has failed to deliver any of the required certifications,
      assessments, attestations or statements of compliance, the Securities
      Administrator shall notify the Seller and the Depositor of such failure to
      deliver the required certifications, assessments, attestations or statements
      of
      compliance pursuant to the related Servicing Agreement.

    

    SECTION
      3.19. Sarbanes-Oxley
      Certification.

    

    Each
      Form
      10-K shall include a Sarbanes-Oxley Certification, required to be included
      therewith pursuant to the Sarbanes-Oxley Act. The Securities Administrator
      and
      the Master Servicer shall provide, and each such party shall cause any Servicing
      Function Participant engaged by it to provide, to the Person who signs the
      Sarbanes-Oxley Certification (the “Certifying
      Person”),
      by
      March 10 (with a 5 calendar day cure period) of each year in which the Trust
      Fund is subject to the reporting requirements of the Exchange Act and otherwise
      within a reasonable period of time upon request, a certification (each, a
“Back-Up
      Certification”)
      in the
      form of Exhibit M hereto upon which the Certifying Person, the entity for which
      the Certifying Person acts as an officer, and such entity’s officers, directors
      and Affiliates (collectively with the Certifying Person, “Certification
      Parties”)
      can
      reasonably rely. A senior officer of the Master Servicer in charge of the master
      servicing function shall serve as the Certifying Person on behalf of the Trust
      Fund. Such officer of the Certifying Person can be contacted by e-mail at
      cts.sec.notifications@wellsfargo.com or by facsimile at 443-367-3607. In the
      event any such party or any Servicing Function Participant engaged by such
      party
      is terminated or resigns pursuant to the terms of this Agreement, or any
      applicable subservicing agreement, as the case may be, such party shall provide
      a Back-Up Certification to the Certifying Person pursuant to this Section 3.19
      with respect to the period of time it was subject to this Agreement or any
      applicable subservicing agreement, as the case may be. Notwithstanding the
      foregoing, (i) the Master Servicer and the Securities Administrator shall not
      be
      required to deliver a Back-Up Certification to each other if both are the same
      Person and the Master Servicer is the Certifying Person and (ii) the Master
      Servicer shall not be obligated to sign the Sarbanes-Oxley Certification in
      the
      event that it does not receive any Back-Up Certification required to be
      furnished to it pursuant to this section or any Servicing
      Agreement.

    

    SECTION
      3.20. Reports
      Filed with Securities and Exchange Commission.

    

    The
      Securities Administrator shall reasonably cooperate with the Depositor in
      connection with the Trust Fund’s satisfying the reporting requirements under the
      Exchange Act.

    

    (a) Reports
      Filed on Form 10-D. 

    

    
      
        
        

      

      
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    (i) Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Trust Fund any Form 10-D required by the Exchange Act, in form and substance
      as required by the Exchange Act. The Securities Administrator shall file each
      Form 10-D with a copy of the related Distribution Date Statement attached
      thereto. Any disclosure in addition to the Distribution Date Statement that
      is
      required to be included on Form 10-D (“Additional
      Form 10-D Disclosure”)
      shall
      be reported by the responsible parties set forth on Exhibit O to the Securities
      Administrator and Depositor and directed and approved by the Depositor pursuant
      to the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-D Disclosure, except as set forth in the next paragraph.

    

    (ii) As
      set
      forth on Exhibit R hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties to the HarborView Mortgage Loan Trust 2007-6 transaction
      shall be required to provide to the Securities Administrator, the Depositor
      and
      McKee Nelson LLP, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-D Disclosure, if applicable, together with an Additional
      Disclosure Notification in the form of Exhibit T hereto (an “Additional
      Disclosure Notification”) and (ii) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-D Disclosure on Form 10-D. The Seller will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-D Disclosure
      in Form 10-D pursuant to this paragraph.

    

    (iii) After
      preparing the Form 10-D, the Securities Administrator shall, no later than
      10
      calendar days after the Distribution Date, forward electronically a copy of
      the
      Form 10-D to the Depositor and McKee Nelson LLP. Within two Business Days after
      receipt of such copy, but no later than the 12th
      calendar
      day after the Distribution Date (or the next succeeding Business Day), the
      Depositor shall notify the Securities Administrator in writing of any changes
      to
      or approval of such Form 10-D. In the absence of receipt of any written changes
      or approval, the Securities Administrator shall be entitled to assume that
      such
      Form 10-D is in final form and the Securities Administrator may proceed with
      the
      execution and filing of Form 10-D. A duly authorized representative of the
      Master Servicer shall sign each Form 10-D. If a Form 10-D cannot be filed on
      time or if a previously filed Form 10-D needs to be amended, the Securities
      Administrator will follow the procedures set forth in subsection (d)(ii) of
      this
      Section 3.19. Promptly (but no later than 1 Business Day) after filing with
      the
      Commission, the Securities Administrator will make available on its internet
      website a final executed copy of each Form 10-D filed by the Securities
      Administrator. Each party to this Agreement acknowledges that the performance
      by
      the Master Servicer and the Securities Administrator of their respective duties
      under this Section 3.19(a) related to the timely preparation, execution 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
      3.19(a). Neither the Master Servicer nor the Securities Administrator shall
      have
      any liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file such
      Form
      10-D, where such failure results from the Securities Administrator’s inability
      or failure to receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 10-D, and
      for
      any erroneous, inaccurate or incomplete information or certification provided
      to
      the Securities Administrator, not resulting from its own negligence, bad faith
      or willful misconduct.

    

    
      
        
        

      

      
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    (iv) 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 the filing of each
      report on Form 10-D with respect to the Trust Fund, the Depositor shall be
      deemed to represent to the Securities Administrator that, as of such date,
      the
      Depositor has filed all such required reports during the preceding 12 months
      and
      that it has been subject to such filing requirement for the past 90 days. The
      Depositor shall notify the Securities Administrator in writing, no later than
      the fifth calendar day after the related Distribution Date with respect to
      the
      filing of a report on Form 10-D if the answer to the questions should be “no.”
The Securities Administrator shall be entitled to rely on such representations
      in preparing, executing and/or filing any such report.

    

    (b) 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 in
      which a Form 10-K is required to be filed or such earlier date as may be
      required by the Exchange Act (the “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust Fund ends on December
      31st
      of each
      year), commencing in March 2008, the Securities Administrator shall prepare
      and
      file on behalf of the Trust Fund a Form 10-K, in form and substance as required
      by the Exchange Act. Each such Form 10-K shall include the following items,
      in
      each case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement and the Servicing
      Agreements, (i) an annual compliance statement for each Servicer, the Master
      Servicer, the Securities Administrator and any Servicing Function Participant
      engaged by such parties (each, with the Custodians, a “Reporting
      Servicer”)
      as
      described under Section 3.17 and in such other agreement, (ii)(A) the annual
      reports on assessment of compliance with servicing criteria for each Reporting
      Servicer, as described under Section 3.16(a), and (B) if any Reporting
      Servicer’s report on assessment of compliance with servicing criteria described
      under Section 3.16(a) identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any Reporting
      Servicer’s report on assessment of compliance with servicing criteria described
      under Section 3.16(a) is not included as an exhibit to such Form 10-K,
      disclosure that such report is not included and an explanation why such report
      is not included, (iii)(A) the registered public accounting firm attestation
      report for each Reporting Servicer, as described under Section 3.16(b), and
      (B)
      if any registered public accounting firm attestation report described under
      Section 3.16(b) identifies any material instance of noncompliance, disclosure
      identifying such instance of noncompliance, or if any such registered public
      accounting firm attestation report is not included as an exhibit to such Form
      10-K, disclosure that such report is not included and an explanation why such
      report is not included, and (iv) a Sarbanes-Oxley Certification as described
      in
      Section 3.19; provided,
      however,
      that
      the Securities Administrator, at its discretion, may omit from the Form 10-K
      any
      annual compliance statement, assessment of compliance or attestation report
      that
      is not required to be filed with such Form 10-K pursuant to Regulation AB.
      Any
      disclosure or information in addition to (i) through (iv) above that is required
      to be included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be reported by the responsible parties set forth on Exhibit O to the Depositor
      and Securities Administrator and directed and approved by the Depositor pursuant
      to the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-K Disclosure, except as set forth in the next paragraph.

    

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit S hereto, no later than March 10 (with a 5 calendar day cure
      period) of each year that the Trust Fund is subject to the Exchange Act
      reporting requirements, commencing in 2008, (i) the parties to the HarborView
      Mortgage Loan Trust 2007-6 transaction shall be required to provide to the
      Securities Administrator and the Depositor, to the extent known by a responsible
      officer thereof, in EDGAR-compatible form (which may be Word or Excel documents
      easily convertible to EDGAR format), or in such other form as otherwise agreed
      upon by the Securities Administrator and such party, the form and substance
      of
      any Additional Form 10-K Disclosure, if applicable, together with an Additional
      Disclosure Notification and (ii) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-K Disclosure on Form 10-K. The Seller will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-K Disclosure
      in Form 10-K pursuant to this paragraph.

    

    (iii) After
      preparing the Form 10-K, the Securities Administrator shall forward
      electronically a copy of the Form 10-K to the Depositor and McKee Nelson LLP.
      Within three Business Days after receipt of such copy, but no later than March
      25th,
      the
      Depositor shall notify the Securities Administrator in writing of any changes
      to
      or approval of such Form 10-K. In the absence of receipt of any written changes
      or approval, the Securities Administrator shall be entitled to assume that
      such
      Form 10-K is in final form and the Securities Administrator may proceed with
      the
      execution and filing of the Form 10-K. A senior officer of the Master Servicer
      in charge of the master servicing function shall sign each Form 10-K. If a
      Form
      10-K cannot be filed on time or if a previously filed Form 10-K needs to be
      amended, the Securities Administrator will follow the procedures set forth
      in
      subsection (d)(ii) of this Section 3.19. Promptly (but no later than 1 Business
      Day) after filing with the Commission, the Securities Administrator will make
      available on its internet website a final executed copy of each Form 10-K filed
      by the Securities Administrator. The parties to this Agreement acknowledge
      that
      the performance by the Master Servicer and the Securities Administrator of
      its
      duties under this Section 3.20(b) related to the timely preparation, execution
      and filing of Form 10-K is contingent upon such parties (and any Servicing
      Function Participant) strictly observing all applicable deadlines in the
      performance of their duties under this Section 3.20(b), Section 3.19, Section
      3.17, Section 3.16(a) and Section 3.16(b). Neither the Master Servicer nor
      the
      Securities Administrator shall have any liability for any loss, expense, damage
      or claim arising out of or with respect to any failure to properly prepare,
      execute and/or timely file such Form 10-K, where such failure results from
      the
      Securities Administrator’s inability or failure to receive, on a timely basis,
      any information from any other party hereto needed to prepare, arrange for
      execution or file such Form 10-K, and for any erroneous, inaccurate or
      incomplete information or certification provided to the Securities Administrator
      not resulting from its own negligence, bad faith or willful
      misconduct.

    

    
      
        
        

      

      
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    (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.” At the date of the filing of each
      report on Form 10-K with respect to the Trust Fund, the Depositor shall be
      deemed to represent to the Securities Administrator that, as of such date,
      the
      Depositor has filed all such required reports during the preceding 12 months
      and
      that it has been subject to such filing requirement for the past 90 days. The
      Depositor shall notify the Securities Administrator in writing, no later than
      March 15th with respect to the filing of a report on Form 10-K, if the answer
      to
      the questions should be “no.” The Securities Administrator shall be entitled to
      rely on such representations in preparing, executing and/or filing any such
      report.

    

    (c) Reports
      Filed on Form 8-K.

    

    (i) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable
      Event”),
      and
      if requested by the Depositor, the Securities Administrator shall prepare and
      file on behalf of the Trust Fund a Form 8-K, as required by the Exchange Act,
      provided
      that the
      Depositor shall file the initial Form 8-K in connection with the issuance of
      the
      Certificates. Any disclosure or information related to a Reportable Event or
      that is otherwise required to be included in Form 8-K (“Form
      8-K Disclosure Information”)
      shall
      be reported by the responsible parties set forth on Exhibit O to the Depositor
      and Securities Administrator and directed and approved by the Depositor pursuant
      to the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Form 8-K
      Disclosure Information or any Form 8-K, except as set forth in the next
      paragraph.

    

    (ii) As
      set
      forth on Exhibit R hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than noon New York City time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (i) the parties
      to the HarborView Mortgage Loan Trust 2007-6 transaction shall be required
      to
      provide to the Securities Administrator and the Depositor, to the extent known
      by a responsible officer thereof, in EDGAR-compatible form (which may be Word
      or
      Excel documents easily convertible to EDGAR format), or in such other form
      as
      otherwise agreed upon by the Securities Administrator and such party, the form
      and substance of any Form 8-K Disclosure Information in the form of Exhibit
      T
      hereto, if applicable, together with an Additional Disclosure Notification
      and
      (ii) the Depositor will approve, as to form and substance, or disapprove, as
      the
      case may be, the inclusion of the Form 8-K Disclosure Information. The Seller
      will be responsible for any reasonable fees and expenses assessed or incurred
      by
      the Securities Administrator in connection with including any Form 8-K
      Disclosure Information in Form 8-K pursuant to this paragraph. 

    

    
      
        
        

      

      
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    (iii) After
      preparing the Form 8-K, the Securities Administrator shall forward
      electronically a copy of the Form 8-K to the Depositor by noon New York City
      time on the 3rd
      Business
      Day after the occurrence of a Reportable Event. Promptly, but no later than
      the
      close of business on the third Business Day after the Reportable Event, the
      Depositor shall notify the Securities Administrator in writing of any change
      to
      or approval of such Form 8-K. In the absence of receipt of any written changes
      or approval, the Securities Administrator shall be entitled to assume that
      such
      Form 8-K is in final form and the Securities Administrator may proceed with
      the
      execution and filing of the Form 8-K. A duly authorized representative of the
      Master Servicer shall sign each Form 8-K. If a Form 8-K cannot be filed on
      time
      or if a previously filed Form 8-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in subsection (d)(ii) of
      this
      Section 3.19. Promptly (but no later than 1 Business Day) after filing with
      the
      Commission, the Securities Administrator will, make available on its internet
      website a final executed copy of each Form 8-K filed by the Securities
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      the Master Servicer and the Securities Administrator of their respective duties
      under this Section 3.19(c) related to the timely preparation, execution 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
      3.19(c). Neither the Securities Administrator nor the Master Servicer shall
      have
      any liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file such
      Form
      8-K, where such failure results from the Securities Administrator’s inability or
      failure to receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 8-K, not
      resulting from its own negligence, bad faith or willful misconduct.

    

    (d) Suspension
      of Reporting; Amendments; Late Filings.

    

    (i) On
      or
      prior to January 30 of the first year in which the Trust Fund is able to do
      so
      under applicable law, the Securities Administrator shall prepare and file a
      Form
      15 Suspension Notification relating to the automatic suspension of reporting
      in
      respect of the Trust Fund under the Exchange Act. 

     

    (ii) In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly notify the Depositor and McKee Nelson LLP either via mail, e-mail
      or
      telephone. In the case of Form 10-D and 10-K, the parties to this Agreement
      will
      cooperate to prepare and file a Form 12b-25 and a 10-D/A and 10-K/A, as
      applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form
      8-K, the Securities Administrator shall, 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
      the
      Securities Administrator has actual knowledge or has received notice that any
      previously filed Form 8-K, 10-D or 10-K needs to be amended in connection with
      any Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure or
      any
      Additional Form 8-K Disclosure Information or any amendment to such disclosure
      (other than for the purpose of restating any Distribution Date Statement),
      the
      Securities Administrator will electronically notify the Depositor and McKee
      Nelson LLP and such other parties to the transaction as are affected by such
      amendment and such parties will cooperate to prepare any necessary 8-K/A, 10-D/A
      or 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K
      shall be signed by a duly authorized representative of the Master Servicer.
      Any
      Form 10-K amendment shall be signed by a senior officer of the Master Servicer
      in charge of the master servicing function. The parties to this Agreement
      acknowledge that the performance by the Master Servicer and the Securities
      Administrator of their respective duties under this Section 3.20(d) related
      to
      the timely preparation, execution 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. Neither the Master Servicer nor the
      Securities Administrator shall have any liability for any loss, expense, damage,
      claim arising out of or with respect to any failure to properly prepare, execute
      and/or timely file any such Form 15, Form 12b-25 or any amendments to Forms
      8-K,
      10-D or 10-K, where such failure results from the Securities Administrator’s
      inability or failure to obtain or receive, on a timely basis, any information
      from any other party hereto needed to prepare, arrange for execution or file
      such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, and
      for
      any erroneous, inaccurate or incomplete information or certification provided
      to
      the Securities Administrator not resulting from its own negligence, bad faith
      or
      willful misconduct.

    

    
      
        
        

      

      
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    (e) Not
      later
      than March 15 of each year (beginning in 2008) (or, if such day is not a
      Business Day, the immediately preceding Business Day), the Securities
      Administrator shall sign the Securities Administrator Certification (in the
      form
      attached hereto as Exhibit S) for the benefit of the Depositor and its officers,
      directors and affiliates.

    

    Any
      notice or notification required to be delivered by the Securities Administrator
      to the Depositor pursuant to this Section 3.20 may be delivered via facsimile
      to
      (203) 618-2596 or telephonically by calling (203) 422-4284, and any notice
      or notification required to be delivered by the Securities Administrator to
      McKee Nelson LLP pursuant to this Section 3.19, may be delivered via e-mail
      to
      RBSGC@mckeenelson.com.

    

    SECTION
      3.21. Additional
      Information.

    

    Each
      of
      the parties agrees to provide to the Securities Administrator such additional
      information related to such party as the Securities Administrator may reasonably
      request, including evidence of the authorization of the person signing any
      certification or statement, financial information and reports, and such other
      information related to such party or its performance hereunder.

    

    
      
        
        

      

      
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    SECTION
      3.22. Intention
      of the Parties and Interpretation.

    

    Each
      of
      the parties acknowledges and agrees that the purpose of Section 3.16 through
      Section 3.23 of this Agreement is to facilitate compliance by the Securities
      Administrator and the Depositor with the provisions of Regulation AB promulgated
      by the Commission under the Exchange Act (17 C.F.R. §§ 229.1100 -
      229.1123), as such may be amended from time to time and subject to such
      clarification and interpretive advice as may be issued by the staff of the
      Commission 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 that purpose, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with the reasonable requests made by the Securities Administrator
      or the Depositor for delivery of such additional or different information as
      the
      Securities Administrator or the Depositor may determine in good faith is
      necessary to comply with the provisions of Regulation AB, and (d) no amendment
      of this Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
      provisions of Regulation AB.

    

    SECTION
      3.23. Indemnification.
      

    

    Each
      party required to deliver an assessment of compliance and attestation report
      pursuant to Section 3.16 or any additional disclosure pursuant to Section 3.20
      and including the Depositor, the Master Servicer, the Securities Administrator,
      the Trustee in its capacity as Custodian and any Servicing Function Participant
      engaged by such party, respectively (each, an “Item
      1122 Responsible Party”),
      shall
      indemnify and hold harmless the Securities Administrator, the Master Servicer
      and the Depositor, respectively, and each of their directors, officers,
      employees, agents, and affiliates from and against any and all claims, losses,
      damages, penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon (a) any
      breach by such Item 1122 Responsible Party of any of its obligations hereunder
      relating to its obligations as an Item 1122 Responsible Party, including
      particularly its obligations to provide any assessment of compliance,
      attestation report or compliance statement required under Section 3.16(a),
      3.16(b) or 3.17, respectively, or any information, data or materials required
      to
      be included in any Exchange Act report, (b) any material misstatement or
      omission in (x) any compliance certificate delivered by it, or by any Servicing
      Function Participant engaged by it, pursuant to this Agreement, (y) any
      assessment or (except in the case of the Trustee, in its capacity as a
      Custodian) attestation delivered by or on behalf of it, or by any Servicing
      Function Participant engaged by it, pursuant to this Agreement, or (z) any
      Additional Form 10-D Disclosure, Additional Form 10-K Disclosure or Form 8-K
      Disclosure Information concerning such party and provided by it, or (c) the
      negligence, bad faith or willful misconduct of such Item 1122 Responsible Party
      in connection with its performance hereunder relating to its obligations as
      an
      Item 1122 Responsible Party. If the indemnification provided for herein is
      unavailable or insufficient to hold harmless the Master Servicer, the Securities
      Administrator, the Depositor or the Seller, as the case may be, then each Item
      1122 Responsible Party agrees that it shall contribute to the amount paid or
      payable by the Securities Administrator, the Master Servicer and the Depositor,
      as applicable, as a result of any claims, losses, damages or liabilities
      incurred by the Securities Administrator, the Master Servicer or the Depositor
      in such proportion as is appropriate to reflect the relative fault of the
      Securities Administrator, the Master Servicer or the Depositor on the one hand
      and such Item 1122 Responsible Party on the other. This indemnification shall
      survive the termination of this Agreement or the termination of any party to
      this Agreement.

    

    
      
        
        

      

      
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    SECTION
      3.24. [Reserved]

    

    SECTION
      3.25. [Reserved]

    

    SECTION
      3.26. [Reserved]

    

    SECTION
      3.27. [Reserved]

    

    SECTION
      3.28. Closing
      Opinion of Counsel.

    

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller, the Trustee and Greenwich Capital Markets, Inc. an
      Opinion of Counsel, dated the Closing Date, in form and substance reasonably
      satisfactory to the Depositor, Greenwich Capital Markets, Inc., and the Seller
      as to the due authorization, execution and delivery of this Agreement by the
      Master Servicer and the enforceability thereof. 

    

    SECTION
      3.29. [Reserved]

    

    SECTION
      3.30. Merger
      or Consolidation of the Master Servicer.

    

    (a) The
      Master Servicer will keep in full force and effect its existence, rights and
      franchises as a national banking association under the laws of the jurisdiction
      of its incorporation, and will obtain and preserve its qualification to do
      business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, the Certificates or any of the Mortgage Loans
      and to perform its duties under this Agreement.

    

    (b) Any
      Person into which the Master Servicer may be merged or consolidated, or any
      corporation resulting from any merger 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 of the Master Servicer hereunder,
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary
      notwithstanding.

    

    
      	 	
              SECTION
                3.31.

            	
              Indemnification
                of the Trustee, the Master Servicer and the Securities
                Administrator.

            

    

    

    (a) In
      addition to any indemnity required pursuant to Section 3.23 hereof, the Master
      Servicer agrees to indemnify the Indemnified Persons for, and to hold them
      harmless against, any loss, liability or expense (except as otherwise provided
      herein with respect to expenses) (including reasonable legal fees and
      disbursements of counsel) incurred on their part that may be sustained in
      connection with, arising out of, or relating to this Agreement or the
      Certificates (i) related to the Master Servicer’s failure to perform its duties
      in compliance with this Agreement (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) or (ii) incurred
      by
      reason of the Master Servicer’s willful misfeasance, bad faith or gross
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder, provided,
      in each
      case, that with respect to any such claim or legal action (or pending or
      threatened claim or legal action), an Indemnified Person shall have given the
      Master Servicer, any NIMS Insurer and the Depositor written notice thereof
      promptly after such Indemnified Person shall have with respect to such claim
      or
      legal action knowledge thereof. The Indemnified Person’s failure to give such
      notice shall not affect the Indemnified Person’s right to indemnification
      hereunder. This indemnity shall survive the resignation or removal of the
      Trustee, the Master Servicer or the Securities Administrator and the termination
      of this Agreement.

    

    
      
        
        

      

      
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    (b) The
      Trust
      Fund will indemnify any Indemnified Person for any loss, liability or expense
      of
      any Indemnified Person not otherwise indemnified by the Master Servicer as
      referred to in Subsection (a) above or Subsection (c) below.

    

    (c) In
      addition to any indemnity required pursuant to Section 3.23 hereof, the
      Securities Administrator agrees to indemnify the Indemnified Persons (other
      than
      the Securities Administrator) for, and to hold them harmless against, any loss,
      liability or expense (except as otherwise provided herein with respect to
      expenses) (including reasonable legal fees and disbursements of counsel)
      incurred on their part (i) in connection with, arising out of, or relating
      to
      the Securities Administrator’s failure to file any Exchange Act report which the
      Securities Administrator is responsible for filing in accordance with Section
      3.20, (ii) by reason of the Securities Administrator’s negligence or willful
      misconduct in the performance of such obligations pursuant to Section 3.20
      or
      (iii) by reason of the Securities Administrator’s reckless disregard of such
      obligations pursuant to Section 3.20, provided,
      in each
      case, that with respect to any such claim or legal action (or pending or
      threatened claim or legal action), an Indemnified Person shall have given the
      Securities Administrator and the NIMS Insurer written notice thereof promptly
      after such Indemnified Person shall have with respect to such claim or legal
      action knowledge thereof. The Indemnified Person’s failure to give such notice
      shall not affect the Indemnified Person’s right to indemnification hereunder.
      This indemnity shall survive the resignation or removal of the Trustee, the
      Master Servicer or the Securities Administrator and the termination of this
      Agreement.

    

    
      	 	
              SECTION
                3.32.

            	
              Limitations
                on Liability of the Master Servicer and Others; Indemnification of
                Trustee
                and Others.

            

    

    

    Subject
      to the obligation of the Master Servicer to indemnify the Indemnified Persons
      pursuant to Section 3.31:

    

    (a) The
      Master Servicer has undertaken to perform only such duties as are specifically
      set forth in this Agreement. Neither the Master Servicer nor any of the
      directors, officers, employees or agents of the Master Servicer shall be under
      any liability to the Indemnified Persons, the Depositor, the Trust Fund or
      the
      Certificateholders for taking any action or for refraining from taking 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 or any such Person against
      any breach of warranties or representations made herein or any liability which
      would otherwise be imposed by reason of such Person’s willful misfeasance, bad
      faith or gross negligence in the performance of duties or by reason of reckless
      disregard of obligations and duties hereunder.

    

    
      
        
        

      

      
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    (b) The
      Master Servicer and any director, officer, employee or agent of the Master
      Servicer 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.

    

    (c) The
      Master Servicer, the Trustee (in its individual corporate capacity and as
      Trustee), the Custodians (including for such purpose, the Trustee acting in
      its
      capacity as a Custodian) and any director, officer, employee or agent of the
      Master Servicer, the Trustee or the Custodians shall be indemnified by the
      Trust
      Fund and held harmless thereby against any loss, liability or expense (except
      as
      otherwise provided herein with respect to expenses) (including reasonable legal
      fees and disbursements of counsel) incurred on their part that may be sustained
      in connection with, arising out of, or relating to, this Agreement, the
      Certificates or the Servicing Agreements or the transactions contemplated hereby
      or thereby (except, with respect to the Master Servicer, to the extent that
      the
      Master Servicer is indemnified by the related Servicer thereunder), other than
      (i) with respect to the Master Servicer only, any such loss, liability or
      expense related to the Master Servicer’s failure to perform its duties in
      compliance with this Agreement or (ii) with respect to the Master Servicer
      or
      Custodians only, any such loss, liability or expense incurred by reason of
      the
      Master Servicer’s or the applicable Custodian’s willful misfeasance, bad faith
      or gross negligence in the performance of its own duties hereunder or by reason
      of reckless disregard of its own obligations and duties hereunder or under
      a
      custodial agreement.

    

    (d) The
      Master Servicer shall not be under any obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties under this
      Agreement and that in its opinion may involve it in any expense or liability;
      provided,
      however,
      the
      Master Servicer may in its discretion, undertake any such action which it may
      deem necessary or desirable with respect to this Agreement and the rights and
      duties of the parties hereto and the interests of the Trust Fund and 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 Distribution Account as provided by Section
      4.03.
      Nothing in this Subsection 3.32(d) shall affect the Master Servicer’s obligation
      to supervise, or to take such actions as are necessary to enforce, the servicing
      and administration of the Mortgage Loans pursuant to Sections 3.01 and
      3.03.

    

    (e) In
      taking
      or recommending any course of action pursuant to this Agreement, unless
      specifically required to do so pursuant to this Agreement, the Master Servicer
      shall not be required to investigate or make recommendations concerning
      potential liabilities which the Trust Fund might incur as a result of such
      course of action by reason of the condition of the Mortgaged Properties but
      shall give notice to the Trustee if it has notice of such potential
      liabilities.

    

    
      
        
        

      

      
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    (f) The
      Master Servicer shall not be liable for any acts or omissions of the Servicers,
      except as otherwise expressly provided herein.

    

    SECTION
      3.33. Master
      Servicer Not to Resign. 

    

    Except
      as
      provided in Section 3.35, the Master Servicer shall not resign from the
      obligations and duties hereby imposed on it except upon a determination that
      any
      such duties hereunder are no longer permissible under applicable law and such
      impermissibility cannot be cured. Any such determination permitting the
      resignation of the Master Servicer shall be evidenced by an Independent Opinion
      of Counsel (delivered at the expense of the Master Servicer) to such effect
      delivered to the Trustee and any NIMS Insurer. No such resignation by the Master
      Servicer shall become effective until the Trustee or a successor to the Master
      Servicer reasonably satisfactory to the Trustee and any NIMS Insurer shall
      have
      assumed the responsibilities and obligations of the Master Servicer in
      accordance with Section 7.02 hereof. The Trustee shall notify each Rating Agency
      and any NIMS Insurer of the resignation of the Master Servicer.

    

    If,
      at
      any time, Wells Fargo Bank, N.A., as Master Servicer resigns under this Section
      3.33, or sells or assigns its rights and obligations under Section 3.31, or
      is
      removed as Master Servicer pursuant to Section 7.01, then at such time Wells
      Fargo Bank, N.A. also shall resign (and shall be entitled to resign) as
      Securities Administrator, Administrator, Paying Agent and Certificate Registrar
      under this Agreement. No such resignation by Wells Fargo Bank, N.A. as
      Securities Administrator, Administrator, Paying Agent or Certificate Registrar
      under this Agreement shall become effective until a successor Securities
      Administrator, successor Administrator, successor Paying Agent and successor
      Certificate Registrar reasonably satisfactory to the Depositor shall have
      assumed the responsibilities and obligations of the Securities Administrator,
      Administrator, Paying Agent and Certificate Registrar in accordance with this
      Agreement. The Securities Administrator shall notify each Rating Agency of
      the
      resignation of Wells Fargo Bank, N.A. as the Securities Administrator,
      Administrator, Paying Agent and Certificate Registrar. 

    

    SECTION
      3.34. Successor
      Master Servicer.

    

    In
      connection with the appointment of any successor master servicer or the
      assumption of the duties of the Master Servicer, the Trustee may make such
      arrangements for the compensation of such successor master servicer out of
      payments on the Mortgage Loans as the Trustee and such successor master servicer
      shall agree which in no case shall exceed the Master Servicing Fee. If the
      successor master servicer does not agree that the proposed compensation is
      fair,
      such successor master servicer shall obtain two quotations of market
      compensation from third parties actively engaged in the servicing of
      single-family mortgage loans; provided,
      however,
      that
      each Rating Agency shall confirm in writing that any appointment of a successor
      Master Servicer (other than the Trustee) will not result in a downgrade in
      the
      then current rating of any Class of Certificates.

    

    
      
        
        

      

      
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    SECTION
      3.35. Sale
      and Assignment of Master Servicing.

    

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in their entirety as Master Servicer under this Agreement, with
      the
      written consent of the Depositor and any NIMS Insurer, in each case, which
      consent shall not be unreasonably withheld or delayed, and provided, further,
      that:
      (i) the purchaser or transferee accepting such assignment and delegation (a)
      shall be a Person which shall be qualified to service mortgage loans for Fannie
      Mae or Freddie Mac; (b) shall have a net worth of not less than $10,000,000
      (unless otherwise approved by each Rating Agency pursuant to clause (ii) below);
      (c) shall be reasonably satisfactory to the Depositor (as evidenced in writing
      signed by the Depositor); and (d) shall execute and deliver to the Trustee
      an
      agreement, in form and substance reasonably satisfactory to the Trustee, which
      contains an assumption by such Person of the due and punctual performance and
      observance of each covenant and condition to be performed or observed by it
      as
      master servicer under this Agreement, any custodial agreement from and after
      the
      effective date of such agreement; (ii) each Rating Agency shall be given prior
      written notice of the identity of the proposed successor to the Master Servicer
      and each Rating Agency’s ratings of the Certificates in effect immediately prior
      to such assignment, sale and delegation will not be downgraded, qualified or
      withdrawn as a result of such assignment, sale and delegation, as evidenced
      by a
      letter to such effect delivered to the Master Servicer and the Trustee; and
      (iii) the Master Servicer assigning and selling the master servicing shall
      deliver to the Trustee and the Depositor an Officer’s Certificate and an
      Independent Opinion of Counsel, (delivered at the Master Servicer’s expense)
      each stating that all conditions precedent to such action under this Agreement
      have been completed and such action is permitted by and complies with the terms
      of this Agreement. No such assignment or delegation shall affect any liability
      of the Master Servicer arising prior to the effective date thereof.

    

    SECTION
      3.36. Reporting
      Requirements of the Commission.

    

    To
      the
      extent that, following the Closing Date, the content of Forms 8-K, 10-D, 10-K,
      15 or other Forms required by the Exchange Act and the Rules and Regulations
      of
      the Commission and the time by which such Forms are required to be filed,
      differs from the provisions of this Agreement, the Master Servicer and the
      Securities Administrator hereby agree that each shall reasonably cooperate
      to
      amend the provisions of this Agreement (in accordance with Section 12.01) in
      order to comply with such amended reporting requirements and such amendment
      of
      this Agreement. Notwithstanding the foregoing, neither the Master Servicer
      nor
      the Securities Administrator shall be obligated to enter into any amendment
      pursuant to this Section that adversely affects its obligations or immunities
      under this Agreement.

    

    SECTION
      3.37. Duties
      of the Credit Risk Manager.

    

    (a) For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Premiums with respect to the Mortgage
      Loans. Such reports and recommendations will be based upon information provided
      pursuant to the Credit Risk Management Agreements to the Credit Risk Manager
      by
      the applicable Servicers and/or the Master Servicer. The Credit Risk Manager
      shall look solely to the applicable Servicers and/or the Master Servicer for
      all
      information and data (including loss and delinquency information and data)
      and
      loan level information and data relating to the servicing of the Mortgage Loans
      and neither the Securities Administrator nor the Trustee shall have any
      obligation to provide any such information to the Credit Risk Manager and shall
      not otherwise have any responsibility with respect to the performance of the
      Credit Risk Manager.

    

    
      
        
        

      

      
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    SECTION
      3.38. Limitation
      Upon Liability of the Credit Risk Manager.

    

    Neither
      the Credit Risk Manager, nor any of the directors, officers, employees or agents
      of the Credit Risk Manager, shall be under any liability to the Trustee, the
      Securities Administrator, the Certificateholders or the Depositor for any action
      taken or for refraining from the taking of any action in good faith pursuant
      to
      this Agreement, in reliance upon information provided by the applicable
      Servicers and/or the Master Servicer under the applicable Credit Risk Management
      Agreement or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Credit Risk Manager or any such person
      against liability that would otherwise be imposed by reason of willful
      malfeasance, bad faith or gross negligence in its performance of its duties
      or
      by reason of reckless disregard for its obligations and duties under this
      Agreement or the Credit Risk Management Agreements. The Credit Risk Manager
      and
      any director, officer, employee or agent of the Credit Risk Manager 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, and may rely
      in good faith upon the accuracy of information furnished by the applicable
      Servicers and/or the Master Servicer pursuant to the applicable Credit Risk
      Management Agreement in the performance of its duties thereunder and
      hereunder.

    

    SECTION
      3.39. Removal
      of Credit Risk Manager.

    

    The
      Credit Risk Manager may be removed as Credit Risk Manager by the Depositor
      at
      any time, without cause, with the consent of Certificateholders holding not
      less
      than a 66-2/3% of the Voting Rights, upon ten (10) days prior written notice.
      The Depositor shall provide such written notice to the Trustee and upon receipt
      of such notice and evidence of such Certificateholders’ consent, the Trustee
      shall provide written notice to the Credit Risk Manager of its removal,
      effective upon receipt of such notice.

    

    ARTICLE
      IV

    

    ACCOUNTS

    

    SECTION
      4.01. Servicing
      Accounts.

    

    (a) The
      Master Servicer shall enforce the obligation of each Servicer to establish
      and
      maintain one or more custodial accounts (the “Servicing
      Accounts”)
      in
      accordance with the applicable Servicing Agreement, with records to be kept
      with
      respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts
      shall be deposited within 48 hours (or as of such other time specified in the
      related Servicing Agreement) of receipt all collections of principal and
      interest on any Mortgage Loan and with respect to any REO Property received
      by a
      Servicer, including Principal Prepayments, Prepayment Penalty Amounts, Insurance
      Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s
      own funds (less, in the case of each Servicer, the applicable servicing
      compensation, in whatever form and amounts as permitted by the applicable
      Servicing Agreement) and all other amounts to be deposited in each such
      Servicing Account. The Servicer is hereby authorized to make withdrawals from
      and deposits to the related Servicing Account for purposes required or permitted
      by this Agreement and the applicable Servicing Agreement. For the purposes
      of
      this Agreement, Servicing Accounts shall also include such other accounts as
      the
      Servicer maintains for the escrow of certain payments, such as taxes and
      insurance, with respect to certain Mortgaged Properties. Each Servicing
      Agreement sets forth the criteria for the segregation, maintenance and
      investment of each related Servicing Account, the contents of which are
      acceptable to the parties hereto as of the date hereof and changes to which
      shall not be made unless such changes are made in accordance with the provisions
      of Section 12.01 hereof. 

    

    
      
        
        

      

      
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    (b) [Reserved];

    

    (c) To
      the
      extent provided in the related Servicing Agreement and subject to this Article
      IV, on or before each Servicer Remittance Date, each Servicer shall withdraw
      or
      shall cause to be withdrawn from the related Servicing Account and shall
      immediately remit or cause to be remitted to the Securities Administrator for
      deposit into the Distribution Account amounts representing the following
      collections and payments (other than with respect to principal of or interest
      on
      the Mortgage Loans due on or before the Initial Cut-off Date, or, in the case
      of
      Subsequent Mortgage Loans, on or before the applicable Subsequent Cut-off Date)
      with respect to each of the Mortgage Loans it is servicing:

    

    (i) Monthly
      Payments on the Mortgage Loans received or any related portion thereof advanced
      by the Servicers pursuant to the Servicing Agreements which were due on or
      before the related Due Date, net of the amount thereof comprising the Servicing
      Fees and Lender Paid Mortgage Insurance Fees, if any;

    

    (ii) Principal
      Prepayments in full and any Liquidation Proceeds received by the Servicers
      with
      respect to such Mortgage Loans in the related Prepayment Period, with interest
      to the date of prepayment or liquidation, net of the amount thereof comprising
      the Servicing Fees and any Recoveries received in the related Prepayment
      Period;

    

    (iii) Principal
      Prepayments in part received by the Servicers for such Mortgage Loans in the
      related Prepayment Period; 

    

    (iv) Prepayment
      Penalty Amounts, if any; and

    

    (v) any
      amount to be used as a delinquency advance or to pay any Interest Shortfalls,
      in
      each case, as required to be paid under the Servicing Agreement. 

    

    (d) Withdrawals
      may be made from a Servicing Account only to make remittances as provided in
      Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or the Servicer
      for Advances which have been recovered by subsequent collection from the related
      Mortgagor; to remove amounts deposited in error; to remove fees, charges or
      other such amounts deposited on a temporary basis; or to clear and terminate
      the
      account at the termination of this Agreement in accordance with Section 10.01,
      or as otherwise provided in the Servicing Agreement. As provided in Sections
      4.01(c) and 4.02(b), certain amounts otherwise due to the Servicer may be
      retained by them and need not be remitted to the Securities
      Administrator.

    

    
      
        
        

      

      
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    SECTION
      4.02. Distribution
      Account. 

    

    (a) The
      Securities Administrator shall establish and maintain in the name of the
      Trustee, for the benefit of the Trust Fund and the Certificateholders, the
      Distribution Account as a segregated, non-interest bearing trust account or
      accounts, each of which shall be an Eligible Account (the “Distribution
      Account”). The Distribution Account shall constitute a trust account of the
      Trust Fund segregated on the books of the Securities Administrator and held
      by
      the Securities Administrator in trust in its Corporate Trust Office, and the
      Distribution Account and the funds deposited therein shall not be subject to,
      and shall be protected from, all claims, liens, and encumbrances of any
      creditors or depositors of the Securities Administrator or the Master Servicer
      (whether made directly, or indirectly through a liquidator or receiver of the
      Trustee, the Securities Administrator or the Master Servicer). All Permitted
      Investments shall mature or be subject to redemption or withdrawal on or before,
      and shall be held until, the immediately succeeding Distribution Date. The
      Securities Administrator, Trustee or their affiliates are permitted to receive
      additional compensation that could be deemed to be in their economic
      self-interest for (i) serving as investment adviser, administrator, servicing
      agent, custodian or sub-custodian with respect to certain of the Permitted
      Investments, (ii) using affiliates to effect transactions in certain Permitted
      Investments and (iii) effecting transactions in certain Permitted Investments.
      The Master Servicer and the Securities Administrator shall, promptly upon
      receipt from any Servicer on the related Servicer Remittance Date deposit in
      the
      Distribution Account as identified by the Master Servicer or the Securities
      Administrator and as received by the Master Servicer or the Securities
      Administrator, the following amounts:

    

    (i) any
      amounts withdrawn from a Servicing Account pursuant to Section 4.01(c) and
      the
      Servicing Agreements and remitted to the Securities Administrator; 

    

    (ii) any
      amounts required to be deposited in the Distribution Account by the Master
      Servicer with respect to the Mortgage Loans pursuant to this Agreement,
      including (a) Advances and any Compensating Interest Payments required to be
      made by the Master Servicer to the extent required but not made by the Servicer
      and (b) the amount of any Insurance Proceeds or Liquidation Proceeds received
      by
      or on behalf of the Master Servicer which were not deposited in a Servicing
      Account;

    

    (iii) any
      Insurance Proceeds, Liquidation Proceeds or Recoveries received by or on behalf
      of the Master Servicer which were not deposited in a Servicing Account;

    

    (iv) the
      Purchase Price with respect to any Mortgage Loans purchased by the Seller or
      an
      Originator under this Agreement or the related Purchase Agreement, as
      applicable, any Substitution Adjustments pursuant to Section 2.03 of this
      Agreement, any purchase price paid by any NIMS Insurer for the purchase of
      any
      Distressed Mortgage Loan under Section 10.03, and all proceeds of any Mortgage
      Loans or property acquired with respect thereto purchased by the Terminator
      pursuant to Section 10.01;

    

    
      
        
        

      

      
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    (v) any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Distribution Account; and

    

    (vi) any
      other
      amounts received by or on behalf of the Master Servicer or the Securities
      Administrator and required to be deposited in the Distribution Account pursuant
      to this Agreement.

    

    (b) All
      amounts deposited to the Distribution Account shall be held by the Securities
      Administrator in the name of the Trustee in trust for the benefit of the Trust
      Fund and the Certificateholders in accordance with the terms and provisions
      of
      this Agreement. The requirements for crediting the Distribution Account shall
      be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of (i) late payment charges or
      assumption fees, tax service fees, statement account charges or payoff-charges,
      substitution, satisfaction, release and other like fees and charges and (ii)
      the
      items enumerated in Subsections 4.03(a)(i), (ii), (iii), (iv), (vi), (vii),
      (ix)
      and (x) with respect to the Securities Administrator, need not be remitted
      by
      the Servicers to the Master Servicer to the Distribution Account. In the event
      that the Master Servicer shall deposit or cause to be deposited to the
      Distribution Account any amount not required to be credited thereto, the
      Securities Administrator, upon receipt of a written request therefor signed
      by a
      Servicing Officer of the Master Servicer, shall promptly transfer such amount
      to
      the Master Servicer, any provision herein to the contrary
      notwithstanding.

    

    (c) Funds
      deposited in the Distribution Account for the period (the “R Investment Period”)
      from each Servicer Remittance Date up to the Master Servicer Investment Period
      (as defined below) shall, if invested, be invested at the direction of the
      Holder of the Class R Certificate, in the name of the Trustee, or its nominee,
      for the benefit of the Certificateholders, in Permitted Investments as follows.
      In the absence of such direction, funds will remain uninvested. Funds in the
      Distribution Account for the period from one Business Day immediately preceding
      the related Distribution Date through and including the related Distribution
      Date (the “Master Servicer Investment Period”) may be invested in Permitted
      Investments selected by the Master Servicer (which shall mature not later than
      such applicable Distribution Date). All income and gain realized from any
      Permitted Investment of funds deposited in the Distribution Account as described
      in this paragraph (i) during the Master Servicer Investment Period shall be
      compensation to the Master Servicer, in payment of its Master Servicer Fee,
      and
      shall not be part of the Trust Fund and (ii) other than during the Master
      Servicer Investment Period shall be paid to the Holder of the Class R
      Certificate on the Distribution Date in the following month. For periods outside
      of the R Investment Period, proceeds due to the Holder of the Class R
      Certificate shall remain uninvested. The amount of any losses incurred with
      respect to any such investments during the Master Servicer Investment Period
      shall be deposited in such Distribution Account by the Master Servicer out of
      its own funds, without any right of reimbursement therefor, immediately as
      realized. The amount of any losses incurred in respect of any such investments
      for any period other than during the Master Servicer Investment Period shall
      be
      deposited in such Distribution Account by Greenwich Capital Financial Products,
      Inc. out of its own funds, without any right of reimbursement therefor,
      immediately as realized.

    

    
      
        
        

      

      
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    SECTION
      4.03. Permitted
      Withdrawals and Transfers from the Distribution Account.

    

    (a) The
      Securities Administrator shall, from time to time, withdraw or transfer funds
      from the Distribution Account to a Servicer, to the Master Servicer, to the
      Trustee or to itself for the following purposes:

    

    (i) to
      reimburse the Master Servicer or any Servicer for any Advance of its own funds
      or of such Servicer’s own funds, the right of the Master Servicer or a Servicer
      to reimbursement pursuant to this subclause (i) being limited to amounts
      received on a particular Mortgage Loan (including, for this purpose, the
      Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds and the
      Termination Price) which represent late payments or recoveries of the principal
      of or interest on such Mortgage Loan respecting which such Advance was
      made;

    

    (ii) to
      reimburse the Master Servicer or any Servicer from Insurance Proceeds or
      Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended
      by the Master Servicer or such Servicer in good faith in connection with the
      restoration of the related Mortgaged Property which was damaged by an Uninsured
      Cause or in connection with the liquidation of such Mortgage Loan;

    

    (iii) to
      reimburse the Master Servicer or any Servicer from Insurance Proceeds relating
      to a particular Mortgage Loan for insured expenses incurred with respect to
      such
      Mortgage Loan and to reimburse the Master Servicer or such Servicer from
      Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses
      incurred with respect to such Mortgage Loan; 

    

    (iv) to
      pay
      the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds
      or Insurance Proceeds received in connection with the liquidation of any
      Mortgage Loan, the amount which it or such Servicer would have been entitled
      to
      receive under subclause (viii) of this Subsection 4.03(a) as servicing
      compensation on account of each defaulted scheduled payment on such Mortgage
      Loan if paid in a timely manner by the related Mortgagor;

    

    (v) to
      pay
      the Master Servicer or any Servicer from the Purchase Price for any Mortgage
      Loan, the amount which it or such Servicer would have been entitled to receive
      under subclause (viii) of this Subsection (a) as servicing
      compensation;

    

    (vi) to
      reimburse the Master Servicer or any Servicer for servicing related advances
      of
      funds, the right to reimbursement pursuant to this subclause being limited
      to
      amounts received on the related Mortgage Loan (including, for this purpose,
      the
      Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which
      represent late recoveries of the payments for which such servicing advances
      were
      made;

    

    (vii) to
      reimburse the Master Servicer or any Servicer for any Advance or advance, after
      a Realized Loss has been allocated with respect to the related Mortgage Loan
      if
      the Advance or advance has not been reimbursed pursuant to clauses (i) and
      (vi);

    

    
      
        
        

      

      
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    (viii) to
      pay
      the Master Servicer its monthly Master Servicing Fee and any investment income
      and other additional servicing compensation payable pursuant to Section
      3.14;

    

    (ix) to
      reimburse the Master Servicer or the Securities Administrator for any expenses
      recoverable by the Master Servicer or the Securities Administrator pursuant
      to
      Sections 3.03 and 3.32;

    

    (x) to
      reimburse or pay any Servicer any such amounts as are due thereto under the
      related Servicing Agreement and have not been retained by or paid to such
      Servicer, to the extent provided in the related Servicing
      Agreement;

    

    (xi) to
      reimburse the Trustee and the Securities Administrator for expenses, costs
      and
      liabilities incurred by or reimbursable to it from funds of the Trust Fund
      pursuant to Sections 3.31, 3.32 or 8.05, and to reimburse the Trustee for any
      fees, costs and expenses incurred by or reimbursable to it pursuant to Section
      2.03(a), 7.01(b), 8.02, 8.05 or 8.07, to the extent not otherwise reimbursed
      to
      it;

    

    (xii) to
      pay to
      the Master Servicer all investment earnings on amounts on deposit in the
      Distribution Account to what it is entitled under Section 4.02(c);

    

    (xiii) to
      reimburse the Administrator for expenses, costs and liabilities incurred by
      or
      reimbursable to it pursuant to Section 8.19;

    

    (xiv) to
      pay
      the Credit Risk Manager the Credit Risk Manager Fee;

    

    (xv) to
      reimburse the Administrator for expenses, costs and liabilities incurred by
      or
      reimbursable to it as a result of the performance of its duties under the Yield
      Maintenance Allocation Agreement and the Yield Maintenance Agreement pursuant
      to
      Section 8.19;

    

    (xvi) to
      remove
      amounts deposited in error; and

    

    (xvii) to
      clear
      and terminate the Distribution Account pursuant to Section 10.01.

    

    (b) In
      addition, on or before the Business Day immediately preceding each Distribution
      Date, the Master Servicer shall deposit in the Distribution Account (or remit
      to
      the Securities Administrator for deposit therein) any Advances or Compensating
      Interest Payments, to the extent required to be made but not made by a Servicer
      and required to be made by the Master Servicer hereunder with respect to the
      Mortgage Loans.

    

    (c) The
      Securities Administrator or the Master Servicer shall keep and maintain separate
      accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of
      accounting for any payments or reimbursements from the Distribution Account
      pursuant to subclauses (i) through (viii), inclusive and (xi) or with respect
      to
      any such amounts which would have been covered by such subclauses had the
      amounts not been retained by the Master Servicer without being deposited in
      the
      Distribution Account under Section 4.02(b).

    

    
      
        
        

      

      
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    (d) In
      order
      to comply with its duties under the USA PATRIOT Act of 2001, the Securities
      Administrator shall obtain and verify certain information and documentation
      from
      the other parties hereto, including, but not limited to, each such party's
      name,
      address and other identifying information.

    

    (e) On
      each
      Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw
      funds on deposit in the Distribution Account to the extent of the aggregate
      Available Funds and distribute such amounts to the Holders of the Certificates
      and any other parties entitled thereto in accordance with Section
      5.01.

    

    SECTION
      4.04. [Reserved]

    

    SECTION
      4.05. [Reserved]

    

    SECTION
      4.06. Prefunding
      Account.

    

    On
      or
      prior to the Closing Date, the Securities Administrator shall establish and
      maintain, on behalf of the Certificateholders, the Prefunding Account. On the
      Closing Date the Depositor shall remit the Prefunded Amount to the Securities
      Administrator for deposit in the Prefunding Account. From the Prefunded Amount,
      the Group 1 Prefunded Amount and
      the Group 2 Prefunded Amount shall
      be
      applied to the purchase of Subsequent Mortgage Loans for Loan Group 1 and Loan
      Group 2, respectively. On each Subsequent Transfer Date, upon satisfaction
      of
      the conditions for such Subsequent Transfer Date set forth in
      Section 2.01(b), with respect to the related Subsequent Transfer Agreement,
      the Securities Administrator shall remit to the Depositor the applicable
      Aggregate Subsequent Transfer Amount as payment of the purchase price for the
      related Subsequent Mortgage Loans.

    

    If
      any
      funds remain in the Prefunding Account at the end of the Prefunding Period,
      to
      the extent that they represent earnings on the amounts originally deposited
      into
      the Prefunding Account, the Securities Administrator shall distribute them
      to
      the order of the Depositor. The remaining funds shall be transferred to the
      Distribution Account to be included as part of principal distributions to the
      Certificates on the Distribution Date in the month following the end of the
      Prefunding Period.

    

    Each
      institution at which the Prefunding Account is maintained shall either hold
      such
      funds on deposit uninvested or shall invest the funds therein in Permitted
      Investments as directed in writing by the Depositor, which shall mature not
      later than the Business Day immediately preceding a Subsequent Transfer Date
      and
      shall not be sold or disposed of prior to its maturity. In the absence of
      direction, such funds shall be invested in the Wells Fargo Advantage Prime
      Investment Money Market Fund or comparable investment vehicle, or remain
      uninvested. All such Permitted Investments shall be made in the name of the
      Trustee, for the benefit of the Certificateholders. All income and gain net
      of
      any losses realized from any such balances or investment of funds on deposit
      in
      the Prefunding Account shall be for the benefit of the Depositor and shall
      be
      remitted to it monthly. The amount of any net investment losses in the
      Prefunding Account shall promptly be deposited by the Depositor in the
      Prefunding Account. The Securities Administrator in its fiduciary capacity
      shall
      not be liable for the amount of any loss incurred in respect of any investment
      or lack of investment of funds held in the Prefunding Account (other than as
      provided in this Section 4.06) and made in accordance with this
      Section 4.06.

    

    
      
        
        

      

      
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    SECTION
      4.07. Capitalized
      Interest Account.

    

    Upon the
      request of the Seller, the Securities Administrator shall establish and
      maintain, on behalf of the Certificateholders, the Capitalized Interest Account.
      The Capitalized Interest Account shall be an Eligible Account. On the Closing
      Date, the Seller shall deposit in the Capitalized Interest Account the Original
      Capitalized Interest Amount. On the Business Day preceding any Distribution
      Date
      occurring during the Prefunding Period, the Securities Administrator shall
      withdraw from the Capitalized Interest Account an amount equal to the
      Capitalized Interest Requirement (based on a monthly report provided to the
      Securities Administrator by the Master Servicer no later than such Business
      Day)
      for deposit into the Certificate Account for distribution to Certificateholders
      in accordance with Article V on such Distribution Date. Amounts on deposit
      in
      the Capitalized Interest Account shall be invested in a money market or common
      trust fund as described in paragraph (vii) of the definition of “Permitted
      Investments” set forth in Article I. All investment income and other gain on
      such investments shall be for the benefit of the Seller and shall be subject
      to
      withdrawal on order of the Seller from time to time. The amount of any losses
      incurred in respect of any such investments shall be paid by the Seller by
      a
      deposit into the Capitalized Interest Account of its own funds, immediately
      as
      realized. Amounts may be released from the Capitalized Interest Account and
      paid
      to the depositor at any time, if permitted by S&P as evidenced in a written
      confirmation from such Rating Agency. At the end of the Prefunding Period,
      all
      amounts, if any, on deposit in the Capitalized Interest Account shall be
      withdrawn by the Securities Administrator and distributed to the Seller and
      the
      Capitalized Interest Account shall be terminated.

    

    ARTICLE
      V

    

    FLOW
      OF FUNDS

    

    SECTION
      5.01. Distributions.

    

    (a) Distributions
      From Available Funds.
      On each
      Distribution Date and after making any withdrawals from the Distribution Account
      pursuant to Section 4.03(a), including in respect of the Credit Risk Manager
      Fee
      for such Distribution Date, the Securities Administrator, as Paying Agent,
      shall
      withdraw funds on deposit in the Distribution Account to the extent of Available
      Funds for each Loan Group for such Distribution Date and, based on the
      Distribution Date Statement, make the following disbursements and transfers
      as
      set forth below:

    

    (i) The
      Interest Remittance Amount and, solely to the extent of Deferred Interest for
      such Distribution Date, Principal Prepayments for each Loan Group shall be
      distributed on each Distribution Date other than on the Distribution Date
      following the optional purchase of the Mortgage Loans by the Terminator pursuant
      to Section 10.01(a) in the following order of priority:

    

    
      
        
        

      

      
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    (A) from
      the
      Interest Remittance Amount and Principal Prepayments related to the Group 1
      Mortgage Loans, in the following priority:

    

    (1) first,
      to the
      Final Maturity Reserve Account, the Group 1 Final Maturity Reserve Amount,
      if
      any, for that Distribution Date;

    

    (2) second,
      to the
      Final Maturity Reserve Account, the Group 2 Final Maturity Reserve Amount,
      if
      any, for that Distribution Date, to the extent not paid pursuant to clause
      (B)(1) below;

    

    (3) third,
      concurrently, on a pro
      rata
      basis,
      to the Holders of the Class 1A-1A and Class 1A-1B Certificates, the related
      Monthly Interest Distributable Amount and the Unpaid Interest Shortfall Amount,
      if any, to which each such Class is entitled; and

    

    (4) fourth,
      concurrently, on a pro
      rata
      basis,
      to the Holders of the Class 2A-1A, Class 2A-1B and Class 2A-1C Certificates,
      the
      related Monthly Interest Distributable Amount and the Unpaid Interest Shortfall
      Amount, if any, to which each such Class is entitled, to the extent not paid
      pursuant to clause (B)(3) below;

    

    (B) from
      the
      Interest Remittance Amount and Principal Prepayments related to the Group 2
      Mortgage Loans, in the following priority:

    

    (1) first,
      to the
      Final Maturity Reserve Account, the Group 2 Final Maturity Reserve Amount,
      if
      any, for that Distribution Date;

    

    (2) second,
      to the
      Final Maturity Reserve Account, the Group 1 Final Maturity Reserve Amount,
      if
      any, for that Distribution Date, to the extent not paid pursuant to clause
      (A)(1) above;

    

    (3) third,
      concurrently, on a pro
      rata
      basis,
      to the Holders of the Class 2A-1A, Class 2A-1B and Class 2A-1C Certificates,
      the
      related Monthly Interest Distributable Amount and the Unpaid Interest Shortfall
      Amount, if any, to which each such Class is entitled; and

    

    (4) fourth,
      concurrently, on a pro
      rata
      basis,
      to the Holders of the Class 1A-1A and Class 1A-1B Certificates, the Monthly
      Interest Distributable Amount and the Unpaid Interest Shortfall Amount, if
      any,
      to which each such Class is entitled, to the extent not paid pursuant to clause
      (A)(3) above;

    

    (C) from
      the
      remaining Interest Remittance Amounts and Principal Prepayments for both Loan
      Groups, to the Holders of the Class B-1 Certificates, the related Monthly
      Interest Distributable Amount;

    

    
      
        
        

      

      
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    (D) from
      the
      remaining Interest Remittance Amounts and Principal Prepayments for both Loan
      Groups, to the Holders of the Class B-2 Certificates, the related Monthly
      Interest Distributable Amount; 

    

    (E) from
      the
      remaining Interest Remittance Amounts and Principal Prepayments for both Loan
      Groups, to the Holders of the Class B-3 Certificates, the related Monthly
      Interest Distributable Amount;

    

    (F) from
      the
      remaining Interest Remittance Amounts and Principal Prepayments for both Loan
      Groups, to the Holders of the Class B-4 Certificates, the related Monthly
      Interest Distributable Amount;

    

    (G) from
      the
      remaining Interest Remittance Amounts and Principal Prepayments for both Loan
      Groups, to the Holders of the Class B-5 Certificates, the related Monthly
      Interest Distributable Amount; 

    

    (H) from
      the
      remaining Interest Remittance Amounts and Principal Prepayments for both Loan
      Groups, to the Holders of the Class B-6 Certificates, the related Monthly
      Interest Distributable Amount;

    

    (I) from
      the
      remaining Interest Remittance Amounts and Principal Prepayments for both Loan
      Groups, to the Holders of the Class B-7 Certificates, the related Monthly
      Interest Distributable Amount; 

    

    (J) from
      the
      remaining Interest Remittance Amounts and Principal Prepayments for both Loan
      Groups, to the Holders of the Class B-8 Certificates, the related Monthly
      Interest Distributable Amount; 

    

    (K) from
      the
      remaining Interest Remittance Amounts and Principal Prepayments for both Loan
      Groups, to the Holders of the Class B-9 Certificates, the related Monthly
      Interest Distributable Amount; and

    

    (L) for
      application as part of Net Monthly Excess Cashflow for such Distribution Date,
      as described under Section 5.01(a)(iv) below;

    

    (ii) On
      each
      Distribution Date (a) prior to the applicable Stepdown Date or (b) on which
      a
      Trigger Event is in effect, distributions in respect of principal to the extent
      of the Principal Distribution Amount for each Loan Group shall be distributed
      in
      the following amounts and order of priority:

    

    (A) from
      the
      related Principal Distribution Amount for the related Loan Group, concurrently
      as follows:

    

    (1) from
      the
      Principal Distribution Amount related to the Group 1 Mortgage Loans, in the
      following order of priority:

    

    first,
      to the
      Final Maturity Reserve Account, the Group 1 Final Maturity Reserve Amount,
      if
      any, for that Distribution Date remaining unpaid after giving effect to the
      distributions under clauses (a)(i)(A)(1) and (a)(i)(B)(2) above;

    

    
      
        
        

      

      
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    second,
      to the
      Holders of the Class 1A-1A and Class 1A-1B Certificates, pro
      rata,
      based
      on their Class Principal Balances immediately prior to such Distribution Date,
      until their respective Class Principal Balances have been reduced to zero,
      provided,
      however,
      that if
      a Sequential Trigger Event is in effect, principal distributions to the Class
      1A-1A and Class 1A-1B Certificates will be allocated first
      to the
      Class 1A-1A Certificates, until the Class Principal Balance thereof has been
      reduced to zero, and second
      to the
      Class 1A-1B Certificates, until the Class Principal Balance thereof has been
      reduced to zero; and

    

    third,
      for
      application pursuant to clause (B) below, any Group 1 Principal Distribution
      Amount remaining.

    

    (2) from
      the
      Principal Distribution Amount related to the Group 2 Mortgage Loans, in the
      following order of priority:

    

    first,
      to the
      Final Maturity Reserve Account, the Group 2 Final Maturity Reserve Amount,
      if
      any, for that Distribution Date remaining unpaid after giving effect to the
      distribution under clauses (a)(i)(A)(2) and (a)(i)(B)(1) above;

    

    second,
      to the
      Holders of the Class 2A-1A, Class 2A-1B and Class 2A-1C Certificates,
pro
      rata,
      based on
      their respective Class Principal Balances immediately prior to such Distribution
      Date, until their respective Class Principal Balances have been reduced to
      zero;
      and

    

    third,
      for
      application pursuant to clause (B) below, any Group 2 Principal Distribution
      Amount remaining.

    

    (B) from
      the
      Principal Distribution Amount for both Loan Groups, in the following order
      of
      priority:

    

    (1) to
      the
      Holders of the Class B-1 Certificates, until the Class Principal Balance thereof
      has been reduced to zero;

    

    (2) to
      the
      Holders of the Class B-2 Certificates, until the Class Principal Balance thereof
      has been reduced to zero; 

    

    (3) to
      the
      Holders of the Class B-3 Certificates, until the Class Principal Balance thereof
      has been reduced to zero;

    

    (4) to
      the
      Holders of the Class B-4 Certificates, until the Class Principal Balance thereof
      has been reduced to zero;

    

    
      
        
        

      

      
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    (5) to
      the
      Holders of the Class B-5 Certificates, until the Class Principal Balance thereof
      has been reduced to zero; 

    

    (6) to
      the
      Holders of the Class B-6 Certificates, until the Class Principal Balance thereof
      has been reduced to zero;

    

    (7) to
      the
      Holders of the Class B-7 Certificates, until the Class Principal Balance thereof
      has been reduced to zero; 

    

    (8) to
      the
      Holders of the Class B-8 Certificates, until the Class Principal Balance thereof
      has been reduced to zero; 

    

    (9) to
      the
      Holders of the Class B-9 Certificates, until the Class Principal Balance thereof
      has been reduced to zero; and

    

    (10) for
      application as part of Net Monthly Excess Cashflow for such Distribution Date,
      as described under Section 5.01(a)(iv) below.

    

    (iii) On
      each
      Distribution Date (a) on or after the applicable Stepdown Date and (b) on which
      a Trigger Event is not in effect, distributions in respect of principal to
      the
      extent of the Principal Distribution Amount for each Loan Group shall be
      distributed in the following amounts and order of priority:

    

    (A) from
      the
      Senior Principal Distribution Amount for the related Loan Group, concurrently
      as
      follows:

    

    (1) the
      Group
      1 Principal Distribution Amount shall be distributed in the following order
      of
      priority:

    

    first,
      to the
      Final Maturity Reserve Account, the Group 1 Final Maturity Reserve Amount,
      if
      any, for that Distribution Date remaining unpaid after giving effect to the
      distribution under clauses (a)(i)(A)(1) and (a)(i)(B)(2) above;

    

    second,
      to the
      Holders of the Class 1A-1A and Class 1A-1B Certificates, pro
      rata,
      based on
      their respective Class Principal Balances immediately prior to such Distribution
      Date, until their respective Class Principal Balances have been reduced to
      zero;
      and

    

    third,
      for
      application pursuant to clause (B) below, any Group 1 Principal Distribution
      Amount remaining undistributed for such Distribution Date.

    

    (2) the
      Group
      2 Principal Distribution Amount shall be distributed in the following order
      of
      priority:

    

    first,
      to the
      Final Maturity Reserve Account, the Group 1 Final Maturity Reserve Amount,
      if
      any, for that Distribution Date remaining unpaid after giving effect to the
      distribution under clauses (a)(i)(A)(2) and (a)(i)(B)(1) above;

    

    
      
        
        

      

      
        116

        
          

        

      

      
        
        

      

    

    second,
      to the
      Holders of the Class 2A-1A, Class 2A-1B and Class 2A-1C Certificates,
pro
      rata,
      based on
      their respective Class Principal Balances immediately prior to such Distribution
      Date, until their respective Class Principal Balances have been reduced to
      zero;
      and 

    

    third,
      for
      application pursuant to clause (B) below, any Group 2 Principal Distribution
      Amount remaining undistributed for such Distribution Date.

    

    (B) from
      the
      Principal Distribution Amount for both Loan Groups, in the following order
      of
      priority:

    

    (1) to
      the
      Holders of the Class B-1 Certificates, the Class B-1 Principal Distribution
      Amount;

    

    (2) to
      the
      Holders of the Class B-2 Certificates, the Class B-2 Principal Distribution
      Amount

    

    (3) to
      the
      Holders of the Class B-3 Certificates, the Class B-3 Principal Distribution
      Amount;

    

    (4) to
      the
      Holders of the Class B-4 Certificates, the Class B-4 Principal Distribution
      Amount;

    

    (5) to
      the
      Holders of the Class B-5 Certificates, the Class B-5 Principal Distribution
      Amount; 

    

    (6) to
      the
      Holders of the Class B-6 Certificates, the Class B-6 Principal Distribution
      Amount

    

    (7) to
      the
      Holders of the Class B-7 Certificates, the Class B-7 Principal Distribution
      Amount; 

    

    (8) to
      the
      Holders of the Class B-8 Certificates, the Class B-8 Principal Distribution
      Amount; 

    

    (9) to
      the
      Holders of the Class B-9 Certificates, the Class B-9 Principal Distribution
      Amount; and

    

    (10) for
      application as part of Net Monthly Excess Cashflow for such Distribution Date,
      as described under Section 5.01(a)(iv) below.

    

    
      
        
        

      

      
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    (iv) On
      each
      Distribution Date, other than the Distribution Date following the optional
      purchase of the Mortgage Loans pursuant to Section 10.01, the Net Monthly Excess
      Cashflow shall be distributed as follows:

    

    (A) to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to the principal
      portion of Realized Losses previously allocated to reduce the Class Principal
      Balance of such certificates, pro
      rata,
      to each
      such Class based on the Class Principal Balance of each such Certificate prior
      to such Distribution Date as a distribution in respect of principal, but only to
      the extent of Recoveries for that Distribution Date:

    

    (B) as
      part
      of the Principal Distribution Amount, to pay to the Holders of the Senior
      Certificates and the Subordinate Certificates in reduction of their Class
      Principal Balances, the principal portion of Realized Losses incurred on the
      Mortgage Loans in the preceding calendar month; pro
      rata,
      to each
      such Class based on the Class Principal Balance of each such Certificate prior
      to such Distribution Date as a distribution in respect of
      principal;

    

    (C) to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, pro
      rata,
      to each
      such Class based on the Class Principal Balance of each such Certificate prior
      to such Distribution Date as a distribution in respect of
      principal;

    

    (D) to
      the
      Holders of the Senior Certificates and the Subordinate Certificates, the amount
      of any Interest Shortfalls computed without regard to any Relief Act Reductions
      allocated thereto for such Distribution Date, on a pro
      rata
      basis
      based on Interest Shortfalls allocated thereto; 

    

    (E) to
      the
      Holders of the Senior Certificates and the Subordinate Certificates, any Net
      Interest Shortfalls remaining unpaid from prior Distribution Dates together
      with
      interest thereon, on a pro
      rata
      basis
      based on unpaid Net Interest Shortfalls computed without regard to any Relief
      Act Reductions previously allocated thereto;

    

    (F) to
      the
      Basis Risk Reserve Fund, the Required Reserve Fund Deposit, if any, and then
      from the Basis Risk Reserve Fund to the Holders of the Senior Certificates,
      on a
pro
      rata
      basis
      based on the amount of Basis Risk Shortfalls remaining unpaid, and then to
      the
      Holders of the Subordinate Certificates, sequentially, in order of priority
      of
      distributions beginning with the Class B-1 Certificates, the amount of any
      Basis
      Risk Shortfall remaining unpaid as of such Distribution Date;

    

    (G) to
      the
      Holders of the Senior Certificates and the Subordinate Certificates, in an
      amount equal to any Interest Shortfalls resulting from Relief Act Reductions
      for
      such Distribution Date, pro
      rata,
      based
      on the amount of Interest Shortfalls resulting from Relief Act Reductions
      allocated to each Class for such Distribution Date;

    

    
      
        
        

      

      
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    (H) to
      the
      Holders of the Senior Certificates, pro
      rata,
      and
      then to the Holders of the Subordinate Certificates, sequentially, in order
      of
      priority of distributions beginning with the Class B-1 Certificates, the
      principal portion of any Allocated Realized Loss Amounts remaining
      unreimbursed;

    

    (I) to
      the
      Holders of the Class C Certificates, the Class C Distributable Amount;

    

    (J) on
      the
      Distribution Date immediately following the last Distribution date on which
      Prepayment Penalty Amounts can be collected by any Servicer, to the Holders
      of
      the Class P Certificates, $100.00; and

    

    (K) to
      the
      Holders of the Residual Certificates, pro
      rata,
      any
      Available Funds then remaining.

    

    (v) On
      the
      Distribution Date following the optional purchase of the Mortgage Loans pursuant
      to Section 10.01, Available Funds will be applied in the amounts and in the
      order specified above except that any Premium Proceeds will be distributable
      in
      respect of the Class C Certificates.

    

    (b) Amounts
      to be paid to the Holders of a Class of Certificates shall be payable with
      respect to all Certificates of that Class, pro
      rata,
      based
      on the Certificate Principal Balance of each Certificate of that
      Class.

    

    (c) [Reserved]

    

    (d) Notwithstanding
      the priorities and allocations set forth in Section 5.01(a) above, if on any
      Distribution Date on which the Senior Certificates related to a Loan Group
      constitute an Undercollateralized Group, all amounts otherwise distributable
      as
      Available Funds on the Subordinate Certificates, in reverse order of priority
      (or, following the Senior Credit Support Depletion Date, such other amounts
      described in the immediately following sentence), will be distributed as
      principal to the Senior Certificates of such Undercollateralized Group in the
      same order and priority and allocation provided in Section 5.01(a), first,
      up to
      the sum of the Accrued Interest Amount and the Principal Deficiency Amount
      for
      the Undercollateralized Group (such distribution, an “Undercollateralization
      Distribution”)
      and
second,
      to pay
      to the Subordinate Certificates and the Residual Certificates in the same order
      and priority as provided in Section 5.01(a)(ii), (iii) and (iv). In the event
      that the Senior Certificates related to a Loan Group constitute an
      Undercollateralized Group on any Distribution Date following the Senior Credit
      Support Depletion Date, Undercollateralization Distributions will be made from
      any Available Funds from the Loan Group not related to an Undercollateralized
      Group remaining after all required amounts have been distributed to the related
      Class of Senior Certificates related to such other Loan Group.
      Undercollateralization Distributions will be applied first
      to pay
      accrued but unpaid interest, if any, and second
      to pay
      principal in the same priority and allocation provided in Section
      5.01(a).

    

    
      
        
        

      

      
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    (e) Distributions
      on Physical Certificates.
      The
      Securities Administrator shall make distributions in respect of a Distribution
      Date to each Certificateholder of record on the related Record Date (other
      than
      as provided in Section 10.01 hereof respecting the final distribution), in
      the
      case of Certificateholders of the Physical Certificates, by check or money
      order
      mailed to such Certificateholder at the address appearing in the Certificate
      Register, or by wire transfer. Distributions among Certificateholders of a
      Class
      shall be made in proportion to the Percentage Interests evidenced by the
      Certificates of that Class held by such Certificateholders.

    

    (f) Distributions
      on Book-Entry Certificates.
      Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Depositor or the Seller shall have any
      responsibility therefor.

    

    (g) Distributions
      from Final Maturity Reserve Account.
      On the
      Final Maturity Reserve Termination Date, the Securities Administrator shall
      distribute the funds on deposit in the Final Maturity Reserve Account on such
      date in the following order of priority:

    

    (i) to
      the
      Holders of the Class 1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B and Class
      2A-1C Certificates, pro
      rata,
      after
      giving effect to principal distributions on such Distribution Date pursuant
      to
      Sections 5.01(a)(ii) or (iii) above, as applicable, in reduction of their
      respective Class Principal Balances, until the Class Principal Balance of each
      such Class has been reduced to zero;

    

    (ii) to
      the
      Holders of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class
      B-6,
      Class B-7, Class B-8 and Class B-9 Certificates, sequentially, in that order,
      after giving effect to principal distributions on such Distribution Date
      pursuant to Sections 5.01(a)(ii) or (iii) above, as applicable, in reduction
      of
      their respective Class Principal Balances, until the Class Principal Balance
      of
      each such class has been reduced to zero;

    

    (iii) to
      the
      Holders of the Class 1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B and Class
      2A-1C Certificates, pro
      rata,
      any
      Interest Distributable Amounts for each such Class remaining unpaid on such
      Distribution Date, in the same priorities as set forth in Section 5.01(a)(i);
      

    

    (iv) to
      the
      Holders of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class
      B-6,
      Class B-7, Class B-8 and Class B-9 Certificates, sequentially, in that order,
      any Interest Distributable Amounts for each such Class remaining unpaid on
      such
      Distribution Date; and

    

    
      
        
        

      

      
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    (v) to
      the
      extent of any funds remaining in the Final Maturity Reserve Account after
      payment pursuant to clauses (i) through (iv) above, to the Holders of the Class
      C Certificates.

    

    Notwithstanding
      anything to the contrary in this Section 5.02(g), all amounts distributable
      to
      the Holders of the Class 1A-1A and Class 1A-1B Certificates on account of the
      Mortgage Loans, shall be distributable first on account of the Group 1 Mortgage
      Loans.

    

    (h) Distributions
      from Yield Maintenance Account.
      On each
      Distribution Date beginning on the Distribution Date in November
      2009 through
      and including the Distribution Date in September 2014, the Securities
      Administrator shall distribute the funds on deposit in the Yield Maintenance
      Account for such date after making all distributions under Section 5.01(a)(iv)
      above as follows:

    

    (i) to
      the
      Holders of the Senior Certificates, pro
      rata,
      any
      Allocated Realized Loss Amounts to the extent unpaid;

    

    (ii) to
      the
      Holders of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class
      B-6,
      Class B-7, Class B-8 and Class B-9 Certificates, sequentially, in that order,
      any Allocated Realized Loss Amounts to the extent unpaid;

    

    (iii) to
      the
      Holders of the Senior Certificates, pro
      rata,
      any
      Basis Risk Shortfalls to the extent unpaid;

    

    (iv) to
      the
      Holders of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class
      B-6,
      Class B-7, Class B-8 and Class B-9 Certificates, sequentially, in that order,
      any Basis Risk Shortfalls to the extent unpaid;

    

    (v) to
      the
      Holders of the Senior Certificates, pro
      rata,
      the
      related Monthly Interest Distributable Amount and any Unpaid Interest Shortfall
      Amounts to the extent unpaid; 

    

    (vi) to
      the
      Holders of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class
      B-6,
      Class B-7, Class B-8 and Class B-9 Certificates, sequentially, in that order,
      the related Monthly Interest Distributable Amount and any Unpaid Interest
      Shortfall Amounts to the extent unpaid; 

    

    (vii) to
      the
      Holders of the Senior Certificates and the Subordinate Certificates, any amounts
      necessary to maintain the applicable Overcollateralization Target Amount
      (provided
      that the
      amount distributable on any Distribution Date pursuant to this subsection (vii)
      cannot exceed the excess, if any, of (x) all Realized Losses for such
      Distribution Date and for all prior Distribution Dates over (y) the sum of
      all
      amounts distributed pursuant to this subsection (vii) on all prior Distribution
      Dates); 

    

    (viii) if
      applicable, to the related Basis Risk Cap Termination Receipts Account for
      application to the purchase of a replacement Basis Risk Cap Agreement(s)
      pursuant to Section 5.13(b); and

    

    
      
        
        

      

      
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    (ix) to
      the
      Class C Certificates, all amounts remaining.

    

    (i) On
      each
      Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw
      all Prepayment Penalty Amounts from funds on deposit in the Distribution Account
      and shall distribute such amounts to the Holders of the Class P
      Certificates.

    

    (j) On
      each
      Distribution Date, the Trustee shall distribute the Basis Risk Cap Amount for
      such date as follows:

    

    (i) to
      the
      LIBOR Certificates, on a pro
      rata based
      on
      their respective Class Principal Balances, any Basis Risk Shortfalls, to the
      extent unpaid;

    

    (ii) if
      applicable, to the Basis Risk Cap Termination Receipts Account for application
      to the purchase of a replacement Basis Risk Cap Agreement(s) pursuant to Section
      5.14(b); and

    

    (iii) to
      the
      Class C Certificates, all amounts remaining.

    

    (k) On
      each
      Distribution Date, the Trustee, as Paying Agent, shall withdraw the Class ES
      Distributable Amount from funds on deposit in the Distribution Account and
      shall
      distribute such amounts to the Holders of the Class ES
      Certificates.

    

    SECTION
      5.02. Allocation
      of Net Deferred Interest.

    

    For
      any
      Distribution Date, Net Deferred Interest shall be allocated to each Class of
      LIBOR Certificates in an amount equal to the excess, if any, of (i) the amount
      that would have been the Monthly Interest Distributable Amount for such Class
      if
      the Monthly Interest Distributable Amount for such Class had been computed
      at
      the Pass-Through Rate for such Class, over (ii) the actual Monthly Interest
      Distributable Amount for such Class. On each Distribution Date, any amount
      of
      Net Deferred Interest allocable to a Class of LIBOR Certificates on such
      Distribution Date shall be added as Principal to the outstanding Class Principal
      Balance of such Class of Certificates. Any Net Deferred Interest that is not
      allocable to any Class of LIBOR Certificates pursuant to the first sentence
      of
      this paragraph shall be allocated to the Class C Certificates and thereby
      increase the Overcollateralized Amount.

    

    SECTION
      5.03. Allocation
      of Realized Losses.

    

    (a) On
      or
      prior to each Distribution Date, the Securities Administrator shall aggregate
      the loan-level information provided by the Master Servicer with respect to
      the
      total amount of Realized Losses, if any, with respect to the Mortgage Loans
      in
      each Loan Group for the related Distribution Date and include such information
      in the Distribution Date Statement.

    

    (b) On
      each
      Distribution Date, Realized Losses that occurred during the related Prepayment
      Period shall be allocated in the following order of priority:

    

    (i) to
      Net
      Monthly Excess Cashflow; 

    

    
      
        
        

      

      
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    (ii) to
      the
      Overcollateralized Amount, until such amount has been reduced to zero;

    

    (iii) to
      the
      Subordinate Certificates in reverse order of their respective numerical Class
      designations (beginning with the Class of Subordinate Certificates with the
      highest numerical Class designation) until the Class Principal Balance of each
      such Class is reduced to zero; and

    

    
      	 	
              (iv)

            	
              (A) with
                respect to such losses related to the Group 1 Mortgage Loans, to
                the Class
                1A-1A and Class 1A-1B Certificates, sequentially, first,
                to the Class 1A-1B Certificates and second,
                to the Class 1A-1A Certificates, in that order, until the Class Principal
                Balance of each such Class is reduced to zero;
                and

            

    

    

    (B) with
      respect to such losses related to the Group 2 Mortgage Loans, to the Class
      2A-1A, Class 2A-1B and Class 2A-1C Certificates, sequentially, first,
      to the
      Class 2A-1C Certificates, second,
      to the
      Class 2A-1B Certificates and third,
      to the
      Class 2A-1A Certificates, in that order, until the Class Principal Balance
      of
      each such Class is reduced to zero.

    

    (c) The
      Class
      Principal Balance of first,
      the
      Class C Certificates and second,
      the
      Class of Subordinate Certificates then outstanding with the highest numerical
      Class designation shall be reduced on each Distribution Date by the amount,
      if
      any, by which the aggregate of the Class Principal Balances of all outstanding
      Classes of Certificates (after giving effect to the distribution of principal
      and the allocation of Realized Losses on such Distribution Date) exceeds the
      aggregate of the Stated Principal Balances of all the Mortgage Loans for the
      following Distribution Date.

    

    (d) Any
      Realized Loss allocated to a Class of Certificates or any reduction in the
      Class
      Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or
      (c)
      shall be allocated among the Certificates of such Class, pro rata, in proportion
      to their respective Certificate Principal Balances.

    

    (e) Any
      allocation of Realized Losses to a Certificate or any reduction in the
      Certificate Principal Balance of a Certificate pursuant to Section 5.03(b)
      or
      (c) shall be accomplished by reducing the Certificate Principal Balance thereof
      immediately following the distributions made on the related Distribution Date
      in
      accordance with the definition of “Certificate Principal Balance.”

    

    SECTION
      5.04. Statements.
      

    

    (a) On
      each
      Distribution Date, the Securities Administrator shall make available to the
      Trustee, each Certificateholder, the Yield Maintenance Provider, the Seller,
      any
      NIMS Insurer, the Master Servicer and each Rating Agency, a statement based,
      as
      applicable, on loan-level information obtained from the Master Servicer, the
      Basis Risk Cap Provider and the Servicers (the “Distribution
      Date Statement”)
      as to
      the distributions to be made or made, as applicable, on such Distribution Date.
      Information in the Distribution Date Statement relating to or based on amounts
      available in the Yield Maintenance Account shall be based on information
      provided by the Yield Maintenance Provider regarding any Yield Maintenance
      Distributable Amounts required to be paid by the Yield Maintenance Provider
      for
      the related Distribution Date pursuant to the Yield Maintenance Agreement.
      The
      Distribution Date Statement shall include the following information, in each
      case, with respect to such Distribution Date:

    

    
      
        
        

      

      
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    (i) the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates allocable to principal;

    

    (ii) the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates allocable to interest;

    

    (iii) [Reserved];

    

    (iv) the
      aggregate amount of Servicing Fees, Subservicing Fees, Master Servicing Fees
      and
      Credit Risk Manager Fees for the related Due Period;

    

    (v) the
      amount of Advances for each Loan Group and the aggregate amount of Advances
      for
      the related Due Period and the amount of unreimbursed Advances;

    

    (vi) the
      Loan
      Group Balance for each Loan Group and the Net WAC for each Loan Group at the
      Close of Business at the end of the related Due Period;

    

    (vii) the
      Pool
      Balance, the Pool Collateral Balance and the Loan Group Balance for such
      Distribution Date;

    

    (viii) for
      each
      Loan Group, the aggregate Principal Balance of the MTA Indexed Mortgage Loans
      at
      the Close of Business at the end of the related Due Period;

    

    (ix) for
      each
      Loan Group, the amount of fees, expenses or indemnification amounts paid by
      the
      Trust Fund with an identification of the general purpose of such amounts and
      the
      party receiving such amounts;

    

    (x) for
      each
      Loan Group, the number, weighted average remaining term to maturity, weighted
      average life and weighted average Loan Rate of the related Mortgage Loans as
      of
      the related Due Date;

    

    (xi) for
      each
      Loan Group, the number and aggregate unpaid principal balance of the related
      Mortgage Loans, (a) 30 to 59 days Delinquent, (b) 60 to 89 days Delinquent,
      (c) 90 or more days Delinquent, (d) as to which foreclosure proceedings have
      been commenced and (e) in bankruptcy, in each case as of the close of business
      on the last day of the preceding calendar month, using the OTS
      method;

    

    (xii) for
      each
      Loan Group, the book value (if available) of any REO Property as of the Close
      of
      Business on the last Business Day of the calendar month preceding the
      Distribution Date, and, cumulatively, the total number and cumulative principal
      balance of all REO Properties in each Loan Group as of the Close of Business
      of
      the last day of the preceding Due Period;

    

    
      
        
        

      

      
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    (xiii) for
      each
      Loan Group, the aggregate amount of any Principal Prepayments, net Principal
      Prepayments or other unscheduled recoveries of principal with respect to each
      Loan Group made during the related Prepayment Period;

    

    (xiv) for
      each
      Loan Group, the aggregate amount of Realized Losses incurred during the related
      Due Period for each Loan Group and the cumulative amount of Realized Losses
      and
      the amount of Realized Losses, if any, allocated to each Class of Certificates
      after giving effect to any distributions made thereon, on such Distribution
      Date;

    

    (xv) the
      Class
      Principal Balance of each Class of Certificates and the Apportioned Principal
      Balances of the Subordinate Certificates after giving effect to any
      distributions made thereon, on such Distribution Date;

    

    (xvi) for
      each
      Loan Group, the Monthly Interest Distributable Amount and the Interest
      Distributable Amount in respect of each related Class of Certificates, for
      such
      Distribution Date and the respective portions thereof, if any, remaining unpaid
      following the distributions made in respect of such Certificates on such
      Distribution Date;

    

    (xvii) for
      each
      Class, the aggregate amount of any Net Interest Shortfalls and the Unpaid
      Interest Shortfall Amount for such Distribution Date after giving effect to
      any
      distributions made thereon, on such Distribution Date;

    

    (xviii) for
      each
      Loan Group, the related Available Funds;

    

    (xix) for
      each
      Loan Group, the Pass-Through Rate and related Adjusted Cap Rate for each Class
      of Certificates for such Distribution Date; 

    

    (xx) for
      each
      Loan Group, the aggregate Principal Balance of Mortgage Loans purchased
      hereunder by the Seller during the related Due Period;

    

    (xxi) for
      each
      Loan Group, the amount of any Principal Deficiency Amounts or Accrued Interest
      Amounts paid to an Undercollateralized Group or amounts paid pursuant to Section
      5.01(f)(i); 

    

    (xxii) current
      Recoveries allocable to each Loan Group;

    

    (xxiii) cumulative
      Recoveries allocable to each Loan Group;

    

    (xxiv) the
      amount of any Basis Risk Shortfall, if any, for each Class after giving effect
      to any distributions made thereon, on such Distribution Date;

    

    (xxv) for
      each
      Loan Group, the amount of Deferred Interest and Net Deferred Interest, if any,
      for such Loan Group;

    

    (xxvi) the
      amount of Net Deferred Interest, if any, added to the Class Principal Balance
      of
      the Certificates;

    

    (xxvii) the
      amount of any Unpaid Interest Shortfall Amount;

    

    
      
        
        

      

      
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    (xxviii) the
      amount of the Group 1 Final Maturity Reserve Amount, the Group 2 Final Maturity
      Reserve Amount and the Aggregate Final Maturity Reserve Amount deposited in
      the
      Final Maturity Reserve Account, and, on the Final Maturity Reserve Termination
      Date, the amount distributed from the Final Maturity Reserve Account to each
      Class of Certificates;

    

    (xxix) the
      Overcollateralized Amount for that Distribution Date;

    

    (xxx) the
      Overcollateralization Target Amount for that Distribution Date; 

    

    (xxxi) the
      amount remitted by the Administrator to the Securities Administrator pursuant
      to
      the Yield Maintenance Allocation Agreement;

    

    (xxxii) the
      payments, if any, made from the Yield Maintenance Account and the amount
      distributed to the LIBOR Certificates from such payments;

    

    (xxxiii) the
      amount of any Class P Distributable Amount and the amount of any Class ES
      Distributable Amount; 

    

    (xxxiv) the
      amount on deposit in the Prefunding Account in the aggregate and for each Loan
      Group (including a breakdown of amounts released during the prior calendar
      month
      in respect of Aggregate Subsequent Transfer Amounts or amounts included in
      Available Funds on the Distribution Date in the month following the end of
      the
      Prefunding Period); 

    

    (xxxv) the
      amount of any payments made by the Basis Risk Cap Provider to the Basis Risk
      Cap
      Account pursuant to Section 5.13; and

    

    (xxxvi) the
      aggregate Principal Balance and number of Subsequent Mortgage Loans purchased
      in
      the Prefunding Period. 

    

    The
      Securities Administrator shall make the Distribution Date Statement (and, at
      its
      option, any additional files containing the same information in an alternative
      format) available each month to Certificateholders and the parties to this
      Agreement via the Securities Administrator’s internet website. The Securities
      Administrator’s internet website shall initially be located at “www.ctslink.com.”
      Assistance in using the website can be obtained by calling the Securities
      Administrator’s customer service desk at (866) 846-4526. Parties that are unable
      to use the above distribution option are entitled to have a paper copy mailed
      to
      them via first class mail by calling the customer service desk and indicating
      such. The Securities Administrator shall have the right to change the way such
      reports are distributed in order to make such distribution more convenient
      and/or more accessible to the parties, and the Securities Administrator shall
      provide timely and adequate notification to all parties regarding any such
      change.

    

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the Initial
      Cut-off Date.

    

    
      
        
        

      

      
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    In
      addition to the information listed above, such Distribution Date Statement
      or
      the report on Form 10-D for such Distribution Date shall also include any other
      information required by Item 1121 (§ 229.1121) of Regulation AB.

    

    (b) Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall, upon written request, furnish to any NIMS Insurer and
      each
      Person who at any time during the calendar year was a Certificateholder of
      a
      Regular Certificate, if requested in writing by such Person or any NIMS Insurer,
      such information as is reasonably necessary to provide to such Person or any
      NIMS Insurer a statement containing the information set forth in subclauses
      (i)
      and (ii) above, aggregated for such calendar year or applicable portion thereof
      during which such Person or any NIMS Insurer was a Certificateholder and such
      other customary information which a Certificateholder reasonably requests to
      prepare its tax returns. Such obligation of the Securities Administrator shall
      be deemed to have been satisfied to the extent that substantially comparable
      information shall be prepared and furnished by the Securities Administrator
      to
      Certificateholders pursuant to any requirements of the Code as are in force
      from
      time to time.

    

    (c) On
      each
      Distribution Date, the Securities Administrator shall supply an electronic
      tape
      to Bloomberg Financial Markets, Inc. in a format acceptable to Bloomberg
      Financial Markets, Inc. on a monthly basis, and shall supply an electronic
      tape
      to Loan Performance and Intex Solutions in a format acceptable to Loan
      Performance and Intex Solutions on a monthly basis.

    

    SECTION
      5.05. Remittance
      Reports; Advances. 

    

    (a) No
      later
      than the 10th
      calendar
      day of each month, the Master Servicer shall deliver to the Securities
      Administrator by telecopy or electronic mail (or by such other means as the
      Master Servicer and the Securities Administrator may agree from time to time)
      the Remittance Report with respect to the related Distribution Date. No later
      than the Close of Business New York time on the fifth Business Day prior to
      the
      related Distribution Date, the Master Servicer shall deliver or cause to be
      delivered to the Securities Administrator in addition to the information
      provided on the Remittance Report, such other loan-level information reasonably
      available to it with respect to the Mortgage Loans as the Securities
      Administrator may reasonably require to perform the calculations necessary
      to
      make the distributions contemplated by Section 5.01. The Securities
      Administrator shall have no duty or obligation to calculate, recompute or verify
      any information in any Remittance Report or other loan level information that
      it
      receives from a Servicer.

    

    (b) If
      the
      Monthly Payment on a Mortgage Loan that was due on a related Due Date and is
      delinquent, other than as a result of application of the Relief Act, and for
      which the related Servicer was required to make an advance pursuant to the
      related Servicing Agreement, exceeds the amount on deposit in the Distribution
      Account which will be used for an advance with respect to such Mortgage Loan,
      the Master Servicer shall, on the Business Day immediately preceding the related
      Distribution Date, deposit in the Distribution Account an amount equal to such
      deficiency, net of the Servicing Fee and the Master Servicing Fee, for such
      Mortgage Loan except to the extent the Master Servicer determines any such
      Advance to be Nonrecoverable from Liquidation Proceeds, Insurance Proceeds
      or
      future payments on the Mortgage Loan for which such Advance was made. Subject
      to
      the foregoing, the Master Servicer shall continue to make such Advances through
      the date that such Servicer is required to do so under its Servicing Agreement.
      If the Master Servicer determines that an Advance is Nonrecoverable, it shall,
      on or prior to the related Distribution Date, present an Officer’s Certificate
      to the Securities Administrator, the NIMS Insurer and the Trustee (i) stating
      that the Master Servicer elects not to make a Advance in a stated amount and
      (ii) detailing the reason it deems the advance to be
      Nonrecoverable.

    

    
      
        
        

      

      
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    SECTION
      5.06. Compensating
      Interest Payments.

    

    The
      amount of the Master Servicing Fee payable to the Master Servicer in respect
      of
      any Distribution Date shall be reduced (but not below zero) by the amount of
      any
      Compensating Interest Payment for such Distribution Date, but only to the extent
      that Interest Shortfalls relating to such Distribution Date are required to
      be
      paid but are not actually paid by the Servicers on the Servicer Remittance
      Date.
      Such amount shall not be treated as an Advance and shall not be reimbursable
      to
      the Master Servicer.

    

    SECTION
      5.07. Basis
      Risk Reserve Fund.

    

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

    

    (b) On
      each
      Distribution Date, other than the Distribution Date following the optional
      purchase of the Mortgage Loans pursuant to Section 10.01, Net Monthly Excess
      Cashflow shall be deposited in the Basis Risk Reserve Fund to the extent of
      the
      Required Reserve Fund Deposit pursuant to Section 5.01 (a)(iv)(F).

    

    (c) On
      any
      Distribution Date for which a Basis Risk Shortfall exists with respect to the
      LIBOR Certificates, the Securities Administrator, as Paying Agent for the
      Trustee, shall withdraw from the Basis Risk Reserve Fund, the amount of such
      Basis Risk Shortfall for distribution on such Distribution Date pursuant to
      section 5.01 (a)(iv)(F).

    

    (d) Funds
      in
      the Basis Risk Reserve Fund shall be invested in Permitted Investments. Any
      earnings on amounts in the Basis Risk Reserve Fund shall be for the benefit
      of
      the Class C Certificateholders. The Class C Certificates shall evidence
      ownership of the Basis Risk Reserve Fund for federal income tax purposes and
      the
      Holders thereof shall direct the Securities Administrator, in writing, as to
      investment of amounts on deposit therein. The Class C Certificateholder(s)
      shall
      be liable for any losses incurred on such investments. In the absence of written
      instructions from the Class C Certificateholder as to investment of funds on
      deposit in the Basis Risk Reserve Fund, such funds shall be invested in the
      Wells Fargo Advantage Prime Investment Money Market Fund or comparable
      investment vehicle, or remain uninvested. For all Federal income tax purposes,
      amounts transferred by the Upper-Tier REMIC to the Basis Risk Reserve Fund
      shall
      be treated as amounts distributed by the Upper-Tier REMIC to the Class C
      Certificateholders.

    

    
      
        
        

      

      
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    (e) Upon
      termination of the Trust Fund any amounts remaining in the Basis Risk Reserve
      Fund shall be distributed to the Class C Certificateholders.

    

    SECTION
      5.08. Recoveries.
      

    

    With
      respect to any Class of Certificates to which a Realized Loss has been allocated
      (including any such Class for which the related Class Principal Balance has
      been
      reduced to zero), to the Class Principal Balance of such Class will be increased
      by the amount of related Recoveries collected with regard to the related Loan
      Group allocated to such Class for such Distribution Date as
      follows:

    

    (i) first,
      the
      Class Principal Balance of each Class of Senior Certificates related to the
      Loan
      Group from which the Recovery was collected, will be increased, pro
      rata
      up to
      the Net Realized Losses for such Class for such Distribution Date,
      and

    

    (ii) second,
      the
      Class Principal Balance of each Class of Subordinate Certificates will be
      increased in order of seniority, up to the Net Realized Losses for each such
      Class for such Distribution Date.

    

    SECTION
      5.09. The
      Final Maturity Reserve Trust.

    

    (a) The
      Final
      Maturity Reserve Trust is hereby established as a separate trust, the corpus
      of
      which shall be held by the Securities Administrator, in trust, for the benefit
      of the holders of the Certificates (other than the Class P, Class ES and Class
      R
      Certificates). The Securities Administrator shall establish an account (the
      “Final Maturity Reserve Account”). The Final Maturity Reserve Account shall be
      an Eligible Account, and funds on deposit therein shall be held separate and
      apart from, and shall not be commingled with, any other moneys, including,
      without limitation, other moneys of the Securities Administrator held pursuant
      to this Agreement. Notwithstanding anything herein to the contrary, the
      Securities Administrator will only establish the Final Maturity Reserve Account
      if there is any Group 1 Final Maturity Reserve Amount or Group 2 Final Maturity
      Reserve Amount to be deposited therein. 

    

    (b) The
      Securities Administrator shall deposit into the Final Maturity Reserve Account
      any Final Maturity Reserve Amounts pursuant to Section 5.01(a)(i)(A) and (B).
      The Securities Administrator shall distribute the funds in the Final Maturity
      Reserve Account pursuant to Section 5.01(g).

    

    (c) Funds
      in
      the Final Maturity Reserve Account shall be invested in Permitted Investments
      at
      the written direction of the Holders of the Class C Certificates. Any earnings
      on such amounts shall be distributed pursuant to Section 5.01(g). The Class
      C
      Certificates shall evidence ownership of the Final Maturity Reserve Trust for
      federal income tax purposes and the Holder thereof shall direct the Securities
      Administrator, in writing, as to investment of amounts on deposit therein.
      The
      Class C Certificateholders shall be liable for any losses incurred on such
      investments. In the absence of written instructions from the Class C
      Certificateholders as to investment of funds on deposit in the Final Maturity
      Reserve Account, such funds shall be invested in the Wells Fargo Advantage
      Prime
      Investment Money Market Fund or comparable investment vehicle, or remain
      uninvested.

    

    
      
        
        

      

      
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    (d) Upon
      termination of the Final Maturity Reserve Trust, any amounts remaining in the
      Final Maturity Reserve Account shall be distributed pursuant to the priorities
      in Section 5.01(g).

    

    (e) For
      federal income tax purposes, any Certificateholder that receives a principal
      payment from the Final Maturity Reserve Trust shall be treated as selling a
      portion of its Certificate to the Class C Certificateholder and as having
      received the amount of the principal payment from the Class C Certificateholder
      as the proceeds of the sale. The portion of the Certificate that is treated
      as
      having been sold shall equal the amount of the corresponding reduction in the
      Class Principal Balance of such Certificate. Principal payments received from
      the Final Maturity Reserve Trust shall not be treated as distributions from
      any
      REMIC created hereby. All principal distributions from the Final Maturity
      Reserve Account shall be accounted for hereunder in accordance with this Section
      5.09(e).

    

    SECTION
      5.10. Yield
      Maintenance Agreement; Yield Maintenance Trust; Yield Maintenance Trust
      Account.

    

    On
      or
      prior to the Closing Date, the Administrator, pursuant to the Yield Maintenance
      Allocation Agreement, shall enter into the Yield Maintenance Agreement. The
      Administrator shall perform the duties as set forth in the Yield Maintenance
      Agreement and Yield Maintenance Allocation Agreement. 

    

    Pursuant
      to the Yield Maintenance Allocation Agreement, the Administrator shall establish
      and maintain (i) the Yield Maintenance Trust into which it shall deposit the
      Yield Maintenance Agreement and (ii) the Yield Maintenance Trust Account into
      which, on the day prior to each Distribution Date, it shall deposit the Yield
      Maintenance Distributable Amount, if any, paid by the Yield Maintenance Provider
      pursuant to the Yield Maintenance Agreement.

    

    On
      each
      Distribution Date, after remitting the Yield Maintenance Payment Amount to
      the
      Securities Administrator, any amounts remaining on deposit in the Yield
      Maintenance Trust Account shall be distributed in accordance with Section
      3(a)(ii) of the Yield Maintenance Allocation Agreement.

    

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Yield Maintenance Trust Account be disregarded
      as an entity separate from the Holder of the Class C Certificates unless and
      until the date when either (a) there is more than one Class C Certificateholder
      or (b) any Class of Certificates in addition to the Class C Certificates is
      recharacterized as an equity interest in the Yield Maintenance Trust Account
      for
      federal income tax purposes, in which case it is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Yield Maintenance Trust Account be treated as a partnership.
      The
      Yield Maintenance Trust Account will be an “outside reserve fund” within the
      meaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of
      the
      Trust Fund, or the payment in full of the Offered Certificates, all amounts
      remaining on deposit in the Yield Maintenance Trust Account shall be distributed
      to the Class C Certificateholders or their designees. The Yield Maintenance
      Trust Account shall not be part of the Trust Fund or of any REMIC and any
      payments to the Holders of the Offered Certificates to pay certain interest
      shortfalls will not be payments with respect to a “regular interest” in a REMIC
      within the meaning of Code Section 860(G)(a)(1).

    

    
      
        
        

      

      
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    The
      Administrator shall terminate the Yield Maintenance Agreement upon the
      occurrence of an event of default or termination event under the Yield
      Maintenance Agreement of which the Administrator has actual knowledge. In the
      event that the Yield Maintenance Agreement is canceled or otherwise terminated
      for any reason (other than the exhaustion of the interest rate protection
      provided thereby), the Administrator shall, at the direction of
      Certificateholders evidencing Voting Rights not less than 50% of the Offered
      Certificates, and to the extent a replacement contract is available (from a
      counterparty designated by the Depositor and acceptable to Certificateholders
      evidencing Voting Rights not less than 50% of the Offered Certificates), execute
      a replacement contract comparable to the Yield Maintenance Agreement providing
      interest rate protection which is equal to the then-existing protection provided
      by such Yield Maintenance Agreement as certified to the Administrator by the
      Depositor; provided,
      however,
      that
      the cost of any such replacement contract providing the same interest rate
      protection may be reduced to a level such that the cost of such replacement
      contract shall not exceed the amount of any early termination payment received
      from the Yield Maintenance Provider.

    

    Upon
      the
      earlier of the Distribution Date in June 2016 and
      the
      termination of the Trust Fund, the Yield Maintenance Agreement shall be
      terminated. 

    

    By
      accepting a Class C Certificate, each Class C Certificateholder hereby agrees
      to
      direct the Administrator, and the Administrator is hereby directed, to deposit
      into the Yield Maintenance Trust Account the amounts described
      above.

    

    SECTION
      5.11. Yield
      Maintenance Account; Collateral Account.

    

    The
      Securities Administrator is hereby directed to establish and maintain with
      itself, (a) a separate, segregated account titled “Wells Fargo Bank, N.A., as
      Securities Administrator, on behalf of Deutsche Bank National Trust Company,
      as
      Trustee, in trust for the registered Certificateholders of HarborView Mortgage
      Loan Trust Mortgage Loan Pass-Through Certificates, Series 2007-6” (the “Yield
      Maintenance Account”) for the benefit of the Offered Certificates and (b) a
      separate, segregated account titled “Collateral Account, Wells Fargo Bank, N.A.,
      as Securities Administrator, on behalf of Deutsche Bank National Trust Company,
      as Trustee, in trust for the registered Holders of HarborView Mortgage Loan
      Trust Mortgage Loan Pass-Through Certificates, Series 2007-6” (the “Collateral
      Account”) for the benefit of the Offered Certificates. Each of the Yield
      Maintenance Account and 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 moneys, including, without limitation, other moneys
      of the Securities Administrator held pursuant to this Agreement. Amounts on
      deposit in the Yield Maintenance Account shall not be invested and shall not
      be
      held in an interest-bearing account. In the absence of written instructions
      from
      the Yield Maintenance Provider (or its credit support provider) as to investment
      of funds on deposit in the Collateral Account, such funds shall remain
      uninvested.

    

    
      
        
        

      

      
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    On
      each
      Distribution Date, the Administrator shall remit the Yield Maintenance Payment
      Amount to the Securities Administrator for deposit into the Yield Maintenance
      Account for distribution by the Securities Administrator pursuant to the
      priorities set forth in Section 5.01(h). 

    

    If
      the
      Seller or its affiliate is the Holder of an Offered Certificate, the Seller
      or
      its affiliate shall remit to the Securities Administrator the portion of Yield
      Maintenance Distributable Amount received by the Holder of such Certificate
      on
      any Distribution Date, and the Securities Administrator shall remit such amounts
      to the Yield Maintenance Provider. For purposes of this Agreement, the
      Securities Administrator shall have no duty to confirm that each amount received
      by it from the Seller or its affiliate with respect to the preceding sentence
      is
      the correct amount.

    

    The
      Securities Administrator shall terminate the Yield Maintenance Agreement upon
      the occurrence of an event of default or termination event under the Yield
      Maintenance Agreement of which a Responsible Officer of the Securities
      Administrator has actual knowledge. In the event that the Yield Maintenance
      Agreement is terminated for any reason (other than the exhaustion of the
      interest rate protection provided thereby), the Securities Administrator shall,
      at the direction of Certificateholders evidencing Voting Rights not less than
      50% of the Offered Certificates, and to the extent a replacement contract is
      available (from a counterparty designated by the Depositor and acceptable to
      Certificateholders evidencing Voting Rights not less than 50% of the Offered
      Certificates), direct the Administrator to execute a replacement contract
      comparable to the such Yield Maintenance Agreement providing interest rate
      protection which is equal to the then-existing protection provided by such
      Yield
      Maintenance Agreement as certified to the Administrator by the Depositor;
provided,
      however,
      that
      the cost of any such replacement contract providing the same interest rate
      protection may be reduced to a level such that the cost of such replacement
      contract shall not exceed the amount of any early termination payment received
      from the Yield Maintenance Provider.

    

    Funds
      required to be held pursuant to the Credit Support Annex shall be deposited
      into
      the Collateral Account. Funds posted by the Yield Maintenance Provider (or
      its
      credit support provider) in the Collateral Account shall be invested in
      Permitted Investments in accordance with the instructions of the Yield
      Maintenance Provider. Any interest earnings on such amounts shall be remitted
      to
      the Yield Maintenance Provider pursuant to the terms of the credit support
      annex
      to the Yield Maintenance Agreement. If directed by the Yield Maintenance
      Provider, the Securities Administrator shall invest funds posted by the Yield
      Maintenance Provider in Permitted Investments described in clause ii of
      Permitted Investments, pursuant to such direction from the Yield Maintenance
      Provider. Absent specific direction from the Yield Maintenance Provider, funds
      posted by the Yield Maintenance Provider shall remain uninvested. On the same
      Distribution Date as to which a shortfall exists with respect to a Yield
      Maintenance Payment Amount owed by the Yield Maintenance Provider as a result
      of
      its failure to make payments pursuant to the Yield Maintenance Agreement,
      amounts necessary to cover such shortfall shall be removed from the Collateral
      Account, remitted to the Yield Maintenance Account and distributed as all or
      a
      portion of such Yield Maintenance Payment Amount pursuant to Section 5.01(h).
      Any amounts on deposit in the Collateral Account required to be returned to
      the
      Yield Maintenance Provider (or its credit support provider) as a result of
      (i)
      the termination of the Yield Maintenance Agreement, (ii) the procurement of
      a
      guarantor, (iii) the reinstatement of required ratings or (iv) otherwise
      pursuant to the Yield Maintenance Agreement, shall be released directly to
      the
      Yield Maintenance Provider pursuant to the terms of the credit support annex
      to
      the Yield Maintenance Agreement.

    

    
      
        
        

      

      
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    Upon
      the
      earlier of the Distribution Date in August 2017 and
      the
      termination of the Trust Fund, the Yield Maintenance Account shall be
      terminated. Upon the earlier of the Distribution Date in August 2017 and the
      termination of the Trust Fund, the Collateral Account shall be terminated and
      any amounts remaining in the Collateral Account shall be distributed as required
      pursuant to the terms of the Credit Support Annex. 

    

    In
      the
      event that the Yield Maintenance Provider fails to perform any of its
      obligations under the Yield Maintenance Agreement (including, without
      limitation, its obligations to make any payment or transfer collateral), or
      breaches any of its representations and warranties under the Yield Maintenance
      Agreement or in the event that an Event of Default, Termination Event, or
      Additional Termination Event occurs (as such terms are defined in the Yield
      Maintenance Agreement), the Administrator, on behalf of the Yield Maintenance
      Trust, shall (upon a Responsible Officer of the Administrator receiving notice
      or becoming aware of the occurrence thereof), no later than the next Business
      Day following such failure, breach or occurrence, notify the Yield Maintenance
      Provider and give any notice of such failure and make any demand for payment
      pursuant to the Yield Maintenance Agreement. In the event that the Yield
      Maintenance Provider’s
      obligations under the Yield Maintenance Agreement are at any time guaranteed
      by
      a third party, then to the extent that the Yield Maintenance Provider fails
      to
      make any payment or delivery required under terms of the Yield Maintenance
      Agreement, the Administrator, on behalf of the Yield Maintenance Trust, shall
      (upon a Responsible Officer of the Administrator receiving notice or becoming
      aware 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.

    

    SECTION
      5.12. [Reserved].
      

    

    SECTION
      5.13. Basis
      Risk Cap Agreement.

    

    (a) The
      Securities Administrator, on behalf of the Trust Fund, shall establish an
      account for the Basis Risk Cap Agreement (the “Basis Risk Cap Account”). The
      Basis Risk 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 Securities
      Administrator held by the Securities Administrator pursuant to this
      Agreement.

    

    (b) The
      Securities Administrator shall deposit into the Basis Risk Cap Account any
      amounts received from the Basis Risk Cap Provider under the Basis Risk Cap
      Agreement. 

    

    (c) Funds
      in
      the Basis Risk Cap Account shall be invested in Permitted Investments. Any
      earnings on such amounts shall be distributed on each Distribution Date pursuant
      to Section 5.01(j). The Class C Certificates shall evidence ownership of the
      Basis Risk Cap Account for federal income tax purposes and the Holder thereof
      shall direct the Securities Administrator, in writing, as to investment of
      amounts on deposit therein. GCFP shall be liable for any losses incurred on
      such
      investments. In the absence of written instructions from the Class C
      Certificateholders as to investment of funds on deposit in the Basis Risk Cap
      Account, such funds shall remain uninvested. Any amounts on deposit in the
      Basis
      Risk Cap Account in excess of the Basis Risk Cap Amount on any Distribution
      Date
      shall be held for distribution pursuant to Section 5.01(j) on the following
      Distribution Date.

    

    
      
        
        

      

      
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    (d) Upon
      termination of the Trust Fund, any amounts remaining in the Basis Risk Cap
      Account shall be distributed pursuant to the priorities set forth in Sections
      5.01(j).

    

    SECTION
      5.14. Basis
      Risk Cap Termination Receipts. 

    

    (a) In
      the
      event of an “Early Termination Event” as defined under the Basis Risk Cap
      Agreement, (i) any Basis Risk Cap Termination Payment made by the Basis Risk
      Cap
      Provider to the Basis Risk Cap Account (“Basis Risk Cap Termination Receipts”)
      shall be deposited in a segregated non-interest bearing account which shall
      be a
      subaccount of the Basis Risk Reserve Fund and which shall be an Eligible Account
      established by the Securities Administrator (the “Basis Risk Cap Termination
      Receipts Account”) and (ii) any amounts received from a replacement Basis Risk
      Cap Provider (“Basis Risk Cap Replacement Receipts”) will be deposited in a
      segregated non-interest bearing account which shall be a subaccount of the
      Basis
      Risk Reserve Fund and which shall be an Eligible Account established by the
      Securities Administrator (the “Basis Risk Cap Replacement Receipts Account”). In
      the absence of written instructions, such funds held in any Basis Risk Cap
      Termination Receipts Account and any Basis Risk Cap Replacement Receipts Account
      shall remain uninvested.

    

    (b)
      Unless otherwise permitted by the Rating Agencies as evidenced in a written
      confirmation, the Depositor shall arrange for replacement Basis Risk Cap
      Agreement(s) and the Securities Administrator shall promptly, with the
      assistance and cooperation of the Depositor, use amounts on deposit in the
      related Basis Risk Cap Termination Receipts Account, if necessary, to enter
      into
      replacement Basis Risk Cap Agreement(s) which shall be executed and delivered
      by
      the Securities Administrator on behalf of the Trust Fund upon receipt of written
      confirmation from each Rating Agency that such replacement Basis Risk Cap
      Agreement(s) will not result in the reduction or withdrawal of the rating of
      any
      outstanding Class of Certificates with respect to which it is a Rating Agency.
      

    

    ARTICLE
      VI

    

    THE
      CERTIFICATES

    

    SECTION
      6.01. The
      Certificates.

    

    (a) The
      Certificates shall be substantially in the form annexed hereto as Exhibit A
      through D. Each of the Certificates shall, on original issue, be executed by
      the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar upon the written order of the Depositor concurrently with the sale
      and
      assignment to the Trustee of the Trust Fund. Each Class of the Regular
      Certificates shall be initially evidenced by one or more Certificates
      representing a Percentage Interest with a minimum dollar denomination of $25,000
      and integral dollar multiples of $1 in excess thereof, in the case of the Class
      1A-1A, Class 1A-1B, Class 2A-1A, Class 2A-1B, Class 2A-1C, Class B-1, Class
      B-2,
      Class B-3, Class B-4, Class B-5, Class B-6, Class B-7, Class B-8 and Class
      B-9
      Certificates; provided,
      however,
      that
      the Offered Certificates shall only be sold to initial investors in minimum
      total investment amounts of $100,000. The Class C and Class P Certificates
      shall
      be issued in a minimum Percentage Interest of 5% and in integral percentage
      of
      multiples of 1% in excess thereof. The Class ES Certificates shall be issued
      in
      a minimum Percentage Interest of 1% and in integral percentage of multiples
      of
      1% in excess thereof. The Class R Certificates are issuable only in a Percentage
      Interest of 100%.

    

    
      
        
        

      

      
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    (b) The
      Certificates shall be executed on behalf of the Trust Fund by manual or
      facsimile signature on behalf of the Securities Administrator by a Responsible
      Officer. Certificates bearing the manual or facsimile signatures of individuals
      who were, at the time when such signatures were affixed, authorized to sign
      on
      behalf of the Trustee shall be binding, notwithstanding that such individuals
      or
      any of them have ceased to be so authorized prior to the authentication and
      delivery of such Certificates or did not hold such offices at the date of such
      Certificate. Each Certificate shall, on original issue, be authenticated by
      the
      Certificate Registrar upon the order of the Depositor. No Certificate shall
      be
      entitled to any benefit under this Agreement or be valid for any purpose, unless
      such Certificate shall have been manually authenticated by the Certificate
      Registrar substantially in the form provided for herein, and such authentication
      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 the Trustee to the Certificate
      Registrar for authentication and the Certificate Registrar shall authenticate
      and deliver such Certificates as provided in this Agreement and not otherwise.
      Subject to Section 6.02(c), the Senior Certificates and the Subordinate
      Certificates shall be Book-Entry Certificates. The Residual Certificates shall
      be Physical Certificates. 

    

    (c) [Reserved]

    

    (d) The
      Class
      C and Class P Certificates shall be offered and sold either (i) to Qualified
      Institutional Buyers, and shall be issued initially in the form of one or more
      permanent global Certificates in definitive, fully registered form with the
      applicable legends set forth in Exhibits C-1 or C-2, as applicable, or (ii)
      outside the United States in reliance on Regulation S under the Securities
      Act,
      and shall be issued initially in the form of one or more permanent global
      Certificates in definitive, fully registered form without interest coupons
      with
      the applicable legends set forth in Exhibits C-1 or C-2, as applicable, which
      shall be registered in the name Greenwich Capital Markets, Inc., duly executed
      by the Securities Administrator and authenticated by the Certificate Registrar
      as hereinafter provided. The aggregate principal amounts of the Class C and
      Class P Certificates may from time to time be increased or decreased by
      adjustments made on the records of the Certificate Registrar as hereinafter
      provided.

    

    (e) The
      Class
      ES and Class R Certificates shall be offered and sold only to Qualified
      Institutional Buyers, and shall be issued initially in the form of a single
      Restricted Global Security with the applicable legends set forth in Exhibit
      C-3
      hereto, each of which shall be registered in the name of Greenwich Capital
      Markets, Inc., duly executed by the Securities Administrator and authenticated
      by the Certificate Registrar as hereinafter provided.

    

    
      
        
        

      

      
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    SECTION
      6.02. Registration
      of Transfer and Exchange of Certificates. 

    

    (a) The
      Certificate Registrar shall cause to be kept a Certificate Register in which,
      subject to such reasonable regulations as it may prescribe, the Certificate
      Registrar shall provide for the registration of Certificates and of transfers
      and exchanges of Certificates as herein provided. The Securities Administrator
      is hereby appointed, and the Securities Administrator hereby accepts its
      appointment as, initial Certificate Registrar on behalf of the Trustee, for
      the
      purpose of registering Certificates and transfers and exchanges of Certificates
      as herein provided.

    

    Upon
      surrender for registration of transfer of any Certificate at the Corporate
      Trust
      Office of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph, the Securities Administrator on behalf of the Trust Fund
      shall execute, and the Certificate Registrar shall authenticate and deliver,
      in
      the name of the designated transferee or transferees, one or more new
      Certificates of the same aggregate Percentage Interest.

    

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Securities Administrator shall execute on behalf of the Trust Fund, and the
      Certificate Registrar shall authenticate and deliver the Certificates which
      the
      Certificateholder making the exchange is entitled to receive. Every Certificate
      presented or surrendered for registration of transfer or exchange shall (if
      so
      required by the Certificate Registrar) be duly endorsed by, or be accompanied
      by
      a written instrument of transfer satisfactory to the Certificate Registrar
      duly
      executed by, the Holder thereof or his attorney duly authorized in
      writing.

    

    (b) Except
      as
      provided in paragraph (c) or (d) below, the Book-Entry Certificates shall at
      all
      times remain registered in the name of the Depository or its nominee and at
      all
      times: (i) registration of such Certificates may not be transferred by the
      Securities Administrator or the Certificate Registrar except to another
      Depository; (ii) the Depository shall maintain book-entry records with respect
      to the Certificate Owners and with respect to ownership and transfers of such
      Certificates; (iii) ownership and transfers of registration of such Certificates
      on the books of the Depository shall be governed by applicable rules established
      by the Depository; (iv) the Depository may collect its usual and customary
      fees,
      charges and expenses from its Depository Participants; (v) the Certificate
      Registrar, any NIMS Insurer, the Paying Agent and the Trustee shall for all
      purposes deal with the Depository as representative of the Certificate Owners
      of
      such Certificates for purposes of exercising the rights of Holders under this
      Agreement, and requests and directions for and votes of such representative
      shall not be deemed to be inconsistent if they are made with respect to
      different Certificate Owners; (vi) the Trustee, the Paying Agent and the
      Certificate Registrar may rely and shall be fully protected in relying upon
      information furnished by the Depository with respect to its Depository
      Participants and furnished by the Depository Participants with respect to
      indirect participating firms and Persons shown on the books of such indirect
      participating firms as direct or indirect Certificate Owners; and (vii) the
      direct participants of the Depository shall have no rights under this Agreement
      under or with respect to any of the Certificates held on their behalf by the
      Depository, and the Depository may be treated by the Trustee, the Paying Agent,
      the Certificate Registrar and their respective agents, employees, officers
      and
      directors as the absolute owner of the Certificates for all purposes
      whatsoever.

    

    
      
        
        

      

      
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    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute one or more Letter of Representations with the Depository or take such
      other action as may be necessary or desirable to register a Book-Entry
      Certificate to the Depository. In the event of any conflict between the terms
      of
      any such Letter of Representation and this Agreement, the terms of this
      Agreement shall control.

    

    (c) If
      (x)
      the Depository or the Depositor advises the Certificate Registrar in writing
      that the Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Certificate Registrar or the
      Depositor is unable to locate a qualified successor, upon surrender to the
      Certificate Registrar of the Book-Entry Certificates by the Depository,
      accompanied by registration instructions from the Depository for registration,
      the Securities Administrator shall at the Seller’s expense execute on behalf of
      the Trust Fund and authenticate definitive, fully registered certificates (the
      “Definitive
      Certificates”).
      Neither the Depositor nor the Certificate Registrar 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, the Trustee shall notify any NIMS Insurer of the availability
      of
      Definitive Certificates and the Trustee, the Certificate Registrar, the Paying
      Agent and the Depositor shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

    

    (d) No
      transfer, sale, pledge or other disposition of any Private Certificate, other
      than a Private Certificate (other than the Residual Certificate) sold in an
      offshore transaction in reliance on Regulation S, shall be made unless such
      disposition is exempt from the registration requirements of the Securities
      Act,
      and any applicable state securities laws or is made in accordance with the
      Securities Act and laws. Any Private Certificates sold to an “accredited
      investor” under Rule 501(a)(1), (2), (3) or (7) under the Securities Act shall
      be issued only in the form of one or more Definitive Certificates and the
      records of the Certificate Registrar and DTC or its nominee shall be adjusted
      to
      reflect the transfer of such Definitive Certificates. In the event of any
      transfer of any Private Certificate in the form of a Definitive Certificate,
      (i)
      the transferee shall certify (A) such transfer is made to a Qualified
      Institutional Buyer in reliance upon Rule 144A (as evidenced by an investment
      letter delivered to the Certificate Registrar, in substantially the form
      attached hereto as Exhibit J-2) under the Securities Act, or (B) such transfer
      is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or (7) under
      the Securities Act (as evidenced by an investment letter delivered to the
      Certificate Registrar, in substantially the form attached hereto as Exhibit
      J-1,
      and, if so required by the Certificate Registrar and the Depositor, a written
      Opinion of Counsel (which may be in-house counsel) acceptable to and in form
      and
      substance reasonably satisfactory to the Certificate Registrar and the
      Depositor, delivered to the Certificate Registrar and the Depositor stating
      that
      such transfer may be made pursuant to an exemption, including a description
      of
      the applicable exemption and the basis therefor, from the Securities Act or
      is
      being made pursuant to the Securities Act, which Opinion of Counsel shall not
      be
      an expense of the Trust Fund, the Trustee, the Certificate Registrar, the Master
      Servicer, the Securities Administrator or the Depositor) or (ii) the Certificate
      Registrar shall require the transferor to execute a transferor certificate
      and
      the transferee to execute an investment letter acceptable to and in form and
      substance reasonably satisfactory to the Depositor and the Certificate Registrar
      certifying to the Depositor and the Certificate Registrar the facts surrounding
      such transfer, which investment letter shall not be an expense of the Trust
      Fund, the Trustee, the Certificate Registrar, the Master Servicer, the
      Securities Administrator or the Depositor. Each Holder of a Private Certificate
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee, the Certificate Registrar, the Securities Administrator, the Seller
      and
      the Depositor against any liability that may result if the transfer is not
      so
      exempt or is not made in accordance with such federal and state
      laws.

    

    
      
        
        

      

      
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    In
      the
      case of a Private Certificate that is a Book-Entry Certificate, for purposes
      of
      the preceding paragraph, the representations set forth in the investment letter
      in clause (i) shall be deemed to have been made to the Certificate Registrar
      by
      the transferee’s acceptance of such Private Certificate that is also a
      Book-Entry Certificate (or the acceptance by a Certificate Owner of the
      beneficial interest in such Certificate).

    

    None
      of
      the Depositor, the Seller, the Securities Administrator, the Certificate
      Registrar or the Trustee is obligated to register or qualify the Private
      Certificates under the Securities Act or any other securities laws or to take
      any action not otherwise required under this Agreement to permit the transfer
      of
      such Certificates without registration or qualification. Any Certificateholder
      desiring to effect the transfer of a Private Certificate shall, and does hereby
      agree to, indemnify the Trustee, the Seller, the Securities Administrator,
      the
      Depositor and the Certificate Registrar against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such federal
      and
      state laws.

    

    No
      transfer of an ERISA-Restricted Certificate in the form of a Definitive
      Certificate shall be made unless the Certificate Registrar shall have received
      either (i) a representation from the transferee of such Certificate, acceptable
      to and in form and substance satisfactory to the Certificate Registrar and
      the
      Depositor (such requirement is satisfied only by the Certificate Registrar’s
      receipt of a representation letter from the transferee substantially in the
      form
      of Exhibit I-1 or I-2, as applicable, hereto), to the effect that such
      transferee is not an employee benefit plan subject to Section 406 of ERISA
      or a
      plan or arrangement subject to Section 4975 of the Code, nor a person acting
      on
      behalf of any such plan or arrangement nor using the assets of any such plan
      or
      arrangement to effect such transfer or (ii) if such Certificate has been the
      subject of an ERISA-Qualifying Underwriting, and the purchaser is an insurance
      company, a representation that the purchaser is an insurance company which
      is
      purchasing such Certificates with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”) and that the purchase and
      holding of such Certificates are covered under Sections I and III of PTCE 95-60
      or (iii) an Opinion of Counsel satisfactory to the Certificate Registrar, which
      Opinion of Counsel shall not be an expense of the Trustee, the Securities
      Administrator, the Certificate Registrar, the Master Servicer, any NIMS Insurer,
      the Depositor or the Trust Fund, addressed to the Certificate Registrar, to
      the
      effect that the purchase and holding of such ERISA-Restricted Certificate in
      the
      form of a Definitive Certificate will not result in a non-exempt prohibited
      transaction under Section 406 of ERISA or Section 4975 of the Code and will
      not
      subject the Trustee, the Securities Administrator, the Certificate Registrar,
      any NIMS Insurer, the Master Servicer or the Depositor to any obligation in
      addition to those expressly undertaken in this Agreement or to any liability.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      an ERISA-Restricted Certificate in the form of a Definitive Certificate to
      an
      employee benefit plan subject to ERISA or Section 4975 of the Code without
      the
      delivery to the Certificate Registrar of an Opinion of Counsel satisfactory
      to
      the Certificate Registrar as described above shall be void and of no effect.
      

    

    
      
        
        

      

      
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    In
      the
      case of an ERISA-Restricted Certificate that is a Book-Entry Certificate, for
      purposes of clauses (i) or (ii) of the first sentence of the preceding
      paragraph, such representations shall be deemed to have been made to the
      Certificate Registrar by the transferee’s acceptance of such ERISA-Restricted
      Certificate that is also a Book-Entry Certificate (or the acceptance by a
      Certificate Owner of the beneficial interest in such Certificate).

    

    No
      transfer of an ERISA-Restricted Trust Certificate prior to the termination
      of
      the Final Maturity Reserve Trust and the Yield Maintenance Agreement shall
      be
      made unless the Certificate Registrar shall have received a representation
      letter from the transferee of such Certificate, substantially in the form set
      forth in Exhibit I-2, 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
      Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38,
      PTCE 95-60 or PTCE 96-23 or the non-fiduciary service provider exemption under
      Section 408(b)(17) of ERISA or some other applicable exemption. Notwithstanding
      anything else to the contrary herein, any purported transfer of an
      ERISA-Restricted Trust Certificate prior to the termination of the Final
      Maturity Reserve Trust and the Yield Maintenance Agreement to or on behalf
      of a
      Plan without the delivery to the Certificate Registrar 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, 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 and the Certificate
      Registrar from and against any and all liabilities, claims, costs or expenses
      incurred by such parties as a result of such acquisition or
      holding.

    

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      the Certificate Registrar 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 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 Certificate Registrar in accordance with the foregoing
      requirements.

    

    
      
        
        

      

      
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    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      none of the Trustee, the Certificate Registrar or the Depositor shall have
      any
      liability to any Person for any registration of transfer of any ERISA-Restricted
      Certificate that is in fact not permitted by this Section 6.02(d) or for the
      Paying Agent making any payments due on such Certificate to the Holder thereof
      or taking any other action with respect to such Holder under the provisions
      of
      this Agreement so long as the transfer was registered by the Certificate
      Registrar in accordance with the foregoing requirements. In addition, none
      of
      the Trustee, the Certificate Registrar or the Depositor shall be required to
      monitor, determine or inquire as to compliance with the transfer restrictions
      with respect to any ERISA-Restricted Certificate in the form of a Book-Entry
      Certificate, and none of the Trustee, the Certificate Registrar or the Depositor
      shall have any liability for transfers of Book-Entry Certificates or any
      interests therein made in violation of the restrictions on transfer described
      in
      the Prospectus Supplement or Private Placement Memorandum, as applicable, and
      this Agreement.

    

    (e) Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

    

    (i) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee who acquires such Ownership Interest in a
      Residual Certificate for its own account and not in the capacity as trustee,
      nominee or agent for another Person and shall promptly notify the Certificate
      Registrar and the Trustee of any change or impending change in its status as
      such a Permitted Transferee.

    

    (ii) No
      Ownership Interest in a Residual Certificate may be registered on the Closing
      Date and no Ownership Interest in a Residual Certificate may thereafter be
      transferred, and the Certificate Registrar shall not register the Transfer
      of a
      Residual Certificate unless, in addition to the certificates required to be
      delivered under subsection (d) above, the Trustee and the Certificate Registrar
      shall have been furnished with an affidavit (“Transfer
      Affidavit”)
      of the
      initial owner of such Residual Certificate or proposed transferee of a Residual
      Certificate in the form attached hereto as Exhibit L.

    

    (iii) In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Trustee and the Certificate Registrar shall as a condition
      to
      registration of the transfer, require delivery to them of a Transferor
      Certificate in the form of Exhibit K hereto from the proposed transferor to
      the
      effect that the transferor (a) has no knowledge the proposed Transferee is
      not a
      Permitted Transferee acquiring an Ownership Interest in such Residual
      Certificate for its own account and not in a capacity as trustee, nominee,
      or
      agent for another Person, and (b) has not undertaken the proposed transfer
      in
      whole or in part to impede the assessment or collection of tax.

    

    (iv) Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of such Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of Transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. None of the Trustee, the Certificate Registrar or the Depositor
      shall have any liability to any Person for any registration of Transfer of
      a
      Residual Certificate that is in fact not permitted by this Section or for the
      Paying Agent making any distributions due on the Residual Certificate to the
      Holder thereof or taking any other action with respect to such Holder win the
      provisions of this Agreement so long as the Trustee and the Certificate
      Registrar received the documents specified in clause (iii). The Certificate
      Registrar shall be entitled to recover from any Holder of such Residual
      Certificate that was in fact not a Permitted Transferee at the time such
      distributions were made all distributions made on such Residual Certificate.
      Any
      such distributions so recovered by the Certificate Registrar shall be
      distributed and delivered by the Certificate Registrar to the last Holder of
      such Residual Certificate that is a Permitted Transferee.

    

    
      
        
        

      

      
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    (v) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Certificate Registrar shall have the right but not the obligation, without
      notice to the Holder of such Residual Certificate or any other Person having
      an
      Ownership Interest therein, to notify the Depositor to arrange for the sale
      of
      such Residual Certificate. The proceeds of such sale, net of commissions (which
      may include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the
      Certificate Registrar to the previous Holder of such Residual Certificate that
      is a Permitted Transferee, except that in the event that the Certificate
      Registrar determines that the Holder of such Residual Certificate may be liable
      for any amount due under this Section or any other provisions of this Agreement,
      the Certificate Registrar may withhold a corresponding amount from such
      remittance as security for such claim. The terms and conditions of any sale
      under this clause (v) shall be determined in the sole discretion of the Trustee
      and the Certificate Registrar and they shall not be liable to any Person having
      an Ownership Interest in such Residual Certificate as a result of its exercise
      of such discretion.

    

    (vi) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Securities Administrator upon receipt of reasonable compensation will provide
      to
      the Internal Revenue Service, and to the persons specified in Sections
      860E(e)(3) and (6) of the Code, information needed to compute the tax imposed
      under Section 860E(e)(5) of the Code on transfers of residual interests to
      disqualified organizations.

    

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Certificate
      Registrar, in form and substance satisfactory to the Certificate Registrar,
      (i)
      written notification from each Rating Agency that the removal of the
      restrictions on Transfer set forth in this Section will not cause such Rating
      Agency to downgrade its ratings of the Certificates and (ii) an Opinion of
      Counsel to the effect that such removal will not cause the REMIC created
      hereunder to fail to qualify as a REMIC.

    

    
      
        
        

      

      
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    (f) Notwithstanding
      any provision to the contrary herein, so long as a Restricted Global Security
      or
      Regulation S Global Security, as applicable, representing the Certificates
      remains outstanding and is held by or on behalf of the Depository, transfers
      of
      a Restricted Global Security or Regulation S Global Security, as applicable,
      representing the Certificates, in whole or in part, shall only be made in
      accordance with Section 6.01 and this Section 6.02(f).

    

    (i) Subject
      to clauses (ii) and (iii) of this Section 6.02(f), transfers of a Restricted
      Global Security or Regulation S Global Security, as applicable, representing
      the
      Certificates shall be limited to transfers of such a Restricted Global Security
      or Regulation S Global Security, as applicable, in whole, but not in part,
      to
      nominees of the Depository or to a successor of the Depository or such
      successor’s nominee.

    

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

    

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

    

    
      
        
        

      

      
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    (iv) Other
      Exchanges.
      In the
      event that a Restricted Global Security or Regulation S Global Security, as
      applicable, is exchanged for Certificates in definitive registered form without
      interest coupons, such Certificates may be exchanged for one another only in
      accordance with such procedures as are substantially consistent with the
      provisions above (including certification requirements intended to insure that
      such transfers comply with Rule 144A or are to non-U.S. Persons, or otherwise
      comply with Regulation S under the Securities Act, as the case may be, and
      as
      may be from time to time adopted by the Depositor and the Certificate
      Registrar.

    

    (g) Restrictions
      on U.S. Transfers.
      Transfers of interests in the Regulation S Global Security to U.S. persons
      (as
      defined in Regulation S) shall be limited to transfers made pursuant to the
      provisions of Section 6.02(f)(iii)

    

    (h) No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, 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 transfer or exchange of Certificates.

    

    All
      Certificates surrendered for registration of transfer or exchange shall be
      cancelled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

    

    SECTION
      6.03. Mutilated,
      Destroyed, Lost or Stolen Certificates.

    

    If
      (i)
      any mutilated Certificate is surrendered to the Trustee or the Certificate
      Registrar or the Trustee or the Certificate Registrar receives evidence to
      its
      satisfaction of the destruction, loss or theft of any Certificate and (ii)
      there
      is delivered to the Trustee, any NIMS Insurer, the Certificate Registrar and
      the
      Depositor 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, the Depositor
      or
      the Certificate Registrar that such Certificate has been acquired by a bona
      fide
      purchaser, the Securities Administrator shall execute on behalf of the Trust
      Fund and the Certificate Registrar 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 Percentage Interest. Upon the issuance of
      any
      new Certificate under this Section, the Trustee, the Depositor or the
      Certificate Registrar 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 Depositor and the
      Certificate Registrar) in connection therewith. Any duplicate Certificate issued
      pursuant to this Section, shall constitute complete and indefeasible evidence
      of
      ownership in the 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
      6.04. Persons
      Deemed Owners.

    

    The
      Depositor, the Trustee, the Certificate Registrar, the Paying Agent, any NIMS
      Insurer and any agent of the Depositor, the Trustee, the Certificate Registrar,
      the Paying Agent or any NIMS Insurer may treat the Person, including a
      Depository, in whose name any Certificate is registered as the owner of such
      Certificate for the purpose of receiving distributions pursuant to Section
      5.01
      hereof and for all other purposes whatsoever, and none of the Trust Fund, the
      Depositor, the Trustee, the Certificate Registrar, the Paying Agent, any NIMS
      Insurer or any agent of any of them shall be affected by notice to the
      contrary.

    

    SECTION
      6.05. Appointment
      of Paying Agent.

    

    (a) The
      Trustee, subject to the consent of any NIMS Insurer (such consent not to be
      unreasonably withheld), may appoint a Paying Agent (which may be the Trustee)
      for the purpose of making distributions to Certificateholders hereunder. The
      Trustee hereby appoints the Securities Administrator as the initial Paying
      Agent. The duties of the Paying Agent may include the obligation (i) to withdraw
      funds from the Distribution Account pursuant to Section 4.03 hereof and (ii)
      to
      distribute statements and provide information to Certificateholders as required
      hereunder. The Paying Agent hereunder shall at all times be an entity duly
      incorporated and validly existing under the laws of the United States of America
      or any state thereof, authorized under such laws to exercise corporate trust
      powers and subject to supervision or examination by federal or state
      authorities. 

    

    (b) The
      Securities Administrator, as Paying Agent, shall hold all sums, if any, held
      by
      it for payment to the Certificateholders in trust for the benefit of the
      Certificateholders entitled thereto until such sums shall be paid to such
      Certificateholders and shall comply with all requirements of the Code regarding
      the withholding of payments in respect of federal income taxes due from
      Certificate Owners and otherwise comply with the provisions of this Agreement
      applicable to it.

    

    
      
        
        

      

      
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    ARTICLE
      VII

    

    DEFAULT

    

    SECTION
      7.01. Event
      of Default. 

    

    (a) If
      any
      one of the following events (each, an “Event
      of Default”)
      shall
      occur and be continuing: 

    

    (i) the
      failure by the Master Servicer to (A) make any Advance on the Business Day
      immediately preceding the related Distribution Date or (B) to deposit in the
      Distribution Account any deposit required to be made under the terms of this
      Agreement, and in either case such failure continues unremedied for a period
      of
      one Business Day after the date upon which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Master Servicer
      (or, if applicable, such shorter time period as is provided in the penultimate
      sentence of Section 7.01(c)); or

    

    (ii) the
      failure by the Master Servicer duly to observe or perform, in any material
      respect, any other covenants, obligations or agreements of the Master Servicer
      as set forth in this Agreement, which failure continues unremedied for a period
      of 60 days, in each case after the date (A) 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 Holders
      of
      Certificates evidencing at least 25% of the Voting Rights or (B) on which a
      Servicing Officer of the Master Servicer has actual knowledge of such failure
      (or, in the case of a breach of its obligation beyond any applicable cure period
      to provide an assessment of compliance, an attestation report or a
      Sarbanes-Oxley Certification pursuant to Sections 3.16 and 3.19, respectively);
      or

    

    (iii) the
      entry
      against the Master Servicer of a decree or order by a court or agency or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a trustee, conservator, receiver or liquidator in any insolvency,
      conservatorship, receivership, readjustment of debt, marshalling of assets
      and
      liabilities or similar proceedings, or for the winding up or liquidation of
      its
      affairs, and the continuance of any such decree or order unstayed and in effect
      for a period of 60 days; or 

    

    (iv) the
      Master Servicer shall voluntarily go into liquidation, consent to the
      appointment of a conservator or receiver or liquidator or similar person in
      any
      insolvency, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings of or relating to the Master Servicer or of or relating
      to
      all or substantially all of its property; or a decree or order of a court or
      agency or supervisory authority having jurisdiction in the premises for the
      appointment of a conservator, receiver, liquidator or similar person 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, unbonded or unstayed for a period of 60
      days; or 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;

    

    
      
        
        

      

      
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    (b) then,
      and
      in each and every such case, so long as an Event of Default shall not have
      been
      remedied within the applicable grace period, the Trustee shall, at the written
      direction of the Holders of Certificates evidencing Voting Rights aggregating
      not less than 51%, or at its option may, by notice then given in writing to
      the
      Master Servicer, terminate all of the rights and obligations of the Master
      Servicer as servicer under this Agreement. Any such notice to the Master
      Servicer shall also be given to each Rating Agency, any NIMS Insurer, the
      Depositor, the Credit Risk Manager and the Seller. On or after the receipt
      by
      the Master Servicer (and by the Trustee if such notice is given by the Holders)
      of such written notice, all authority and power of the Master Servicer under
      this Agreement, whether with respect to the Certificates or the Mortgage Loans
      or otherwise, shall pass to and be vested in the Trustee and the Trustee is
      hereby authorized and empowered to execute and deliver, on behalf of the 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 of each Mortgage Loan and related
      documents or otherwise. The Master Servicer agrees to cooperate with the Trustee
      in effecting the termination of the responsibilities and rights of the Master
      Servicer hereunder, including, without limitation, the delivery to the Trustee
      of all documents and records requested by it to enable it to assume the Master
      Servicer's functions under this Agreement within ten Business Days subsequent
      to
      such notice and the transfer within one Business Day subsequent to such notice
      to the Trustee for the administration by it of all cash amounts that shall
      at
      the time be held by the Master Servicer and to be deposited by it in the
      Distribution Account, any REO Account or any Servicing Account or that have
      been
      deposited by the Master Servicer in such accounts or thereafter received by
      the
      Master Servicer with respect to the Mortgage Loans or any REO Property received
      by the Master Servicer. All reasonable costs and expenses (including attorneys'
      fees) incurred in connection with transferring the Master Servicer's duties
      and
      the Mortgage Files to the successor Master Servicer and amending this Agreement
      to reflect such succession as Master Servicer pursuant to this Section shall
      be
      paid by the predecessor Master Servicer (or if the predecessor Master Servicer
      is the Trustee, the terminated Master Servicer) upon presentation of reasonable
      documentation of such costs and expenses. The termination of the rights and
      obligations of the Master Servicer shall not affect any liability it may have
      incurred prior to such termination. To the extent that such costs and expenses
      of the Trustee are not fully and timely reimbursed by the predecessor Master
      Servicer, the Trustee shall be entitled to reimbursement of such costs and
      expenses from the Distribution Account.

    

    (c) The
      Securities Administrator shall not later than the close of business on the
      Business Day immediately preceding the related Distribution Date notify the
      Trustee in writing of the Master Servicer’s failure to make any Advance required
      to be made under this Agreement on such date and the amount of such Advance.
      By
      no later than 10:00 A.M. (Chicago time) on the relevant Distribution Date,
      the
      Securities Administrator shall notify the Trustee of the continuance of such
      failure or that the Master Servicer has made the Advance, as the case may be.
      Notwithstanding the terms of the Event of Default described in clause (i) of
      Section 7.01(a), the Trustee, upon receipt of written notice on the Distribution
      Date from the Securities Administrator of the continuance of the failure of
      the
      Master Servicer to make an Advance or deposit funds to the Distribution Account,
      shall, by notice in writing to the Master Servicer, which may be delivered
      by
      telecopy, immediately suspend all of the rights and obligations of the Master
      Servicer thereafter arising under this Agreement, but without prejudice to
      any
      rights it may have as a Certificateholder or to reimbursement of outstanding
      Advances or other amounts for which the Master Servicer was entitled to
      reimbursement as of the date of suspension, and the Trustee, subject to the
      cure
      provided for in this paragraph, if available, shall act as provided in Section
      7.02 to carry out the duties of the Master Servicer, including the obligation
      to
      make any Advance the nonpayment of which is described in clause (i)(A) of
      Section 7.01(a). Any such action taken by the Trustee must be prior to the
      distribution on the relevant Distribution Date, and shall have all of the rights
      incidental thereto. If the Master Servicer shall within two Business Days
      following such suspension remit to the Trustee the amount of any Advance the
      nonpayment of which by the Master Servicer is described in clause (i)(A) of
      Section 7.01(a), together with all other amounts necessary to reimburse the
      Trustee for actual, necessary and reasonable costs incurred by the Trustee
      because of action taken pursuant to this subsection (including interest on
      any
      Advance or other amounts paid by the Trustee (from and including the respective
      dates thereof) at a per annum rate equal to the prime rate for U.S. money center
      commercial banks as published in the Wall Street Journal), then the Trustee,
      subject to the last two sentences of this paragraph, may at its sole discretion
      permit the Master Servicer to resume its rights and obligations as Master
      Servicer hereunder. If the Master Servicer shall fail to remit such amounts
      to
      the Trustee within such two Business Days after the Distribution Date, then
      an
      Event of Default shall occur and such notice of suspension shall be deemed
      to be
      a notice of termination without any further action on the part of the Trustee.
      The Master Servicer agrees that if it fails to make a required Advance by 10:00
      A.M. (Chicago time) on the related Distribution Date on more than two occasions
      in any 12 month period, the Trustee shall be under no obligation to permit
      the
      Master Servicer to resume its rights and obligations as Master Servicer
      hereunder, and notwithstanding the cure period provided in Section
      7.01(a)(i)(A), an Event of Default shall be deemed to have occurred on the
      relevant Distribution Date. 

    

    
      
        
        

      

      
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    SECTION
      7.02. Trustee
      to Act.

    

    (a) From
      and
      after the date the Master Servicer (and the Trustee, if notice is sent by the
      Holders) receives a notice of termination pursuant to Section 7.01, the Trustee
      shall be the successor in all respects to the Master Servicer in its capacity
      as
      servicer under this Agreement and the transactions set forth or provided for
      herein and shall be subject to all the responsibilities, duties and liabilities
      relating thereto placed on the Master Servicer by the terms and provisions
      hereof arising on and after its succession, including the obligation to make
      Advances. As compensation therefor, the Trustee shall be entitled to such
      compensation as the Master Servicer would have been entitled to hereunder if no
      such notice of termination had been given. Notwithstanding the above, (i) if
      the
      Trustee is unwilling to act as successor Master Servicer or (ii) if the Trustee
      is legally unable so to act, the Trustee shall appoint or petition a court
      of
      competent jurisdiction to appoint, any established housing and home finance
      institution, bank or other mortgage loan or home equity loan servicer having
      a
      net worth of not less than $15,000,000 as the successor to the Master Servicer
      hereunder in the assumption of all or any part of the responsibilities, duties
      or liabilities of the Master Servicer hereunder; provided
      that the
      appointment of any such successor Master Servicer shall not result in the
      qualification, reduction or withdrawal of the ratings assigned to the
      Certificates by each Rating Agency as evidenced by a letter to such effect
      from
      each Rating Agency. Pending appointment of a successor to the Master Servicer
      hereunder, unless the Trustee is prohibited by law from so acting, the Trustee
      shall act in such capacity as hereinabove provided. In connection with such
      appointment and assumption, the successor shall be entitled to receive
      compensation out of payments on Mortgage Loans in an amount equal to the
      compensation which the Master Servicer would otherwise have received hereunder.
      The appointment of a successor Master Servicer shall not affect any liability
      of
      the predecessor Master Servicer which may have arisen under this Agreement
      prior
      to its termination as Master Servicer to pay any deductible under an insurance
      policy pursuant to Section 3.09 or to indemnify the Trustee pursuant to Section
      3.30), nor shall any successor Master Servicer be liable for any acts or
      omissions of the predecessor Master Servicer (except with respect to the making
      of Advances the defaulting Master Servicer was required to make but did not
      make) or for any breach by such Master Servicer of any of its representations
      or
      warranties contained herein or in any related document or agreement. The Trustee
      and such successor shall take such action, consistent with this Agreement,
      as
      shall be necessary to effectuate any such succession. 

    

    
      
        
        

      

      
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    (b) Any
      successor, including the Trustee, to the Master Servicer as Master Servicer
      shall during the term of its service as Master Servicer continue to service
      and
      administer the Mortgage Loans for the benefit of Certificateholders, and
      maintain in force a policy or policies of insurance covering errors and
      omissions in the performance of its obligations as Master Servicer hereunder
      and
      a Fidelity Bond in respect of its officers, employees and agents to the same
      extent as the Master Servicer is so required pursuant to Section 3.04.

    

    (c) Notwithstanding
      anything else herein to the contrary, in no event shall the Trustee be liable
      for any servicing fee or for any differential in the amount of the servicing
      fee
      paid hereunder and the amount necessary to induce any successor Master Servicer
      to act as successor Master Servicer under this Agreement and the transactions
      set forth or provided for herein.

    

    SECTION
      7.03. Waiver
      of Event of Default.

    

    The
      Majority Certificateholders may, on behalf of all Certificateholders, by notice
      in writing to the Trustee, direct the Trustee to waive any events permitting
      removal of the Master Servicer under this Agreement, provided,
      however,
      that
      the Majority Certificateholders may not waive an event that results in a failure
      to make any required distribution on a Certificate without the consent of the
      Holder of such Certificate. Upon any waiver of an Event of Default, such event
      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 event or impair any right consequent thereto
      except to the extent expressly so waived. Notice of any such waiver shall be
      given by the Trustee to each Rating Agency.

    

    SECTION
      7.04. Notification
      to Certificateholders.

    

    (a) Upon
      any
      termination or appointment of a successor to the Master Servicer pursuant to
      this Article VII or Section 3.31, the Trustee shall give prompt written notice
      thereof to the Securities Administrator and the Certificateholders at their
      respective addresses appearing in the Certificate Register, to each Rating
      Agency, to any NIMS Insurer.

    

    
      
        
        

      

      
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    (b) No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute an Event of Default of
      which
      a Responsible Officer of the Trustee becomes aware of the occurrence of such
      an
      event, the Trustee shall transmit by mail to all Certificateholders and any
      NIMS
      Insurer notice of such occurrence unless such Event of Default shall have been
      waived or cured.

    

    ARTICLE
      VIII

    

    THE
      TRUSTEE AND THE SECURITIES ADMINISTRATOR

    

    SECTION
      8.01. Duties
      of the Trustee and the Securities Administrator.

    

    The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred, and the Securities
      Administrator each undertake to perform such duties and only such duties as
      are
      specifically set forth in this Agreement. If an Event of Default has occurred
      (which has not been cured or waived) of which a Responsible Officer has actual
      knowledge, 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 man would exercise or use under the circumstances in the conduct
      of
      his own affairs, unless the Trustee is acting as successor Master Servicer,
      in
      which case it shall use the same degree of care and skill as the Master Servicer
      hereunder with respect to the exercise of the rights and powers of the Master
      Servicer hereunder.

    

    The
      Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to the Trustee and the Securities Administrator, which
      are
      specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided,
      however,
      that
      neither the Trustee nor the Securities Administrator will be responsible for
      the
      accuracy or content of any such resolutions, certificates, statements, opinions,
      reports, documents or other instruments. If any such instrument is found not
      to
      conform to the requirements of this Agreement in a material manner the Trustee
      and the Securities Administrator shall take such action as it deems appropriate
      to have the instrument corrected. If the instrument is not corrected to the
      satisfaction of the Trustee or the Securities Administrator, as applicable,
      the
      Trustee or the Securities Administrator, as applicable, shall provide notice
      thereof to the Certificateholders and any NIMS Insurer and will, at the expense
      of the Trust Fund, which expense shall be reasonable given the scope and nature
      of the required action, take such further action as directed by the
      Certificateholders or any NIMS Insurer.

    

    On
      each
      Distribution Date, the Securities Administrator, as Paying Agent, shall make
      monthly distributions to the Certificateholders from funds in the Distribution
      Account, the Basis Risk Reserve Fund, the Yield Maintenance Account and the
      Basis Risk Cap Account and, on the Final Maturity Reserve Termination Date,
      the
      Final Maturity Reserve Account, as applicable, in each case as provided in
      Sections 5.01, 5.07, 5.09 and 10.01 hereof based on the report of the Securities
      Administrator.

    

    
      
        
        

      

      
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    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator from liability for its own negligent action, its own
      negligent failure to act or its own willful misconduct; provided,
      however,
      that:

    

    (i) prior
      to
      the occurrence of an Event of Default, and after the curing of all such Events
      of Default which may have occurred, the duties and obligations of the Trustee
      and the Securities Administrator shall be determined solely by the express
      provisions of this Agreement, neither the Trustee nor the Securities
      Administrator shall be liable except for the performance of such of its duties
      and obligations as are specifically set forth in this Agreement, no implied
      covenants or obligations shall be read into this Agreement against the Trustee
      or the Securities Administrator and, in the absence of bad faith on the part
      of
      the Trustee or the Securities Administrator, respectively, the Trustee or the
      Securities Administrator 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 Trustee or the Securities
      Administrator, respectively, and conforming to the requirements of this
      Agreement;

    

    (ii) neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer of the Trustee or an
      officer of the Securities Administrator, respectively, unless it shall be proved
      that the Trustee or the Securities Administrator, respectively, was negligent
      in
      ascertaining or investigating the facts related thereto;

    

    (iii) neither
      the Trustee nor the Securities Administrator shall be personally liable with
      respect to any action taken, suffered or omitted to be taken by it in good
      faith
      in accordance with the consent or at the direction of any NIMS Insurer or
      Holders of Certificates as provided herein relating to the time, method and
      place of conducting any remedy pursuant to this Agreement, or exercising or
      omitting to exercise any trust or power conferred upon the Trustee or the
      Securities Administrator, respectively, under this Agreement; and

    

    (iv) the
      Trustee shall not be charged with knowledge of any Event of Default or a
      Document Transfer Event or any other event or matter that may require it to
      take
      action or omit to take action hereunder unless a Responsible Officer of the
      Trustee at the Corporate Trust Office receives written notice of such Event
      of
      Default or Document Transfer Event.

    

    Neither
      the Trustee nor the Securities Administrator shall be required to expend or
      risk
      its own funds or otherwise incur financial or other liability in the performance
      of any of its duties hereunder, or in the exercise of any of its rights or
      powers, if there is reasonable ground for believing that the repayment of such
      funds or indemnity satisfactory to it against such risk or liability is not
      assured to it, and none of the provisions contained in this Agreement shall
      in
      any event require the Trustee or the Securities Administrator to perform, or
      be
      responsible for the manner of performance of, any of the obligations of the
      Master Servicer under this 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.

    

    
      
        
        

      

      
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    SECTION
      8.02. Certain
      Matters Affecting the Trustee and the Securities Administrator.

    

    Except
      as
      otherwise provided in Section 8.01 hereof:

    

    (i) the
      Trustee and the Securities Administrator may request and conclusively rely
      upon,
      and shall be fully protected in acting or refraining from acting upon, any
      resolution, Officers’ Certificate, certificate of auditors or any other
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, appraisal, bond or other paper or document reasonably believed by it
      to
      be genuine and to have been signed or presented by the proper party or parties,
      and the manner of obtaining consents and of evidencing the authorization of
      the
      execution thereof by Certificateholders shall be subject to such reasonable
      regulations as the Trustee and the Securities Administrator may
      prescribe;

    

    (ii) the
      Trustee and the Securities Administrator may consult with counsel and any advice
      of its counsel or any 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;

    

    (iii) neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the rights or powers vested in it by this Agreement, or to
      institute, conduct or defend any litigation hereunder or in relation hereto,
      at
      the request, order or direction of any of the Certificateholders or any NIMS
      Insurer pursuant to the provisions of this Agreement, unless such
      Certificateholders or any NIMS Insurer shall have offered to the Trustee or
      the
      Securities Administrator, respectively, reasonable security or indemnity
      satisfactory to it against the costs, expenses and liabilities which may be
      incurred therein or thereby; 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 any such act;

    

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

    

    (v) neither
      the Securities Administrator nor, prior to the occurrence of an Event of Default
      and after the curing or waiver of all Events of Default which may have occurred,
      the Trustee shall be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, consent, order, approval, bond or other paper or documents,
      unless requested in writing to do so by any NIMS Insurer, or the Majority
      Certificateholder; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee or the Securities
      Administrator of the costs, expenses or liabilities likely to be incurred by
      it
      in the making of such investigation is, in the opinion of the Trustee or the
      Securities Administrator, as applicable, not reasonably assured to the Trustee
      or the Securities Administrator by the security afforded to it by the terms
      of
      this Agreement, the Trustee or the Securities Administrator, as applicable,
      may
      require reasonable indemnity against such cost, expense, liability or payment
      of
      such estimated expenses from any NIMS Insurer or the Certificateholders, as
      applicable, as a condition to such proceeding. If the Master Servicer fails
      to
      reimburse the Trustee or the Securities Administrator in respect of the
      reasonable expense of every such examination relating to the Master Servicer,
      the Trustee or the Securities Administrator shall be reimbursed by the Trust
      Fund;

    

    
      
        
        

      

      
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    (vi) the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Securities
      Administrator or the Master Servicer until such time as the Trustee may be
      required to act as the Master Servicer pursuant to Section 7.02 hereof and
      thereupon only for the acts or omissions of the Trustee as a successor Master
      Servicer; 

    

    (vii) the
      Trustee and the Securities Administrator may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents, nominees, attorneys or a custodian, and shall not be responsible for
      any
      willful misconduct or negligence on the part of any agent, nominee, attorney
      or
      custodian appointed by the Trustee or the Securities Administrator in good
      faith;

    

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

    

    (ix) in
      order
      to comply with laws, rules, regulations and executive orders in effect from
      time
      to time applicable to the banking institutions, including those relating to
      the
      funding of terrorist activities and money laundering (“Applicable Law”), the
      Trustee and the Securities Administrator are required to obtain, verify and
      record certain information relating to certain individuals and certain entities
      which maintain a business relationship with the Trustee and the Securities
      Administrator. Accordingly, each of the parties agrees to provide the Trustee
      and the Securities Administrator upon its request from time to time such
      identifying information and documentation as may be available for such party
      in
      order to enable the Trustee and the Securities Administrator to comply with
      Applicable Law.

    

    It
      is
      expressly understood and agreed that the Trustee shall be entitled to all the
      rights, protections, immunities and indemnities set forth herein with respect
      to
      the Reconstitution Agreements and the Servicing Agreements, as well as any
      actions taken or omitted by the Trustee pursuant to the terms thereof, as if
      such rights, protections, immunities and indemnities were specifically set
      forth
      therein.

    

    
      	 	
              SECTION
                8.03.

            	
              Trustee
                and the Securities Administrator Not Liable for Certificates or Mortgage
                Loans.

            

    

    

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Securities Administrator on the Certificates) shall be taken as the
      statements of the Depositor or the Seller, and neither the Trustee nor the
      Securities Administrator assumes responsibility for the correctness of the
      same.
      Neither the Trustee nor the Securities Administrator makes representations
      or
      warranties as to the validity or sufficiency of this Agreement or of the
      Certificates (other than with respect to the Securities Administrator the
      signature and authentication of the Securities Administrator on the
      Certificates) or of any Mortgage Loan or related document or of MERS or the
      MERS
      System. The Trustee shall not be accountable for the use or application by
      the
      Master Servicer or the Securities Administrator, or for the use or application
      of any funds paid to the Master Servicer in respect of related Mortgage Loans
      or
      deposited in or withdrawn from the Distribution Account by the Master Servicer
      or the Securities Administrator. Neither the Trustee nor the Securities
      Administrator shall at any time have any responsibility or liability for or
      with
      respect to the legality, validity and enforceability of any Mortgage or any
      Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance
      of any such perfection and priority, or for or with respect to the sufficiency
      of the Trust Fund or its ability to generate the payments to be distributed
      to
      Certificateholders under this Agreement, including, without limitation: the
      existence, condition and ownership of any Mortgaged Property; the existence
      and
      enforceability of any hazard insurance thereon (other than if the Trustee shall
      assume the duties of the Master Servicer pursuant to Section 7.02 hereof);
      the
      validity of the assignment of any Mortgage Loan to the Trustee or of any
      intervening assignment; the completeness of any Mortgage Loan; the performance
      or enforcement of any Mortgage Loan (other than if the Trustee shall assume
      the
      duties of the Master Servicer pursuant to Section 7.02 hereof); the compliance
      by the Depositor or the Seller with any warranty or representation made under
      this Agreement or in any related document or the accuracy of any such warranty
      or representation prior to the Trustee’s receipt of notice or other discovery of
      any non-compliance therewith or any breach thereof; any investment of monies
      by
      or at the direction of the Master Servicer or any loss resulting therefrom,
      it
      being understood that the Trustee shall remain responsible for any Trust Fund
      property that it may hold in its individual capacity and the Securities
      Administrator shall remain responsible for any Trust Fund property that it
      may
      hold in its individual capacity; the acts or omissions of the Master Servicer
      (other than as to the Securities Administrator, if it is also the Master
      Servicer, and as to the Trustee, if the Trustee shall assume the duties of
      the
      Master Servicer pursuant to Section 7.02 hereof, and then only for the acts
      or
      omissions of the Trustee as the successor Master Servicer), or any acts or
      omissions of, the Servicer or any Mortgagor; any action of the Master Servicer
      (other than as to the Securities Administrator, if it is the Master Servicer,
      and as to the Trustee, if the Trustee shall assume the duties of the Master
      Servicer pursuant to Section 7.02 hereof), or in the case of the Trustee the
      Securities Administrator or the Servicer taken in the name of the Trustee;
      the
      failure of the Master Servicer or the Servicer to act or perform any duties
      required of it as agent or on behalf of the Trustee or the Trust Fund hereunder;
      or any action by the Trustee taken at the instruction of the Master Servicer
      (other than if the Trustee shall assume the duties of the Master Servicer
      pursuant to Section 7.02 hereof, and then only for the actions of the Trustee
      as
      the successor Master Servicer); provided,
      however,
      that
      the foregoing shall not relieve the Trustee of its obligation to perform its
      duties under this Agreement, including, without limitation, the Trustee’s duty
      to review the Mortgage Files, if so required pursuant to Section 2.01 of this
      Agreement.

    

    
      
        
        

      

      
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              SECTION
                8.04.

            	
              Trustee,
                Custodian, Master Servicer and Securities Administrator May Own
                Certificates.

            

    

    

    The
      Trustee, the Custodians, the Master Servicer and the Securities Administrator
      in
      their respective individual capacities, or in any capacity other than as
      Trustee, Custodian, Master Servicer or Securities Administrator hereunder,
      may
      become the owner or pledgee of any Certificates with the same rights they would
      have if they were not Trustee, a Custodian, Master Servicer or Securities
      Administrator, as applicable, and may otherwise deal with the parties
      hereto.

    

    
      
        
        

      

      
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    SECTION
      8.05. Trustee’s
      and Securities Administrator’s Fees and Expenses.

    

    The
      Trustee (including in its capacity as a Custodian) shall be compensated by
      the
      Master Servicer for its services hereunder on behalf of the Trust Fund in the
      amount agreed upon by the Master Servicer and the Trustee. The Trustee Fee
      shall
      paid from a portion of the Master Servicing Fee. The Securities Administrator
      shall be compensated by the Master Servicer for its services hereunder from
      a
      portion of the Master Servicing Fee. In addition, the Trustee and the Securities
      Administrator will be entitled to recover from the Distribution Account pursuant
      to Section 4.03(a) all reasonable out-of-pocket expenses, disbursements and
      advances and the expenses of the Trustee (including for such purpose, any fees
      and expenses relating to its capacity as a Custodian hereunder) and the
      Securities Administrator, respectively, including without limitation, in
      connection with any filing that the Securities Administrator is required to
      make
      under Section 3.20 hereof, any Event of Default, any breach of this Agreement
      or
      any claim or legal action (including any pending or threatened claim or legal
      action) incurred or made by the Trustee or the Securities Administrator,
      respectively, in the performance of its duties or the administration of the
      trusts hereunder (including, but not limited to, the performance of its duties
      under Section 2.03 hereof) (including the reasonable compensation, expenses
      and
      disbursements of its counsel) or incurred or made by the Securities
      Administrator under each of the Yield Maintenance Agreement or the Basis Risk
      Cap Agreement (including the reasonable compensation, expenses and disbursements
      of its counsel), except any such expense, disbursement or advance as may arise
      from its negligence or intentional misconduct or which is specifically
      designated herein as the responsibility of the Depositor, the Seller, the Master
      Servicer, the Certificateholders or the Trust Fund hereunder or thereunder.
      If
      funds in the Distribution Account are insufficient therefor, the Trustee, the
      Custodians and the Securities Administrator shall recover such expenses from
      future collections on the Mortgage Loans or as otherwise agreed by the
      Certificateholders. Such compensation and reimbursement obligation shall not
      be
      limited by any provision of law in regard to the compensation of a trustee
      of an
      express trust.

    

    SECTION
      8.06. Eligibility
      Requirements for Trustee and Securities Administrator.

    

    The
      Trustee and Securities Administrator hereunder shall at all times (i) be an
      institution whose accounts are insured by the FDIC, (ii) be an entity duly
      organized and validly existing under the laws of the United States of America
      or
      any state thereof, authorized under such laws to exercise corporate trust
      powers, each having a combined capital and surplus of at least $50,000,000
      and
      (except with respect to the initial Trustee) a minimum long-term debt rating
      in
      the third highest rating category by each Rating Agency and in each Rating
      Agency’s two highest short-term rating categories, and subject to supervision or
      examination by federal or state authority and (iii) not be an Affiliate of
      any
      Servicer. If such entity 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 8.06, the combined capital
      and
      surplus of such entity shall be deemed to be its combined capital and surplus
      as
      set forth in its most recent report of condition so published. The principal
      office of the Trustee (other than the initial Trustee) shall be in a state
      with
      respect to which an Opinion of Counsel has been delivered to such Trustee at
      the
      time such Trustee is appointed Trustee to the effect that the Trust Fund will
      not be a taxable entity under the laws of such state. In case at any time the
      Trustee or the Securities Administrator shall cease to be eligible in accordance
      with the provisions of this Section 8.06, the Trustee or the Securities
      Administrator, as applicable shall resign immediately in the manner and with
      the
      effect specified in Section 8.07 hereof.

    

    
      
        
        

      

      
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    SECTION
      8.07. Resignation
      or Removal of Trustee and Securities Administrator.

    

    The
      Trustee and Securities Administrator (including the Securities Administrator
      as
      Certificate Registrar) may at any time resign and be discharged from the
      obligations hereby created by giving written notice thereof to the Depositor,
      the Seller, any NIMS Insurer, the Master Servicer and each Rating Agency. Upon
      receiving such notice of resignation of the Trustee, the Depositor shall
      promptly appoint a successor Trustee that meets the requirements in Section
      8.06
      and is reasonably acceptable to any NIMS Insurer or, in the case of notice
      of
      resignation of the Securities Administrator, the Trustee (in consultation with
      the Depositor) shall promptly appoint a successor Securities Administrator
      that
      meets the requirements in Section 8.06 and is reasonably acceptable to any
      NIMS
      Insurer, by written instrument, with a copy of such written instrument delivered
      to (i) each of the resigning Trustee or Securities Administrator, as applicable,
      (ii) the successor Trustee or successor Securities Administrator, as applicable,
      and (iii) any NIMS Insurer. If no successor Trustee or successor Securities
      Administrator, as applicable, shall have been so appointed and having accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Trustee or Securities Administrator may petition any court of
      competent jurisdiction for the appointment of a successor Trustee or Securities
      Administrator, as applicable.

    

    If
      at any
      time the Trustee or the Securities Administrator (a) shall cease to be eligible
      in accordance with the provisions of Section 8.06 hereof and shall fail to
      resign after written request therefor by the Depositor or any NIMS Insurer
      or if
      at any time the Trustee or the Securities Administrator, (b) shall be legally
      unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver
      of
      the Trustee or the Securities Administrator, as applicable, or of its property
      shall be appointed, or any public officer shall take charge or control of the
      Trustee or the Securities Administrator, as applicable, or of its property
      or
      affairs for the purpose of rehabilitation, conservation or liquidation, or
      (iii)
      if the Trustee (in its capacity as Custodian) or the Securities Administrator
      fails to provide an assessment of compliance or an attestation report required
      under Section 3.16 within 15 calendar days of March 1 of each calendar year
      in
      which Exchange Act reports are required or (d) shall fail to file any Form
      10-D
      or Form 10-K when due pursuant to Section 3.20 hereof (other than as a result
      of
      the failure of the Depositor to sign and return to the Trustee such Form 10-D
      or
      Form 10-K within the time limitations of Section 3.20 or any other party to
      deliver information in a timely manner as set forth in Section 3.20) then the
      Depositor or any NIMS Insurer may remove the Trustee or the Trustee may remove
      the Securities Administrator, as applicable. If the Depositor or the Trustee
      removes the Trustee or the Securities Administrator, respectively under the
      authority of the immediately preceding sentence, the Depositor or the Trustee
      shall promptly appoint a successor Trustee or successor Securities
      Administrator, in each case, reasonably acceptable to the NIMS Insurer, and
      that
      meets the requirements of Section 8.06, as applicable, by written instrument,
      with a copy of such written instrument delivered to (i) the Trustee or the
      Securities Administrator, as applicable, so removed, (ii) the successor Trustee
      or successor Securities Administrator, as applicable, (iii) the Master Servicer
      and (iv) any NIMS Insurer.

    

    
      
        
        

      

      
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    The
      Majority Certificateholders (or any NIMS Insurer in the event of failure of
      the
      Trustee or Securities Administrator, as applicable, to perform its obligations
      hereunder) may at any time remove the Trustee or the Securities Administrator
      by
      written instrument or instruments delivered to the Depositor and the Trustee;
      the Depositor or the Trustee shall thereupon use its best efforts to appoint
      a
      successor Trustee or successor Securities Administrator, as applicable, in
      each
      case, acceptable to the NIMS Insurer, in accordance with this
      Section.

    

    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor Trustee or a successor Securities Administrator,
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee or a
      successor Securities Administrator, as applicable, as provided in Section 8.08
      hereof. If the Trustee or the Securities Administrator is removed pursuant
      to
      this Section 8.07, it shall be reimbursed any outstanding and unpaid fees and
      expenses, and if removed under the authority of the immediately preceding
      paragraph, the Trustee or the Securities Administrator shall also be reimbursed
      any outstanding and unpaid costs and expenses.

    

    Notwithstanding
      anything to the contrary contained herein, in the event that the Master Servicer
      resigns or is removed as Master Servicer hereunder, the Securities Administrator
      shall have the right to resign immediately as Securities Administrator by giving
      written notice to the Depositor and the Trustee, with a copy to each Rating
      Agency.

    

    SECTION
      8.08. Successor
      Trustee and Successor Securities Administrator.

    

    Any
      successor Trustee or successor Securities Administrator appointed as provided
      in
      Section 8.07 hereof shall execute, acknowledge and deliver to the Depositor,
      any
      NIMS Insurer, the Seller and the Master Servicer and to its predecessor Trustee
      or predecessor Securities Administrator, as applicable, an instrument accepting
      such appointment hereunder, and thereupon the resignation or removal of the
      predecessor Trustee or predecessor Securities Administrator, as applicable,
      shall become effective, and such successor Trustee or successor Securities
      Administrator, without any further act, deed or conveyance, shall become fully
      vested with all the rights, powers, duties and obligations of its predecessor
      hereunder, with like effect as if originally named as Trustee or Securities
      Administrator. The Depositor, the Seller, the Master Servicer and the
      predecessor Trustee or predecessor Securities Administrator, as applicable,
      shall execute and deliver such instruments and do such other things as may
      reasonably be required for fully and certainly vesting and confirming in the
      successor Trustee or successor Securities Administrator, as applicable, all
      such
      rights, powers, duties and obligations.

    

    No
      successor Trustee or successor Securities Administrator shall accept appointment
      as provided in this Section 8.08 unless at the time of such acceptance such
      successor Trustee or successor Securities Administrator shall be eligible under
      the provisions of Section 8.06 hereof and the appointment of such successor
      Trustee or successor Securities Administrator shall not result in a downgrading
      of the Senior Certificates by each Rating Agency, as evidenced by a letter
      from
      each Rating Agency.

    

    Upon
      acceptance of appointment by a successor Trustee or successor Securities
      Administrator, as applicable, as provided in this Section 8.08, the successor
      Trustee or successor Securities Administrator shall mail notice of such
      appointment of a successor Trustee or Securities Administrator hereunder to
      all
      Holders of Certificates at their addresses as shown in the Certificate Register,
      to any NIMS Insurer and to each Rating Agency.

    

    
      
        
        

      

      
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    SECTION
      8.09. Merger
      or Consolidation of Trustee or Securities Administrator.

    

    Any
      entity into which the Trustee or the Securities Administrator may be merged
      or
      converted or with which it may be consolidated, or any entity resulting from
      any
      merger, conversion or consolidation to which the Trustee or the Securities
      Administrator shall be a party, or any entity succeeding to the corporate trust
      business of the Trustee or the Securities Administrator, shall be the successor
      of the Trustee or the Securities Administrator, as applicable, hereunder,
provided
      such
      entity shall be eligible under the provisions of Section 8.06 and 8.08 hereof,
      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.

    

    SECTION
      8.10. Appointment
      of Co-Trustee or Separate Trustee.

    

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust Fund
      or any Mortgaged Property may at the time be located, the Depositor and the
      Trustee acting jointly shall have the power, and the Trustee shall, and shall
      instruct the Depositor to, at the expense of the Trust Fund, execute and deliver
      all instruments to appoint one or more Persons, approved by the Trustee and
      any
      NIMS Insurer to act as co-trustee or co-trustees, jointly with the Trustee,
      or
      separate trustee or separate trustees, of all or any part of the Trust Fund,
      and
      to vest in such Person or Persons, in such capacity and for the benefit of
      the
      Certificateholders, such title to the Trust Fund, or any part thereof, and,
      subject to the other provisions of this Section 8.10, such powers, duties,
      obligations, rights and trusts as the Master Servicer and the Trustee may
      consider necessary or desirable. No co-trustee or separate trustee hereunder
      shall be required to meet the terms of eligibility as a successor Trustee under
      Section 8.06 hereof, and no notice to Certificateholders of the appointment
      of
      any co-trustee or separate trustee shall be required under Section 8.08
      hereof.

    

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

    

    (i) all
      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 or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the Master Servicer hereunder), 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 singly by such separate trustee or co-trustee, but
      solely at the direction of the Trustee;

    

    
      
        
        

      

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

    

    (iii) the
      Depositor and the Trustee, acting jointly may at any time accept the resignation
      of or remove any separate trustee or co-trustee.

    

    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
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. 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 thereof given to
      the
      Depositor and any NIMS Insurer.

    

    Any
      separate trustee or co-trustee 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 or co-trustee 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.

    

    SECTION
      8.11. Limitation
      of Liability.

    

    The
      Certificates are executed by the Securities Administrator, not in its individual
      capacity but solely as Securities Administrator on behalf of the Trust Fund,
      in
      the exercise of the powers and authority conferred and vested in it by this
      Agreement. Each of the undertakings and agreements made on the part of the
      Securities Administrator in the Certificates is made and intended not as a
      personal undertaking or agreement by the Trustee but is made and intended for
      the purpose of binding only the Trust Fund.

    

    SECTION
      8.12. Trustee
      May Enforce Claims Without Possession of Certificates.

    

    (a) All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee (for the avoidance of doubt, in its
      individual capacity and as Trustee on behalf of the Trust Fund), its agents
      and
      counsel, be for the ratable benefit or the Certificateholders in respect of
      which such judgment has been recovered.

    

    (b) The
      Trustee shall afford the Seller, the Depositor and each Certificateholder upon
      reasonable notice during normal business hours at its Corporate Trust Office
      or
      other office designated by the Trustee, access to all records maintained by
      the
      Trustee in respect of its duties hereunder and access to officers of the Trustee
      responsible for performing such duties. Upon request, the Trustee shall furnish
      the Depositor and any requesting Certificateholder with its most recent audited
      financial statements. The Trustee shall cooperate fully with the Seller, the
      Depositor and such Certificateholder and shall, subject to the first sentence
      of
      this Section 8.12(b), make available to the Seller, the Depositor and such
      Certificateholder for review and copying such books, documents or records as
      may
      be requested with respect to the Trustee’s duties hereunder. The Seller, the
      Depositor and the Certificateholders shall not have any responsibility or
      liability for any action or failure to act by the Trustee and are not obligated
      to supervise the performance of the Trustee under this Agreement or
      otherwise.

    

    
      
        
        

      

      
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    (c) The
      Securities Administrator shall afford the Seller, the Depositor, the Trustee
      and
      each Certificateholder upon reasonable notice during normal business hours
      at
      its offices at 9062 Old Annapolis Road, Columbia, Maryland 21045 or other office
      designated by the Securities Administrator, access to all records maintained
      by
      the Securities Administrator in respect of its duties hereunder and access
      to
      officers of the Securities Administrator responsible for performing such duties.
      The Securities Administrator shall cooperate fully with the Seller, the
      Depositor, the Trustee and such Certificateholder and shall, subject to the
      first sentence of this Section 8.12(c), make available to the Seller, the
      Depositor and such Certificateholder for review and copying such books,
      documents or records as may be reasonably requested with respect to the
      Securities Administrator’s duties hereunder. The Seller, the Depositor, the
      Trustee and the Certificateholders shall not have any responsibility or
      liability for any action or failure to act by the Securities Administrator
      and
      are not obligated to supervise the performance of the Securities Administrator
      under this Agreement or otherwise.

    

    SECTION
      8.13. Suits
      for Enforcement.

    

    In
      case
      an Event of Default or a default by the Depositor hereunder shall occur and
      be
      continuing, the Trustee may proceed to protect and enforce its rights and the
      rights of the Certificateholders under this Agreement, as the case may be,
      by a
      suit, action or proceeding in equity or at law or otherwise, whether for the
      specific performance of any covenant or agreement contained in this Agreement
      or
      in aid of the execution of any power granted in this Agreement or for the
      enforcement of any other legal, equitable or other remedy, as the Trustee,
      being
      advised by counsel, and subject to the foregoing, shall deem most effectual
      to
      protect and enforce any of the rights of the Trustee and the
      Certificateholders.

    

    SECTION
      8.14. Waiver
      of Bond Requirement.

    

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust Fund, or any part thereof,
      may be located that the Trustee post a bond or other surety with any court,
      agency or body whatsoever.

    

    SECTION
      8.15. Waiver
      of Inventory, Accounting and Appraisal Requirement.

    

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust Fund, or any part thereof,
      may be located that the Trustee file any inventory, accounting or appraisal
      of
      the Trust Fund with any court, agency or body at any time or in any manner
      whatsoever.

    

    
      
        
        

      

      
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    SECTION
      8.16. Appointment
      of Custodians.

    

    The
      Trustee may, and at the direction of the Depositor shall, appoint one or more
      custodians to hold all or a portion of the related Mortgage Files as agent
      for
      the Trustee, by entering into a custodial agreement. The custodian may at any
      time be terminated and a substitute custodian appointed therefor by the Trustee.
      Subject to this Article VIII, the Trustee agrees to comply with the terms of
      each custodial agreement and to enforce the terms and provisions thereof against
      the custodian for the benefit of the Certificateholders having an interest
      in
      any Mortgage File held by such custodian. Each custodian shall be a depository
      institution or trust company subject to supervision by federal or state
      authority, shall have combined capital and surplus of at least $15,000,000
      and
      shall be qualified to do business in the jurisdiction in which it holds any
      Mortgage File. The Seller shall pay from its own funds, without any right to
      reimbursement, the fees, costs and expenses of each custodian (including the
      costs of custodian’s counsel).

    

    
      	 	
              SECTION
                8.17.

            	
              Limitation
                of Liability of Trustee and Securities Administrator;
                Indemnification.

            

    

    

    The
      Trustee shall not at any time have any responsibility or liability for or with
      respect to the legality, validity and enforceability of the Yield Maintenance
      Agreement, the Yield Maintenance Allocation Agreement or the Basis Risk Cap
      Agreement. The Administrator shall not have any liability for any failure or
      delay in payments to the Trustee which are required under the Yield Maintenance
      Allocation Agreement where such failure or delay is due to the failure or delay
      of the Yield Maintenance Provider in making such payment to the Administrator
      pursuant to the Yield Maintenance Agreement. In addition, notwithstanding
      anything to the contrary in the Yield Maintenance Agreement, the Administrator
      shall not be required to make any payment to the Yield Maintenance Provider.
      Any
      payment to the Yield Maintenance Provider shall be paid on behalf of the
      Administrator by Greenwich Capital Markets, Inc. The Trustee and the
      Administrator and their respective directors, officers, employees and agents
      shall be entitled to be indemnified and held harmless by the Trust Fund from
      and
      against any and all losses, claims, expenses or other liabilities that arise
      by
      reason of or in connection with the performance or observance by the Trustee
      or
      the Administrator of its respective duties or obligations under the Yield
      Maintenance Allocation Agreement, the Yield Maintenance Agreement or the Basis
      Risk Cap Agreement except to the extent that the same is due to the
      Administrator’s negligence, willful misconduct or fraud.

    

    SECTION
      8.18. Administrator’s
      Fees and Expenses.

    

    The
      Administrator’s fees under the Yield Maintenance Allocation Agreement and the
      Yield Maintenance Agreement shall be paid from a portion of the Master Servicing
      Fee. In addition, the Administrator will be entitled to recover from the
      Distribution Account pursuant to Section 4.03(a) all reasonable out-of-pocket
      expenses in the performance of its duties under the Yield Maintenance Allocation
      Agreement or the Yield Maintenance Agreement or the administration of the Yield
      Maintenance Trust (including the reasonable compensation, expenses and
      disbursements of its counsel) except any such expense, disbursement or advance
      as may arise from its negligence or intentional misconduct. If funds in the
      Distribution Account are insufficient therefor, the Administrator shall recover
      such expenses from future collections on the Mortgage Loans or as otherwise
      agreed by the Certificateholders. 

    

    
      
        
        

      

      
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    SECTION
      8.19. Resignation
      or Removal of the Administrator.

    

    The
      Administrator may at any time resign and be discharged from its duties and
      obligations under the Yield Maintenance Allocation Agreement by giving written
      notice thereof to the Depositor, the Seller, GCFP, any NIMS Insurer, the Trustee
      and each Rating Agency. Upon receiving such notice of resignation of the
      Administrator, GCFP shall promptly appoint a successor Administrator that is
      acceptable to any NIMS Insurer by written instrument, in triplicate, one copy
      of
      which instrument shall be delivered to each of (i) the resigning Administrator,
      (ii) the successor Administrator and (iii) any NIMS Insurer. If no successor
      Administrator shall have been so appointed and having accepted appointment
      within 30 days after the giving of such notice of resignation, the resigning
      Administrator may petition any court of competent jurisdiction for the
      appointment of a successor Administrator.

    

    GCFP
      (or
      any NIMS Insurer in the event of failure of the Administrator to perform its
      obligations hereunder) may at any time remove the Administrator by written
      instrument or instruments delivered to GCFP, the Depositor, the Administrator
      and the Trustee; GCFP shall thereupon use its best efforts to appoint a
      successor Administrator acceptable to the NIMS Insurer, in accordance with
      this
      Section.

    

    Any
      resignation or removal of the Administrator and appointment of a successor
      Administrator, pursuant to any of the provisions of this Section 8.19 shall
      not
      become effective until acceptance of appointment by the successor Administrator.
      If the Administrator is removed pursuant to this Section 8.19, it shall be
      reimbursed any outstanding and unpaid fees and expenses.

    

    Notwithstanding
      anything to the contrary contained herein, in the event that the Securities
      Administrator resigns or is removed as Securities Administrator hereunder,
      the
      Administrator shall have the right to resign immediately as Administrator by
      giving written notice to GCFP, the Depositor and the Trustee, with a copy to
      each Rating Agency and any NIMS Insurer. Any Person appointed as successor
      Securities Administrator pursuant to Section 8.07 shall also be required to
      serve as successor Administrator under the Yield Maintenance Agreement and
      the
      Yield Maintenance Allocation Agreement.

    

    SECTION
      8.20. Closing
      Opinion of Counsel.

    

    On
      or
      before the Closing Date, the Securities Administrator shall cause to be
      delivered to the Depositor, the Seller and Greenwich Capital Markets, Inc.
      an
      Opinion of Counsel, dated the Closing Date, in form and substance reasonably
      satisfactory to the Depositor, Greenwich Capital Markets, Inc., and the Seller
      as to the due authorization, execution and delivery of this Agreement by the
      Securities Administrator and the enforceability thereof.

    

    
      
        
        

      

      
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    ARTICLE
      IX

    

    REMIC
      ADMINISTRATION

    

    SECTION
      9.01. REMIC
      Administration.

    

    (a) As
      set
      forth in the Preliminary Statement to this Agreement, multiple REMIC elections
      shall be made by the Trust Fund. The Trustee shall sign and the Securities
      Administrator shall file such elections on Form 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
      in
      each REMIC created hereunder and the related residual interest shall be as
      designated in the Preliminary Statement. Following the Closing Date, the
      Securities Administrator shall apply to the Internal Revenue Service for an
      employer identification number for each REMIC created hereunder by means of
      a
      Form SS-4 or other acceptable method and shall file a Form 8811 with the
      Internal Revenue Service.

    

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC created
      hereunder within the meaning of section 860G(a)(9) of the Code. The latest
      possible maturity date for each interest in any REMIC created hereby shall
      be
      the Latest Possible Maturity Date.

    

    (c) Except
      as
      provided in subsection (d) of this Section 9.01, the Securities Administrator
      shall pay any and all tax related expenses (not including taxes) of each REMIC
      created hereunder, including but not limited to any professional fees or
      expenses related to audits or any administrative or judicial proceedings with
      respect to any 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 Securities Administrator in fulfilling its duties hereunder
      (including the Securities Administrator’s duties as tax return
      preparer).

    

    (d) The
      Securities Administrator shall prepare and file, and the Trustee shall sign
      all
      of the federal and state tax and information returns of each REMIC created
      hereunder (collectively, the “Tax
      Returns”)
      as the
      direct representative. The expenses of preparing and filing such Tax Returns
      shall be borne by the Securities Administrator. Notwithstanding the foregoing,
      the Securities Administrator shall have no obligation to prepare, file or
      otherwise deal with partnership tax information or returns. In the event that
      partnership tax information or returns are required by the Internal Revenue
      Service, the Seller, at its own cost and expense, will prepare and file all
      necessary returns. The Internal Revenue Service has issued OID regulations
      under
      Sections 1271 to 1275 of the Code generally addressing the treatment of debt
      instruments issued with original issue discount. Under those regulations, debt
      issued to one Person generally is aggregated in determining if there is OID.
      Because certain Classes of Regular Certificates are expected to be issued to
      one
      Person (which intends to continue to hold the Regular Certificates indefinitely
      and, in any case, for at least 30 days), the Securities Administrator, on behalf
      of the Trust Fund and upon receipt of written direction from the Depositor,
      will
      determine the existence and amount of any OID as if those Classes of Regular
      Certificates were one debt instrument and based solely on information provided
      by the Depositor to the Securities Administrator.

    

    
      
        
        

      

      
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    (e) The
      Securities Administrator shall perform on behalf of each REMIC created hereunder
      all reporting and other tax compliance duties that are the responsibility of
      each 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 Securities Administrator, shall provide (i) to
      the
      Treasury or other governmental authority such information as is necessary for
      the application of any tax relating to the transfer of a Residual Certificate
      to
      any disqualified organization and (ii) to the Certificateholders such
      information or reports as are required by the Code or REMIC Provisions. The
      Securities Administrator, however, shall have no information or other tax
      reporting obligations with respect to the Final Maturity Reserve Trust. In
      addition, the Administrator shall have no information or other tax reporting
      obligations with respect to the Yield Maintenance Trust.

    

    (f) Each
      of
      the Master Servicer, Trustee and the Securities Administrator (to the extent
      that the affairs of the REMICs are within such Person’s control and the scope of
      its specific responsibilities under the Agreement) and the Holders of
      Certificates shall take any action or cause any REMIC created hereunder to
      take
      any action necessary to create or maintain the status of any REMIC created
      hereunder as a REMIC under the REMIC Provisions and shall assist each other
      as
      necessary to create or maintain such status. None of the Trustee, the Securities
      Administrator or the Holder of a Residual Certificate shall take any action,
      cause any REMIC created hereunder to take any action or fail to take (or fail
      to
      cause to be taken) any action 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 and the Securities Administrator and any NIMS Insurer 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 created
      hereunder or the assets therein, or causing any such REMIC to take any action
      which is not expressly permitted under the terms of this Agreement, any Holder
      of the Residual Certificate will consult with the Trustee, the Master Servicer,
      the Securities Administrator, the 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 such REMIC, and no such Person shall take any
      such
      action or cause any REMIC created hereunder to take any such action as to which
      the Securities Administrator 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
      any REMIC created hereunder in which it owns the residual interest by federal
      or
      state governmental authorities. To the extent that such Trust Fund taxes are
      not
      paid by the Residual Certificateholder, the Securities Administrator shall
      pay
      any remaining REMIC taxes out of current or future amounts otherwise
      distributable to the Holder of the Residual Certificate or, if no such amounts
      are available, out of other amounts held in the Distribution Account, and shall
      reduce amounts otherwise payable to holders of regular interests in such REMIC,
      as the case may be.

    

    (h) The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to each REMIC created hereunder on a calendar year
      and
      on an accrual basis.

    

    
      
        
        

      

      
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    (i) No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

    

    (j) None
      of
      the Trustee, the Master Servicer or the Securities Administrator shall enter
      into any arrangement by which any REMIC created hereunder will receive a fee
      or
      other compensation for services.

    

    (k) The
      Securities Administrator shall treat each of the Capitalized Interest Account,
      the Basis Risk Reserve Fund, the Yield Maintenance Trust, the Yield Maintenance
      Trust Account, the Yield Maintenance Account, the Basis Risk Cap Replacement
      Receipts Account and the Basis Risk Cap Termination Receipts Account as an
      outside reserve fund within the meaning of Treasury Regulation Section
      1.860G-2(h), and not as assets of any REMIC. For federal income tax purposes,
      the Holders of the Class C Certificates are the owners of each such outside
      reserve fund other than the Capitalized Interest Account and the Seller is
      the
      owner of the Capitalized Interest Account.

    

    (l) The
      Securities Administrator shall treat the beneficial owners of the LIBOR
      Certificates as having entered into a notional principal contract with the
      Class
      C Certificateholders. Any payments made on the LIBOR Certificates in respect
      of
      Basis Risk Shortfalls shall be treated as payments made by the Class C
      Certificateholders pursuant to the notional principal contract. Thus, for
      federal income tax purposes, each LIBOR Certificate shall be treated as
      representing both ownership of a REMIC regular interest and an interest in
      a
      notional principal contract. For tax information reporting purposes, it will
      be
      assumed that the notional principal contract portion of each Class of LIBOR
      Certificates will have only nominal value unless and until an applicable taxing
      authority requires use of a different value.

    

    (m) 
      The
      Securities Administrator shall treat the Final Maturity Reserve Trust as an
      outside reserve fund within the meaning of Treasury Regulation Section
      1.860G-2(h) owned by the holders of the Class C Certificates and not assets
      of
      any REMIC. The Class C Certificateholder shall be treated as the owner of the
      Final Maturity Reserve Trust and any payments made from the Final Maturity
      Reserve Trust to beneficial owners of Certificates (other than the Class C
      Certificates) shall be treated for federal income tax purposes as payments
      made
      by the Class C Certificateholder in exchange for an interest in the Certificates
      then owned by such beneficial owners.

    

    (n) For
      federal income tax purposes, upon any sale of the property held by the Trust
      Fund pursuant to Section 10.01(a), any NIM Redemption Amount and any Premium
      Proceeds paid by the Master Servicer shall not be treated as a portion of the
      purchase price paid for such property but shall instead be treated as an amount
      paid by the Master Servicer to the Holder of the Class C Certificates pursuant
      to a cash-settled call option with respect to the property held by the Trust
      Fund.

    

    SECTION
      9.02. 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 the REMICs created hereunder pursuant to Article
      X of this Agreement, (iv) a substitution pursuant to Article II hereof or (v)
      a
      repurchase of Mortgage Loans as contemplated hereunder, nor acquire any assets
      for any REMIC created hereunder, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to any REMIC created
      hereunder after the Closing Date, unless the Depositor, 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 result in an Adverse REMIC
      Event.

    

    
      
        
        

      

      
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    ARTICLE
      X

    

    TERMINATION

    

    SECTION
      10.01. Termination.

    

    (a) The
      respective obligations and responsibilities of the Seller, the Depositor, the
      Master Servicer, the Securities Administrator and the Trustee created hereby
      (other than the obligation of the Securities Administrator, as Paying Agent,
      to
      make certain payments to Certificateholders after the Final Distribution Date
      and the obligation of the Master Servicer to send certain notices as hereinafter
      set forth) shall terminate upon notice to the Trustee and the Securities
      Administrator upon the earliest of (i) the Distribution Date on which the
      Class Principal Balance of each Class of Certificates has been reduced to zero,
      (ii) the final payment or other liquidation of the last Mortgage Loan,
      (iii) the optional purchase of the Mortgage Loans by the Terminator as
      described in the following paragraph and (iv) the Latest Possible Maturity
      Date. Notwithstanding the foregoing, in no event shall the trust 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.

    

    Following
      the date on which the aggregate of the Stated Principal Balances of the Mortgage
      Loans (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) on
      such
      date is equal to or less than 10% of the Cut-off Date Collateral Balance (the
      “Call
      Option Date”),
      the
      Master Servicer (in such context, the “Terminator”),
      with
      the prior written consent of the NIMS Insurer (which consent shall not be
      unreasonably withheld) or at the direction of the NIMS Insurer, may, at its
      option, terminate this Agreement by purchasing, on the next succeeding
      Distribution Date, all of the outstanding Mortgage Loans and REO Properties
      at a
      price equal to (A) the greater of (i) the aggregate Stated Principal Balance
      of
      the Mortgage Loans (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties and (ii) the fair market
      value of the Mortgage Loans and REO Properties (as determined and as agreed
      upon
      by (w) the Terminator, (x) the NIMS Insurer, (y) the Holders of a majority
      in
      Percentage Interest of the Class C Certificates and (z) if the Holders of the
      LIBOR Certificates will not receive all amounts due and payable as a result
      of
      the exercise of the option by the Terminator, the Trustee, in their good faith
      business judgment as of the close of business on the third Business Day next
      preceding the date upon which notice of any such termination is furnished to
      the
      related Certificateholders pursuant to Section 10.01(b)), plus, (B) in each
      case, accrued and unpaid interest thereon at the weighted average of the
      Mortgage Rates through the end of the Due Period preceding the Final
      Distribution Date, plus any unreimbursed Servicing Advances and Advances and
      any
      unpaid Master Servicing Fees and Servicing Fees allocable to such Mortgage
      Loans
      and REO Properties and all amounts, if any, then due and owing to the Trustee,
      the Master Servicer and the Securities Administrator under this Agreement,
      plus
      any
      Basis Risk Shortfalls then remaining unpaid or which is due to the exercise
      of
      such option (the “Termination
      Price”);
      provided,
      however,
      such
      option may only be exercised if the Termination Price is sufficient to result
      in
      the payment of all interest accrued on, as well as amounts necessary to retire
      the Class Principal Balance of, each Class of Certificates issued pursuant
      to
      this Agreement; and, provided,
      further,
      that if
      there are any NIM Notes outstanding, the Master Servicer may only exercise
      its
      option after receiving the prior written consent of the holders of such NIM
      Notes and, if such consent is given, the Termination Price shall also include
      an
      amount equal to the sum of (1) any accrued interest on the NIM Notes, (2) the
      unpaid principal balance of any such NIM Notes and (3) any other reimbursable
      expenses owed by the issuer of the NIM Notes (the “NIM
      Redemption Amount”).
      If
      the fair market value of the Mortgage Loans and REO Properties shall be required
      to be made and agreed upon by the Master Servicer, if it is Terminator, and
      the
      Holders of a majority of Percentage Interest of the Class C Certificates as
      provided in (ii) above in their good faith business judgment, and such
      determination shall take into consideration an appraisal of the value of the
      Mortgage Loans and REO Properties conducted by an independent appraiser mutually
      agreed upon by the Master Servicer, if it is the Terminator, the Holders of
      a
      majority in Percentage Interest of the Class C Certificates and the Terminator
      in their reasonable discretion, such appraisal to be obtained by the Holders
      of
      a majority in Percentage Interest of the Class C Certificates at their expense,
      and (A) such appraisal shall be obtained at no expense to the Trustee and (B)
      the Trustee may conclusively rely on, and shall be protected in relying on,
      such
      fair market value determination. No such purchase by the Terminator will be
      permitted without the consent of the NIMS Insurer.

    

    
      
        
        

      

      
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    If
      the
      Master Servicer does not exercise its option as described above, then the NIMS
      Insurer shall have the right to direct the Master Servicer to exercise such
      option and (i) the NIMS Insurer shall remit the Termination 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
      Distribution Account and (ii) upon the termination of the Trust Fund, the
      Trustee will transfer the property of the Trust Fund to the NIMS Insurer. The
      NIMS Insurer shall be obligated to reimburse the Master Servicer for its
      reasonable out-of-pocket expenses incurred in connection with its termination
      of
      the Trust Fund at the direction of the NIMS Insurer and shall indemnify and
      hold
      harmless the Master Servicer for all losses, liabilities or expenses resulting
      from any claims directly resulting from or relating to the Terminator’s
      termination of the Trust Fund 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 negligence, bad faith or willful misconduct.

    

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Master Servicer shall deposit in the Distribution Account all amounts then
      on
      deposit in the Distribution Account, which deposit shall be deemed to have
      occurred immediately preceding such purchase.

    

    
      
        
        

      

      
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    Notwithstanding
      anything provided herein to the contrary, upon the exercise of the Terminator
      of
      its Call Option, the Servicing Rights Owner shall retain any and all related
      Servicing Rights with respect to any SRO Mortgage Loans.

    

    (b) Notice
      of
      any termination pursuant to the second paragraph of Section 10.01(a), specifying
      the Distribution Date (which shall be a date that would otherwise be a
      Distribution Date) upon which the Certificateholders may surrender their
      Certificates to the Certificate Registrar for payment of the final distribution
      and cancellation, shall be given promptly by the Trustee upon the Trustee
      receiving notice of such date from the Master Servicer by letter to the
      Certificateholders mailed not earlier than the 10th day and not later than
      the 19th day of the month immediately preceding the month of such final
      distribution specifying (1) the Distribution Date upon which final
      distribution of the Certificates will be made upon presentation and surrender
      of
      such Certificates at the office or agency of the Certificate Registrar therein
      designated, (2) the amount of any such final distribution and (3) that
      the Record Date otherwise applicable to such Distribution Date is not
      applicable, distributions being made only upon presentation and surrender of
      the
      Certificates at the office or agency of the Certificate Registrar therein
      specified. The Trustee shall give such notice to the Securities Administrator,
      the Master Servicer, the Basis Risk Cap Provider and the Certificate Registrar
      at the time such notice is given to Holders of the Certificates. Upon any such
      termination, the duties of the Certificate Registrar with respect to the
      Certificates shall terminate and the Trustee shall terminate, or request the
      Master Servicer to terminate, the Distribution Account and any other account
      or
      fund maintained with respect to the Certificates, subject to the Trustee’s
      obligation hereunder to hold all amounts payable to Certificateholders in trust
      without interest pending such payment.

    

    (c) Upon
      presentation and surrender of the Certificates, the Securities Administrator,
      as
      Paying Agent, shall cause to be distributed to the Holders of the Certificates
      on the Distribution Date for such final distribution, in proportion to the
      Percentage Interests of their respective Class and to the extent that funds
      are
      available for such purpose, an amount equal to the amount required to be
      distributed to such Holders in accordance with the provisions of
      Section 5.01 hereof for such Distribution Date; provided,
      however,
      that
      with respect to amounts that would otherwise be distributed to the Class R
      Certificates (i) with respect to the Group 1 Mortgage Loans on the Final
      Distribution Date, such amounts, if any, shall be distributed to the Class
      2A-1A, Class 2A-1B and Class 2A-1C Certificates, pro
      rata
      up to
      the amount by which the aggregate Class Principal Balance of the classes of
      Senior Certificates related to Loan Group 2 on such date is greater than the
      Loan Group Balance of the related Group 2 Mortgage Loans for such Distribution
      Date and (ii) with respect to the Group 2 Mortgage Loans on the Final
      Distribution Date, such amounts, if any, shall be distributed to the Class
      1A-1A
      and Class 1A-1B Certificates, pro
      rata
      up to
      the amount by which the aggregate Class Principal Balance of the classes of
      Senior Certificates related to Loan Group 1 on such date is greater than the
      Loan Group Balance of the related Group 1 Mortgage Loans for such Distribution
      Date.

    

    (d) In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such Final Distribution Date, the
      Securities Administrator shall promptly following such date cause all funds
      in
      the Distribution Account not distributed in final distribution to
      Certificateholders to be withdrawn therefrom and credited to the remaining
      Certificateholders by depositing such funds in a separate account for the
      benefit of such Certificateholders, and within six months, 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 nine months after the second notice all the
      Certificates shall not have been surrendered for cancellation, the Master
      Servicer shall be entitled to all unclaimed funds and other assets which remain
      subject hereto, and the Securities Administrator and the Trustee upon transfer
      of such funds shall be discharged of any responsibility for such funds, and
      the
      Certificateholders shall look to the Master Servicer for payment.

    

    
      
        
        

      

      
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    SECTION
      10.02. Additional
      Termination Requirements.

    

    (a) In
      the
      event the purchase option provided in Section 10.01 is exercised, the Trust
      Fund shall be terminated in accordance with the following additional
      requirements:

    

    (i) The
      Trustee at the direction of the Securities Administrator shall sell any
      remaining assets of the Trust Fund to Wells Fargo Bank, N.A. or its designee,
      for cash and, within 90 days of such sale, shall distribute to (or credit to
      the
      account of) the Certificateholders the proceeds of such sale together with
      any
      cash on hand (less amounts retained to meet claims) in complete liquidation
      of
      the Trust Fund, and each REMIC created hereunder; and

    

    (ii) The
      Securities Administrator shall attach a statement to the final federal income
      tax return for each REMIC created hereunder stating that pursuant to Treasury
      Regulation §1.860F-1, the first day of the 90 day liquidation period for such
      REMIC was the date on which the Trustee sold the assets of the Trust Fund and
      shall satisfy all requirements of a qualified liquidation under Section 860F
      of
      the Code and any regulations thereunder as evidenced by an Opinion of Counsel
      delivered to the Trustee and the Securities Administrator obtained at the
      expense of the Seller.

    

    (b) By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee and the Securities Administrator as their attorneys in fact to undertake
      the foregoing steps.

    

    SECTION
      10.03. NIMS
      Insurer Optional Purchase Right of Distressed Mortgage Loans.

    

    The
      NIMS
      Insurer, if any, 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 purchase plus any unreimbursed Advances,
      Servicing Advances or Servicing Fees 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 Securities Administrator
      for deposit into the Distribution Account. The NIMS Insurer shall not use any
      procedure in selecting Distressed Mortgage Loans to be purchased which would
      be
      materially adverse to Certificateholders.

    

    
      
        
        

      

      
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    ARTICLE
      XI

    

    DISPOSITION
      OF TRUST FUND ASSETS

    

    SECTION
      11.01. Disposition
      of Trust Fund Assets.

    

    Neither
      the Trust Fund, nor this Agreement, may be terminated or voided, or any
      disposition of the assets of the Trust Fund effected, other than in accordance
      with the terms hereof, except to the extent that Holders representing no less
      than the entire beneficial ownership interest of the Certificates have consented
      in writing to such action.

    

    ARTICLE
      XII

    

    MISCELLANEOUS
      PROVISIONS

    

    SECTION
      12.01. Amendment.

    

    This
      Agreement may be amended from time to time by the Seller, the Depositor, the
      Master Servicer, the Securities Administrator and the Trustee, with the consent
      of any NIMS Insurer, without the consent of the Certificateholders and, with
      respect to any amendment that adversely affects the interest of the Credit
      Risk
      Manager, with the prior written consent of the Credit Risk Manager, (i) to
      cure any ambiguity, (ii) to correct or supplement any provisions herein
      which may be defective or inconsistent with any other provisions herein,
      (iii) to make any other provisions with respect to matters or questions
      arising under this Agreement, which shall not be inconsistent with the
      provisions of this Agreement, or (iv) to conform the terms hereof to the
      description thereof provided in the Prospectus or the Private Placement
      Memorandum, as applicable; provided,
      however,
      that
      any such action listed in clause  (iii) above shall not adversely
      affect in any material respect the interests of any Certificateholder;
provided,
      further,
      that
      any such action listed in (iii) above shall be deemed not to adversely affect
      in
      any material respect the interests of any Certificateholder, if evidenced by
      either (i) written notice to the Depositor, the Seller, the Master
      Servicer, the Securities Administrator, any NIMS Insurer and the Trustee from
      each Rating Agency that such action will not result in the reduction or
      withdrawal of the rating of any outstanding Class of Certificates with respect
      to which it is a Rating Agency or (ii) an Opinion of Counsel to the effect
      that such amendment shall not adversely affect in any material respect the
      interests of any Certificateholder, is permitted by the Agreement and all the
      conditions precedent, if any, have been complied with, delivered to the Trustee,
      the Securities Administrator, the Master Servicer and any NIMS
      Insurer.

    

    In
      addition, this Agreement may be amended from time to time by Seller, the
      Depositor, the Master Servicer, the Securities Administrator, and the Trustee
      with the consent of any NIMS Insurer, the Majority Certificateholders, and
      with
      respect to any amendment that materially and adversely affects the interest
      of
      the Credit Risk Manager, with the prior written consent of the Credit Risk
      Manager, 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 of Certificates; and subject, in the case
      of
      any amendment or modification to Section 5.01(a) hereof, to the consent of
      Deutsche Bank National Trust Company, as Custodian; provided,
      however,
      that no
      such amendment or waiver shall (x) reduce in any manner the amount of, or
      delay the timing of, payments on the Certificates that are required to be made
      on any Certificate without the consent of the Holder of such Certificate,
      (y) adversely affect in any material respect the interests of the Holders
      of any Class of Certificates in a manner other than as described in clause
      (x)
      above, without the consent of the Holders of Certificates of such Class
      evidencing at least a 662/3%
      Percentage Interest in such Class, or (z) reduce the percentage of Voting
      Rights required by clause (y) above without the consent of the Holders of
      all Certificates of such Class then outstanding. Upon approval of an amendment,
      a copy of such amendment shall be sent to the Rating Agency.

    

    
      
        
        

      

      
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    Notwithstanding
      any provision of this Agreement to the contrary, each of the Trustee and the
      NIMS Insurer shall not consent to any amendment to this Agreement unless they
      shall have first received an Opinion of Counsel, delivered by and at the expense
      of the Person seeking such Amendment (unless such Person is the Trustee, in
      which case the Trustee shall be entitled to be reimbursed for such expenses
      by
      the Trust Fund pursuant to Section 8.05 hereof), to the effect that such
      amendment will not result in the imposition of an Adverse REMIC Event and that
      the amendment is being made in accordance with the terms hereof, such amendment
      is permitted by this Agreement and all conditions precedent, if any, have been
      complied with.

    

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the Seller
      (but in no event at the expense of the Securities Administrator or the Trustee),
      otherwise at the expense of the Trust Fund, a copy of such amendment and the
      Opinion of Counsel referred to in the immediately preceding paragraph to the
      Master Servicer, the NIMS Insurer and each Rating Agency.

    

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 to approve the particular form of any proposed amendment;
      instead 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 Certificateholders shall be subject
      to
      such reasonable regulations as the Trustee may prescribe.

    

    The
      Trustee, the Master Servicer and Securities Administrator may, but shall not
      be
      obligated to, enter into any amendment pursuant to this 12.01 Section that
      affects its rights, duties and immunities under this Agreement or
      otherwise.

    

    SECTION
      12.02. Recordation
      of Agreement; Counterparts.

    

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the Mortgaged Properties
      are situated, and in any other appropriate public recording office or elsewhere,
      such recordation to be effected by the Trustee at the expense of the Trust
      Fund,
      but only upon direction of Certificateholders accompanied by an Opinion of
      Counsel to the effect that such recordation materially and beneficially affects
      the interests of the Certificateholders.

    

    
      
        
        

      

      
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    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

    

    SECTION
      12.03. Limitation
      on Rights of Certificateholders.

    

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate
      this Agreement or the Trust Fund, (ii) entitle such Certificateholder’s
      legal representatives or heirs to claim an accounting or to take any action
      or
      proceeding in any court for a partition or winding up of the Trust Fund or
      (iii) otherwise affect the rights, obligations and liabilities of the
      parties hereto or any of them.

    

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control 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.

    

    No
      Certificateholder shall have any right by virtue 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 default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights 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 costs, expenses and liabilities to be incurred therein
      or
      thereby, and the Trustee for 15 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 the Trustee by such Certificateholder or any NIMS
      Insurer. It is understood and intended, and expressly covenanted by each
      Certificateholder with every other Certificateholder, any NIMS Insurer, the
      Securities Administrator and the Trustee, that no one or more Holders of
      Certificates shall have any right in any manner whatever by virtue 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, which priority or preference is not otherwise provided
      for
      herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 12.03, each and every Certificateholder, the 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
      12.04. Governing
      Law; Jurisdiction.

    

    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
      12.05. Notices.

    

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, or by express delivery service, to (a) in the
      case of the Seller, to Greenwich Capital Financial Products, Inc.,
      600 Steamboat Road, Greenwich, Connecticut 06830, Attention: General
      Counsel (telecopy number (203) 618-2132), or such other address or telecopy
      number as may hereafter be furnished to the Depositor, the Master Servicer,
      the
      Securities Administrator and the Trustee in writing by the Seller, (b) in the
      case of the Trustee, to the Corporate Trust Office or such other address or
      telecopy number as may hereafter be furnished to the Depositor, the Master
      Servicer, the Securities Administrator and the Seller in writing by the Trustee,
      (c) in the case of the Depositor, to Greenwich Capital
      Acceptance, Inc., 600 Steamboat Road, Greenwich, Connecticut 06830,
      Attention: Legal (telecopy number (203) 618-2132), or such other address or
      telecopy number as may be furnished to the Seller, the Master Servicer, the
      Securities Administrator and the Trustee in writing by the Depositor; (d) in
      the
      case of the Master Servicer or Securities Administrator, for certificate
      transfer purposes, at its Corporate Trust Office and for all other purposes
      at
      P.O. Box 98, Columbia, Maryland 21046, or for overnight delivery, at 9062 Old
      Annapolis Road, Columbia, Maryland 21045 (Attention: HarborView Mortgage Loan
      Trust 2007-6), Facsimile no.: (410) 715-2380, or such other address or telecopy
      number as may be furnished to the Depositor, the Seller and the Trustee in
      writing by the Master Servicer or the Securities Administrator, as applicable;
      (e) in the case of the Credit Risk Manager, Clayton Fixed Income Services Inc.,
      1700 Lincoln Street, Suite 1600, Denver, Colorado 80203, Attention: General
      Counsel and (f) in the case of the Basis Risk Cap Provider and the Yield
      Maintenance Provider, to Bear Stearns Financial Products Inc., 383 Madison
      Avenue, New York, New York 10179, Attention: DPC Manager. Any notice required
      or
      permitted to be mailed to a Certificateholder shall be given by first class
      mail, postage prepaid, at the address of such Holder as shown in the Certificate
      Register. Notice of any Event of Default shall be given by telecopy and by
      certified mail. Any notice so mailed within the time prescribed in this
      Agreement shall be conclusively presumed to have duly been given when mailed,
      whether or not the Certificateholder receives such notice. A copy of any notice
      required to be telecopied hereunder shall also be mailed to the appropriate
      party in the manner set forth above. Any notice required to be delivered by
      the
      Securities Administrator to the Depositor pursuant to Section 3.19 may be
      delivered by the Securities Administrator, notwithstanding any provision of
      this
      Agreement to the contrary, to Greenwich Capital Acceptance, Inc.,
      600 Steamboat Road, Greenwich, Connecticut 06830, Attention: Mark Hagelin
      (telephone number (203) 618-2596; fax number (203) 422-4284; e-mail
      mark.hagelin@gcm.com), or such other address or telecopy number as may be
      furnished to the Securities Administrator in writing by the
      Depositor.

    

    
      
        
        

      

      
        172

        
          

        

      

      
        
        

      

    

    SECTION
      12.06. Severability
      of Provisions.

    

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall for any reason whatsoever be 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
      12.07. Article
      and Section References.

    

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

    

    SECTION
      12.08. Notice
      to the Rating Agencies.

    

    (a) The
      Trustee shall be obligated to use its best reasonable efforts promptly to
      provide notice to the Rating Agencies and any NIMS Insurer with respect to
      each
      of the following of which a Responsible Officer of the Trustee has actual
      knowledge:

    

    (i) any
      material change or amendment to this Agreement;

    

    (ii) the
      occurrence of any Event of Default that has not been cured or
      waived;

    

    (iii) the
      resignation or termination of the Master Servicer, the Securities Administrator
      or the Trustee;

    

    (iv) the
      final
      payment to Holders of the Certificates of any Class; and

    

    (v) any
      change in the location of any Account.

    

    (b) If
      the
      Trustee is acting as a successor Master Servicer pursuant to Section 7.02
      hereof, the Trustee shall notify the Rating Agencies of any event that would
      result in the inability of the Trustee to make Advances as successor Master
      Servicer:

    

    (c) The
      Master Servicer shall promptly furnish to each Rating Agency copies of the
      following, unless such documents were made available on the Securities
      Administrator’s website:

    

    (i) each
      Distribution Date Statement described in Section 5.04 hereof;

    

    (ii) each
      annual statement as to compliance described in Section 3.17 hereof;

    

    (iii) each
      annual assessment of compliance and attestation report described in Section
      3.16
      hereof; and

    

    (iv) each
      notice delivered pursuant to Section 5.05(b) hereof which relates to the fact
      that the Master Servicer has not made an Advance.

    

    
      
        
        

      

      
        173

        
          

        

      

      
        
        

      

    

    (d) All
      notices to the Rating Agencies provided for in this Agreement 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 10041

    Facsimile
      number: (212) 438-2661

    

    SECTION
      12.09. Further
      Assurances.

    

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

    

    SECTION
      12.10. Benefits
      of Agreement.

    

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders and the parties hereto and their
      successors hereunder, any benefit or any legal or equitable right, remedy or
      claim under this Agreement.

    

    The
      Depositor shall promptly notify the Custodians, the Securities Administrator
      and
      the Trustee in writing of the issuance of any Class of NIM Notes and the
      identity of any related 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 Notes remaining outstanding
      or
      the NIMS Insurer is owed amounts in respect of its guarantee of payment of
      such
      NIM Notes. 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 Yield Maintenance Provider and its successors and
      assignees under the Yield Maintenance Agreement, the Holders of the Certificates
      and the NIMS Insurer, any benefit or any legal or equitable right, power, remedy
      or claim under this Agreement.

    

    
      
        
        

      

      
        174

        
          

        

      

      
        
        

      

    

    SECTION
      12.11. Acts
      of Certificateholders.

    

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee or the Securities
      Administrator and, when expressly required under this Agreement, to the Master
      Servicer. Such instrument or instruments (and the action embodied therein and
      evidenced thereby) are herein sometimes referred to as the “act” of the
      Certificateholders signing such instrument or instruments. Proof of execution
      of
      any such instrument or of a writing appointing any such agent shall be
      sufficient for any purpose of this Agreement and conclusive in favor of the
      Trustee and the Trust Fund, if made in the manner provided in this
      Section 12.11.

    

    (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
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

    

    (c) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust Fund
      in reliance thereon, whether or not notation of such action is made upon such
      Certificate.

    

    SECTION
      12.12. Successors
      and Assigns.

    

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto.

    

    SECTION
      12.13. Provision
      of Information.

    

    For
      so
      long as any of the Certificates of any Class are “restricted securities” within
      the meaning of Rule 144(a)(3) under the Securities Act, the Depositor agrees
      to
      provide to any Certificateholders, any NIM Security Holder 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 Securities Act. 

    

    The
      Securities Administrator shall provide to any person to whom a Prospectus or
      Private Placement Memorandum was delivered by Greenwich Capital Markets, Inc.
      (as identified by Greenwich Capital Markets, Inc.), upon the request of such
      person specifying the document or documents requested (and certifying that
      it is
      a Person entitled hereunder), (i) a copy (excluding exhibits) of any report
      on
      Form 8-K, Form 10-D or Form 10-K filed with the Securities and Exchange
      Commission pursuant to this Agreement and (ii) a copy of any other document
      incorporated by reference in the Prospectus or Private Placement Memorandum
      (to
      the extent in the Securities Administrator’s possession). Any reasonable
      out-of-pocket expenses incurred by the Securities Administrator in providing
      copies of such documents shall be reimbursed by the Depositor.

    

    
      
        
        

      

      
        175

        
          

        

      

      
        
        

      

    

    SECTION
      12.14. Transfer
      of Servicing.

    

    The
      Master Servicer shall not consent to or approve the assignment of the Servicing
      Agreements or the servicing thereunder or the delegation of a substantial
      portion of each Servicer’s rights or duties thereunder unless it shall have
      first received a letter from each Rating Agency to the effect that such action
      on the part of the applicable Servicer will not result in a qualification,
      withdrawal or downgrade of the then-current rating of any of the Certificates.
      The Master Servicer (on behalf of the Trust Fund) shall be entitled to
      conclusively rely upon documents received by it pursuant to clauses (i) and
      (ii)
      above in providing such written approval to the applicable Servicer and shall
      not be liable for any action taken, suffered or omitted by it in good faith
      and
      believed by it to be authorized or within the discretion or rights or powers
      conferred upon it by this Agreement with respect to such approval.

    

    SECTION
      12.15. Tax
      Treatment of the Class ES Certificates.

    

    It
      is the
      intent of the parties hereto that the segregated pool of assets consisting
      of
      any collections in respect of the Class ES Distributable Amount payable to
      the
      Class ES Certificate constitutes, for federal income tax purposes, a grantor
      trust as described in Subpart E of Part I of Subchapter J of the Code and
      Treasury Regulation §301.7701-4(c)(2). The Trustee shall prepare, sign and file,
      all of the tax returns in respect of such grantor trusts. The expenses of
      preparing and filing such returns shall be borne by the Trustee without any
      right of reimbursement therefor. The Trustee shall comply with each such
      requirement by filing Form 1041.

    

    
      
        
        

      

      
        176

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers thereunto duly authorized, all as of the day and
      year first above written.

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC.,
as
      Depositor

     

    By: 
      /s/
      Shakti Radhakishun            
Name:
      Shakti Radhakishun
Title:
      Senior Vice President

     

     

    GREENWICH
      CAPITAL FINANCIAL 
PRODUCTS, INC., as Seller

     

    By: 
      /s/
      Shakti Radhakishun            
Name:
      Shakti Radhakishun
Title:
      Senior Vice President

     

     

    WELLS
      FARGO BANK, N.A.,

    as
      Master
      Servicer

    

    By: 
      /s/
      Graham M. Oglesby            
Name:
      Graham M. Ogelsby
Title:
      Vice President

     

     

    WELLS
      FARGO BANK, N.A.,

    as
      Securities Administrator

     

    By: 
      /s/
      Graham M. Oglesby            
Name:
      Graham M. Oglesby
Title:
      Vice President

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DEUTSCHE
      BANK NATIONAL TRUST 
COMPANY, as Trustee and Custodian

     

    By: 
      /s/
      Radha Nilakantan            
Name:
      Radha Nilakantan
Title:
      Authorized Signer

     

     

    By: 
      /s/
      Barbara Campbell             
Name:
      Barbara Campbell
Title:
      Vice President

     

     

    CLAYTON
      FIXED INCOME SERVICES INC., 
as Credit Risk Manager

     

    By: 
      /s/
      Kevin J. Kanouff            
Name:
      Kevin J. Kanouff
Title:
      President and General Counsel

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    FORM
      OF SENIOR CERTIFICATE

     

    CLASS
      [
      ]A[-1[ ]] CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), 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.

     

    IF
      THE
      RATING OF THIS CERTIFICATE IS BELOW “BBB-” OR ITS EQUIVALENT WHEN IT IS
      ACQUIRED, THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED
      TO
      HAVE REPRESENTED AND WARRANTED THAT (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE
      BENEFIT PLAN SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION
      4975 OF THE CODE (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY
      SUCH PLAN OR ARRANGEMENT NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN TO
      EFFECT THE TRANSFER OR (B) IF THIS CERTIFICATE HAS BEEN THE OBJECT OF AN
      ERISA-QUALIFYING UNDERWRITING, THE PURCHASER IS AN INSURANCE COMPANY PURCHASING
      THIS 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 THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER
      SECTIONS I AND III OF PTCE 95-60.

     

    ON
      OR
      PRIOR TO THE TERMINATION OF THE YIELD MAINTENANCE AGREEMENT AND THE FINAL
      MATURITY RESERVE TRUST, THIS CERTIFICATE MAY NOT BE ACQUIRED BY A TRANSFEREE
      FOR, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      SUBJECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE
      OF
      1986, AS AMENDED (THE “CODE”) OR BY ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF
      THE FOREGOING, UNLESS IT REPRESENTS AND WARRANTS THAT THE ACQUISITION AND
      HOLDING OF SUCH CERTIFICATE, THROUGHOUT THE PERIOD THAT IT HOLDS SUCH
      CERTIFICATE, WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
      SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WHICH IS NOT COVERED BY
      PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38,
      PTCE 95-60, PTCE 96-23, THE NON-FIDUCIARY SERVICE PROVIDER EXEMPTION UNDER
      SECTION 408(b)(17) OF ERISA OR SOME OTHER APPLICABLE EXEMPTION. EACH INVESTOR
      IN
      THIS CERTIFICATE WILL BE DEEMED TO REPRESENT THAT IT IS IN COMPLIANCE WITH
      THE
      FOREGOING AND WILL FURTHER BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT
      IT
      WILL NOT SELL, PLEDGE OR OTHERWISE TRANSFER SUCH CERTIFICATE IN VIOLATION OF
      THE
      FOREGOING.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

     

    
      	
              Certificate
                No.:

            	 	
              [  
                ]

            
	 	 	 
	
              Cut-Off
                Date:

            	 	
              July
                1, 2007

            
	 	 	 
	
              First
                Distribution Date:

            	 	
              August
                20, 2007

            
	 	 	 
	
              Initial
                Certificate Principal

            	 	 
	
              Balance
                of this Certificate

            	 	 
	
              (“Denomination”):

            	 	
              $[  
                ]

            
	 	 	 
	
              Original
                Class Certificate

            	 	 
	
              Principal
                Balance of this

            	 	 
	
              Class:

            	 	
              $[  
                ]

            
	 	 	 
	
              Percentage
                Interest:

            	 	
              100%

            
	 	 	 
	
              Pass-Through
                Rate:

            	 	
              Variable

            
	 	 	 
	
              CUSIP:

            	 	
              
                [  
                  ]

              

            
	 	 	 
	
              Class:

            	 	
              
                [  
                  ]A[-1[  
                  ]]

              

            
	 	 	 
	
              Assumed
                Final Distribution Date:

            	 	
              July
                2037

            

    

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    HarborView
      Mortgage Loan Trust 

    Mortgage
      Loan Pass-Through Certificates, Series 2007-6

    Class
      [
      ]A[-1[ ]]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of first lien mortgage loans (the “Mortgage Loans”) purchased from others
      by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein
      and
      in the pooling and servicing agreement dated as of July 1, 2007 (the
“Agreement”) among Greenwich Capital Acceptance, Inc., as depositor (the
“Depositor”), Greenwich Capital Financial Products, Inc., as seller (the
“Seller”), Clayton Fixed Income Services Inc., as credit risk manager, Wells
      Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”)
      and as securities administrator (in such capacity, the “Securities
      Administrator”) and Deutsche Bank National Trust Company, as trustee (in such
      capacity, the “Trustee”) and as custodian (in such capacity, the “Custodian”).
      Accordingly, the Certificate Principal Balance of this Certificate at any time
      may be less than the Initial Certificate Principal Balance set forth on the
      face
      hereof, as described herein. This Certificate does not evidence an obligation
      of, or an interest in, and is not guaranteed by the Depositor, the Seller,
      the
      Master Servicer, the Securities Administrator or the Trustee referred to below
      or any of their respective affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust Fund consisting primarily of
      the
      Mortgage Loans deposited by the Depositor. The Trust Fund was created pursuant
      to the Agreement. To the extent not defined herein, capitalized terms used
      herein have the meanings assigned to them in the Agreement. This Certificate
      is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Certificate Registrar.

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator and Certificate Registrar has
      caused this Certificate to be duly executed.

     

    Dated:
      July ___, 2007

     

    WELLS
      FARGO BANK, N.A.,

    as
      Securities Administrator 

     

    By
      _______________________________

     

    

    

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      ________________________________________

    Authorized
      Signatory of

    WELLS
      FARGO BANK, N.A.,

    as
      Certificate Registrar

     

    

     

    

    

    

     

    

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    FORM
      OF SUBORDINATE CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE 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 DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), 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.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    IF
      THE
      RATING OF THIS CERTIFICATE IS BELOW “BBB-” OR ITS EQUIVALENT WHEN IT IS
      ACQUIRED, THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED
      TO
      HAVE REPRESENTED AND WARRANTED THAT (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE
      BENEFIT PLAN SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION
      4975 OF THE CODE (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY
      SUCH PLAN OR ARRANGEMENT NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN TO
      EFFECT THE TRANSFER OR (B) IF THIS CERTIFICATE HAS BEEN THE OBJECT OF AN
      ERISA-QUALIFYING UNDERWRITING, THE PURCHASER IS AN INSURANCE COMPANY PURCHASING
      THIS 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 THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER
      SECTIONS I AND III OF PTCE 95-60.

     

    ON
      OR
      PRIOR TO THE TERMINATION OF THE YIELD MAINTENANCE AGREEMENT AND THE FINAL
      MATURITY RESERVE TRUST, THIS CERTIFICATE MAY NOT BE ACQUIRED BY A TRANSFEREE
      FOR, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      SUBJECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE
      OF
      1986, AS AMENDED (THE “CODE”) OR BY ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF
      THE FOREGOING, UNLESS IT REPRESENTS AND WARRANTS THAT THE ACQUISITION AND
      HOLDING OF SUCH CERTIFICATE, THROUGHOUT THE PERIOD THAT IT HOLDS SUCH
      CERTIFICATE, WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
      SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WHICH IS NOT COVERED BY
      PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38,
      PTCE 95-60, PTCE 96-23, THE NON-FIDUCIARY SERVICE PROVIDER EXEMPTION UNDER
      SECTION 408(b)(17) OF ERISA OR SOME OTHER APPLICABLE EXEMPTION. EACH INVESTOR
      IN
      THIS CERTIFICATE WILL BE DEEMED TO REPRESENT THAT IT IS IN COMPLIANCE WITH
      THE
      FOREGOING AND WILL FURTHER BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT
      IT
      WILL NOT SELL, PLEDGE OR OTHERWISE TRANSFER SUCH CERTIFICATE IN VIOLATION OF
      THE
      FOREGOING.

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    THIS
      CERTIFICATE IS SUBORDINATE IN RIGHT AND PAYMENT AS DESCRIBED IN THE AGREEMENT
      REFERRED TO HEREIN.

     

    
      	
              Certificate
                No.:

            	 	
              1

            
	 	 	 
	
              Cut-Off
                Date:

            	 	
              July
                1, 2007

            
	 	 	 
	
              First
                Distribution Date:

            	 	
              August
                20, 2007

            
	 	 	 
	
              Initial
                Certificate Principal

            	 	 
	
              Balance
                of this Certificate

            	 	 
	
              (“Denomination”):

            	 	
              $[  
                ]

            
	 	 	 
	
              Original
                Class Certificate

            	 	 
	
              Principal
                Balance of this

            	 	 
	
              Class:

            	 	
              $[  
                ]

            
	 	 	 
	
              Percentage
                Interest:

            	 	
              100%

            
	 	 	 
	
              Pass-Through
                Rate:

            	 	
              Variable

            
	 	 	 
	
              CUSIP:

            	 	
              [
                ]

            
	 	 	 
	
              Class:

            	 	
              B-[
                ]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

            	 	
              July
                2037

            

    

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    HarborView
      Mortgage Loan Trust

    Mortgage
      Loan Pass-Through Certificates, Series 2007-6

    Class
      B-[  ]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of first lien mortgage loans (the “Mortgage Loans”) purchased from others
      by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein
      and
      in the pooling and servicing agreement dated as of July 1, 2007 (the
“Agreement”) among Greenwich Capital Acceptance, Inc., as depositor (the
“Depositor”), Greenwich Capital Financial Products, Inc., as seller (the
“Seller”), Clayton Fixed Income Services Inc., as credit risk manager, Wells
      Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”)
      and as securities administrator (in such capacity, the “Securities
      Administrator”) and Deutsche Bank National Trust Company, as trustee (in such
      capacity, the “Trustee”) and as custodian (in such capacity, the “Custodian”).
      Accordingly, the Certificate Principal Balance of this Certificate at any time
      may be less than the Initial Certificate Principal Balance set forth on the
      face
      hereof, as described herein. This Certificate does not evidence an obligation
      of, or an interest in, and is not guaranteed by the Depositor, the Seller,
      the
      Master Servicer, the Securities Administrator or the Trustee referred to below
      or any of their respective affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust Fund consisting primarily of
      the
      Mortgage Loans deposited by the Depositor. The Trust Fund was created pursuant
      to the Agreement. To the extent not defined herein, capitalized terms used
      herein have the meanings assigned to them in the Agreement. This Certificate
      is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Certificate Registrar.

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator and Certificate Registrar has
      caused this Certificate to be duly executed.

     

    Dated:
      July ___, 2007

     

    WELLS
      FARGO BANK, N.A.,

    as
      Securities Administrator 

    

    

    By
      ____________________________

     

    

    

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      ________________________________

    Authorized
      Signatory of

    WELLS
      FARGO BANK, N.A.,

    as
      Certificate Registrar

     

    

     

    

     

    

     

    

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-1

     

    FORM
      OF CLASS C CERTIFICATE

     

    THIS
      CERTIFICATE DOES NOT EVIDENCE AN INTEREST IN ANY REMIC CREATED PURSUANT TO
      THE
      AGREEMENT REFERENCED HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE WILL BE ENTITLED TO CERTAIN DISTRIBUTIONS AS PROVIDED
      IN THE AGREEMENT.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
      SUCH
      REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION.

     

    THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT IT ACQUIRED SUCH CERTIFICATE (I)(A) PURSUANT
      TO A
      REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT
      OR
      (B) AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933
      ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
      INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
      IN
      RELIANCE ON RULE 144A, AND THAT (II) SUCH HOLDER IS NOT AN EMPLOYEE BENEFIT
      PLAN
      SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SECTION 4975 OF THE INTERNAL REVENUE CODE OF
      1986, AS AMENDED (THE “CODE”), THE TRUSTEE OF ANY SUCH PLAN OR A PERSON ACTING
      ON BEHALF OF ANY SUCH PLAN NOR A PERSON USING THE ASSETS OF ANY SUCH
      PLAN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE CERTIFICATE REGISTRAR EITHER (A) A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT 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 TO SECTION 4975 OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR ANY ENTITY DEEMED TO
      HOLD THE PLAN ASSETS OF THE FOREGOING (COLLECTIVELY, A “PLAN”) NOR A PERSON
      ACTING FOR, OR ON BEHALF OF, ANY SUCH PLAN TO EFFECT THE TRANSFER, OR (B) IF
      THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
      A
      REPRESENTATION THAT THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS
      CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS
      DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE
      95-60”) AND THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER
      SECTIONS I AND III OF PTCE-95-60, OR (C) AN OPINION OF COUNSEL IN ACCORDANCE
      WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING
      ANYTHING ELSE TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE
      TO OR ON BEHALF OF A PLAN WITHOUT AN OPINION OF COUNSEL SATISFACTORY TO THE
      CERTIFICATE REGISTRAR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO
      EFFECT.

    THIS
      CERTIFICATE IS SUBORDINATE IN RIGHT AND PAYMENT AS DESCRIBED IN THE AGREEMENT
      REFERRED TO HEREIN.

     

    
      
        
        

      

      
        C-1-1

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Certificate
                No.:

            	 	
              1

            
	 	 	 
	
              Cut-Off
                Date:

            	 	
              July
                1, 2007

            
	 	 	 
	
              Initial
                Certificate Principal

            	 	 
	
              Balance
                of this Certificate

            	 	 
	
              (“Denomination”):

            	 	
              $[  
                ]

            
	 	 	 
	
              Original
                Class

            	 	 
	
              Principal
                Balance of this

            	 	 
	
              Class:

            	 	
              $[  
                ]

            
	 	 	 
	
              Percentage
                Interest:

            	 	
              100%

            
	 	 	 
	
              Class:

            	 	
              C

            

    

    

     

    

    
      
        
        

      

      
        C-1-2

        
          

        

      

      
        
        

      

    

    HarborView
      Mortgage Loan Trust

    Mortgage
      Loan Pass-Through Certificates, Series 2007-6

    Class
      C

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of first lien mortgage loans (the “Mortgage Loans”) purchased from others
      by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    Funds
      in
      respect of this Certificate are distributable monthly as set forth herein and
      in
      the pooling and servicing agreement dated as of July 1, 2007 (the “Agreement”)
      among Greenwich Capital Acceptance, Inc., as depositor (the “Depositor”),
      Greenwich Capital Financial Products, Inc., as seller (the “Seller”), Clayton
      Fixed Income Services Inc., as credit risk manager, Wells Fargo Bank, N.A.,
      as
      master servicer (in such capacity, the “Master Servicer”) and as securities
      administrator (in such capacity, the “Securities Administrator”) and Deutsche
      Bank National Trust Company, as trustee (in such capacity, the “Trustee”) and as
      custodian (in such capacity, the “Custodian”). Accordingly, the Certificate
      Principal Balance of this Certificate at any time may be less than the Initial
      Certificate Principal Balance set forth on the face hereof, as described herein.
      This Certificate does not evidence an obligation of, or an interest in, and
      is
      not guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
      Administrator or the Trustee referred to below or any of their respective
      affiliates.

     

    This
      certifies that [_______________] is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the Denomination
      of
      this Certificate by the Original Class Certificate Principal Balance) in certain
      distributions with respect to a Trust Fund consisting primarily of the Mortgage
      Loans deposited by the Depositor. The Trust Fund was created pursuant to the
      Agreement. To the extent not defined herein, capitalized terms used herein
      have
      the meanings assigned to them in the Agreement. This Certificate is issued
      under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Certificate Registrar.

     

    No
      transfer of this Certificate shall be made unless the Certificate Registrar
      shall have received either (i) a representation letter from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Certificate Registrar and the Depositor and in substantially the form attached
      to the Agreement, to the effect that such transferee is not an employee benefit
      or other plan or 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”), nor a person acting on
      behalf or investing plan assets of any such plan or arrangement, which
      representation letter shall not be an expense of the Securities Administrator
      or
      the Certificate Registrar, or (ii) if the purchaser is an insurance company,
      a
      representation that the purchaser is an insurance company which is purchasing
      such Certificate with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption 95-60 (“PTCE 95-60”)) and that the purchase and holding of such
      Certificate are covered under Sections I and III of PTCE 95-60, or (iii) an
      Opinion of Counsel in accordance with the provisions of the Agreement.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      this Certificate to or on behalf of an employee benefit plan subject to ERISA
      or
      to the Code without the opinion of counsel satisfactory to the Certificate
      Registrar as described above shall be void and of no effect.

     

    
      
        
        

      

      
        C-1-3

        
          

        

      

      
        
        

      

    

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Trustee and the
      Certificate Registrar of (a) a transfer affidavit of the proposed transferee
      and
      (b) a transfer certificate of the transferor, each of such documents to be
      in
      the form described in the Agreement, (iii) each person holding or acquiring
      any
      Ownership Interest in this Certificate must agree to require a transfer
      affidavit and to deliver a transfer certificate to the Certificate Registrar
      as
      required pursuant to the Agreement, (iv) each person holding or acquiring an
      Ownership Interest in this Certificate must agree not to transfer an Ownership
      Interest in this Certificate if it has actual knowledge that the proposed
      transferee is not a Permitted Transferee and (v) any attempted or purported
      transfer of any Ownership Interest in this Certificate in violation of such
      restrictions will be absolutely null and void and will vest no rights in the
      purported transferee. The Securities Administrator will provide the Internal
      Revenue Service and any pertinent persons with the information needed to compute
      the tax imposed under the applicable tax laws on transfers of residual interests
      to disqualified organizations, if any person other than a Permitted Transferee
      acquires an Ownership Interest on a Class C Certificate in violation of the
      restrictions mentioned above.

     

    
      
        
        

      

      
        C-1-4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator and Certificate Registrar has
      caused this Certificate to be duly executed.

     

    Dated:
      July ___, 2007

     

    WELLS
      FARGO BANK, N.A.,

    as
      Securities Administrator 

    

    

    By
      ________________________

     

    

    

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      ___________________________________

    Authorized
      Signatory of

    WELLS
      FARGO BANK, N.A.,

    as
      Certificate Registrar

     

    

     

    
      
        
        

      

      
        C-1-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-2

     

    FORM
      OF CLASS P CERTIFICATE

     

    THIS
      CERTIFICATE DOES NOT EVIDENCE AN INTEREST IN ANY REMIC CREATED PURSUANT TO
      THE
      AGREEMENT REFERENCED HEREIN. 

     

    THE
      HOLDER OF THIS CERTIFICATE WILL BE ENTITLED TO CERTAIN DISTRIBUTIONS AS PROVIDED
      IN THE AGREEMENT.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST HEREIN MAY BE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION,
      UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION.

     

    THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
      OTHERWISE TRANSFER SUCH CERTIFICATE ONLY (A) PURSUANT TO A REGISTRATION
      STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT OR (B) TO A
      “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A, AS EVIDENCED BY AN
      INVESTMENT LETTER DELIVERED BY THE TRANSFEREE TO THE CERTIFICATE REGISTRAR,
      IN
      SUBSTANTIALLY THE FORM ATTACHED TO THE AGREEMENT.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      CERTIFICATE REGISTRAR SHALL HAVE RECEIVED EITHER (A) A REPRESENTATION LETTER
      TO
      THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
      SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
      PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
      OF
      ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) IF THIS CERTIFICATE
      HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, A REPRESENTATION
      THAT
      THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS 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 THAT THE PURCHASE
      AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE
      95-60, OR (C) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE
      AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY
      HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN
      EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO SECTION 4975 OF THE CODE WITHOUT
      THE DELIVERY TO THE CERTIFICATE REGISTRAR OF AN OPINION OF COUNSEL SATISFACTORY
      TO THE CERTIFICATE REGISTRAR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO
      EFFECT.

     

    
      
        
        

      

      
        C-2-1

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Certificate
                No.:

            	 	
              1

            
	 	 	 
	
              Cut-Off
                Date:

            	 	
              July
                1, 2007

            
	 	 	 
	
              First
                Distribution Date:

            	 	
              August
                20, 2007

            
	 	 	 
	
              Initial
                Certificate Principal 

            	 	 
	
              Balance
                of this Certificate:

            	 	
              $100

            
	 	 	 
	
              Original
                Class 

            	 	 
	
              Principal
                Balance of this 

            	 	 
	
              Class:

            	 	
              $100

            
	 	 	 
	
              Percentage
                Interest:

            	 	
              100%

            
	 	 	 
	
              Class:

            	 	
              P

            

    

    

     

    

    
      
        
        

      

      
        C-2-2

        
          

        

      

      
        
        

      

    

    HarborView
      Mortgage Loan Trust 

    Mortgage
      Loan Pass-Through Certificates, Series 2007-6

    Class
      P

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of first lien mortgage loans (the “Mortgage Loans”) purchased from others
      by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    Funds
      in
      respect of this Certificate are distributable monthly as set forth herein and
      in
      the pooling and servicing agreement dated as of July 1, 2007 (the “Agreement”)
      among Greenwich Capital Acceptance, Inc., as depositor (the “Depositor”),
      Greenwich Capital Financial Products, Inc., as seller (the “Seller”), Clayton
      Fixed Income Services Inc., as credit risk manager, Wells Fargo Bank, N.A.,
      as
      master servicer (in such capacity, the “Master Servicer”) and as securities
      administrator (in such capacity, the “Securities Administrator”) and Deutsche
      Bank National Trust Company, as trustee (in such capacity, the “Trustee”) and as
      custodian (in such capacity, the “Custodian”). Accordingly, the Certificate
      Principal Balance of this Certificate at any time may be less than the Initial
      Certificate Principal Balance set forth on the face hereof, as described herein.
      This Certificate does not evidence an obligation of, or an interest in, and
      is
      not guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
      Administrator or the Trustee referred to below or any of their respective
      affiliates.

     

    This
      certifies that [_______________] is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the Denomination
      of
      this Certificate by the Original Class Certificate Principal Balance) in certain
      distributions with respect to a Trust Fund consisting primarily of the Mortgage
      Loans deposited by the Depositor. The Trust Fund was created pursuant to the
      Agreement. To the extent not defined herein, capitalized terms used herein
      have
      the meanings assigned to them in the Agreement. This Certificate is issued
      under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Certificate Registrar.

     

    No
      transfer of this Certificate shall be made unless the Certificate Registrar
      shall have received either (i) a representation letter from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Certificate Registrar and the Depositor and in substantially the form attached
      to the Agreement, to the effect that such transferee is not an employee benefit
      or other plan or 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”), nor a person acting on
      behalf or investing plan assets of any such plan or arrangement, which
      representation letter shall not be an expense of the Securities Administrator
      or
      the Certificate Registrar, or (ii) if the purchaser is an insurance company,
      a
      representation that the purchaser is an insurance company which is purchasing
      such Certificate with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption 95-60 (“PTCE 95-60”)) and that the purchase and holding of such
      Certificate are covered under Sections I and III of PTCE 95-60, or (iii) an
      Opinion of Counsel in accordance with the provisions of the Agreement.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      this Certificate to or on behalf of an employee benefit plan subject to ERISA
      or
      to the Code without the opinion of counsel satisfactory to the Certificate
      Registrar as described above shall be void and of no effect.

     

    
      
        
        

      

      
        C-2-3

        
          

        

      

      
        
        

      

    

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Trustee and the
      Certificate Registrar of (a) a transfer affidavit of the proposed transferee
      and
      (b) a transfer certificate of the transferor, each of such documents to be
      in
      the form described in the Agreement, (iii) each person holding or acquiring
      any
      Ownership Interest in this Certificate must agree to require a transfer
      affidavit and to deliver a transfer certificate to the Trustee and the
      Certificate Registrar as required pursuant to the Agreement, (iv) each person
      holding or acquiring an Ownership Interest in this Certificate must agree not
      to
      transfer an Ownership Interest in this Certificate if it has actual knowledge
      that the proposed transferee is not a Permitted Transferee and (v) any attempted
      or purported transfer of any Ownership Interest in this Certificate in violation
      of such restrictions will be absolutely null and void and will vest no rights
      in
      the purported transferee. The Securities Administrator will provide the Internal
      Revenue Service and any pertinent persons with the information needed to compute
      the tax imposed under the applicable tax laws on transfers of residual interests
      to disqualified organizations, if any person other than a Permitted Transferee
      acquires an Ownership Interest on a Class P Certificate in violation of the
      restrictions mentioned above.

     

    

     

    
      
        
        

      

      
        C-2-4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator and Certificate Registrar has
      caused this Certificate to be duly executed.

     

    Dated:
      July ___, 2007

     

    WELLS
      FARGO BANK, N.A.,

    as
      Securities Administrator 

    

    

    By
      ___________________________

     

    

    

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      _________________________________

    Authorized
      Signatory of

    WELLS
      FARGO BANK, N.A.,

    as
      Certificate Registrar

     

    

     

    
      
        
        

      

      
        C-2-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-3

     

    FORM
      OF CLASS R CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE AND THE CERTIFICATE REGISTRAR A TRANSFER
      AFFIDAVIT IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE CERTIFICATE REGISTRAR EITHER (A) A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
      PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
      OF
      ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) IF THIS CERTIFICATE
      HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, A REPRESENTATION
      THAT
      THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE WITH FUNDS
      CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN SECTION V(e)
      OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”) AND THAT THE
      PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND III
      OF
      PTCE-95-60, OR (C) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY
      HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN
      EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OPINION OF
      COUNSEL SATISFACTORY TO THE CERTIFICATE REGISTRAR AS DESCRIBED ABOVE SHALL
      BE
      VOID AND OF NO EFFECT.

    

    
      	
              Certificate
                No.:

            	
              1

            
	 	 
	
              Cut-Off
                Date:

            	
              July
                1, 2007

            
	 	 
	
              Percentage
                Interest:

            	
              100%

            
	 	 
	
              Class:

            	
              R

            

    

    
      
        
        

      

      
        C-3-1

        
          

        

      

      
        
        

      

    

    HarborView
      Mortgage Loan Trust

    Mortgage
      Loan Pass-Through Certificates, Series 2007-6

    Class
      R

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of first lien mortgage loans (the “Mortgage Loans”) purchased from others
      by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    Funds
      in
      respect of this Certificate are distributable monthly as set forth herein and
      in
      the pooling and servicing agreement dated as of July 1, 2007 (the “Agreement”)
      among Greenwich Capital Acceptance, Inc., as depositor (the “Depositor”),
      Greenwich Capital Financial Products, Inc., as seller (the “Seller”), Clayton
      Fixed Income Services Inc., as credit risk manager, Wells Fargo Bank, N.A.,
      as
      master servicer (in such capacity, the “Master Servicer”) and as securities
      administrator (in such capacity, the “Securities Administrator”) and Deutsche
      Bank National Trust Company, as trustee (in such capacity, the “Trustee”) and as
      custodian (in such capacity, the “Custodian”). Accordingly, the Certificate
      Principal Balance of this Certificate at any time may be less than the Initial
      Certificate Principal Balance set forth on the face hereof, as described herein.
      This Certificate does not evidence an obligation of, or an interest in, and
      is
      not guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
      Administrator or the Trustee referred to below or any of their respective
      affiliates.

     

    This
      certifies that [_______________] is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the Denomination
      of
      this Certificate by the Original Class Certificate Principal Balance) in certain
      distributions with respect to a Trust Fund consisting primarily of the Mortgage
      Loans deposited by the Depositor. The Trust Fund was created pursuant to the
      Agreement. To the extent not defined herein, capitalized terms used herein
      have
      the meanings assigned to them in the Agreement. This Certificate is issued
      under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Certificate Registrar.

     

    No
      transfer of this Certificate shall be made unless the Certificate Registrar
      shall have received either (i) a representation letter from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Trustee and the Certificate Registrar and in substantially the form attached
      to
      the Agreement, to the effect that such transferee is not an employee benefit
      or
      other plan or 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”), nor a person acting on
      behalf or investing plan assets of any such plan or arrangement, which
      representation letter shall not be an expense of the Securities Administrator
      or
      the Certificate Registrar, or (ii) if this Certificate has been the subject
      of
      an ERISA-qualifying underwriting, if the purchaser is an insurance company,
      a
      representation that the purchaser is an insurance company which is purchasing
      such Certificate with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption 95-60 (“PTCE 95-60”)) and that the purchase and holding of such
      Certificate are covered under Sections I and III of PTCE 95-60, or (iii) an
      Opinion of Counsel in accordance with the provisions of the Agreement.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      this Certificate to or on behalf of an employee benefit plan subject to ERISA
      or
      to the Code without the opinion of counsel satisfactory to the Certificate
      Registrar as described above shall be void and of no effect.

     

    
      
        
        

      

      
        C-3-2

        
          

        

      

      
        
        

      

    

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Trustee and the
      Certificate Registrar of (a) a transfer affidavit of the proposed transferee
      and
      (b) a transfer certificate of the transferor, each of such documents to be
      in
      the form described in the Agreement, (iii) each person holding or acquiring
      any
      Ownership Interest in this Certificate must agree to require a transfer
      affidavit and to deliver a transfer certificate to the Trustee and the
      Certificate Registrar as required pursuant to the Agreement, (iv) each person
      holding or acquiring an Ownership Interest in this Certificate must agree not
      to
      transfer an Ownership Interest in this Certificate if it has actual knowledge
      that the proposed transferee is not a Permitted Transferee and (v) any attempted
      or purported transfer of any Ownership Interest in this Certificate in violation
      of such restrictions will be absolutely null and void and will vest no rights
      in
      the purported transferee. The Securities Administrator will provide the Internal
      Revenue Service and any pertinent persons with the information needed to compute
      the tax imposed under the applicable tax laws on transfers of residual interests
      to disqualified organizations, if any person other than a Permitted Transferee
      acquires an Ownership Interest on a Class R Certificate in violation of the
      restrictions mentioned above.

     

    
      
        
        

      

      
        C-3-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator and Certificate Registrar has
      caused this Certificate to be duly executed.

     

    Dated:
      July ___, 2007

     

    WELLS
      FARGO BANK, N.A.,

    as
      Securities Administrator 

    

    

    By
      _______________________

     

    

    

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      _____________________________________

    Authorized
      Signatory of

    WELLS
      FARGO BANK, N.A.,

    as
      Certificate Registrar

     

    

     

    
      
        
        

      

      
        C-3-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-4

     

    CLASS
      ES CERTIFICATE

     

    THIS
      CERTIFICATE DOES NOT EVIDENCE AN INTEREST IN ANY REMIC CREATED PURSUANT TO
      THE
      AGREEMENT REFERENCED HEREIN. 

     

    THIS
      CERTIFICATE IS NOT ENTITLED TO DISTRIBUTIONS OF PRINCIPAL AND WILL NOT ACCRUE
      INTEREST. THE HOLDER OF THIS CERTIFICATE WILL BE ENTITLED TO CERTAIN
      DISTRIBUTIONS AS PROVIDED IN THE AGREEMENT.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST HEREIN MAY BE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION,
      UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION.

     

    THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
      OTHERWISE TRANSFER SUCH CERTIFICATE ONLY (A) PURSUANT TO A REGISTRATION
      STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT OR (B) TO A
      “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A, AS EVIDENCED BY AN
      INVESTMENT LETTER DELIVERED BY THE TRANSFEREE TO THE CERTIFICATE REGISTRAR,
      IN
      SUBSTANTIALLY THE FORM ATTACHED TO THE AGREEMENT.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      CERTIFICATE REGISTRAR SHALL HAVE RECEIVED EITHER (A) A REPRESENTATION LETTER
      TO
      THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO
      SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
      PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
      OF
      ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) IF THIS CERTIFICATE
      HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, A REPRESENTATION
      THAT
      THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS 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 THAT THE PURCHASE
      AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE
      95-60, OR (C) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE
      AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY
      HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN
      EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO SECTION 4975 OF THE CODE WITHOUT
      THE DELIVERY TO THE CERTIFICATE REGISTRAR OF AN OPINION OF COUNSEL SATISFACTORY
      TO THE CERTIFICATE REGISTRAR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO
      EFFECT.

     

    
      
        
        

      

      
        C-4-1

        
          

        

      

      
        
        

      

    

    THIS
      CERTIFICATE MUST BE ACQUIRED BY A PROPOSED TRANSFEREE FOR ITS OWN ACCOUNT AND
      NOT IN A CAPACITY AS TRUSTEE, NOMINEE, MIDDLEMAN, OR AGENT FOR ANY OTHER
      PERSON.

     

    

     

    
      
        
        

      

      
        C-4-2

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Cut-Off
                Date:

            	 	
              July
                1, 2007

            
	 	 	 
	
              Certificate
                No.:

            	 	
              1

            
	 	 	 
	
              Class:

            	 	
              ES

            
	 	 	 
	
              Percentage
                Interest:

            	 	
              100%

            

    

    

     

    

    
      
        
        

      

      
        C-4-3

        
          

        

      

      
        
        

      

    

    HarborView
      Mortgage Loan Trust 2007-6

    Mortgage
      Loan Pass-Through Certificates, Series 2007-6

    Class
      ES

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      adjustable rate, first lien mortgage loans (the “Mortgage Loans”) purchased from
      others by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Seller, the Servicer or the Trustee referred
      to
      below or any of their respective affiliates. Neither this Certificate nor the
      Mortgage Loans are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that [_______________] is the registered owner of the Percentage
      Interest evidenced by this Certificate specified above in the interest
      represented by all Certificates of the Class to which this Certificate belongs
      in a Trust Fund consisting primarily of the Mortgage Loans deposited by
      Greenwich Capital Acceptance, Inc. (the “Depositor”). The Trust Fund was created
      pursuant to a Pooling and Servicing Agreement dated as of July 1, 2007 (the
      “Agreement”) among Greenwich Capital Acceptance, Inc., as depositor (the
“Depositor”), Greenwich Capital Financial Products, Inc., as seller (the
“Seller”), Clayton Fixed Income Services Inc., as credit risk manager, Wells
      Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”)
      and as securities administrator (in such capacity, the “Securities
      Administrator”) and Deutsche Bank National Trust Company, as trustee (in such
      capacity, the “Trustee”) and as custodian (in such capacity, the “Custodian”).
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Certificate Registrar.

     

    
      
        
        

      

      
        C-4-4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      July ___, 2007

     

    WELLS
      FARGO BANK, N.A.,

    not
      in
      its individual capacity,

    but
      solely as Securities Administrator 

    

    

    By
      ____________________________

     

    

    

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      _____________________________________

    Authorized
      Signatory of

    WELLS
      FARGO BANK, N.A.,

    as
      Certificate Registrar

     

    

     

    

     

    
      
        
        

      

      
        C-4-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    FORM
      OF REVERSE CERTIFICATE

     

    HarborView
      Mortgage Loan Trust

    Mortgage
      Loan Pass-Through Certificates, Series 2007-6

    Reverse
      Certificate

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      HarborView Mortgage Loan Trust Mortgage Loan Pass-Through Certificates, Series
      2007-6 (herein collectively called the “Certificates”), and representing a
      beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholder for any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 19th
      day of
      each month, or if the 19th
      day is
      not a Business Day, then on the next succeeding Business Day (the “Distribution
      Date”), commencing on the Distribution Date in August 2007, to the Person in
      whose name this Certificate is registered at the close of business on the
      applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made, (i) in the case of a Physical Certificate,
      by
      check or money order mailed to the address of the person entitled thereto as
      it
      appears on the Certificate Register or, upon the request of a Certificateholder,
      by wire transfer as set forth in the Agreement and (ii) in the case of a
      Book-Entry Certificate, to the Depository, which shall credit the amounts of
      such distributions to the accounts of its Depository Participants in accordance
      with its normal procedures. The final distribution on each Certificate shall
      be
      made in like manner, but only upon presentment and surrender of such Certificate
      at the office or agency of the Certificate Registrar specified in the notice
      to
      Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights of the Certificateholders under
      the
      Agreement at any time, by the Depositor, the Seller, the Master Servicer, the
      Securities Administrator, the Trustee and Holders of the requisite percentage
      of
      the Percentage Interests of each Class of Certificates affected by such
      amendment, as specified in the Agreement. Any such consent by the Holder of
      this
      Certificate shall be conclusive and binding on such Holder and upon all future
      Holders of this Certificate and of any Certificate issued upon the transfer
      hereof or in exchange therefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the office or agency maintained by the Certificate Registrar
      accompanied by a written instrument of transfer in form satisfactory to the
      Certificate Registrar duly executed by the Holder hereof or such Holder’s
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations and evidencing the same aggregate
      Percentage Interest in the Trust Fund will be issued to the designated
      transferee or transferees. The Certificates are issuable only as registered
      Certificates without coupons in denominations specified in the Agreement. As
      provided in the Agreement and subject to certain limitations set forth therein,
      Certificates are exchangeable for new Certificates of the same Class in
      authorized denominations and evidencing the same aggregate Percentage Interest,
      as requested by the Holder surrendering the same. No service charge will be
      made
      for any such registration of transfer or exchange, but the Certificate Registrar
      may require payment of a sum sufficient to cover any tax or other governmental
      charge payable in connection therewith.

     

    Subject
      to the terms of the Agreement, each Class of Book-Entry Certificates will be
      registered as being held by the Depository or its nominee and beneficial
      interests will be held by Certificate Owners through the book-entry facilities
      of the Depository or its nominee in minimum denominations of $25,000 and
      integral dollar multiples of $1 in excess thereof, provided,
      that,
      such
      certificates must be purchased in minimum total investments of at least
      $100,000.

     

    Each
      of
      the Class C and Class P Certificates shall be issued in a minimum Percentage
      Interest of 5% and in integral percentage of multiples of 1% in excess
      thereof.

     

    Each
      of
      the Class ES and Class R Certificates shall be issued as a single certificate
      and will be maintained in physical form.

     

    The
      Depositor, the Seller, the Master Servicer, the Securities Administrator, the
      Trustee, the Certificate Registrar and any agent of the foregoing may treat
      the
      Person in whose name this Certificate is registered as the owner hereof for
      all
      purposes, and none of the Depositor, the Seller, the Trustee, the Master
      Servicer, the Securities Administrator, the Certificate Registrar or any agent
      of any of them shall be affected by any notice to the contrary.

     

    On
      any
      Distribution Date following the date on which the aggregate of the Stated
      Principal Balances of the Mortgage Loans on such date is equal to or less than
      10% of the Cut-Off Date Aggregate Principal Balance, the Servicer, with the
      prior written consent of the NIMS Insurer or at the direction of the NIMS
      Insurer may, at its option, terminate the Agreement by purchasing all of the
      outstanding Mortgage Loans and REO Properties at the Termination Price as
      provided in the Agreement. In the event that the Servicer does not exercise
      its
      right of optional termination, the obligations and responsibilities created
      by
      the Agreement will terminate upon the earliest of (i) the Distribution Date
      on
      which the Class Certificate Principal Balance of each Class of Certificates
      has
      been reduced to zero, (ii) the final payment or other liquidation of the last
      Mortgage Loan and (iii) the Latest Possible Maturity Date.

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    To
      the
      extent not defined herein, capitalized terms used herein have the meanings
      assigned to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      __________________________________________________________________________________________________________
__________________________________________________________________________________________________________

    (Please
      print or typewrite name and address including postal ZIP code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address: 
      __________________________________________________________________________________________________________
        .

    

     

    Dated:
      _____________

     

                                          ________________

    Signature
      by or on behalf of assignor

     

    
      
        
        

      

      
        D-4

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      

    to
      ________________________________________________________________________________________________________

    __________________________________________________________________________________________________________

    for
      the
      account of
      ____________________________________________________________________________________________,

    account
      number ________________________, or, if mailed by check,
      to _________________________________________________

    __________________________________________________________________________________________________________

    Applicable
      statements should be mailed to
      _________________________________________________________________________
      __________________________________________________________________________________________________________.

     

    This
      information is provided by
      ___________________________________________________________________________,

    the
      assignee named above, or
      ___________________________________________________________________________________,

    as
      its
      agent.

     

    

     

    

     

    

     

    

     

    
      
        
        

      

      
        D-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    [RESERVED]

     

    

     

    

     

    

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    REQUEST
      FOR RELEASE 

     

                                   

    Date

     

    [Addressed
      to Trustee

    or,
      if
      applicable, custodian]

     

    In
      connection with the administration of the mortgages held by you as [Trustee]
      [Custodian, on behalf of the Trustee] under that certain Pooling and Servicing
      Agreement dated as of July 1, 2007, among Greenwich Capital Acceptance, Inc.,
      as
      Depositor, Greenwich Capital Financial Products, Inc., as Seller, Wells Fargo
      Bank, N.A., as Master Servicer and Securities Administrator, Clayton Fixed
      Income Services Inc., as Credit Risk Manager and Deutsche Bank National Trust
      Company, as Trustee and Custodian (the “Pooling and Servicing Agreement”), the
      undersigned [Master Servicer] [Servicer] hereby requests a release of the
      Mortgage File held by you as [Trustee] [Custodian, on behalf of the Trustee]
      with respect to the following described Mortgage Loan for the reason indicated
      below.

     

    Mortgagor’s
      Name:

     

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    1. Mortgage
      Loan paid in full. (The [Master Servicer] [Servicer] hereby certifies that
      all
      amounts received in connection with the loan have been or will be credited
      to a
      Servicing Account or the Distribution Account (whichever is applicable) pursuant
      to the Pooling and Servicing Agreement.)

     

    2. The
      Mortgage Loan is being foreclosed.

     

    3. Mortgage
      Loan substituted. (The [Master Servicer] [Servicer] hereby certifies that a
      Qualified Substitute Mortgage Loan has been assigned and delivered to you along
      with the related Mortgage File pursuant to the Pooling and Servicing
      Agreement.)

     

    4. Mortgage
      Loan repurchased. (The [Master Servicer] [Servicer] hereby certifies that the
      Purchase Price has been credited to a Servicing Account or the Distribution
      Account (whichever is applicable) pursuant to the Pooling and Servicing
      Agreement.)

     

    5. Other.
      (Describe)

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Pooling and Servicing
      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 Qualified Substitute Mortgage Loan (in which case the
      Mortgage File will be retained by us without obligation to return to
      you).

     

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Pooling and
      Servicing Agreement.

     

    _____________________________________

    [Name
      of
      [Master Servicer] [Servicer]]

     

    By:__________________________________

    Name:

    Title:
      Servicing Officer

    

     

    
      
        
        

      

      
        F-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-1

     

    FORM
      OF RECEIPT OF MORTGAGE NOTE

     

    RECEIPT
      OF MORTGAGE NOTE

     

    Greenwich
      Capital Acceptance, Inc.

     

    600
      Steamboat Road

     

    Greenwich,
      Connecticut 06830

     

    
      	 	
              Re:
                

            	
              HarborView
                Mortgage Loan Trust

              
                Mortgage
                  Loan Pass-Through Certificates, Series
                  2007-6

              

            

    

     

     

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 2.01 of the Pooling and Servicing Agreement dated as of July 1,
      2007,
      among Greenwich Capital Acceptance, Inc., as Depositor, Greenwich Capital
      Financial Products, Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer
      and Securities Administrator, Clayton Fixed Income Services Inc., as Credit
      Risk
      Manager and Deutsche Bank National Trust Company, as Trustee and Custodian,
      we
      hereby acknowledge the receipt of the original Mortgage Note with respect to
      each Mortgage Loan listed on Exhibit 1, with any exceptions thereto listed
      on
      Exhibit 2.

     

    

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY, as Trustee and Custodian

     

    

    By:
      ____________________________

    Name:

    Title:

     

    

     

    Dated:
      

     

    
      
        
        

      

      
        G-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    [To
      be retained in a separate closing binder entitled “HarborView 2007-6 Mortgage
      Loan 

    Schedule”
      at the Washington DC offices of McKee Nelson LLP] 

     

    
      
        
        

      

      
        G-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      2

     

    EXCEPTION
      REPORT

     

    [To
      be retained in a separate closing binder entitled “HarborView 2007-6 Mortgage
      Loan 

    Schedule”
      at the Washington DC offices of McKee Nelson LLP]

     

    
      
        
        

      

      
        G-1-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-2

     

    FORM
      OF INTERIM CERTIFICATION OF TRUSTEE

     

    INTERIM
      CERTIFICATION OF TRUSTEE

     

    [date]

     

    

     

    
      	
              Greenwich
                Capital Acceptance, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 
	 	 
	
              Greenwich
                Capital Financial Products, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 
	 	 
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

    

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of July 1, 2007, among Greenwich
                Capital
                Acceptance, Inc., as Depositor, Greenwich Capital Financial Products,
                Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer and Securities
                Administrator, Clayton Fixed Income Services Inc., as Credit Risk
                Manager
                and Deutsche Bank National Trust Company, as Trustee and
                Custodian,

              
                HarborView
                  Mortgage Loan Trust

                Mortgage
                  Loan Pass-Through Certificates, Series
                  2007-6

              

            

    

     

    
    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as 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 the attached
      schedule) it has received:

     

    
      	 	
              (i)

            	
              all
                documents required to be delivered to the Trustee pursuant to
                Section 2.01 of the Pooling and Servicing Agreement are in its
                possession;

            

    

     

    
      	 	
              (ii)

            	
              such
                documents have been reviewed by the Trustee and have not been mutilated,
                damaged or torn and relate to such Mortgage Loan;
                and

            

    

     

    
      	 	
              (iii)

            	
              based
                on the Trustee’s examination and only as to the foregoing, the information
                set forth in the Mortgage Loan Schedule that corresponds to items
                (i),
                (ii), (xx), (xxi) and (xxiv) of the Mortgage Loan Schedule accurately
                reflects information set forth in the Mortgage
                File.

            

    

     

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

    Based
      on
      its review and examination and only as to the foregoing documents, such
      documents appear regular on their face and related to such Mortgage
      Loan.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Trustee makes no representations as to: (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in each Mortgage File of any of the Mortgage Loans
      identified on the Mortgage Loan Schedule, or (ii) the collectibility,
      insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    Capitalized
      words and phrases used herein but not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing
      Agreement.

     

    

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY, as Trustee and Custodian

     

    By:
      ________________________________

    Name:
      ______________________________

    Title:
      _______________________________

    

     

    
      
        
        

      

      
        G-2-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-3

     

    FORM
      OF FINAL CERTIFICATION OF TRUSTEE

     

    FINAL
      CERTIFICATION OF TRUSTEE

     

    [date]

     

    
      	
              Greenwich
                Capital Acceptance, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 
	 	 
	
              Greenwich
                Capital Financial Products, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 
	 	 
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

    

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of July 1, 2007, among Greenwich
                Capital
                Acceptance, Inc., as Depositor, Greenwich Capital Financial Products,
                Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer and Securities
                Administrator, Clayton Fixed Income Services Inc., as Credit Risk
                Manager
                and Deutsche Bank National Trust Company, as Trustee and
                Custodian,

              HarborView
                Mortgage Loan Trust

              Mortgage
                Loan Pass-Through Certificates, Series
                2007-6

            

    

     

    
    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as 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 the attached
      Document Exception Report) it has received all documents required to be
      delivered to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
      Agreement.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (a) such
      documents appear regular on their face and related to such Mortgage Loan, and
      (b) the information set forth in items (i), (ii), (xx), (xxi) and (xxiv) of
      the
      definition of the “Mortgage Loan Schedule” in Section 1.01 of the Pooling and
      Servicing Agreement accurately reflects information set forth in the Mortgage
      File.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Trustee makes no representations as to: (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in each Mortgage File of any of the Mortgage Loans
      identified on the Mortgage Loan Schedule, or (ii) the collectibility,
      insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    
      
        
        

      

      
        G-3-1

        
          

        

      

      
        
        

      

    

    Capitalized
      words and phrases used herein but not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing
      Agreement.

     

    

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY, as Trustee and Custodian

     

    By:
      _____________________________

    Name:
      ___________________________

    Title:
      ____________________________

     

     

     

    

     

    
      
        
        

      

      
        G-3-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF LOST NOTE AFFIDAVIT

     

    Personally
      appeared before me the undersigned authority to administer oaths,
      ______________________ who first being duly sworn deposes and says: Deponent
      is
      ______________________ of Greenwich Capital Financial Products, Inc. (the
“Seller”) and who has personal knowledge of the facts set out in this
      affidavit.

     

    On
      ___________________, _________________________ did execute and deliver a
      promissory note in the principal amount of $__________.

     

    That
      said
      note has been misplaced or lost through causes unknown and is currently lost
      and
      unavailable after diligent search has been made. The Seller’s records show that
      an amount of principal and interest on said note is still presently outstanding,
      due, and unpaid, and such Seller is still owner and holder in due course of
      said
      lost note.

     

    The
      Seller executes this Affidavit for the purpose of inducing Deutsche Bank
      National Trust Company, as trustee on behalf of HarborView Mortgage Loan Trust
      2007-6, Mortgage Loan Pass-Through Certificates, Series 2007-6, to accept the
      transfer of the above described loan from the Seller.

     

    The
      Seller agrees to indemnify Deutsche Bank National Trust Company and Greenwich
      Capital Acceptance, Inc. and hold them harmless for any losses incurred by
      such
      parties resulting from the fact that the above described Note has been lost
      or
      misplaced.

     

    

    By: 
      __________________________________

    __________________________________

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss:

            
	
              COUNTY
                OF

            	
              )

            	 

    

    

    

    On
      this
      ____ day of ___________ 20__, before me, a Notary Public, in and for said County
      and State, appeared ________________________, who acknowledged the extension
      of
      the foregoing and who, having been duly sworn, states that any representations
      therein contained are true.

     

    Witness
      my hand and Notarial Seal this ____ day of _______ 20__.

     

    _______________________________

    _______________________________

     

    My
      commission expires _______________.

    

     

    

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I-1

     

    FORM
      OF ERISA REPRESENTATION FOR RESIDUAL CERTIFICATES

    

     

    [Date]

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Rd.

    Columbia,
      MD 21045

    

    

    

    
      	 	
              Re:

            	
              HarborView
                Mortgage Loan Trust

              
                Mortgage
                  Loan Pass-Through Certificates, Series 2007-6, Class
                  R

              

            

    

     

     

    Ladies
      and Gentlemen:

     

    1. The
      undersigned is the ______________________ of _________________ (the
“Transferee”), a [corporation duly organized] and existing under the laws of
      __________, on behalf of which she makes this affidavit.

     

    2.  The
      Transferee either (x) is not an employee benefit plan subject to Section 406
      of
      the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a
      plan or arrangement subject to Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (collectively, a “Plan”) nor a person acting on
      behalf of any such Plan nor using the assets of any such Plan to effect the
      transfer; (y) if the Certificate has been the subject of a best efforts or
      firm
      commitment underwriting or private placement that meets the requirements of
      Prohibited Transaction Exemption 2007-5, and is an insurance company which
      is
      purchasing such Certificates with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”) and that the purchase and
      holding of such Certificates are covered under Section I and III of PTCE 95-60;
      or (z) shall deliver to the Certificate Registrar an opinion of counsel (a
      “Benefit Plan Opinion”) satisfactory to the Certificate Registrar, and upon
      which the Certificate Registrar shall be entitled to rely, to the effect that
      the purchase or holding of such Certificate by the Transferee will not result
      in
      a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of the Code and will not subject the Trustee, the Certificate Registrar, the
      Servicer or the Depositor to any obligation in addition to those undertaken
      by
      such entities in the Pooling and Servicing Agreement, which opinion of counsel
      shall not be an expense of the Trustee, the Certificate Registrar the Depositor
      or the Trust Fund.

     

    
      
        
        

      

      
        I-1-1

        
          

        

      

      
        
        

      

    

    3. The
      Transferee hereby acknowledges that under the terms of the Pooling and Servicing
      Agreement dated as of July 1, 2007 (the “Agreement”) among Greenwich Capital
      Acceptance, Inc., as Depositor, Greenwich Capital Financial Products, Inc.,
      as
      Seller, Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
      Clayton Fixed Income Services Inc., as Credit Risk Manager and Deutsche Bank
      National Trust Company, as Trustee and Custodian, no transfer of any
      ERISA-Restricted Certificate in the form of a Definitive Certificate shall
      be
      permitted to be made to any person unless the Depositor and the Certificate
      Registrar have received a certificate from such transferee in the form
      hereof.

     

    Capitalized
      words and phrases used herein but not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing
      Agreement.

     

    IN
      WITNESS WHEREOF, the Transferee has executed this certificate.

     

    

     

    _________________________________

    [Transferee]

     

    By:______________________________

    Name:

    Title:

    

     

    

     

    
      
        
        

      

      
        I-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I-2

     

    FORM
      OF ERISA REPRESENTATION

    FOR
      ERISA RESTRICTED TRUST CERTIFICATES

     

    [Date]

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Rd.

    Columbia,
      MD 21045

    

     

    
      	 	
              Re:

            	
              HarborView
                Mortgage Loan Trust Mortgage Loan Pass-Through Certificates,
                Series 2007-6, ERISA Restricted Trust
                Certificates

            

    

     

    Ladies
      and Gentlemen:

     

    1. The
      undersigned is the ______________________ of _________________ (the
“Transferee”), a [corporation duly organized] and existing under the laws of
      __________, on behalf of which she makes this affidavit.

     

    2.  In
      the
      case of ERISA-Restricted Certificates, either (x) is not an employee benefit
      plan subject to Section 406 of the Employee Retirement Income Security Act
      of
      1974, as amended (“ERISA”), or a plan or arrangement subject to Section 4975 of
      the Internal Revenue Code of 1986, as amended (the “Code”) (collectively, a
“Plan”) nor a person acting on behalf of any such Plan nor using the assets of
      any such Plan to effect the transfer; (y) if the Certificate has been the
      subject of a best efforts or firm commitment underwriting or private placement
      that meets the requirements of Prohibited Transaction Exemption 2007-5, and
      is
      an insurance company which is purchasing such Certificates with funds contained
      in an “insurance company general account” (as such term is defined in Section
      V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”) and that the
      purchase and holding of such Certificates are covered under Section I and III
      of
      PTCE 95-60; or (z) shall deliver to the Certificate Registrar an opinion of
      counsel (a “Benefit Plan Opinion”) satisfactory to the Certificate Registrar,
      and upon which the Certificate Registrar and any NIMS Insurer shall be entitled
      to rely, to the effect that the purchase or holding of such Certificate by
      the
      Transferee will not result in a non-exempt prohibited transaction under Section
      406 of ERISA or Section 4975 of the Code and will not subject the Trustee,
      the
      Certificate Registrar, the Servicer, any NIMS Insurer or the Depositor to any
      obligation in addition to those undertaken by such entities in the Pooling
      and
      Servicing Agreement, which opinion of counsel shall not be an expense of the
      Trustee, the Certificate Registrar the Depositor or the Trust Fund.

     

    
      
        
        

      

      
        I-2-1

        
          

        

      

      
        
        

      

    

    3. In
      the
      case of ERISA-Restricted Trust Certificates, 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 Prohibited Transaction Class Exemption (“PTCE”)
      84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23 or the non-fiduciary
      service provider exemption under Section 408(b)(17) of ERISA or some other
      applicable exemption.

     

    4. The
      Transferee hereby acknowledges that under the terms of the Pooling and Servicing
      Agreement dated as of July 1, 2007 (the “Agreement”) among Greenwich Capital
      Acceptance, Inc., as Depositor, Greenwich Capital Financial Products, Inc.,
      as
      Seller, Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
      Clayton Fixed Income Services Inc., as Credit Risk Manager and Deutsche Bank
      National Trust Company, as Trustee and Custodian, no transfer of any
      ERISA-Restricted Certificate in the form of a Definitive Certificate shall
      be
      permitted to be made to any person unless the Depositor and the Certificate
      Registrar have received a certificate from such transferee in the form
      hereof.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    IN
      WITNESS WHEREOF, the Transferee has executed this certificate.

     

    

     

    _________________________________

    [Transferee]

     

    By:______________________________

    Name:

    Title:

    

    

    

    
      
        
        

      

      
        I-2-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J-1

     

    FORM
      OF INVESTMENT LETTER [NON-RULE 144A]

     

    [date]

     

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Rd.

    Columbia,
      MD 21045

     

     

    
      	 	
              Re:
                

            	
              HarborView
                Mortgage Loan Trust Mortgage Loan

              
                Pass-Through
                  Certificates, Series 2007-6, Class [C][P][R][ES]
                   

              

            

    

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition the Class [C][P][R][ES] Certificates (the
“Certificates”) of the above-captioned series, we certify that (a) we understand
      that the Certificates are not being registered under the Securities Act of
      1933,
      as amended (the “Act”), or any state securities laws and are being transferred
      to us in a transaction that is exempt from the registration requirements of
      the
      Act and any such laws, (b) we are an “accredited investor,” as defined in
      Regulation D under the Act, and have such knowledge and experience in financial
      and business matters that we are capable of evaluating the merits and risks
      of
      investments in the Certificates, (c) we have had the opportunity to ask
      questions of and receive answers from the Depositor concerning the purchase
      of
      the Certificates and all matters relating thereto or any additional information
      deemed necessary to our decision to purchase the Certificates, (d) we are
      acquiring the Certificates for investment for our own account and not with
      a
      view to any distribution of such Certificates (but without prejudice to our
      right at all times to sell or otherwise dispose of the Certificates in
      accordance with clause (f) below), (e) we have not offered or sold any
      Certificates to, or solicited offers to buy any Certificates from, any person,
      or otherwise approached or negotiated with any person with respect thereto,
      or
      taken any other action which would result in a violation of Section 5 of the
      Act, and (f) we will not sell, transfer or otherwise dispose of any Certificates
      unless (1) such sale, transfer or other disposition is made pursuant to an
      effective registration statement under the Act or is exempt from such
      registration requirements, and if requested, we will at our expense provide
      an
      opinion of counsel satisfactory to the addressees of this Certificate that
      such
      sale, transfer or other disposition may be made pursuant to an exemption from
      the Act, (2) the purchaser or transferee of such Certificate has executed and
      delivered to you a certificate to substantially the same effect as this
      certificate, and (3) the purchaser or transferee has otherwise complied with
      any
      conditions for transfer set forth in the Pooling and Servicing
      Agreement.

     

    

     

    
      
        
        

      

      
        J-1-1

        
          

        

      

      
        
        

      

    

    Capitalized
      words and phrases used herein but not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing
      Agreement.

     

    Very
      truly yours,

     

    [NAME
      OF
      TRANSFEREE]

     

    By:
      ___________________________

    Authorized
      Officer

     

    

    
      
        
        

      

      
        J-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J-2

    

    FORM
      OF RULE 144A INVESTMENT LETTER

    

     

    [date]

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Rd.

    Columbia,
      MD 21045

    

     

    
      	 	
              Re:
                

            	
              HarborView
                Mortgage Loan Trust 2007-6, Mortgage Loan

              
                Pass-Through
                  Certificates, Series 2007-6, Class [C][P][R][ES]
                   

              

            

    

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the Class [C][P][R][ES] Certificates (the
      “Certificates”) of the above-captioned series, we certify that (a) we understand
      that the Certificates are not being registered under the Securities Act of
      1933,
      as amended (the “Act”), or any state securities laws and are being transferred
      to us in a transaction that is exempt from the registration requirements of
      the
      Act and any such laws, (b) we have had the opportunity to ask questions of
      and
      receive answers from the Depositor concerning the purchase of the Certificates
      and all matters relating thereto or any additional information deemed necessary
      to our decision to purchase the Certificates, (c) we have not, nor has anyone
      acting on our behalf offered, transferred, pledged, sold or otherwise disposed
      of the Certificates, any interest in the Certificates or any other similar
      security to, or solicited any offer to buy or accept a transfer, pledge or
      other
      disposition of the Certificates, any interest in the Certificates or any other
      similar security from, or otherwise approached or negotiated with respect to
      the
      Certificates, any interest in the Certificates or any other similar security
      with, any person in any manner, or made any general solicitation by means of
      general advertising or in any other manner, or taken any other action, that
      would constitute a distribution of the Certificates under the Securities Act
      or
      that would render the disposition of the Certificates a violation of Section
      5
      of the Securities Act or require registration pursuant thereto, nor will act,
      nor has authorized or will authorize any person to act, in such manner with
      respect to the Certificates, and (d) we are a “qualified institutional buyer” as
      that term is defined in Rule 144A under the Securities Act and have completed
      either of the forms of certification to that effect attached hereto as Annex
      1
      or Annex 2. We are aware that the sale to us is being made in reliance on Rule
      144A. We are acquiring the Certificates for our own account or for resale
      pursuant to Rule 144A and further, understand that such Certificates may be
      resold, pledged or transferred only (i) to a person reasonably believed to
      be a
      qualified institutional buyer that purchases for its own account or for the
      account of a qualified institutional buyer to whom notice is given that the
      resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
      pursuant to another exemption from registration under the Securities
      Act.

     

    
      
        
        

      

      
        J-2-1

        
          

        

      

      
        
        

      

    

    Capitalized
      words and phrases used herein but not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing
      Agreement.

     

    Very
      truly yours,

     

    [NAME
      OF
      TRANSFEREE]

     

    

    By:
      __________________________

    Authorized
      Officer

     

    

     

    
      
        
        

      

      
        J-2-2

        
          

        

      

      
        
        

      

    

    ANNEX
      1 TO EXHIBIT J-2

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    i. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    ii. In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis $            1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
      category marked below.

     

    ___ Corporation,
      etc.
      The
      Buyer is a corporation (other than a bank, savings and loan association or
      similar institution), Massachusetts or similar business trust, partnership,
      or
      charitable organization described in Section 501(c)(3) of the Internal Revenue
      Code of 1986, as amended.

     

    ___ Bank.
      The
      Buyer (a) is a national bank or banking institution organized under the laws
      of
      any State, territory or the District of Columbia, the business of which is
      substantially confined to banking and is supervised by the State or territorial
      banking commission or similar official or is a foreign bank or equivalent
      institution, and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a
      copy
      of which is attached hereto.

     

    ___ Savings
      and Loan.
      The
      Buyer (a) is a savings and loan association, building and loan association,
      cooperative bank, homestead association or similar institution, which is
      supervised and examined by a State or Federal authority having supervision
      over
      any such institutions or is a foreign savings and loan association or equivalent
      institution and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a
      copy
      of which is attached hereto.

     

    ___ Broker-dealer.
      The
      Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
      Act of 1934.

     

    ___________________

    
      
        	
                1

              	
                Buyer
                  must own and/or invest on a discretionary basis at least $100,000,000
                  in
                  securities unless Buyer is a dealer, and, in that case, Buyer must
                  own
                  and/or invest on a discretionary basis at least $10,000,000 in
                  securities.

              

      

      

        
          
            
            

          

          
            J-2-3

            
              

            

          

          
            
            

          

        

    

    ___ Insurance
      Company.
      The
      Buyer is an insurance company whose primary and predominant business activity
      is
      the writing of insurance or the reinsuring of risks underwritten by insurance
      companies and which is subject to supervision by the insurance commissioner
      or a
      similar official or agency of a State, territory or the District of
      Columbia.

     

    ___ State
      or Local Plan.
      The
      Buyer is a plan established and maintained by a State, its political
      subdivisions, or any agency or instrumentality of the State or its political
      subdivisions, for the benefit of its employees.

     

    ___ ERISA
      Plan.
      The
      Buyer is an employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974.

     

    ___ Investment
      Advisor.
      The
      Buyer is an investment advisor registered under the Investment Advisors Act
      of
      1940.

     

    ___ Small
      Business Investment Company.
      Buyer
      is a small business investment company licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business Investment
      Act
      of 1958.

     

    ___ Business
      Development Company.
      Buyer
      is a business development company as defined in Section 202(a)(22) of the
      Investment Advisors Act of 1940.

     

    iii. The
      term
“securities”
as
      used
      herein does
      not include
      (i)
      securities of issuers that are affiliated with the Buyer, (ii) securities that
      are part of an unsold allotment to or subscription by the Buyer, if the Buyer
      is
      a dealer, (iii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iv) bank deposit notes and certificates of deposit,
      (v) loan participations, (vi) repurchase agreements, (vii) securities owned
      but
      subject to a repurchase agreement and (viii) currency, interest rate and
      commodity swaps.

     

    iv. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published. If clause (ii) in the preceding sentence applies, the securities
      may be valued at market. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer’s direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934, as
      amended.

     

    v. The
      Buyer
      acknowledges that it is familiar with Rule 144A and understands that the seller
      to it and other parties related to the Certificates are relying and will
      continue to rely on the statements made herein because one or more sales to
      the
      Buyer may be in reliance on Rule 144A.

     

    vi. Until
      the
      date of purchase of the Rule 144A Securities, the Buyer will notify each of
      the
      parties to which this certification is made of any changes in the information
      and conclusions herein. Until such notice is given, the Buyer’s purchase of the
      Certificates will constitute a reaffirmation of this certification as of the
      date of such purchase. In addition, if the Buyer is a bank or savings and loan
      is provided above, the Buyer agrees that it will furnish to such parties updated
      annual financial statements promptly after they become available.

     

    
      
        
        

      

      
        J-2-4

        
          

        

      

      
        
        

      

    

     

    ________________________________

    Print
      Name of Buyer

     

     

    By:                                                  
                       

    Name:

    Title:

     

    Date:
      ___________________________

    
      
        
        

      

      
        J-2-5

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT J-2

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    2. In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
      owned at least $100,000,000 in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal year. For
      purposes of determining the amount of securities owned by the Buyer or the
      Buyer’s Family of Investment Companies, the cost of such securities was used,
      except (i) where the Buyer or the Buyer’s Family of Investment Companies reports
      its securities holdings in its financial statements on the basis of their market
      value, and (ii) no current information with respect to the cost of those
      securities has been published. If clause (ii) in the preceding sentence applies,
      the securities may be valued at market.

     

    ___ The
      Buyer
      owned $            
      in
      securities (other than the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A).

     

    ___ The
      Buyer
      is part of a Family of Investment Companies which owned in the aggregate
      $        
      in
      securities (other than the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A).

     

    3. The
      term
“Family
      of Investment Companies”
as
      used
      herein means two or more registered investment companies (or series thereof)
      that have the same investment adviser or investment advisers that are affiliated
      (by virtue of being majority owned subsidiaries of the same parent or because
      one investment adviser is a majority owned subsidiary of the
      other).

     

    4. The
      term
“securities”
as
      used
      herein does not include (i) securities of issuers that are affiliated with
      the
      Buyer or are part of the Buyer’s Family of Investment Companies, (ii) securities
      issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank
      deposit notes and certificates of deposit, (iv) loan participations, (v)
      repurchase agreements, (vi) securities owned but subject to a repurchase
      agreement and (vii) currency, interest rate and commodity swaps.

     

    
      
        
        

      

      
        J-2-6

        
          

        

      

      
        
        

      

    

    5. The
      Buyer
      is familiar with Rule 144A and understands that the parties listed in the Rule
      144A Transferee Certificate to which this certification relates are relying
      and
      will continue to rely on the statements made herein because one or more sales
      to
      the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
      purchase for the Buyer’s own account.

     

    6. Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions herein. Until such
      notice is given, the Buyer’s purchase of the Certificates will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

     

        
                                                                          

    Print
      Name of Buyer or Adviser

     

    By:
      ____________________________

    Name:

    Title:

     

    IF
      AN
      ADVISER:

     

     

                                                                        
      

    Print
      Name of Buyer

     

    Date:
      _________________________

    

    

    
      
         

      

    

    
      
        
        

      

      
        J-2-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    FORM
      OF TRANSFEROR CERTIFICATE

     

    [date]

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

     

    
      	 	
              Re:
                

            	
              HarborView
                Mortgage Loan Trust 2007-6

              Mortgage
                Loan Pass-Through Certificates, Series
                2007-6, Class R

            

    

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our proposed transfer of an Ownership Interest in the Class
      R
      Certificates, we hereby certify that (a) we have no knowledge that the proposed
      Transferee is not a Permitted Transferee acquiring an Ownership Interest in
      such
      Class R Certificates for its own account and not in a capacity as trustee,
      nominee, or agent for another Person, and (b) we have not undertaken the
      proposed transfer in whole or in part to impede the assessment or collection
      of
      tax.

     

    Very
      truly yours,

     

    [_____________________]

     

    By:
      ______________________________

     

    

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    TRANSFER
      AFFIDAVIT FOR RESIDUAL CERTIFICATES

    PURSUANT
      TO SECTION 6.02(e)

     

    HARBORVIEW
      MORTGAGE LOAN TRUST 2007-6

    MORTGAGE
      LOAN PASS-THROUGH CERTIFICATES, SERIES 2007-6, 

    CLASS
      R

    

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss:

            
	
              COUNTY
                OF

            	
              )

            	 

    

    

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    
      	
              1.

            	
              The
                undersigned is an officer of ______________________, the proposed
                Transferee of a 100% Ownership Interest in the Class R Certificates
                (the
                “Certificate”) issued pursuant to the Pooling and Servicing Agreement,
                (the “Agreement”) dated as of July 1, 2007, relating to the
                above-referenced Certificates, among Greenwich Capital Acceptance,
                Inc.,
                as Depositor, Greenwich Capital Financial Products, Inc., as Seller,
                Wells
                Fargo Bank, N.A., as Master Servicer and Securities Administrator,
                Clayton
                Fixed Income Services Inc., as Credit Risk Manager and Deutsche Bank
                National Trust Company, as Trustee and Custodian. Capitalized terms
                used,
                but not defined herein, shall have the meanings ascribed to such
                terms in
                the Agreement. The Transferee has authorized the undersigned to make
                this
                affidavit on behalf of the
                Transferee.

            

    

     

    
      	
              2.

            	
              The
                Transferee is, as of the date hereof, and will be, as of the date
                of the
                Transfer, a Permitted Transferee. The Transferee is acquiring its
                Ownership Interest for its own account and not in a capacity as trustee,
                nominee or agent for another party.

            

    

     

    
      	
              3.

            	
              The
                Transferee has been advised of, and understands that (i) a tax will
                be
                imposed on Transfers of the Certificate to Persons that are not Permitted
                Transferees; (ii) such tax will be imposed on the transferor, or,
                if such
                Transfer is through an agent (which includes a broker, nominee or
                middleman) for a Person that is not a Permitted Transferee, on the
                agent;
                and (iii) the Person otherwise liable for the tax shall be relieved
                of
                liability for the tax if the subsequent Transferee furnished to such
                Person an affidavit that such subsequent Transferee is a Permitted
                Transferee and, at the time of Transfer, such Person does not have
                actual
                knowledge that the affidavit is false. The Transferee has provided
                financial statements or other financial information requested by
                the
                Transferor in connection with the transfer of the Certificate to
                permit
                the Transferor to assess the financial capability of the Transferee
                to pay
                such taxes.

            

    

     

    
      	
              4.

            	
              The
                Transferee has been advised of, and understands that a tax may be
                imposed
                on a “pass-through entity” holding the Certificate if, at any time during
                the taxable year of the pass-through entity, a Disqualified Organization
                is the record holder of an interest in such entity. The Transferee
                understands that such tax will not be imposed for any period with
                respect
                to which the record holder furnishes to the pass-through entity an
                affidavit that such record holder is not a Disqualified Organization
                and
                the pass-through entity does not have actual knowledge that such
                affidavit
                is false. (For this purpose, a “pass-through entity” includes a regulated
                investment company, a real estate investment trust or common trust
                fund, a
                partnership, trust or estate, and certain cooperatives and, except
                as may
                be provided in Treasury Regulations, persons holding interests in
                pass-through entities as a nominee for another
                Person.)

            

    

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    
      	
              5.

            	
              The
                Transferee has reviewed the provisions of Section 6.02(e) of the
                Agreement
                and understands the legal consequences of the acquisition of an Ownership
                Interest in the Certificate including, without limitation, the
                restrictions on subsequent Transfers and the provisions regarding
                voiding
                the Transfer and mandatory sales. The Transferee expressly agrees
                to be
                bound by and to abide by the provisions of Section 6.02(e) of the
                Agreement and the restrictions noted on the face of the Certificate.
                The
                Transferee understands and agrees that any breach of any of the
                representations included herein shall render the Transfer to the
                Transferee contemplated hereby null and
                void.

            

    

     

    
      	
              6.

            	
              The
                Transferee agrees to require a Transfer Affidavit from any Person
                to whom
                the Transferee attempts to Transfer its Ownership Interest in the
                Certificate, and the Transferee will not Transfer its Ownership Interest
                or cause any Ownership Interest to be Transferred to any Person that
                the
                Transferee knows is not a Permitted Transferee. In connection with
                any
                such Transfer by the Transferee, the Transferee agrees to deliver
                to the
                Trustee a certificate substantially in the form set forth as Exhibit
                K to
                the Agreement (a “Transferor
                Certificate”).

            

    

     

    
      	
              7.

            	
              The
                Transferee does not have the intention to impede the assessment or
                collection of any tax legally required to be paid with respect to
                the
                Certificate.

            

    

     

    8. The
      Transferee’s taxpayer identification number is             .

     

    
      	
              9.

            	
              The
                Transferee is aware that the Certificate may be a “noneconomic residual
                interest” within the meaning of the REMIC provisions and that the
                transferor of a noneconomic residual interest will remain liable
                for any
                taxes due with respect to the income on such residual interest, unless
                no
                significant purpose of the transfer was to impede the assessment
                or
                collection of tax.

            

    

     

    
      
        
        

      

      
        L-2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
          
      day
      of
                  ,
      20  .

     

    [NAME
      OF
      TRANSFEREE]

     

    By:  
                                           

    Name:

    Title:

     

    [Corporate
      Seal]

     

    ATTEST:

     

                                                             
      

    [Assistant]
      Secretary

     

    Personally
      appeared before me the above-named             
       ,
      known
      or proved to me to be the same person who executed the foregoing instrument and
      to be the                     
      of the
      Transferee, and acknowledged that he executed the same as his free act and
      deed
      and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this     
      day
      of
        
      ,
      20  .

     

    

    

    

         
                                                              

    NOTARY
      PUBLIC

     

    
      	 	 	 	 	 	 	 	
              My
                Commission expires the     
                day of                 ,
                20  .

            

    

     

    

     

    
      
        
        

      

      
        L-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

     

    FORM
      OF BACK-UP SARBANES-OXLEY CERTIFICATION

     

    [  ]

    [  ]

    [  ]

    

     

    [_______],
      the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
      the Master Servicer and the Securities Administrator, and each of their
      officers, directors and affiliates that:

     

    (1) I
      have
      reviewed [the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
      report on assessment of the Company’s compliance with the Servicing Criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of
      1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
      report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
      Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
      servicing reports, officer’s certificates and other information relating to the
      servicing of the Mortgage Loans by the Company during 200[ ] that were delivered
      by the Company to any of the Depositor and the Trustee pursuant to the Agreement
      (collectively, the “Company Servicing Information”);

     

    (2) Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the Depositor and the
      Trustee;

     

    (4) I
      am
      responsible for reviewing the activities performed by [_______] as [_______]
      under the [_______] (the “Agreement”), and based on my knowledge [and the
      compliance review conducted in preparing the Compliance Statement] and except
      as
      disclosed in [the Compliance Statement,] the Servicing Assessment or the
      Attestation Report, the Company has fulfilled its obligations under the
      Agreement in all material respects; and

     

    (5) [The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and] [The] [the] Servicing Assessment and Attestation Report required
      to be provided by the Company and [by any Subservicer or Subcontractor] pursuant
      to the Agreement, have been provided to the Depositor, the Master Servicer
      and
      the Securities Administrator. Any material instances of noncompliance described
      in such reports have been disclosed to the Depositor, the Master Servicer and
      the Securities Administrator. Any material instance of noncompliance with the
      Servicing Criteria has been disclosed in such reports.

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling and Servicing Agreement dated as of July 1, 2007 (the “Pooling and
      Servicing Agreement”) among Greenwich Capital Acceptance, Inc., as Depositor,
      Greenwich Capital Financial Products, Inc., as Seller, Clayton Fixed Income
      Services Inc., as Credit Risk Manager, Wells Fargo Bank, N.A., as Master
      Servicer and Securities Administrator and Deutsche Bank National Trust Company,
      as Trustee and Custodian. Capitalized terms used but not defined herein shall
      have the meanings assigned to such terms in the Pooling and Servicing
      Agreement.

    

    

     

     

    [_______]

     

    as
      [_______]

    By:  

    Name:

    Title:

    Date:

    

    

     

    

     

    
      
        
        

      

      
        M-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

     

    LIST
      OF SERVICERS AND SERVICING AGREEMENTS

     

    1. Amended
      and Restated Master Interim Servicing Agreement dated as of January 1, 2006,
      between GCFP and GMAC Mortgage, LLC (as successor by merger to GMAC Mortgage
      Corporation) (“GMACM”), as reconstituted pursuant to a Reconstituted Servicing
      Agreement dated as of July 1, 2007, by and between GCFP and GMACM, and
      acknowledged by Wells Fargo and Deutsche Bank.

     

    2. Servicing
      Agreement dated as of March 1, 2007, between GCFP and Central Mortgage Company
      (“CMC”), as reconstituted pursuant to a Reconstituted Servicing Agreement dated
      as of July 1, 2007, by and between GCFP and CMC, and acknowledged by Wells
      Fargo
      and Deutsche Bank.

     

    3. Master
      Mortgage Loan Purchase and Servicing Agreement dated as of April 1, 2003, as
      amended by Amendment Number One, dated as of November 1, 2004 and as further
      amended by Amendment Regulation AB, dated as of December 1, 2005, between GCFP
      and Countrywide Home Loans Servicing LP (“Countrywide”), as reconstituted
      pursuant to a Reconstituted Servicing Agreement dated as of July 1, 2007, by
      and
      between GCFP and Countrywide, and acknowledged by Wells Fargo and Deutsche
      Bank.

     

    4. Master
      Mortgage Loan Purchase and Servicing Agreement dated as of July 1, 2003, as
      amended and restated to and including February 1, 2006, between GCFP and First
      Republic Bank (“First Republic”), as reconstituted
      pursuant to a Reconstitued Servicing Agreement dated as of July 1, 2007, by
      and
      between GCFP and First Republic, and
      acknowledged by Wells Fargo and Deutsche Bank. 

     

    5. Master
      Mortgage Loan Purchase and Servicing Agreement dated as of February 1, 2006,
      by
      and between GCFP and Paul Financial, LLC (“Paul Financial”), as reconstituted
pursuant
      to a Reconstitued Servicing Agreement dated as of July 1, 2007, by and among
      GCFP, Paul Financial, and
      acknowledged by Wells Fargo and Deutsche Bank.

     

    6. Master
      Mortgage Loan Purchase and Servicing Agreement dated as of May 1, 2006, as
      amended by Amendment Number One, dated as of May 1, 2007, among GCFP, American
      Home Mortgage Corp. (“American Home”) and American Home Mortgage Servicing, Inc.
      (“American Home Servicing”), as reconstituted
      pursuant to a Reconstitued Servicing Agreement dated as of July 1, 2007, by
      and
      among GCFP, American Home and American Home Servicing, and
      acknowledged by Wells Fargo and Deutsche Bank.

     

     

    

     

    

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

     

    TRANSACTION
      PARTIES

     

    
      	
              Credit
                Risk Manager

            	
              Clayton
                Fixed Income Services Inc.

            
	 	 
	
              Custodian(s)

            	
              Deutsche
                Bank National Trust Company and The Bank of New York

            
	 	 
	
              Master
                Servicer

            	
              Wells
                Fargo Bank, N.A.

            
	 	 
	
              Originators

            	
              BankUnited,
                FSB, Countrywide Home Loans, Inc., First Federal Bank of California,
                Paul
                Financial, LLC, Novastar Mortgage, Inc., Pinnacle Financial Corporation,
                Residential Mortgage Capital, NL Inc. dba Residential Pacific Mortgage,
                Secured Bankers Mortgage Company, First Republic Bank and American
                Home
                Mortgage Corp..

            
	 	 
	
              PMI
                Insurer

            	
              N/A

            
	 	 
	
              Securities
                Administrator

            	
              Wells
                Fargo Bank, N.A.

            
	 	 
	
              Seller

            	
              Greenwich
                Capital Financial Products, Inc.

            
	 	 
	
              Servicers

            	
              GMAC
                Mortgage, LLC, Countrywide Home Loans Servicing LP, Paul Financial,
                LLC,
                Central Mortgage Company, First Republic Bank and American Home Mortgage
                Corp.

            
	 	 
	
              Subservicer

            	
              N/A

            
	 	 
	
              Yield
                Maintenance Provider

            	
              Bear
                Stearns Financial Products Inc.

            
	 	 
	
              Basis
                Risk Cap Provider

            	
              Bear
                Stearns Financial Products Inc.

            
	 	 
	
              Trustee

            	
              Deutsche
                Bank National Trust Company

            

    

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P

     

    FORM
      OF SUBSEQUENT TRANSFER AGREEMENT

    

    

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q

     

    SERVICING
      CRITERIA

     

    

    The
      assessment of compliance to be delivered by Wells Fargo Bank, N.A. (“Wells
      Fargo”), in its capacities as Master Servicer and Securities Administrator,
      shall address, at a minimum, the criteria identified as below as “Applicable
      Servicing Criteria:”

    
      	 	 
	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            
	
              Reference

            	
              Criteria

            	 
	 	
              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.

            	
              X

            
	
              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.

            	 
	 	
              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

            
	
              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

            
	
              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 overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	
              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

            

    

     

    
      
        
        

      

      
        Q-1

        
          

        

      

      
        
        

      

    

     

    
      	 	 
	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            
	
              Reference

            	
              Criteria

            	 
	
              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

            
	 	
              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

            
	
              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

            
	
              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

            
	
              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

            
	 	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	
               

            
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan 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.

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan 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 mortgage loan 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.

            	 

    

     

    
      
        
        

      

      
        Q-2

        
          

        

      

      
        
        

      

    

     

    
      	 	 
	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Wells Fargo

            
	
              Reference

            	
              Criteria

            	 
	
              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.

            	 
	
              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.

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan 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).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                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 mortgage loan
                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 mortgage loan
                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.

            	 
	
              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

            
	 	 	 

    

     

    
      
        
        

      

      
        Q-3

        
          

        

      

      
        
        

      

    

     

     

    The
      assessment of compliance to be delivered by Deutsche Bank National Trust Company
      (“Deutsche Bank”), in its capacity as Custodian, shall address, at a minimum,
      the criteria identified as below as “Applicable Servicing
      Criteria”:

    
      	 	 
	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Deutsche Bank

            
	
              Reference

            	
              Criteria

            	 
	 	
              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.

            	 
	
              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.

            	 
	 	
              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.

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 
	
              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.

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 
	
              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.

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 
	
              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.

            	 

    

     

    
      
        
        

      

      
        Q-4

        
          

        

      

      
        
        

      

    

     

    
      	 	 
	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Deutsche Bank

            
	
              Reference

            	
              Criteria

            	 
	 	
              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.

            	 
	
              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.

            	 
	
              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.

            	 
	
              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.

            	 
	 	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	
              X

            
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements.

            	
              X

            
	
              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 mortgage loan 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 mortgage loan 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.

            	 
	
              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.

            	 

    

     

    
      
        
        

      

      
        Q-5

        
          

        

      

      
        
        

      

    

     

    
      	 	 
	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria
                for Deutsche Bank

            
	
              Reference

            	
              Criteria

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan 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).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                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 mortgage loan
                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 mortgage loan
                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.

            	 
	
              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.

            	 

    

    
      
        
        

      

      
        Q-6

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

     

    FORM
      10-D,
      FORM 8-K AND FORM 10-K REPORTING RESPONSIBILITY

     

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the Securities
      Administrator pursuant to Section 3.07. If the Trustee is indicated below as
      to
      any item, then the Trustee is primarily responsible for obtaining that
      information.

     

    Under
      Item 1 of Form 10-D: a) items marked “5.04 statement” are required to be
      included in the periodic Distribution Date statement under Section 5.04,
      provided by the Trustee, based upon information provided by the responsible
      party; and b) items marked “Form 10-D report” are required to be in the Form
      10-D report but not the 5.04 statement, provided by the party indicated.
      Information under all other Items of Form 10-D is to be included in the Form
      10-D report.

     

    
      	
              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]

            	
              Servicer

              Master
                Servicer

              Securities
                Administrator

            
	
              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 sknown to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                Administrator)

            	
              Servicer

            

    

     

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            
	
              ▪
                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)

            	
              Securities
                Administrator

              Trustee

            
	
              Item
                5: Submission of Matters to a Vote of Security
                Holders

               

              Information
                from Item 4 of Part II of Form 10-Q

            	
              Securities
                Administrator

              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

               

              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

            
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 

    

     

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            
	
              ▪
                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-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 

    

    
      	
              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

            	
              Securities
                Administrator

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            

    

    

    
      	
              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

            	
              Securities
                Administrator

              Depositor

            
	
              Reg
                AB Item 1112(b): Significant Obligors of Pool
                Assets

            	 
	
              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.

            	 
	
              Reg
                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

            

    

     

    
      
        
        

      

      
        R-3

        
          

        

      

      
        
        

      

    

     

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Reg
                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-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Reg
                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 sknown to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer, Securities Administrator and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Pooling and Servicing Agreement) or
                Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                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

            
	
              Reg
                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)

            

    

     

    
      
        
        

      

      
        R-4

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                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 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                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 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 

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                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-5

        
          

        

      

      
        
        

      

    

     

    
      	
              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

            

    

     

    
      	
              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

            
	
              ▪
                Securities Administrator

            	
              Securities
                Administrator

            
	
              ▪
                Significant Obligor

            	
              Depositor

            

    

     

    
      
        
        

      

      
        R-6

        
          

        

      

      
        
        

      

    

     

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              ▪
                Credit Enhancer (10% or more)

            	
              Depositor

            
	
              ▪
                Derivative Counterparty

            	
              Depositor

            
	
              ▪
                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

              Securities
                Administrator

            
	
              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.

            	
              Securities
                Administrator

              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/Securities Administrator/Depositor/

              Servicer/Trustee

            
	
              Reg
                AB disclosure about any new servicer or master servicer is also
                required.

            	
              Servicer/Master
                Servicer/Depositor

            
	
              Reg
                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/Securities
                Administrator/Trustee

            

    

     

    
      
        
        

      

      
        R-7

        
          

        

      

      
        
        

      

    

     

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Reg
                AB disclosure about any new enhancement provider is also
                required.

            	
              Depositor

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Securities
                Administrator

              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 Reg 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- Reg 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

            

    

    

    

    

    
      
        
        

      

      
        R-8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S

     

    FORM
      OF SECURITIES ADMINISTRATOR CERTIFICATE

    

    
      	 	
              Re:
                

            	
              HarborView
                Mortgage Loan Trust (the “Trust”)

            

    

    Mortgage
      Loan Pass-Through Certificates, Series 2007-6

    

    I,
      [identify the certifying individual], a [title] of Wells Fargo Bank, N.A.,
      as
      Securities Administrator of the Trust, hereby certify to Greenwich Capital
      Acceptance, Inc. (the “Depositor”), and its officers, directors and affiliates,
      and with the knowledge and intent that they will rely upon this certification,
      that:

     

    1. I
      have
      reviewed the annual report on Form 10-K for the fiscal year [___], and all
      reports on Form 10-D required to be filed in respect of the period covered
      by
      such Form 10-K of the Depositor relating to the above-referenced trust (the
      “Exchange Act periodic reports”);

     

    2. Based
      on my knowledge, the information prepared by the Securities Administrator,
      contained, in these distribution reports taken as a whole, do not contain any
      untrue statement of a material fact or omit to state a material fact necessary
      to make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this
      report; and

     

    3. Based
      on
      my knowledge, the distribution information required to be provided by the
Securities
      Administrator
      under
      the Pooling and Servicing Agreement is included in these reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling and Servicing Agreement, dated July 1, 2007 (the “Pooling and Servicing
      Agreement”) among the Depositor, Greenwich Capital Financial Products, Inc., as
      the seller, Clayton Fixed Income Services Inc., as credit risk manager, Wells
      Fargo Bank, N.A., as master servicer and as securities administrator and
      Deutsche Bank national Trust Company, as trustee and as custodian .

     

    Wells
      Fargo Bank, N.A.,

    as
      Trustee 

    

    By:___________________________

    [Name]
      

    [Title]

    [Date]

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      T

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    Wells
      Fargo Bank, N.A. as Securities Administrator 

    Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    E-mail:
      cts.sec.notifications@wellsfargo.com

     

    Attn:
      Corporate Trust Services - HARBORVIEW MORTGAGE LOAN TRUST 2007-6-SEC REPORT
      PROCESSING

     

    RE:
      **Additional Form [ ] Disclosure**Required

     

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 3.19(a)(ii) of the Pooling and Servicing Agreement
      dated
      as of July 1, 2007, among Greenwich Capital Acceptance, Inc., as Depositor,
      Greenwich Capital Financial Products, Inc., as Seller, Wells Fargo Bank, N.A.,
      as Master Servicer and Securities Administrator, Clayton Fixed Income Services
      Inc., as Credit Risk Manager and Deutsche Bank National Trust Company, as
      Trustee and Custodian, the undersigned, as [ ], hereby notifies you that certain
      events have come to our attention that [will][may] need to be disclosed on
      Form
      [ ].

     

    Description
      of Additional Form [ ] Disclosure:

     

    

     

    

     

    

     

    List
      of
      Any Attachments hereto to be included in the Additional Form [ ]
      Disclosure:

     

    Any
      inquiries related to this notification should be directed to [ ], phone number:
      [ ]; email address: [ ].

     

    [NAME
      OF
      PARTY]

     

    as
      [role]

     

    By:
      __________________

    Name:

    Title:

    
      
        
        

      

      
        T-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

    

    [Reserved]

    

     

    

     

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V

     

    LIST
      OF ORIGINATORS AND PURCHASE AGREEMENTS

     

    1. Master
      Mortgage Loan Purchase and Interim Servicing Agreement dated as of December
      1,
      2005, as amended by that certain Amendment Number One dated as of February
      1,
      2006, and further amended by that certain Amendment Number Two dated June 1,
      2006, between Greenwich Capital Financial Products, Inc. and BankUnited,
      FSB.

     

    2. Master
      Mortgage Loan Purchase and Interim Servicing Agreement dated as of March 1,
      2006, as amended by that certain Amendment Number One dated as of October 2,
      2006, between Greenwich Capital Financial Products, Inc. and First Federal
      Bank
      of California.

     

    3. Master
      Mortgage Loan Purchase and Interim Servicing Agreement dated as of April 1,
      2007, between Greenwich Capital Financial Products, Inc. and Novastar Mortgage,
      Inc.

     

    4. Master
      Mortgage Loan Purchase and Interim Servicing Agreement dated as of November
      1,
      2005, as amended by that certain Amendment Number One dated as of May 1, 2006,
      and further amended by that certain Amendment Number Two dated as of October
      9,
      2006, between Greenwich Capital Financial Products, Inc. and Paul Financial,
      LLC.

     

    5. Master
      Mortgage Loan Purchase and Interim Servicing Agreement dated as of May 1, 2006,
      as amended by that certain Amendment Number One dated as of June 1, 2006 and
      as
      amended by that certain Amendment Number Two dated as of October 2, 2006,
      between Greenwich Capital Financial Products, Inc. and Pinnacle Financial
      Corporation.

     

    6. Master
      Mortgage Loan Purchase and Interim Servicing Agreement dated as of November
      1,
      2005, as amended by that certain Amendment Number One dated as of May 1, 2006,
      and further amended by that certain Amendment Number Two dated as of October
      9,
      2006, between Greenwich Capital Financial Products, Inc. and Residential
      Mortgage Capital.

     

    7. Master
      Mortgage Loan Purchase and Interim Servicing Agreement dated as of March 1,
      2006, as amended by that certain Amendment Number One dated as of May 1, 2006,
      and further amended by that certain Amendment Number Two dated as of October
      9,
      2006, and further amended by that certain Amendment Number Three dated as of
      November 14, 2006, between Greenwich Capital Financial Products, Inc. and NL
      Inc. dba Residential Pacific Mortgage.

     

    8. Master
      Mortgage Loan Purchase and Interim Servicing Agreement dated as of November
      1,
      2005, as amended, between Greenwich Capital Financial Products, Inc. and Secured
      Bankers Mortgage Company.

     

    
      
        
        

      

      
        V-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      W

     

    BASIS
      RISK CAP AGREEMENT

     

    
      
        
        

      

      
        W-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      X

     

    YIELD
      MAINTENANCE ALLOCATION AGREEMENT

     

    

     

    
      
        
        

      

      
        X-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Y

     

    YIELD
      MAINTENANCE AGREEMENT

     

    
      
        
        

      

      
        Y-1

        
          

        

      

      
        
        

      

    

    Exhibit
      Z

     

    LIST
      OF ASSIGNMENT AGREEMENTS

     

    1. Assignment
      and Recognition Agreement, dated July 31, 2007, among GCFP, GCA and Residential
      Mortgage Capital.

     

    2. Assignment
      and Recognition Agreement, dated July 31, 2007, among GCFP, GCA and First
      Federal Bank of California.

     

    3. Assignment
      and Recognition Agreement, dated July 31, 2007, among GCFP, GCA and Pinnacle
      Financial Corporation.

     

    4. Assignment
      and Recognition Agreement, dated July 31, 2007, among GCFP, GCA and Paul
      Financial, LLC.

     

    5. Assignment
      and Recognition Agreement, dated July 31, 2007, among GCFP, GCA and NL Inc.
      dba
      Residential Pacific Mortgage.

     

    6. Assignment
      and Recognition Agreement, dated July 31, 2007, among GCFP, GCA and BankUnited,
      FSB.

     

    7. Assignment
      and Recognition Agreement, dated July 31, 2007, among GCFP, GCA and Novastar
      Mortgage, Inc.

     

    8. Assignment
      and Recognition Agreement, dated July 31, 2007, among GCFP, GCA and Secured
      Bankers Mortgage Company. 

     

    

     

    
      
        
        

      

      
        Z-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I

     

    MORTGAGE
      LOAN SCHEDULE

     

    

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    

      SCHEDULE
        II

       

      FINAL
        MATURITY RESERVE SCHEDULE

       

      
        	
                Distribution
                  Date:

              	 	
                Aggregate
                  Principal Balance ($):

              
	
                August
                  2017

              	 	
                29,106,417.33

              
	
                September
                  2017

              	 	
                28,668,029.48

              
	
                October
                  2017

              	 	
                28,236,105.42

              
	
                November
                  2017

              	 	
                27,810,550.85

              
	
                December
                  2017

              	 	
                27,391,272.84

              
	
                January
                  2018

              	 	
                26,978,179.82

              
	
                February
                  2018

              	 	
                26,571,181.53

              
	
                March
                  2018

              	 	
                26,170,189.02

              
	
                April
                  2018

              	 	
                25,775,114.64

              
	
                May
                  2018

              	 	
                25,385,872.02

              
	
                June
                  2018

              	 	
                25,002,376.03

              
	
                July
                  2018

              	 	
                24,624,542.77

              
	
                August
                  2018

              	 	
                24,252,289.57

              
	
                September
                  2018

              	 	
                23,885,534.96

              
	
                October
                  2018

              	 	
                23,524,198.66

              
	
                November
                  2018

              	 	
                23,168,201.52

              
	
                December
                  2018

              	 	
                22,817,465.58

              
	
                January
                  2019

              	 	
                22,471,913.99

              
	
                February
                  2019

              	 	
                22,131,471.02

              
	
                March
                  2019

              	 	
                21,796,062.05

              
	
                April
                  2019

              	 	
                21,465,613.53

              
	
                May
                  2019

              	 	
                21,140,052.98

              
	
                June
                  2019

              	 	
                20,819,308.97

              
	
                July
                  2019

              	 	
                20,503,311.12

              
	
                August
                  2019

              	 	
                20,191,990.06

              
	
                September
                  2019

              	 	
                19,885,277.43

              
	
                October
                  2019

              	 	
                19,583,105.87

              
	
                November
                  2019

              	 	
                19,285,408.99

              
	
                December
                  2019

              	 	
                18,992,121.37

              
	
                January
                  2020

              	 	
                18,703,178.53

              
	
                February
                  2020

              	 	
                18,418,516.95

              
	
                March
                  2020

              	 	
                18,138,073.99

              
	
                April
                  2020

              	 	
                17,861,787.97

              
	
                May
                  2020

              	 	
                17,589,598.08

              
	
                June
                  2020

              	 	
                17,321,444.39

              
	
                July
                  2020

              	 	
                17,057,267.85

              
	
                August
                  2020

              	 	
                16,797,010.26

              
	
                September
                  2020

              	 	
                16,540,614.28

              
	
                October
                  2020

              	 	
                16,288,023.39

              
	
                November
                  2020

              	 	
                16,039,181.90

              
	
                December
                  2020

              	 	
                15,794,034.93

              
	
                January
                  2021

              	 	
                15,552,528.38

              

      

      
        
          
          

        

        
          II-1

          
            

          

        

        
          
          

        

      

      

      
        	
                Distribution
                  Date:

              	 	
                Aggregate
                  Principal Balance ($):

              
	
                February
                  2021

              	 	
                15,314,608.95

              
	
                March
                  2021

              	 	
                15,080,224.12

              
	
                April
                  2021

              	 	
                14,849,322.14

              
	
                May
                  2021

              	 	
                14,621,851.98

              
	
                June
                  2021

              	 	
                14,397,763.38

              
	
                July
                  2021

              	 	
                14,177,006.80

              
	
                August
                  2021

              	 	
                13,959,533.43

              
	
                September
                  2021

              	 	
                13,745,295.16

              
	
                October
                  2021

              	 	
                13,534,244.58

              
	
                November
                  2021

              	 	
                13,326,334.97

              
	
                December
                  2021

              	 	
                13,121,520.30

              
	
                January
                  2022

              	 	
                12,919,755.20

              
	
                February
                  2022

              	 	
                12,720,994.95

              
	
                March
                  2022

              	 	
                12,525,195.51

              
	
                April
                  2022

              	 	
                12,332,313.44

              
	
                May
                  2022

              	 	
                12,142,305.97

              
	
                June
                  2022

              	 	
                11,955,130.93

              
	
                July
                  2022

              	 	
                11,770,746.77

              
	
                August
                  2022

              	 	
                11,589,112.55

              
	
                September
                  2022

              	 	
                11,410,187.92

              
	
                October
                  2022

              	 	
                11,233,933.11

              
	
                November
                  2022

              	 	
                11,060,308.94

              
	
                December
                  2022

              	 	
                10,889,276.79

              
	
                January
                  2023

              	 	
                10,720,798.63

              
	
                February
                  2023

              	 	
                10,554,836.94

              
	
                March
                  2023

              	 	
                10,391,354.78

              
	
                April
                  2023

              	 	
                10,230,315.73

              
	
                May
                  2023

              	 	
                10,071,683.91

              
	
                June
                  2023

              	 	
                9,915,423.96

              
	
                July
                  2023

              	 	
                9,761,501.03

              
	
                August
                  2023

              	 	
                9,609,880.78

              
	
                September
                  2023

              	 	
                9,460,529.38

              
	
                October
                  2023

              	 	
                9,313,413.48

              
	
                November
                  2023

              	 	
                9,168,500.22

              
	
                December
                  2023

              	 	
                9,025,757.21

              
	
                January
                  2024

              	 	
                8,885,152.55

              
	
                February
                  2024

              	 	
                8,746,654.80

              
	
                March
                  2024

              	 	
                8,610,232.95

              
	
                April
                  2024

              	 	
                8,475,856.49

              
	
                May
                  2024

              	 	
                8,343,495.32

              
	
                June
                  2024

              	 	
                8,213,119.79

              
	
                July
                  2024

              	 	
                8,084,700.67

              
	
                August
                  2024

              	 	
                7,958,209.18

              
	
                September
                  2024

              	 	
                7,833,616.94

              
	
                October
                  2024

              	 	
                7,710,895.98

              

      

      
        
          
          

        

        
          II-2

          
            

          

        

        
          
          

        

      

      

      
        	
                Distribution
                  Date:

              	 	
                Aggregate
                  Principal Balance ($):

              
	
                November
                  2024

              	 	
                7,590,018.77

              
	
                December
                  2024

              	 	
                7,470,958.13

              
	
                January
                  2025

              	 	
                7,353,687.33

              
	
                February
                  2025

              	 	
                7,238,179.99

              
	
                March
                  2025

              	 	
                7,124,410.13

              
	
                April
                  2025

              	 	
                7,012,352.15

              
	
                May
                  2025

              	 	
                6,901,980.82

              
	
                June
                  2025

              	 	
                6,793,271.29

              
	
                July
                  2025

              	 	
                6,686,199.04

              
	
                August
                  2025

              	 	
                6,580,739.95

              
	
                September
                  2025

              	 	
                6,476,870.22

              
	
                October
                  2025

              	 	
                6,374,566.42

              
	
                November
                  2025

              	 	
                6,273,805.43

              
	
                December
                  2025

              	 	
                6,174,564.51

              
	
                January
                  2026

              	 	
                6,076,821.21

              
	
                February
                  2026

              	 	
                5,980,553.44

              
	
                March
                  2026

              	 	
                5,885,739.42

              
	
                April
                  2026

              	 	
                5,792,357.69

              
	
                May
                  2026

              	 	
                5,700,387.08

              
	
                June
                  2026

              	 	
                5,609,806.78

              
	
                July
                  2026

              	 	
                5,520,596.23

              
	
                August
                  2026

              	 	
                5,432,735.20

              
	
                September
                  2026

              	 	
                5,346,203.76

              
	
                October
                  2026

              	 	
                5,260,982.25

              
	
                November
                  2026

              	 	
                5,177,051.31

              
	
                December
                  2026

              	 	
                5,094,391.86

              
	
                January
                  2027

              	 	
                5,012,985.10

              
	
                February
                  2027

              	 	
                4,932,812.51

              
	
                March
                  2027

              	 	
                4,853,855.82

              
	
                April
                  2027

              	 	
                4,776,097.06

              
	
                May
                  2027

              	 	
                4,699,518.48

              
	
                June
                  2027

              	 	
                4,624,102.64

              
	
                July
                  2027

              	 	
                4,549,832.31

              
	
                August
                  2027

              	 	
                4,476,690.54

              
	
                September
                  2027

              	 	
                4,404,660.61

              
	
                October
                  2027

              	 	
                4,333,726.06

              
	
                November
                  2027

              	 	
                4,263,870.65

              
	
                December
                  2027

              	 	
                4,195,078.41

              
	
                January
                  2028

              	 	
                4,127,333.57

              
	
                February
                  2028

              	 	
                4,060,620.62

              
	
                March
                  2028

              	 	
                3,994,924.24

              
	
                April
                  2028

              	 	
                3,930,229.37

              
	
                May
                  2028

              	 	
                3,866,521.15

              
	
                June
                  2028

              	 	
                3,803,784.95

              
	
                July
                  2028

              	 	
                3,742,006.34

              

      

      
        
          
          

        

        
          II-3

          
            

          

        

        
          
          

        

      

      

      
        	
                Distribution
                  Date:

              	 	
                Aggregate
                  Principal Balance ($):

              
	
                August
                  2028

              	 	
                3,681,171.12

              
	
                September
                  2028

              	 	
                3,621,265.28

              
	
                October
                  2028

              	 	
                3,562,275.02

              
	
                November
                  2028

              	 	
                3,504,186.74

              
	
                December
                  2028

              	 	
                3,446,987.06

              
	
                January
                  2029

              	 	
                3,390,662.76

              
	
                February
                  2029

              	 	
                3,335,200.84

              
	
                March
                  2029

              	 	
                3,280,588.48

              
	
                April
                  2029

              	 	
                3,226,813.06

              
	
                May
                  2029

              	 	
                3,173,862.13

              
	
                June
                  2029

              	 	
                3,121,723.43

              
	
                July
                  2029

              	 	
                3,070,384.87

              
	
                August
                  2029

              	 	
                3,019,834.54

              
	
                September
                  2029

              	 	
                2,970,060.73

              
	
                October
                  2029

              	 	
                2,921,051.87

              
	
                November
                  2029

              	 	
                2,872,796.57

              
	
                December
                  2029

              	 	
                2,825,283.60

              
	
                January
                  2030

              	 	
                2,778,501.92

              
	
                February
                  2030

              	 	
                2,732,440.62

              
	
                March
                  2030

              	 	
                2,687,088.96

              
	
                April
                  2030

              	 	
                2,642,436.38

              
	
                May
                  2030

              	 	
                2,598,472.45

              
	
                June
                  2030

              	 	
                2,555,186.88

              
	
                July
                  2030

              	 	
                2,512,569.58

              
	
                August
                  2030

              	 	
                2,470,610.56

              
	
                September
                  2030

              	 	
                2,429,300.00

              
	
                October
                  2030

              	 	
                2,388,628.22

              
	
                November
                  2030

              	 	
                2,348,585.68

              
	
                December
                  2030

              	 	
                2,309,162.98

              
	
                January
                  2031

              	 	
                2,270,350.87

              
	
                February
                  2031

              	 	
                2,232,140.21

              
	
                March
                  2031

              	 	
                2,194,522.02

              
	
                April
                  2031

              	 	
                2,157,487.43

              
	
                May
                  2031

              	 	
                2,121,027.73

              
	
                June
                  2031

              	 	
                2,085,134.31

              
	
                July
                  2031

              	 	
                2,049,798.69

              
	
                August
                  2031

              	 	
                2,015,012.53

              
	
                September
                  2031

              	 	
                1,980,767.60

              
	
                October
                  2031

              	 	
                1,947,055.80

              
	
                November
                  2031

              	 	
                1,913,869.14

              
	
                December
                  2031

              	 	
                1,881,199.74

              
	
                January
                  2032

              	 	
                1,849,039.87

              
	
                February
                  2032

              	 	
                1,817,381.87

              
	
                March
                  2032

              	 	
                1,786,218.22

              
	
                April
                  2032

              	 	
                1,755,541.51

              

      

      
        
          
          

        

        
          II-4

          
            

          

        

        
          
          

        

      

      

      
        	
                Distribution
                  Date:

              	 	
                Aggregate
                  Principal Balance ($):

              
	
                May
                  2032

              	 	
                1,725,344.43

              
	
                June
                  2032

              	 	
                1,695,619.78

              
	
                July
                  2032

              	 	
                1,666,360.46

              
	
                August
                  2032

              	 	
                1,637,559.49

              
	
                September
                  2032

              	 	
                1,609,209.99

              
	
                October
                  2032

              	 	
                1,581,305.16

              
	
                November
                  2032

              	 	
                1,553,838.32

              
	
                December
                  2032

              	 	
                1,526,802.88

              
	
                January
                  2033

              	 	
                1,500,192.37

              
	
                February
                  2033

              	 	
                1,474,000.37

              
	
                March
                  2033

              	 	
                1,448,220.61

              
	
                April
                  2033

              	 	
                1,422,846.85

              
	
                May
                  2033

              	 	
                1,397,873.01

              
	
                June
                  2033

              	 	
                1,373,293.03

              
	
                July
                  2033

              	 	
                1,349,101.01

              
	
                August
                  2033

              	 	
                1,325,291.07

              
	
                September
                  2033

              	 	
                1,301,857.47

              
	
                October
                  2033

              	 	
                1,278,794.52

              
	
                November
                  2033

              	 	
                1,256,096.63

              
	
                December
                  2033

              	 	
                1,233,758.29

              
	
                January
                  2034

              	 	
                1,211,774.07

              
	
                February
                  2034

              	 	
                1,190,138.62

              
	
                March
                  2034

              	 	
                1,168,846.67

              
	
                April
                  2034

              	 	
                1,147,893.04

              
	
                May
                  2034

              	 	
                1,127,272.59

              
	
                June
                  2034

              	 	
                1,106,980.30

              
	
                July
                  2034

              	 	
                1,087,011.19

              
	
                August
                  2034

              	 	
                1,067,360.38

              
	
                September
                  2034

              	 	
                1,048,023.04

              
	
                October
                  2034

              	 	
                1,028,994.43

              
	
                November
                  2034

              	 	
                1,010,269.87

              
	
                December
                  2034

              	 	
                991,844.74

              
	
                January
                  2035

              	 	
                973,714.51

              
	
                February
                  2035

              	 	
                955,874.70

              
	
                March
                  2035

              	 	
                938,320.91

              
	
                April
                  2035

              	 	
                921,048.79

              
	
                May
                  2035

              	 	
                904,054.06

              
	
                June
                  2035

              	 	
                887,332.52

              
	
                July
                  2035

              	 	
                870,880.00

              
	
                August
                  2035

              	 	
                854,692.41

              
	
                September
                  2035

              	 	
                838,765.73

              
	
                October
                  2035

              	 	
                823,095.98

              
	
                November
                  2035

              	 	
                807,679.26

              
	
                December
                  2035

              	 	
                792,511.70

              
	
                January
                  2036

              	 	
                777,589.52

              

      

      
        
          
          

        

        
          II-5

          
            

          

        

        
          
          

        

      

      

      
        	
                Distribution
                  Date:

              	 	
                Aggregate
                  Principal Balance ($):

              
	
                February
                  2036

              	 	
                762,908.97

              
	
                March
                  2036

              	 	
                748,466.36

              
	
                April
                  2036

              	 	
                734,258.07

              
	
                May
                  2036

              	 	
                720,280.52

              
	
                June
                  2036

              	 	
                706,530.19

              
	
                July
                  2036

              	 	
                693,003.60

              
	
                August
                  2036

              	 	
                679,697.33

              
	
                September
                  2036

              	 	
                666,608.03

              
	
                October
                  2036

              	 	
                653,732.36

              
	
                November
                  2036

              	 	
                641,067.06

              
	
                December
                  2036

              	 	
                628,608.91

              
	
                January
                  2037

              	 	
                616,354.73

              
	
                February
                  2037

              	 	
                604,301.41

              
	
                March
                  2037

              	 	
                592,445.85

              
	
                April
                  2037

              	 	
                580,785.03

              
	
                May
                  2037

              	 	
                569,315.96

              
	
                June
                  2037

              	 	
                558,035.69

              
	
                July
                  2037

              	 	
                546,941.32

              

      

      

       

      
        
          
          

        

        
          II-6

          
            

          

        

        
          
          

        

      

      SCHEDULE
        III

       

      CMC
        SUBSERVICING FEE SCHEDULE

      

      

      

      
        	
                Mortgage
                  Loan Type/Status:

              	
                Monthly
                  CMC Servicing Fee:

              
	
                Monthly
                  Per Fixed Rate Loan Fee

              	
                $6.75

              
	 	 
	
                Monthly
                  Per ARM Loan Fee

              	
                $8.25

              
	 	 
	
                Monthly
                  Per 91+ Day Delinquent Fixed Rate Loan Fee

              	
                $36.75*

              
	 	 
	
                Monthly
                  Per Bankruptcy Fixed Rate Loan Fee

              	
                $36.75*

              
	 	 
	
                Monthly
                  Per Foreclosed Fixed Rate Loan Fee

              	
                $36.75*

              
	 	 
	
                Monthly
                  Per 91+ Day Delinquent ARM Loan Fee

              	
                $38.25*

              
	 	 
	
                Monthly
                  Per Bankruptcy ARM Loan Fee

              	
                $38.25*

              
	 	 
	
                Monthly
                  Per Foreclosed ARM Loan Fee

              	
                $38.25*

              

      

      

      __________________

      *
        This
        fee is in lieu of, not in addition to, the $6.75 Monthly Per Fixed Rate Loan
        Fee
        or the $8.25 Monthly Per ARM Loan Fee, as applicable.

      

      
        
          
          

        

        
          III-1EXECUTION
        COPY

       

    

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor,

     

     

    AURORA
      LOAN SERVICES LLC,

    as
      Master
      Servicer,

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    as
      Trustee

     

      
        

      

    

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of July 1, 2007

     

    

     

    LEHMAN
      XS
      TRUST

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

     

    SERIES
      2007-15N

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     TABLE
      OF
      CONTENTS

    
      	
               

            	 	
            	 	
              Page

            
	
              ARTICLE
                I.

            	 	
              DEFINITIONS

            	 	
              38

            
	
              Section
                1.01.

            	 	
              Definitions

            	 	
              
                38

              

            
	
              Section
                1.02.

            	 	
              Calculations
                Respecting Mortgage Loans

            	 	
              111

            
	
              Section
                1.03.

            	 	
              Calculations
                Respecting Accrued Interest

            	 	
              
                111

              

            
	
              Section
                1.04.

            	 	
              Rights
                of the NIMS Insurer

            	 	
              
                111

              

            
	
              ARTICLE
                II.

            	 	
              DECLARATION
                OF TRUST; ISSUANCE OF CERTIFICATES

            	 	
              112

            
	
              Section
                2.01.

            	 	
              Creation
                and Declaration of Trust Fund; Conveyance of Mortgage
                Loans

            	 	
              
                112

              

            
	
              Section
                2.02.

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

            	 	
              116

            
	
              Section
                2.03.

            	 	
              Representations
                and Warranties of the Depositor

            	 	
              118

            
	
              Section
                2.04.

            	 	
              Discovery
                of Breach

            	 	
              120

            
	
              Section
                2.05.

            	 	
              Repurchase,
                Purchase or Substitution of Mortgage Loans

            	 	
              
                120

              

            
	
              Section
                2.06.

            	 	
              Grant
                Clause

            	 	
              122

            
	
              ARTICLE
                III.

            	 	
              THE
                CERTIFICATES

            	 	
              123

            
	
              Section
                3.01.

            	 	
              The
                Certificates

            	 	
              
                123

              

            
	
              Section
                3.02.

            	 	
              Registration

            	 	
              
                124

              

            
	
              Section
                3.03.

            	 	
              Transfer
                and Exchange of Certificates

            	 	
              
                124

              

            
	
              Section
                3.04.

            	 	
              Cancellation
                of Certificates

            	 	
              131

            
	
              Section
                3.05.

            	 	
              Replacement
                of Certificates

            	 	
              
                131

              

            
	
              Section
                3.06.

            	 	
              Persons
                Deemed Owners

            	 	
              
                131

              

            
	
              Section
                3.07.

            	 	
              Temporary
                Certificates

            	 	
              
                131

              

            
	
              Section
                3.08.

            	 	
              Appointment
                of Paying Agent

            	 	
              132

            
	
              Section
                3.09.

            	 	
              Book
                Entry Certificates

            	 	
              133

            
	
              Section
                3.10.

            	 	
              Deposit
                of Underlying REMIC Certificates under the Exchange Trust
                Agreement

            	 	
              134

            
	
              ARTICLE
                IV.

            	 	
              ADMINISTRATION
                OF THE TRUST FUND

            	 	
              
                134

              

            
	
              Section
                4.01.

            	 	
              Collection
                Account

            	 	
              
                134

              

            
	
              Section
                4.02.

            	 	
              Application
                of Funds in the Collection Account

            	 	
              136

            
	
              Section
                4.03.

            	 	
              Reports
                to Certificateholders

            	 	
              139

            
	
              Section
                4.04.

            	 	
              The
                Certificate Account

            	 	
              144

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

      TABLE
        OF CONTENTS

      (continued)

       

    

    
      	 	 	 	 	
              Page

            
	
              ARTICLE
                V.

            	 	
              DISTRIBUTIONS
                TO HOLDERS OF CERTIFICATES

            	 	
              146

            
	
              Section
                5.01.

            	 	
              Distributions
                Generally

            	 	
              
                146

              

            
	
              Section
                5.02.

            	 	
              Distributions
                from the Certificate Account.

            	 	
              
                146

              

            
	
              Section
                5.03.

            	 	
              Allocation
                of Losses

            	 	
              170

            
	
               

            	 	
              (a)
                On each Distribution Date, the aggregate Class Principal Amount of
                the
                Certificates shall be reduced by the amount of any Pool 1-2 Applied
                Loss
                Amount for such date, in the following order of priority:

            	 	
              170

            
	
              Section
                5.04.

            	 	
              Advances
                by Master Servicer, Servicers and Trustee

            	 	
              171

            
	
              Section
                5.05.

            	 	
              Compensating
                Interest Payments

            	 	
              173

            
	
              Section
                5.06.

            	 	
              Pool
                1-2 Basis Risk Reserve Fund and Pool 3-4 Basis Risk Reserve
                Fund

            	 	
              173

            
	
              Section
                5.07.

            	 	
              Supplemental
                Interest Trust

            	 	
              173

            
	
              Section
                5.08.

            	 	
              Rights
                of Swap Counterparty

            	 	
              174

            
	
              Section
                5.09.

            	 	
              Termination
                Receipts

            	 	
              174

            
	
              Section
                5.10.

            	 	
              Collateral
                Account

            	 	
              175

            
	
              Section
                5.11.

            	 	
              Class
                AP-I, Class 3-AP and 4-AP Reserve Funds

            	 	
              176

            
	
              Section
                5.12.

            	 	
              Class
                X-II Account and X-I Component Account

            	 	
              176

            
	
              Section
                5.13.

            	 	
              The
                Certificate Insurance Policy

            	 	
              177

            
	
              ARTICLE
                VI.

            	 	
              CONCERNING
                THE TRUSTEE; EVENTS OF DEFAULT

            	 	
              180

            
	
              Section
                6.01.

            	 	
              Duties
                of Trustee

            	 	
              180

            
	
              Section
                6.02.

            	 	
              Certain
                Matters Affecting the Trustee

            	 	
              183

            
	
              Section
                6.03.

            	 	
              Trustee
                Not Liable for Certificates

            	 	
              184

            
	
              Section
                6.04.

            	 	
              Trustee
                May Own Certificates

            	 	
              185

            
	
              Section
                6.05.

            	 	
              Eligibility
                Requirements for Trustee

            	 	
              185

            
	
              Section
                6.06.

            	 	
              Resignation
                and Removal of Trustee

            	 	
              185

            
	
              Section
                6.07.

            	 	
              Successor
                Trustee

            	 	
              186

            
	
              Section
                6.08.

            	 	
              Merger
                or Consolidation of Trustee

            	 	
              187

            
	
              Section
                6.09.

            	 	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian

            	 	
              187

            
	
              Section
                6.10.

            	 	
              Authenticating
                Agents

            	 	
              189

            
	
              Section
                6.11.

            	 	
              Indemnification
                of Trustee

            	 	
              190

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

    (continued)

     

    
      	 	 	 	 	
              Page

            
	
              Section
                6.12.

            	 	
              Fees
                and Expenses of Trustee and Custodian

            	 	
              191

            
	
              Section
                6.13.

            	 	
              Collection
                of Monies

            	 	
              191

            
	
              Section
                6.14.

            	 	
              Events
                of Default; Trustee To Act; Appointment of Successor

            	 	
              191

            
	
              Section
                6.15.

            	 	
              Additional
                Remedies of Trustee Upon Event of Default

            	 	
              196

            
	
              Section
                6.16.

            	 	
              Waiver
                of Defaults

            	 	
              196

            
	
              Section
                6.17.

            	 	
              Notification
                to Holders

            	 	
              197

            
	
              Section
                6.18.

            	 	
              Directions
                by Certificateholders and Duties of Trustee During Event of
                Default

            	 	
              197

            
	
              Section
                6.19.

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

            	 	
              197

            
	
              Section
                6.20.

            	 	
              Preparation
                of Tax Returns and Other Reports

            	 	
              198

            
	
              Section
                6.21.

            	 	
              Reporting
                Requirements of the Commission

            	 	
              205

            
	
              Section
                6.22.

            	 	
              Indemnification
                by the Trustee

            	 	
              205

            
	
              ARTICLE
                VII.

            	 	
              PURCHASE
                OF MORTGAGE LOANS AND TERMINATION OF THE TRUST FUND

            	 	
              205

            
	
              Section
                7.01.

            	 	
              Purchase
                of Mortgage Loans; Termination of the Trust Fund Upon Purchase or
                Liquidation of Mortgage Loans

            	 	
              205

            
	
              Section
                7.02.

            	 	
              Procedure
                Upon Termination of Trust Fund

            	 	
              208

            
	
              Section
                7.03.

            	 	
              Additional
                Trust Fund Termination Requirements

            	 	
              209

            
	
              Section
                7.04.

            	 	
              Optional
                Purchase Right of NIMS Insurer

            	 	
              210

            
	
              Section
                7.05.

            	 	
              Grantor
                Trust Termination

            	 	
              211

            
	
              ARTICLE
                VIII.

            	 	
              RIGHTS
                OF CERTIFICATEHOLDERS

            	 	
              
                211

              

            
	
              Section
                8.01.

            	 	
              Limitation
                on Rights of Holders

            	 	
              
                211

              

            
	
              Section
                8.02.

            	 	
              Access
                to List of Holders

            	 	
              212

            
	
              Section
                8.03.

            	 	
              Acts
                of Holders of Certificates

            	 	
              
                212

              

            
	
              ARTICLE
                IX.

            	 	
              ADMINISTRATION
                AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER

            	 	
              213

            
	
              Section
                9.01.

            	 	
              Duties
                of the Master Servicer

            	 	
              
                213

              

            
	
              Section
                9.02.

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

            	 	
              
                213

              

            
	
              Section
                9.03.

            	 	
              Master
                Servicer’s Financial Statements and Related Information

            	 	
              214

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

      TABLE
        OF CONTENTS

      (continued)

       

    

    
      	 	 	 	 	
               Page

            
	
              Section
                9.04.

            	 	
              Power
                to Act; Procedures

            	 	
              214

            
	
              Section
                9.05.

            	 	
              Enforcement
                of Servicers’ and Master Servicer’s Obligations

            	 	
              216

            
	
              Section
                9.06.

            	 	
              Collection
                of Taxes, Assessments and Similar Items

            	 	
              217

            
	
              Section
                9.07.

            	 	
              Termination
                of Servicing Agreements; Successor Servicers

            	 	
              218

            
	
              Section
                9.08.

            	 	
              Master
                Servicer Liable for Enforcement

            	 	
              219

            
	
              Section
                9.09.

            	 	
              No
                Contractual Relationship Between the Servicer, Any NIMS Insurer and
                Trustee or Depositor

            	 	
              
                
                  219

                

              

            
	
              Section
                9.10.

            	 	
              Assumption
                of Servicing Agreement by the Trustee

            	 	
              
                
                  219

                

              

            
	
              Section
                9.11.

            	 	
              Due-on-Sale
                Clauses; Assumption Agreements; Easements

            	 	
              220

            
	
              Section
                9.12.

            	 	
              Release
                of Mortgage Files

            	 	
              
                220

              

            
	
              Section
                9.13.

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

            	 	
              221

            
	
              Section
                9.14.

            	 	
              Representations
                and Warranties of the Master Servicer

            	 	
              223

            
	
              Section
                9.15.

            	 	
              Opinion

            	 	
              225

            
	
              Section
                9.16.

            	 	
              Standard
                Hazard and Flood Insurance Policies

            	 	
              
                225

              

            
	
              Section
                9.17.

            	 	
              Presentment
                of Claims and Collection of Proceeds

            	 	
              226

            
	
              Section
                9.18.

            	 	
              Maintenance
                of the Primary Mortgage Insurance Policies

            	 	
              
                226

              

            
	
              Section
                9.19.

            	 	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents

            	 	
              227

            
	
              Section
                9.20.

            	 	
              Realization
                Upon Defaulted Mortgage Loans

            	 	
              
                227

              

            
	
              Section
                9.21.

            	 	
              Compensation
                to the Master Servicer

            	 	
              228

            
	
              Section
                9.22.

            	 	
              REO
                Property

            	 	
              
                228

              

            
	
              Section
                9.23.

            	 	
              Notice
                to the Sponsor, the Depositor and the Trustee

            	 	
              229

            
	
              Section
                9.24.

            	 	
              Reports
                to the Trustee

            	 	
              230

            
	
              Section
                9.25.

            	 	
              Assessment
                of Compliance and Attestation Reports

            	 	
              
                230

              

            
	
              Section
                9.26.

            	 	
              Annual
                Statement of Compliance with Applicable Servicing Criteria

            	 	
              232

            
	
              Section
                9.27.

            	 	
              Merger
                or Consolidation

            	 	
              
                232

              

            
	
              Section
                9.28.

            	 	
              Resignation
                of Master Servicer

            	 	
              233

            
	
              Section
                9.29.

            	 	
              Assignment
                or Delegation of Duties by the Master Servicer

            	 	
              
                233

              

            
	
              Section
                9.30.

            	 	
              Limitation
                on Liability of the Master Servicer and Others

            	 	
              234

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

      TABLE
        OF CONTENTS

      (continued)

       

    

    
      	 	 	 	 	
               Page

            
	
              Section
                9.31.

            	 	
              Indemnification;
                Third Party Claims

            	 	
              235

            
	
              Section
                9.32.

            	 	
              Special
                Servicing of Delinquent Mortgage Loans

            	 	
              
                235

              

            
	
              Section
                9.33.

            	 	
              Allocation
                to Related Mortgage Pool

            	 	
              236

            
	
              ARTICLE
                X.

            	 	
              REMIC
                ADMINISTRATION

            	 	
              
                236

              

            
	
              Section
                10.01.

            	 	
              REMIC
                Administration

            	 	
              
                236

              

            
	
              Section
                10.02.

            	 	
              Prohibited
                Transactions and Activities

            	 	
              271

            
	
              Section
                10.03.

            	 	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status

            	 	
              271

            
	
              Section
                10.04.

            	 	
              REO
                Property

            	 	
              
                271

              

            
	
              ARTICLE
                XI.

            	 	
              MISCELLANEOUS
                PROVISIONS

            	 	
              272

            
	
              Section
                11.01.

            	 	
              Binding
                Nature of Agreement; Assignment

            	 	
              
                272

              

            
	
              Section
                11.02.

            	 	
              Entire
                Agreement

            	 	
              
                272

              

            
	
              Section
                11.03.

            	 	
              Amendment

            	 	
              
                272

              

            
	
              Section
                11.04.

            	 	
              Voting
                Rights

            	 	
              274

            
	
              Section
                11.05.

            	 	
              Provision
                of Information

            	 	
              
                274

              

            
	
              Section
                11.06.

            	 	
              Governing
                Law

            	 	
              275

            
	
              Section
                11.07.

            	 	
              Notices

            	 	
              
                275

              

            
	
              Section
                11.08.

            	 	
              Severability
                of Provisions

            	 	
              276

            
	
              Section
                11.09.

            	 	
              Indulgences;
                No Waivers

            	 	
              276

            
	
              Section
                11.10.

            	 	
              Headings
                Not To Affect Interpretation

            	 	
              
                276

              

            
	
              Section
                11.11.

            	 	
              Benefits
                of Agreement

            	 	
              
                276

              

            
	
              Section
                11.12.

            	 	
              Special
                Notices to the Rating Agencies, the Certificate Insurer, the Swap
                Counterparty and NIMS Insurer

            	 	
              
                276

              

            
	
              Section
                11.13.

            	 	
              Conflicts

            	 	
              277

            
	
              Section
                11.14.

            	 	
              Counterparts

            	 	
              278

            
	
              Section
                11.15.

            	 	
              Transfer
                of Servicing

            	 	
              278

            
	
              Section
                11.16.

            	 	
              Third
                Party Rights

            	 	
              279

            
	
              Section
                11.17.

            	 	
              Matters
                Relating to the Certificate Insurance Policy

            	 	
              280

            

    

     

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    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

            	
              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

            	
              [Reserved]

            

    

    
      	
              Exhibit
                K

            	
              Custodial
                Agreements

            

    

    
      	
              Exhibit
                L

            	
              Form
                of Exchange Trust Agreement (including Available Combination
                Schedule)

            

    

    
      	
              Exhibit
                M

            	
              Form
                of Ambac Certificate Insurance
                Policy

            

    

    
      	
              Exhibit
                N

            	
              Form
                of Swap Agreement

            

    

    
      	
              Exhibit
                O

            	
              Form
                of Interest Rate Cap Agreement

            

    

    
      	
              Exhibit
                P

            	
              Forms
                of Deferred Interest Cap Agreements

            

    

    
      	
              Exhibit
                Q-1

            	
              Additional
                Form 10-D Disclosure

            

    

    
      	
              Exhibit
                Q-2

            	
              Additional
                Form 10-K Disclosure

            

    

    
      	
              Exhibit
                Q-3

            	
              Additional
                Form 8-K Disclosure

            

    

    
      	
              Exhibit
                Q-4

            	
              Additional
                Disclosure Notification

            

    

    
      	
              Exhibit
                R

            	
              Servicing
                Criteria to be Addressed in Report on Assessment of
                Compliance

            

    

    
      	
              Exhibit
                S

            	
              Transaction
                Parties

            

    

    
      	
              Exhibit
                T

            	
              Form
                of Back-Up Sarbanes-Oxley
                Certification

            

    

    
      	
              Exhibit
                U

            	
              Form
                of Back-Up Sarbanes-Oxley Certification to be Provided by the
                Trustee

            

    

    
      	
              Schedule
                A

            	
              Mortgage
                Loan Schedule

            

    

    
      	
              Schedule
                B

            	
              Swap
                Agreement Scheduled Notional Amount and Rates of
                Payment

            

    

    
      	
              Schedule
                C

            	
              Early
                Payment Default Mortgage Loans

            

    

    
      	
              Schedule
                D

            	
              First
                Payment Default Mortgage Loan

            

    

    
      
        
        

      

      
        vi

        
          

        

      

      
        
        

      

    

    This
      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 U.S. BANK NATIONAL ASSOCIATION, a national banking association,
      as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor has acquired the Mortgage Loans from Lehman Brothers Holdings Inc.
      (the “Seller”), and at the Closing Date is the owner of the Mortgage Loans and
      the other property being conveyed by it to the Trustee hereunder for inclusion
      in the Trust Fund. On the Closing Date, the Depositor will acquire the
      Certificates (other than any Underlying Interests) from the Trust Fund as
      consideration for its transfer to the Trust Fund of the Mortgage Loans and
      the
      other property constituting the Trust Fund. The Depositor has duly authorized
      the execution and delivery of this Agreement to provide for the conveyance
      to
      the Trustee of the Mortgage Loans and the other property constituting the Trust
      Fund. All covenants and agreements made by the Seller in the Mortgage Loan
      Sale
      Agreement and by the Depositor, the Master Servicer and the Trustee herein
      with
      respect to the Mortgage Loans and the other property constituting the Trust
      Fund
      are for the benefit of the Holders from time to time of the Certificates and,
      to
      the extent provided herein, any NIMS Insurer 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 (other than (i)
      the
      Pool 1-2 Basis Risk Reserve Fund and the Pool 3-4 Basis Risk Reserve Fund,
      (ii)
      the rights to receive Prepayment Premiums distributable to the Class P
      Certificates and the Class P Reserve Funds, (iii) the X-I Component Account
      and
      Class X-II Account, (iv) the assets of the Grantor Trusts established pursuant
      to Section 5.02(m), (v) the Interest Rate Cap Agreement and the Interest Rate
      Cap Account, (vi) the Swap Agreement and the Supplemental Interest Trust, (vii)
      the right to receive FPD Premiums and EPD Premiums and (viii) the Lower Tier
      Interests) be treated for federal income tax purposes as comprising fifteen
      real
      estate mortgage investment conduits (each a “REMIC” or, in the alternative, the
“SWAP REMIC,” “REMIC I-1,” “REMIC I-2,” “REMIC II-AX,” “REMIC II-1,” “REMIC
      II-2,” “REMIC II-3,” “REMIC II-4,” “REMIC II-5,” “REMIC II-6,” “REMIC II-7,”
“REMIC II-8,” “REMIC II-9,” “REMIC II-10”and “REMIC II-11”). Each Group I
      Certificate and each Class X-I Certificate represents ownership of one or more
      regular interests in REMIC I-2 for purposes of the REMIC Provisions. In
      addition, (i) each Group I Certificate (other than the Class M8-I and Class
      M9-I
      Certificates) represents the right to receive payments with respect to Excess
      Interest and (ii) each Group I Certificate represents the obligation to make
      payments in respect of Class I-I Shortfalls. In
      addition, the Class X-I Certificates represent the right to receive FPD Premiums
      and EPD Premiums with respect to Pool 1, Pool 1C and Pool 2. Each
      Group II Certificate (other than any Exchange Class or Exchangeable Class)
      and
      each Class X-II Certificate represents ownership of one or more regular
      interests in REMIC II-11 for purposes of the REMIC Provisions. In addition,
      (i)
      each Group II Certificate (other than any Exchange Class or Exchangeable Class)
      represents the right to receive payments with respect to Excess Interest and
      the
      obligation to make payments in respect of Class I-II Shortfalls.
      The
      Class R Certificate represents ownership of the sole Class of residual interest
      in each REMIC for purposes of the REMIC Provisions. Each Grantor Trust
      Certificate (other than any Exchange Class) represents a beneficial interest
      in
      a Grantor Trust holding the related Underlying Interest and certain other assets
      for the benefit of the Grantor Trust Certificates. Each Exchange Class or
      Exchangeable Class represents a beneficial interest in a grantor trust created
      under the Exchange Trust Agreement holding the related Underlying REMIC
      Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Mortgage
      Group I REMICs

     

    REMIC
      I-2
      shall hold as its assets the several Classes of uncertificated REMIC I-1 Regular
      Interests and each such REMIC I-1 Regular Interest is hereby designated as
      a
      regular interest in REMIC I-1. REMIC I-1 shall hold as its assets the several
      Classes of uncertificated SWAP REMIC Regular Interests and each such SWAP REMIC
      Regular Interest is hereby designated as a regular interest in the SWAP REMIC.
      The SWAP REMIC shall hold as its assets the property of the Trust Fund related
      to Mortgage Group I other than (i) the Swap Agreement, (ii) the Supplemental
      Interest Trust, (iii) the Interest Rate Cap Agreement and the Interest Rate
      Cap
      Account, (iv) the Pool 1-2 Basis Risk Reserve Fund, (v) the rights to receive
      Prepayment Premiums distributable to the Class P Certificates and the Class
      P
      Reserve Funds, (vi) the X-I Component Account, (vii) the assets of the Grantor
      Trusts established pursuant to Section 5.02(m), (viii) the Lower Tier Interests
      and (ix) the right to receive FPD Premiums and EPD Premiums.

     

    The
      SWAP REMIC

     

    The
      following table sets forth (or describes) the Class designations, interest
      rate
      and initial principal amount for each Class of SWAP REMIC
      Interests:

    

      
        	
                 

                Class
                  Designation

              	 	
                 

                Initial
                  Principal Balance

              	 	
                 

                Interest
                  Rate

              	 
	
                SW-Z

              	 	
                $

              	
                117,564,725.380

              	 	 	
                (1

              	
                )

              
	
                SW2A

              	 	
                $

              	
                16,770,628.500

              	 	 	
                (2

              	
                )

              
	
                SW2B

              	 	
                $

              	
                16,770,628.500

              	 	 	
                (3

              	
                )

              
	
                SW3A

              	 	
                $

              	
                16,217,705.000

              	 	 	
                (2

              	
                )

              
	
                SW3B

              	 	
                $

              	
                16,217,705.000

              	 	 	
                (3

              	
                )

              
	
                SW4A

              	 	
                $

              	
                15,683,152.000

              	 	 	
                (2

              	
                )

              
	
                SW4B

              	 	
                $

              	
                15,683,152.000

              	 	 	
                (3

              	
                )

              
	
                SW5A

              	 	
                $

              	
                15,166,354.000

              	 	 	
                (2

              	
                )

              
	
                SW5B

              	 	
                $

              	
                15,166,354.000

              	 	 	
                (3

              	
                )

              
	
                SW6A

              	 	
                $

              	
                14,666,718.000

              	 	 	
                (2

              	
                )

              
	
                SW6B

              	 	
                $

              	
                14,666,718.000

              	 	 	
                (3

              	
                )

              
	
                SW7A

              	 	
                $

              	
                14,183,670.000

              	 	 	
                (2

              	
                )

              
	
                SW7B

              	 	
                $

              	
                14,183,670.000

              	 	 	
                (3

              	
                )

              
	
                SW8A

              	 	
                $

              	
                13,716,654.500

              	 	 	
                (2

              	
                )

              
	
                SW8B

              	 	
                $

              	
                13,716,654.500

              	 	 	
                (3

              	
                )

              

      

       

      
        
          
          

        

        
          -1-

          
            

          

        

        
          
          

        

      

       

      
        	 

                Class
                  Designation

              	 	 	
                Initial
                  Principal Balance 

              	 	 	
                Interest
                  Rate 

              	 
	
                SW9A

              	 	
                $

              	
                13,265,136.000

              	 	 	
                (2

              	
                )

              
	
                SW9B

              	 	
                $

              	
                13,265,136.000

              	 	 	
                (3

              	
                )

              
	
                SW10A

              	 	
                $

              	
                12,828,596.500

              	 	 	
                (2

              	
                )

              
	
                SW10B

              	 	
                $

              	
                12,828,596.500

              	 	 	
                (3

              	
                )

              
	
                SW11A

              	 	
                $

              	
                12,406,535.000

              	 	 	
                (2

              	
                )

              
	
                SW11B

              	 	
                $

              	
                12,406,535.000

              	 	 	
                (3

              	
                )

              
	
                SW12A

              	 	
                $

              	
                11,998,468.500

              	 	 	
                (2

              	
                )

              
	
                SW12B

              	 	
                $

              	
                11,998,468.500

              	 	 	
                (3

              	
                )

              
	
                SW13A

              	 	
                $

              	
                13,892,803.000

              	 	 	
                (2

              	
                )

              
	
                SW13B

              	 	
                $

              	
                13,892,803.000

              	 	 	
                (3

              	
                )

              
	
                SW14A

              	 	
                $

              	
                13,347,404.000

              	 	 	
                (2

              	
                )

              
	
                SW14B

              	 	
                $

              	
                13,347,404.000

              	 	 	
                (3

              	
                )

              
	
                SW15A

              	 	
                $

              	
                12,823,533.500

              	 	 	
                (2

              	
                )

              
	
                SW15B

              	 	
                $

              	
                12,823,533.500

              	 	 	
                (3

              	
                )

              
	
                SW16A

              	 	
                $

              	
                12,320,337.500

              	 	 	
                (2

              	
                )

              
	
                SW16B

              	 	
                $

              	
                12,320,337.500

              	 	 	
                (3

              	
                )

              
	
                SW17A

              	 	
                $

              	
                11,836,995.000

              	 	 	
                (2

              	
                )

              
	
                SW17B

              	 	
                $

              	
                11,836,995.000

              	 	 	
                (3

              	
                )

              
	
                SW18A

              	 	
                $

              	
                11,372,720.000

              	 	 	
                (2

              	
                )

              
	
                SW18B

              	 	
                $

              	
                11,372,720.000

              	 	 	
                (3

              	
                )

              
	
                SW19A

              	 	
                $

              	
                10,926,755.000

              	 	 	
                (2

              	
                )

              
	
                SW19B

              	 	
                $

              	
                10,926,755.000

              	 	 	
                (3

              	
                )

              
	
                SW20A

              	 	
                $

              	
                10,498,375.000

              	 	 	
                (2

              	
                )

              
	
                SW20B

              	 	
                $

              	
                10,498,375.000

              	 	 	
                (3

              	
                )

              
	
                SW21A

              	 	
                $

              	
                10,086,881.500

              	 	 	
                (2

              	
                )

              
	
                SW21B

              	 	
                $

              	
                10,086,881.500

              	 	 	
                (3

              	
                )

              
	
                SW22A

              	 	
                $

              	
                9,691,607.500

              	 	 	
                (2

              	
                )

              
	
                SW22B

              	 	
                $

              	
                9,691,607.500

              	 	 	
                (3

              	
                )

              
	
                SW23A

              	 	
                $

              	
                9,311,908.500

              	 	 	
                (2

              	
                )

              
	
                SW23B

              	 	
                $

              	
                9,311,908.500

              	 	 	
                (3

              	
                )

              
	
                SW24A

              	 	
                $

              	
                8,947,168.000

              	 	 	
                (2

              	
                )

              
	
                SW24B

              	 	
                $

              	
                8,947,168.000

              	 	 	
                (3

              	
                )

              
	
                SW25A

              	 	
                $

              	
                10,130,488.000

              	 	 	
                (2

              	
                )

              
	
                SW25B

              	 	
                $

              	
                10,130,488.000

              	 	 	
                (3

              	
                )

              
	
                SW26A

              	 	
                $

              	
                9,664,696.500

              	 	 	
                (2

              	
                )

              
	
                SW26B

              	 	
                $

              	
                9,664,696.500

              	 	 	
                (3

              	
                )

              
	
                SW27A

              	 	
                $

              	
                9,220,614.500

              	 	 	
                (2

              	
                )

              
	
                SW27B

              	 	
                $

              	
                9,220,614.500

              	 	 	
                (3

              	
                )

              
	
                SW28A

              	 	
                $

              	
                8,797,595.500

              	 	 	
                (2

              	
                )

              
	
                SW28B

              	 	
                $

              	
                8,797,595.500

              	 	 	
                (3

              	
                )

              
	
                SW29A

              	 	
                $

              	
                8,392,651.500

              	 	 	
                (2

              	
                )

              
	
                SW29B

              	 	
                $

              	
                8,392,651.500

              	 	 	
                (3

              	
                )

              

      

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  Designation

              	 	 	
                Initial
                  Principal Balance 

              	 	 	
                Interest
                  Rate 

              	 
	
                SW30A

              	 	
                $

              	
                8,006,239.500

              	 	 	
                (2

              	
                )

              
	
                SW30B

              	 	
                $

              	
                8,006,239.500

              	 	 	
                (3

              	
                )

              
	
                SW31A

              	 	
                $

              	
                7,638,859.000

              	 	 	
                (2

              	
                )

              
	
                SW31B

              	 	
                $

              	
                7,638,859.000

              	 	 	
                (3

              	
                )

              
	
                SW32A

              	 	
                $

              	
                7,289,543.000

              	 	 	
                (2

              	
                )

              
	
                SW32B

              	 	
                $

              	
                7,289,543.000

              	 	 	
                (3

              	
                )

              
	
                SW33A

              	 	
                $

              	
                7,029,811.500

              	 	 	
                (2

              	
                )

              
	
                SW33B

              	 	
                $

              	
                7,029,811.500

              	 	 	
                (3

              	
                )

              
	
                SW34A

              	 	
                $

              	
                6,635,342.500

              	 	 	
                (2

              	
                )

              
	
                SW34B

              	 	
                $

              	
                6,635,342.500

              	 	 	
                (3

              	
                )

              
	
                SW35A

              	 	
                $

              	
                6,745,517.500

              	 	 	
                (2

              	
                )

              
	
                SW35B

              	 	
                $

              	
                6,745,517.500

              	 	 	
                (3

              	
                )

              
	
                SW36A

              	 	
                $

              	
                28,358,801.500

              	 	 	
                (2

              	
                )

              
	
                SW36B

              	 	
                $

              	
                28,358,801.500

              	 	 	
                (3

              	
                )

              
	
                SW37A

              	 	
                $

              	
                4,709,813.000

              	 	 	
                (2

              	
                )

              
	
                SW37B

              	 	
                $

              	
                4,709,813.000

              	 	 	
                (3

              	
                )

              
	
                SW38A

              	 	
                $

              	
                4,495,946.000

              	 	 	
                (2

              	
                )

              
	
                SW38B

              	 	
                $

              	
                4,495,946.000

              	 	 	
                (3

              	
                )

              
	
                SW39A

              	 	
                $

              	
                4,291,756.000

              	 	 	
                (2

              	
                )

              
	
                SW39B

              	 	
                $

              	
                4,291,756.000

              	 	 	
                (3

              	
                )

              
	
                SW40A

              	 	
                $

              	
                4,098,576.000

              	 	 	
                (2

              	
                )

              
	
                SW40B

              	 	
                $

              	
                4,098,576.000

              	 	 	
                (3

              	
                )

              
	
                SW41A

              	 	
                $

              	
                3,911,556.000

              	 	 	
                (2

              	
                )

              
	
                SW41B

              	 	
                $

              	
                3,911,556.000

              	 	 	
                (3

              	
                )

              
	
                SW42A

              	 	
                $

              	
                3,731,889.500

              	 	 	
                (2

              	
                )

              
	
                SW42B

              	 	
                $

              	
                3,731,889.500

              	 	 	
                (3

              	
                )

              
	
                SW43A

              	 	
                $

              	
                3,561,069.500

              	 	 	
                (2

              	
                )

              
	
                SW43B

              	 	
                $

              	
                3,561,069.500

              	 	 	
                (3

              	
                )

              
	
                SW44A

              	 	
                $

              	
                3,398,404.500

              	 	 	
                (2

              	
                )

              
	
                SW44B

              	 	
                $

              	
                3,398,404.500

              	 	 	
                (3

              	
                )

              
	
                SW45A

              	 	
                $

              	
                3,242,630.000

              	 	 	
                (2

              	
                )

              
	
                SW45B

              	 	
                $

              	
                3,242,630.000

              	 	 	
                (3

              	
                )

              
	
                SW46A

              	 	
                $

              	
                3,093,964.000

              	 	 	
                (2

              	
                )

              
	
                SW46B

              	 	
                $

              	
                3,093,964.000

              	 	 	
                (3

              	
                )

              
	
                SW47A

              	 	
                $

              	
                2,952,619.500

              	 	 	
                (2

              	
                )

              
	
                SW47B

              	 	
                $

              	
                2,952,619.500

              	 	 	
                (3

              	
                )

              
	
                SW48A

              	 	
                $

              	
                2,817,624.000

              	 	 	
                (2

              	
                )

              
	
                SW48B

              	 	
                $

              	
                2,817,624.000

              	 	 	
                (3

              	
                )

              
	
                SW49A

              	 	
                $

              	
                2,699,788.000

              	 	 	
                (2

              	
                )

              
	
                SW49B

              	 	
                $

              	
                2,699,788.000

              	 	 	
                (3

              	
                )

              
	
                SW50A

              	 	
                $

              	
                2,594,057.500

              	 	 	
                (2

              	
                )

              
	
                SW50B

              	 	
                $

              	
                2,594,057.500

              	 	 	
                (3

              	
                )

              

      

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  Designation

              	 	 	
                Initial
                  Principal Balance 

              	 	 	
                Interest
                  Rate 

              	 
	
                SW51A

              	 	
                $

              	
                2,564,670.500

              	 	 	
                (2

              	
                )

              
	
                SW51B

              	 	
                $

              	
                2,564,670.500

              	 	 	
                (3

              	
                )

              
	
                SW52A

              	 	
                $

              	
                2,460,814.500

              	 	 	
                (2

              	
                )

              
	
                SW52B

              	 	
                $

              	
                2,460,814.500

              	 	 	
                (3

              	
                )

              
	
                SW53A

              	 	
                $

              	
                35,349,117.500

              	 	 	
                (2

              	
                )

              
	
                SW53B

              	 	
                $

              	
                35,349,117.500

              	 	 	
                (3

              	
                )

              
	
                SW54A

              	 	
                $

              	
                608,142.000

              	 	 	
                (2

              	
                )

              
	
                SW54B

              	 	
                $

              	
                608,142.000

              	 	 	
                (3

              	
                )

              
	
                SW55A

              	 	
                $

              	
                623,688.500

              	 	 	
                (2

              	
                )

              
	
                SW55B

              	 	
                $

              	
                623,688.500

              	 	 	
                (3

              	
                )

              
	
                SW56A

              	 	
                $

              	
                643,890.500

              	 	 	
                (2

              	
                )

              
	
                SW56B

              	 	
                $

              	
                643,890.500

              	 	 	
                (3

              	
                )

              
	
                SW57A

              	 	
                $

              	
                725,281.500

              	 	 	
                (2

              	
                )

              
	
                SW57B

              	 	
                $

              	
                725,281.500

              	 	 	
                (3

              	
                )

              
	
                SW58A

              	 	
                $

              	
                805,927.500

              	 	 	
                (2

              	
                )

              
	
                SW58B

              	 	
                $

              	
                805,927.500

              	 	 	
                (3

              	
                )

              
	
                SW59A

              	 	
                $

              	
                8,204,289.000

              	 	 	
                (2

              	
                )

              
	
                SW59B

              	 	
                $

              	
                8,204,289.000

              	 	 	
                (3

              	
                )

              
	
                SW60A

              	 	
                $

              	
                1,345,351.000

              	 	 	
                (2

              	
                )

              
	
                SW60B

              	 	
                $

              	
                1,345,351.000

              	 	 	
                (3

              	
                )

              
	
                SW-R

              	 	 	
                (4

              	
                )

              	 	
                (4

              	
                )

              

      

    

     

    
      	(1)	
              The
                interest rate on the Class SW-Z Interest shall be a per annum rate
                equal
                to the Pool 1-2 Net WAC.

            

    

     

    
      	(2)	
              For
                any Distribution Date, the interest rate on each SWAP REMIC Regular
                Interest ending with the designation “A” shall be a per annum rate equal
                to 2 times the Pool 1-2 Net WAC, subject to a maximum rate of 2 times
                the
                REMIC Swap Rate for such Distribution
                Date.

            

    

     

    
      	(3)	
              For
                any Distribution Date, the interest rate on each SWAP REMIC Regular
                Interest ending with the designation “B” shall be a per annum rate equal
                to the greater of (x) the excess, if any, of (i) 2 times the Pool
                1-2 Net
                WAC over (ii) 2 times the REMIC Swap Rate for such Distribution Date
                and
                (y) 0.00%.

            

    

     

    
      	(4)	
              The
                Class SW-R Interest shall have no principal amount and shall bear no
                interest. It shall be represented by the Class R
                Certificate.

            

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    REMIC
      I-1

     

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

     

    
      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                 

                Initial
                  Class Principal Amount

              	 	
                 

                Corresponding
                  Class of Certificates

              
	
                LTI1-1A1

              	 	
                (1)

              	 	
                (2)

              	 	
                1-A1

              
	
                LTI1-1A2

              	 	
                (1)

              	 	
                (2)

              	 	
                1-A2

              
	
                LTI1-1A3

              	 	
                (1)

              	 	
                (2)

              	 	
                1-A3

              
	
                LTI1-1CA1

              	 	
                (1)

              	 	
                (2)

              	 	
                1C-A1

              
	
                LTI1-1CA2

              	 	
                (1)

              	 	
                (2)

              	 	
                1C-A2

              
	
                LTI1-1CA3

              	 	
                (1)

              	 	
                (2)

              	 	
                1C-A3

              
	
                LTI1-2A1

              	 	
                (1)

              	 	
                (2)

              	 	
                2-A1

              
	
                LTI1-2A2

              	 	
                (1)

              	 	
                (2)

              	 	
                2-A2

              
	
                LTI1-2A3

              	 	
                (1)

              	 	
                (2)

              	 	
                2-A3

              
	
                LTI1-M1I

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-I

              
	
                LTI1-M2I

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-I

              
	
                LTI1-M3I

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-I

              
	
                LTI1-M4I

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-I

              
	
                LTI1-M5I

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-I

              
	
                LTI1-M6I

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-I

              
	
                LTI1-M7I

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-I

              
	
                LTI1-M8I

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-I

              
	
                LTI1-M9I

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-I

              
	
                LTI1-X

              	 	
                (1)

              	 	
                (3)

              	 	
                N/A

              
	
                LTI1-IO

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              
	
                LTI1-R

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              

      

       

      
        

      

    

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC I-1 Interests is a per annum
                rate
                equal to the weighted average of the interest rates on the SWAP REMIC
                Regular Interests for such Distribution Date, provided however, that
                for
                any Distribution Date on which the Class LTI1-IO Interest is entitled
                to a
                portion of interest accruals on a SWAP REMIC Regular Interest ending
                with
                a designation “A” as described in footnote 4 below, such weighted average
                shall be computed by first subjecting the rate on such SWAP REMIC
                Regular
                Interest to a cap equal to Swap LIBOR for such Distribution
                Date.

            

    

     

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

            

    

     

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

            

    

     

    
      	(4)	
              The
                Class LTI1-IO Interest is an interest-only class that does not have
                a
                principal balance. For only those Distribution Dates listed in the
                first
                column of the table below, the Class LTI1-IO shall be entitled to
                interest
                accrued on the SWAP REMIC Regular Interest listed in the second column
                below at a per annum rate equal to the excess, if any, of (i) the
                interest
                rate for such SWAP REMIC Regular Interest for such Distribution Date
                over
                (ii) Swap LIBOR for such Distribution
                Date.

            

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    
      
        	
                Distribution
                  Date

              	 	
                SWAP
                  REMIC Regular Interest

              
	
                2

              	 	
                Class
                  SW2A

              
	
                2-3

              	 	
                Class
                  SW3A

              
	
                2-4

              	 	
                Class
                  SW4A

              
	
                2-5

              	 	
                Class
                  SW5A

              
	
                2-6

              	 	
                Class
                  SW6A

              
	
                2-7

              	 	
                Class
                  SW7A

              
	
                2-8

              	 	
                Class
                  SW8A

              
	
                2-9

              	 	
                Class
                  SW9A

              
	
                2-10

              	 	
                Class
                  SW10A

              
	
                2-11

              	 	
                Class
                  SW11A

              
	
                2-12

              	 	
                Class
                  SW12A

              
	
                2-13

              	 	
                Class
                  SW13A

              
	
                2-14

              	 	
                Class
                  SW14A

              
	
                2-15

              	 	
                Class
                  SW15A

              
	
                2-16

              	 	
                Class
                  SW16A

              
	
                2-17

              	 	
                Class
                  SW17A

              
	
                2-18

              	 	
                Class
                  SW18A

              
	
                2-19

              	 	
                Class
                  SW19A

              
	
                2-20

              	 	
                Class
                  SW20A

              
	
                2-21

              	 	
                Class
                  SW21A

              
	
                2-22

              	 	
                Class
                  SW22A

              
	
                2-23

              	 	
                Class
                  SW23A

              
	
                2-24

              	 	
                Class
                  SW24A

              
	
                2-25

              	 	
                Class
                  SW25A

              
	
                2-26

              	 	
                Class
                  SW26A

              
	
                2-27

              	 	
                Class
                  SW27A

              
	
                2-28

              	 	
                Class
                  SW28A

              
	
                2-29

              	 	
                Class
                  SW29A

              
	
                2-30

              	 	
                Class
                  SW30A

              
	
                2-31

              	 	
                Class
                  SW31A

              
	
                2-32

              	 	
                Class
                  SW32A

              
	
                2-33

              	 	
                Class
                  SW33A

              
	
                2-34

              	 	
                Class
                  SW34A

              
	
                2-35

              	 	
                Class
                  SW35A

              
	
                2-36

              	 	
                Class
                  SW36A

              
	
                2-37

              	 	
                Class
                  SW37A

              
	
                2-38

              	 	
                Class
                  SW38A

              
	
                2-39

              	 	
                Class
                  SW39A

              
	
                2-40

              	 	
                Class
                  SW40A

              
	
                2-41

              	 	
                Class
                  SW41A

              
	
                2-42

              	 	
                Class
                  SW42A

              
	
                2-43

              	 	
                Class
                  SW43A

              
	
                2-44

              	 	
                Class
                  SW44A

              
	
                2-45

              	 	
                Class
                  SW45A

              
	
                2-46

              	 	
                Class
                  SW46A

              

      

       

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

       

      
        	
                2-47

              	 	
                Class
                  SW47A

              
	
                2-48

              	 	
                Class
                  SW48A

              
	
                2-49

              	 	
                Class
                  SW49A

              
	
                2-50

              	 	
                Class
                  SW50A

              
	
                2-51

              	 	
                Class
                  SW51A

              
	
                2-52

              	 	
                Class
                  SW52A

              
	
                2-53

              	 	
                Class
                  SW53A

              
	
                2-54

              	 	
                Class
                  SW54A

              
	
                2-55

              	 	
                Class
                  SW55A

              
	
                2-56

              	 	
                Class
                  SW56A

              
	
                2-57

              	 	
                Class
                  SW57A

              
	
                2-58

              	 	
                Class
                  SW58A

              
	
                2-59

              	 	
                Class
                  SW59A

              
	
                2-60

              	 	
                Class
                  SW60A

              

      

    

     

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

     

    REMIC
      I-2

     

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

     

    
      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              
	
                LTI2-1A1

              	 	
                (1)

              	 	
                (2)

              	 	
                1-A1

              
	
                LTI2-1A2

              	 	
                (1)

              	 	
                (2)

              	 	
                1-A2

              
	
                LTI2-1A3

              	 	
                (1)

              	 	
                (2)

              	 	
                1-A3

              
	
                LTI2-1CA1

              	 	
                (1)

              	 	
                (2)

              	 	
                1C-A1

              
	
                LTI2-1CA2

              	 	
                (1)

              	 	
                (2)

              	 	
                1C-A2

              
	
                LTI2-1CA3

              	 	
                (1)

              	 	
                (2)

              	 	
                1C-A3

              
	
                LTI2-2A1

              	 	
                (1)

              	 	
                (2)

              	 	
                2-A1

              
	
                LTI2-2A2

              	 	
                (1)

              	 	
                (2)

              	 	
                2-A2

              
	
                LTI2-2A3

              	 	
                (1)

              	 	
                (2)

              	 	
                2-A3

              
	
                LTI2-M1I

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-I

              
	
                LTI2-M2I

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-I

              
	
                LTI2-M3I

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-I

              
	
                LTI2-M4I

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-I

              
	
                LTI2-M5I

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-I

              
	
                LTI2-M6I

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-I

              
	
                LTI2-M7I

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-I

              
	
                LTI2-M8I

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-I

              
	
                LTI2-M9I

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-I

              
	
                Uncertificated
                  Class X-I Interest 

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              
	
                LTI2-IO

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              
	
                Residual
                  I Interest

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              

      

    

     

    
      

    

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC I-2 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that in lieu of the applicable Net Funds Cap set forth in
                the
                applicable Certificate Interest Rate, the Pool 1-2 Net Rate (as adjusted,
                in the case of any such REMIC I-2 Interest the Class of Related
                Certificates of which accrues interest on the basis of a 360-day
                year
                consisting of twelve 30-day months, to reflect accruals on such basis)
                shall be used.

            

    

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    
      	(2)	
              The
                initial principal balance for each of these REMIC I-2 Interests shall
                equal the initial principal balance of the Related
                Certificates.

            

    

     

    
      	(3)	
              The
                Uncertificated Class X-I Interest shall have an initial principal
                balance
                equal to the excess of the Cut-off Date Balance of Mortgage Group
                I over
                the aggregate initial Certificate Principal Amounts of the Group
                I
                Certificates. The Uncertificated Class X-I Interest shall accrue
                interest
                on a notional balance equal to the X-I Component Notional Balance
                at a
                rate equal to the X-I Component Interest Rate. The Uncertificated
                Class
                X-I Interest shall be represented by the Class X-I
                Certificates.

            

    

     

    
      	(4)	
              The
                Class LTI2-IO Interest shall have no principal amount and will not
                have an
                interest rate, but will be entitled to 100% of the interest accrued
                with
                respect to the Class LTI1-IO Interest. The Class LTI2-IO Interest
                shall be
                represented by the Class X-I
                Certificates.

            

    

     

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

            

    

     

    All
      calculations of interest on each regular interest in the SWAP REMIC, REMIC
      I-1
      and REMIC I-2 will be made on an “actual/360” basis.

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    Mortgage
      Group II REMICs

     

    REMIC
      II-11 shall hold as its assets the several Classes of uncertificated REMIC
      II-10
      Regular Interests and each such REMIC II-10 Regular Interest is hereby
      designated as a regular interest in REMIC II-10. REMIC II-10 shall hold as
      its
      assets the several Classes of uncertificated REMIC II-9 Regular Interests and
      each such REMIC II-9 Regular Interest is hereby designated as a regular interest
      in REMIC II-9. REMIC II-9 shall hold as its assets the several Classes of
      uncertificated REMIC II-8 Regular Interests and each such REMIC II-8 Regular
      Interest is hereby designated as a regular interest in REMIC II-8. REMIC II-8
      shall hold as its assets the several Classes of uncertificated REMIC II-7
      Regular Interests and each such REMIC II-7 Regular Interest is hereby designated
      as a regular interest in REMIC II-7. REMIC II-7 shall hold as its assets the
      several Classes of uncertificated REMIC II-6 Regular Interests and each such
      REMIC II-6 Regular Interest is hereby designated as a regular interest in REMIC
      II-6. REMIC II-6 shall hold as its assets the several Classes of uncertificated
      REMIC II-5 Regular Interests and each such REMIC II-5 Regular Interest is hereby
      designated as a regular interest in REMIC II-5. REMIC II-5 shall hold as its
      assets the several Classes of uncertificated REMIC II-4 Regular Interests and
      each such REMIC II-4 Regular Interest is hereby designated as a regular interest
      in REMIC II-4. REMIC II-4 shall hold as its assets the several Classes of
      uncertificated REMIC II-3 Regular Interests and each such REMIC II-3 Regular
      Interest is hereby designated as a regular interest in REMIC II-3. REMIC II-3
      shall hold as its assets the several Classes of uncertificated REMIC II-2
      Regular Interests and each such REMIC II-2 Regular Interest is hereby designated
      as a regular interest in REMIC II-2. REMIC II-2 shall hold as its assets the
      several Classes of uncertificated REMIC II-1 Regular Interests and each such
      REMIC II-1 Regular Interest is hereby designated as a regular interest in REMIC
      II-1. REMIC II-1 shall hold as its assets the several Classes of uncertificated
      REMIC II-AX Regular Interests and each such REMIC II-AX Regular Interest is
      hereby designated as a regular interest in REMIC II-AX. REMIC II-AX shall hold
      as its assets the property of the Trust Fund related to Mortgage Group II other
      than (i) the Pool 3-4 Basis Risk Reserve Fund, (v) the rights to receive
      Prepayment Premiums distributable to the Class P Certificates and the Class
      P
      Reserve Funds, (vi) the X-I Component Account, (vii) the assets of the Grantor
      Trusts established pursuant to Section 5.02(m), (viii) the Lower Tier Interests
      and (ix) the right to receive FPD Premiums and EPD Premiums.

     

    REMIC
      II-AX

     

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

     

    
      	
              Class

            	 	 	 	
              Initial
                Class

            	 	
              Related

            
	
              Designation

            	 	
              Interest
                Rate

            	 	
              Principal
                Amount

            	 	
              Mortgage
                Pool

            
	 	 	 	 	 	 	 
	
              LTIIAX-40%3AX

            	 	
              (1)

            	 	
              (3)

            	 	
              Pool
                3

            
	
              LTIIAX-10%3AX

            	 	
              (1)

            	 	
              (4)

            	 	
              Pool
                3

            
	
              LTIIAX-3Z

            	 	
              (1)

            	 	
              (5)

            	 	
              Pool
                3

            
	
              LTIIAX-40%4AX

            	 	
              (2)

            	 	
              (6)

            	 	
              Pool
                4

            
	
              LTIIAX-10%4AX

            	 	
              (2)

            	 	
              (7)

            	 	
              Pool
                4

            
	
              LTIIAX-4Z

            	 	
              (2)

            	 	
              (5)

            	 	
              Pool
                4

            
	
              LTIIAX-R

            	 	
              (8)

            	 	
              (8)

            	 	
              N/A

            

    

    

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC II-AX Interests is a per
                annum
                rate equal to the Pool 3 Net WAC for such Distribution Date. Each
                of these
                REMIC II-AX Interests shall accrue interest on a “30/360”
                basis.

            

    

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

       

    

    
      	
              (2)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC II-AX Interests is a per
                annum
                rate equal to the Pool 4 Net WAC for such Distribution Date. Each
                of these
                REMIC II-AX Interests shall accrue interest on a “30/360”
                basis.

            

    

     

    
      	
              (3)

            	
              The
                initial principal amount for this REMIC II-AX Interest shall equal
                40% of
                the aggregate initial principal amount of the Class 3-A1 and Class
                3-A2
                Certificates.

            

    

     

    
      	
              (4)

            	
              The
                initial principal amount for this REMIC II-AX Interest shall equal
                10% of
                the aggregate initial principal amount of the Class 3-A1 and Class
                3-A2
                Certificates.

            

    

     

    
      	
              (5)

            	
              The
                initial principal amount for each of these REMIC II-AX Interests
                shall
                equal the excess of (i) the Pool Balance of the related Mortgage
                Pool as
                of the Cut-off Date over (ii) the initial principal amount of the
                REMIC
                II-AX Interests with the designation ending with “X” that is related to
                the same Mortgage Pool.

            

    

     

    
      	
              (6)

            	
              The
                initial principal amount for this REMIC II-AX Interest shall equal
                40% of
                the aggregate initial principal amount of the Pool 4 Senior
                Certificates.

            

    

     

    
      	
              (7)

            	
              The
                initial principal amount for this REMIC II-AX Interest shall equal
                10% of
                the aggregate initial principal amount of the Pool 4 Senior
                Certificates.

            

    

     

    
      	
              (8)

            	
              The
                Class LTIIAX-R Interest is the sole Class of residual interest in
                REMIC
                II-AX. It does not have an interest rate or a principal balance.
                The Class
                LTIIAX-R Interest shall be represented by the Class R
                Certificates.

            

    

     

    REMIC
      II-1

     

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

     

    
      	 	 	 	 	
              Initial

            	 	
              Related
                

            	 	
              Corresponding

            
	
              Class

            	 	
              Interest

            	 	
              Class
                Principal

            	 	
              Mortgage
                Pool or

            	 	
              Class
                of

            
	
              Designation

            	 	
              Rate

            	 	
              Amount

            	 	
              Senior
                Certificates

            	 	
              Certificates

            
	 	 	 	 	 	 	 	 	 
	
              LTII1-3A1

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              3-A1

            
	
              LTII1-3A2

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              3-A2

            
	
              LTII1-4A1

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              4-A1
                Underlying Interest

            
	
              LTII1-4A2A

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              4-A2A
                Underlying Interest

            
	
              LTII1-4A2B

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              4-A2B
                Underlying Interest

            
	
              LTII1-4A3

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              4-A3
                Underlying Interest

            

    

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    
      	
            	 	 	 	
              Initial

            	 	
              Related
                

            	 	
              Corresponding

            
	
              Class

            	 	
              Interest

            	 	
              Class
                Principal

            	 	
              Mortgage
                Pool or

            	 	
              Class
                of

            
	
              Designation

            	 	
              Rate

            	 	
              Amount

            	 	
              Senior
                Certificates

            	 	
              Certificates

            

    

    
      	
              LTII1-M1II

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              M1-II

            
	
              LTII1-M2II

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              M2-II

            
	
              LTII1-M3II

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              M3-II

            
	
              LTII1-M4II

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              M4-II

            
	
              LTII1-M5II

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              M5-II

            
	
              LTII1-M6II

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              M6-II

            
	
              LTII1-M7II

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              M7-II

            
	
              LTII1-M8II

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              M8-II

            
	
              LTII1-M9II

            	 	
              (1)

            	 	
              (6)

            	 	
              N/A

            	 	
              M9-II

            
	
              LTII1-XI

            	 	
              (1)

            	 	
              (7)

            	 	
              N/A

            	 	
              N/A

            
	
              LTII1-IIIA

            	 	
              (1)

            	 	
              (8)

            	 	
              Pool
                3/ 

              Pool
                3 Senior Certificates

            	 	
              N/A

            
	
              LTII1-IIIB

            	 	
              (2)

            	 	
              (9)

            	 	
              Pool
                3/ 

              Pool
                3 Senior Certificates

            	 	
              N/A

            
	
              LTII1-IVA

            	 	
              (1)

            	 	
              (10)

            	 	
              Pool
                4/ 

              Pool
                4 Senior Certificates

            	 	
              N/A

            
	
              LTII1-IVB

            	 	
              (3)

            	 	
              (11)

            	 	
              Pool
                4/ 

              Pool
                4 Senior Certificates

            	 	
              N/A

            
	
              LTII1-XII

            	 	
              (1)

            	 	
              (12)

            	 	
              N/A

            	 	
              N/A

            
	
              LTII1-3AX

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            	 	
              N/A

            
	
              LTII1-4AX

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            	 	
              N/A

            
	
              LTII1-R

            	 	
              (13)

            	 	
              (13)

            	 	
              N/A

            	 	
              N/A

            

    

    
       

      
        
          
            

          

        

        
          	
                  (1)

                	
                  The
                    interest rate with respect to any Distribution Date (and the
                    related
                    Accrual Period) for each of these REMIC II-1 Interests is a per
                    annum rate
                    equal to the Mortgage Group II Net Rate which, for purposes of
                    the REMIC
                    Provisions, shall be the equivalent of the weighted average of
                    the
                    interest rates on each of the REMIC AX Regular Interests multiplied
                    by 30
                    and divided by the actual number of days in the related Accrual
                    Period;
                    provided however, such weighted average shall be computed by
                    first (i)
                    capping the rate on the Class LTIIAX-40%3AX Interest and Class
                    LTIIAX-10%3AX Interest at the product of (x) LIBOR plus 0.31%
                    (for each
                    Distribution Date through the Pool 3-4 Initial Optional Termination
                    Date)
                    or LIBOR plus 0.62% (for each such Distribution Date after the
                    Pool 3-4
                    Initial Optional Termination Date) and (y) a fraction the numerator
                    of
                    which is the actual number of days in the related Accrual Period
                    and the
                    denominator of which is 30 and (ii) capping the rate on the Class
                    LTIIAX-40%4AX Interest and Class LTIIAX-10%4AX Interest at the
                    product of
                    (x) LIBOR plus 0.83% (for each Distribution Date through the
                    Pool 3-4
                    Initial Optional Termination Date) or LIBOR plus 1.66% (for each
                    such
                    Distribution Date after the Pool 3-4 Initial Optional Termination
                    Date)
                    and (y) a fraction the numerator of which is the actual number
                    of days in
                    the related Accrual Period and the denominator of which is
                    30.

                

        

         

        
          	
                  (2)

                	
                  The
                    interest rate with respect to any Distribution Date (and the
                    related
                    Accrual Period) for the Class LTII1-IIIB Interest is a per annum
                    rate
                    equal to the Pool 3 Senior REMIC Cap which, for purposes of the
                    REMIC
                    Provisions, shall be the equivalent of the weighted average of
                    the
                    interest rates on the Class LTIIAX-40%3AX, Class LTIIAX-10%3AX
                    and Class
                    LTIIAX-3Z Interests; provided however, such weighted average
                    shall be
                    computed by first capping the rate on the Class LTIIAX-40%3AX
                    Interest and
                    Class LTIIAX-10%3AX Interest at the product of (x) LIBOR plus
                    0.31% (for
                    each Distribution Date through the Pool 3-4 Initial Optional
                    Termination
                    Date) or LIBOR plus 0.62% (for each such Distribution Date after
                    the Pool
                    3-4 Initial Optional Termination Date) and (y) a fraction the
                    numerator of
                    which is the actual number of days in the related Accrual Period
                    and the
                    denominator of which is 30.

                

        

         

      

      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    
      	(3)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the Class LTII1-IVB Interest is a per annum rate
                equal
                to the Pool 4 Senior REMIC Cap which, for purposes of the REMIC
                Provisions, shall be the equivalent of the weighted average of the
                interest rates on the Class LTIIAX-40%4AX, Class LTIIAX-10%4AX and
                Class
                LTIIAX-4Z Interests; provided however, such weighted average shall
                be
                computed by first capping the rate on the Class LTIIAX-40%4AX Interest
                and
                Class LTIIAX-10%4AX Interest at the product of (x) LIBOR plus 0.83%
                (for
                each Distribution Date through the Pool 3-4 Initial Optional Termination
                Date) or LIBOR plus 1.66% (for each such Distribution Date after
                the Pool
                3-4 Initial Optional Termination Date) and (y) a fraction the numerator
                of
                which is the actual number of days in the related Accrual Period
                and the
                denominator of which is 30.

            

    

     

    
      	(4)	
              The
                Class LTII1-3AX Interest shall not be entitled to principal and shall
                be
                entitled to interest on each Distribution Date in an amount equal
                to the a
                “specified portion” of the interest accrued on (i) the Class LTIIAX-40%3AX
                Interest for each Distribution Date through the Distribution Date
                in July
                2009, and (ii) the Class LTIIAX-10%3AX Interest for each Distribution
                Date, with such specified portion being equal to all interest accrued
                thereon in excess of the interest thereon at a variable rate. Such
                variable rate shall equal the product of (x) LIBOR plus 0.31% (for
                each
                such Distribution Date through the Pool 3-4 Initial Optional Termination
                Date) or LIBOR plus 0.62% (for each such Distribution Date after
                the Pool
                3-4 Initial Optional Termination Date) and (y) a fraction the numerator
                of
                which is the actual number of days in the related Accrual Period
                and the
                denominator of which is 30.

            

    

     

    
      	(5)	
              The
                Class LTII1-4AX Interest shall not be entitled to principal and shall
                be
                entitled to interest on each Distribution Date in an amount equal
                to the a
                “specified portion” of the interest accrued on (i) the Class LTIIAX-40%4AX
                Interest for each Distribution Date through the Distribution Date
                in July
                2009, and (ii) the Class LTIIAX-10%4AX Interest for each Distribution
                Date, with such specified portion being equal to all interest accrued
                thereon in excess of the interest thereon at a variable rate. Such
                variable rate shall equal the product of (x) LIBOR plus 0.83% (for
                each
                such Distribution Date through the Pool 3-4 Initial Optional Termination
                Date) or LIBOR plus 1.66% (for each such Distribution Date after
                the Pool
                3-4 Initial Optional Termination Date) and (y) a fraction the numerator
                of
                which is the actual number of days in the related Accrual Period
                and the
                denominator of which is 30.

            

    

     

    
      	(6)	
              The
                initial principal amount for each of these REMIC II-1 Interests shall
                equal 25% of the initial principal balance of the Corresponding Class
                of
                Certificates.

            

    

     

    
      	(7)	
              The
                initial principal amount for the Class LTII1-XI Interest shall equal
                the
                excess of (i) 50% of the aggregate Pool Balance of Pool 3 and Pool
                4 as of
                the Cut-off Date over (ii) the aggregate initial principal balance
                of the
                REMIC II-1I Marker Classes.

            

    

     

    
      	(8)	
              The
                initial principal amount for the Class LTII1-IIIA Interest shall
                equal
                0.0005% of the Pool Subordinate Amount for Pool 3 as of the first
                Distribution Date.

            

    

     

    
      	(9)	
              The
                initial principal amount for the Class LTII1-IIIB Interest shall
                equal
                0.0005% of the aggregate Scheduled Principal Balance of the Mortgage
                Loans
                in Pool 3 as of the Cut-off Date.

            

    

     

    
      	(10)	
              The
                initial principal amount for the Class LTII1-IVA Interest shall equal
                0.0005% of the Pool Subordinate Amount for Pool 4 as of the first
                Distribution Date.

            

    

     

    
      	(11)	
              The
                initial principal amount for the Class LTII1-IVB Interest shall equal
                0.0005% of the aggregate Scheduled Principal Balance of the Mortgage
                Loans
                in Pool 4 as of the Cut-off Date.

            

    

     

    
      	(12)	
              The
                initial principal amount for the Class LTII1-XII Interest shall equal
                the
                excess of (i) 50% of the aggregate Pool Balance of Pool 3 and Pool
                4 as of
                the Cut-off Date over (ii) the aggregate initial principal balance
                of the
                REMIC II-1II Marker Classes.

            

    

     

    
      	(13)	
              The
                Class LTII1-R Interest is the sole class of residual interest in
                REMIC
                II-1. It does not have an interest rate or a principal balance. It
                shall
                be represented by the Class R
                Certificate.

            

    

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    Each
      of
      the REMIC II-1 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    REMIC
      II-2

     

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

    

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              
	
                LTII2-3A1

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A1

              
	
                LTII2-3A2

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A2

              
	
                LTII2-4A2AU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2A
                  Underlying Interest

              
	
                LTII2-4A2BU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2B
                  Underlying Interest

              
	
                LTII2-4A3U

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A3
                  Underlying Interest

              
	
                LTII2-M1II

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-II

              
	
                LTII2-M2II

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-II

              
	
                LTII2-M3II

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-II

              
	
                LTII2-M4II

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-II

              
	
                LTII2-M5II

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-II

              
	
                LTII2-M6II

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-II

              
	
                LTII2-M7II

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-II

              
	
                LTII2-M8II

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-II

              
	
                LTII2-M9II

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-II

              
	
                LTII2-XII
                  

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              
	
                LTII2-3AX

              	 	
                (4)

              	 	
                (4)

              	 	
                3-AX

              
	
                LTII2-4AX

              	 	
                (5)

              	 	
                (5)

              	 	
                4-AX

              
	
                LTII2-R

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              
	
                LTII2-4A1

              	 	
                (1)

              	 	
                (1)

              	 	
                4-A1
                  Underlying Interest

              

      

    

     

    
      

    

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC II-2 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that in lieu of any Net Funds Cap set forth in the applicable
                Certificate Interest Rate, the applicable REMIC Pass-Through Rate
                shall be
                used, and further provided that these REMIC II-2 Interests shall
                not be
                entitled to payments in respect of Excess Interest and shall not
                have any
                obligations with respect to Class I-II
                Shortfalls.

            

    

     

    
      	(2)	
              The
                initial principal balance for each of these REMIC II-2 Interests
                shall
                equal the initial principal balance of the Related
                Certificates.

            

    

     

    
      	(3)	
              The
                Class LTII2-XII Interest shall have an initial principal balance
                equal to
                the excess of the Cut-off Date Balance of Pool 3 and Pool 4 over
                the
                aggregate initial Certificate Principal Amounts of the Group II
                Certificates. The Class LTII2-XII Interest shall accrue interest
                on a
                notional balance equal to the Class X-II Notional Balance at a rate
                equal
                to the Class X-II Interest Rate.

            

    

     

    
      	(4)	
              The
                Class LTII2-3AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII1-3AX Interest.

            

    

     

    
      	(5)	
              The
                Class LTII2-4AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII1-4AX Interest.

            

    

     

    
      	(6)	
              The
                Class LTII2-R Interest is the sole Class of residual interest in
                REMIC
                II-2. It does not have an interest rate or a principal balance. It
                shall
                be represented by the Class R
                Certificate.

            

    

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    Each
      of
      the REMIC II-2 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    REMIC
      II-3

     

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

    

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                 

                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              
	
                LTII3-3A1

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A1

              
	
                LTII3-3A2

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A2

              
	
                LTII3-4A2AU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2A
                  Underlying Interest

              
	
                LTII3-4A2BU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2B
                  Underlying Interest

              
	
                LTII3-4A3U

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A3
                  Underlying Interest

              
	
                LTII3-M1II

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-II

              
	
                LTII3-M2II

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-II

              
	
                LTII3-M3II

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-II

              
	
                LTII3-M4II

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-II

              
	
                LTII3-M5II

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-II

              
	
                LTII3-M6II

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-II

              
	
                LTII3-M7II

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-II

              
	
                LTII3-M8II

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-II

              
	
                LTII3-M9II

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-II

              
	
                LTII3-XII
                  

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              
	
                LTII3-3AX

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              
	
                LTII3-4AX

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              
	
                LTII3-R

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              
	
                LTII3-4A1

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII3-4A1X

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              

      

    

      

    
      

    

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC II-3 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that in lieu of any Net Funds Cap set forth in the applicable
                Certificate Interest Rate, the applicable REMIC Pass-Through Rate
                shall be
                used, and further provided that these REMIC II-3 Interests shall
                not be
                entitled to payments in respect of Excess Interest and shall not
                have any
                obligations with respect to Class I-II
                Shortfalls.

            

    

     

    
      	(2)	
              The
                initial principal balance for each of these REMIC II-3 Interests
                shall
                equal the initial principal balance of the Related
                Certificates.

            

    

     

    
      	(3)	
              The
                Class LTII3-XII Interest shall be entitled to all amounts distributable
                on
                the Class LTII2-XII Interest.

            

    

     

    
      	(4)	
              The
                Class LTII3-3AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII2-3AX Interest.

            

    

     

    
      	(5)	
              The
                Class LTII3-4AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII2-4AX Interest.

            

    

     

    
      	(6)	
              The
                Class LTII3-R Interest is the sole Class of residual interest in
                REMIC
                II-3. It does not have an interest rate or a principal balance. It
                shall
                be represented by the Class R
                Certificate.

            

    

     

    
      	(7)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Interests is a per annum
                rate
                equal to the lesser of (i) LIBOR plus (x) 0.90% (for any Distribution
                Date
                on or prior to the Pool 3-4 Initial Optional Termination Date) or
                1.80%
                (for any Distribution Date after the Pool 3-4 Initial Optional Termination
                Date) and (ii) Pool 4 Senior REMIC Cap for such Distribution
                Date.

            

    

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    
      	(8)	
              The
                initial principal balance for each of these Lower Tier Interests
                shall
                equal 50% of the initial principal balance of the Class 4-A1 Underlying
                Interest.

            

    

    

    Each
      of
      the REMIC II-3 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    REMIC
      II-4

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC II-4
      Interests.

    

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                 

                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              
	
                LTII4-3A1

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A1

              
	
                LTII4-3A2

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A2

              
	
                LTII4-4A2AU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2A
                  Underlying Interest

              
	
                LTII4-4A2BU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2B
                  Underlying Interest

              
	
                LTII4-4A3U

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A3
                  Underlying Interest

              
	
                LTII4-M1II

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-II

              
	
                LTII4-M2II

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-II

              
	
                LTII4-M3II

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-II

              
	
                LTII4-M4II

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-II

              
	
                LTII4-M5II

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-II

              
	
                LTII4-M6II

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-II

              
	
                LTII4-M7II

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-II

              
	
                LTII4-M8II

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-II

              
	
                LTII4-M9II

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-II

              
	
                LTII4-XII
                  

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              
	
                LTII4-3AX

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              
	
                LTII4-4AX

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              
	
                LTII4-R

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              
	
                LTII4-4A1A

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII4-4A1AX

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII4-4A1IA

              	 	
                (9)

              	 	
                (9)

              	 	
                N/A

              

      

    

     

    
      

    

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC II-4 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that in lieu of any Net Funds Cap set forth in the applicable
                Certificate Interest Rate, the applicable REMIC Pass-Through Rate
                shall be
                used, and further provided that these REMIC II-4 Interests shall
                not be
                entitled to payments in respect of Excess Interest and shall not
                have any
                obligations with respect to Class I-II
                Shortfalls.

            

    

     

    
      	(2)	
              The
                initial principal balance for each of these REMIC II-4 Interests
                shall
                equal the initial principal balance of the Related
                Certificates.

            

    

     

    
      	(3)	
              The
                Class LTII4-XII Interest shall be entitled to all amounts distributable
                on
                the Class LTII3-XII Interest.

            

    

     

    
      	(4)	
              The
                Class LTII4-3AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII3-3AX Interest.

            

    

     

    
      	(5)	
              The
                Class LTII4-4AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII3-4AX Interest.

            

    

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    
      	(6)	
              The
                Class LTII4-R Interest is the sole Class of residual interest in
                REMIC
                II-4. It does not have an interest rate or a principal balance. It
                shall
                be represented by the Class R
                Certificate.

            

    

     

    
      	(7)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Interests is a per annum
                rate
                equal to the lesser of (i) LIBOR plus (x) 0.80% (for any Distribution
                Date
                on or prior to the Pool 3-4 Initial Optional Termination Date) or
                1.60%
                (for any Distribution Date after the Pool 3-4 Initial Optional Termination
                Date) and (ii) Pool 4 Senior REMIC Cap for such Distribution
                Date.

            

    

     

    
      	(8)	
              The
                initial principal balance for each of these Lower Tier Interests
                shall
                equal 50% of the initial principal balance of the Class 4-A1 Underlying
                Interest.

            

    

     

    
      	(9)	
              The
                Class LTII4-4A1IA Interest shall not have an initial principal amount;
                it
                shall accrue interest for each Distribution Date (and the related
                Accrual
                Period) on a notional amount equal to the aggregate principal balance
                of
                the Class LTII3-4A1 Interest and Class LTII3-4A1X Interest immediately
                prior to such Distribution Date at a rate equal to the excess of
                (i) the
                weighted average of the rates on such Lower Tier Interests over (ii)
                2
                times the weighted average of the rates on such Lower Tier Interests
                (treating, for purposes of this clause (ii), the rate on the first
                such
                Lower Tier Interest as being subject to a cap equal to the rate on
                the
                Class LTII4-4A1A Interest and the rate on the second such Lower Tier
                Interest as being subject to a cap equal to
                zero).

            

    

    

    Each
      of
      the REMIC II-4 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    REMIC
      II-5

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC II-5
      Interests.

    

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              
	
                LTII5-3A1

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A1

              
	
                LTII5-3A2

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A2

              
	
                LTII5-4A2AU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2A
                  Underlying Interest

              
	
                LTII5-4A2BU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2B
                  Underlying Interest

              
	
                LTII5-4A3U

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A3
                  Underlying Interest

              
	
                LTII5-M1II

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-II

              
	
                LTII5-M2II

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-II

              
	
                LTII5-M3II

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-II

              
	
                LTII5-M4II

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-II

              
	
                LTII5-M5II

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-II

              
	
                LTII5-M6II

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-II

              
	
                LTII5-M7II

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-II

              
	
                LTII5-M8II

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-II

              
	
                LTII5-M9II

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-II

              
	
                LTII5-XII
                  

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              
	
                LTII5-3AX

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              
	
                LTII5-4AX

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              
	
                LTII5-R

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              
	
                LTII5-4A1B

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII5-4A1BX

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII5-4A1IB

              	 	
                (9)

              	 	
                (9)

              	 	
                N/A

              

      

       

      
        
          
          

        

        
          -16-

          
            

          

        

        
          
          

        

      

       

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              

      

      
        	
                LTII5-4A1IA

              	 	
                (10)

              	 	
                (10)

              	 	
                N/A

              

      

    

     

      

    

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC II-5 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that in lieu of any Net Funds Cap set forth in the applicable
                Certificate Interest Rate, the applicable REMIC Pass-Through Rate
                shall be
                used, and further provided that these REMIC II-5 Interests shall
                not be
                entitled to payments in respect of Excess Interest and shall not
                have any
                obligations with respect to Class I-II
                Shortfalls.

            

    

     

    
      	(2)	
              The
                initial principal balance for each of these REMIC II-5 Interests
                shall
                equal the initial principal balance of the Related
                Certificates.

            

    

     

    
      	(3)	
              The
                Class LTII5-XII Interest shall be entitled to all amounts distributable
                on
                the Class LTII4-XII Interest.

            

    

     

    
      	(4)	
              The
                Class LTII5-3AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII4-3AX Interest.

            

    

     

    
      	(5)	
              The
                Class LTII5-4AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII4-4AX Interest.

            

    

     

    
      	(6)	
              The
                Class LTII5-R Interest is the sole Class of residual interest in
                REMIC
                II-5. It does not have an interest rate or a principal balance. It
                shall
                be represented by the Class R
                Certificate.

            

    

     

    
      	(7)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Interests is a per annum
                rate
                equal to the lesser of (i) LIBOR plus (x) 0.70% (for any Distribution
                Date
                on or prior to the Pool 3-4 Initial Optional Termination Date) or
                1.40%
                (for any Distribution Date after the Pool 3-4 Initial Optional Termination
                Date) and (ii) Pool 4 Senior REMIC Cap for such Distribution
                Date.

            

    

     

    
      	(8)	
              The
                initial principal balance for each of these Lower Tier Interests
                shall
                equal 50% of the initial principal balance of the Class 4-A1 Underlying
                Interest.

            

    

     

    
      	(9)	
              The
                Class LTII5-4A1IB Interest shall not have an initial principal amount;
                it
                shall accrue interest for each Distribution Date (and the related
                Accrual
                Period) on a notional amount equal to the aggregate principal balance
                of
                the Class LTII4-4A1A Interest and Class LTII4-4A1AX Interest immediately
                prior to such Distribution Date at a rate equal to the excess of
                (i) the
                weighted average of the rates on such Lower Tier Interests over (ii)
                2
                times the weighted average of the rates on such Lower Tier Interests
                (treating, for purposes of this clause (ii), the rate on the first
                such
                Lower Tier Interest as being subject to a cap equal to the rate on
                the
                Class LTII5-4A1B Interest and the rate on the second such Lower Tier
                Interest as being subject to a cap equal to
                zero).

            

    

     

    
      	(10)	
              The
                Class LTII5-4A1IA Interest shall be entitled to 100% of the accruals
                on
                the Class LTII4-4A1IA Interest.

            

    

    

    Each
      of
      the REMIC II-5 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    REMIC
      II-6

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC II-6
      Interests.

    

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              
	
                LTII6-3A1

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A1

              
	
                LTII6-3A2

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A2

              
	
                LTII6-4A2AU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2A
                  Underlying Interest

              

      

       

      
        
          
          

        

        
          -17-

          
            

          

        

        
          
          

        

      

       

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              

      

      
        	
                LTII6-4A2BU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2B
                  Underlying Interest

              
	
                LTII6-4A3U

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A3
                  Underlying Interest

              
	
                LTII6-M1II

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-II

              
	
                LTII6-M2II

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-II

              
	
                LTII6-M3II

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-II

              
	
                LTII6-M4II

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-II

              
	
                LTII6-M5II

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-II

              
	
                LTII6-M6II

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-II

              
	
                LTII6-M7II

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-II

              
	
                LTII6-M8II

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-II

              
	
                LTII6-M9II

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-II

              
	
                LTII6-XII
                  

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              
	
                LTII6-3AX

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              
	
                LTII6-4AX

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              
	
                LTII6-R

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              
	
                LTII6-4A1C

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII6-4A1CX

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII6-4A1IC

              	 	
                (9)

              	 	
                (9)

              	 	
                N/A

              
	
                LTII6-4A1IB

              	 	
                (10)

              	 	
                (10)

              	 	
                N/A

              
	
                LTII6-4A1IA

              	 	
                (11)

              	 	
                (11)

              	 	
                N/A

              

      

    

     

    
      

    

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC II-6 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that in lieu of any Net Funds Cap set forth in the applicable
                Certificate Interest Rate, the applicable REMIC Pass-Through Rate
                shall be
                used, and further provided that these REMIC II-6 Interests shall
                not be
                entitled to payments in respect of Excess Interest and shall not
                have any
                obligations with respect to Class I-II
                Shortfalls.

            

    

     

    
      	(2)	
              The
                initial principal balance for each of these REMIC II-6 Interests
                shall
                equal the initial principal balance of the Related
                Certificates.

            

    

     

    
      	(3)	
              The
                Class LTII6-XII Interest shall be entitled to all amounts distributable
                on
                the Class LTII5-XII Interest.

            

    

     

    
      	(4)	
              The
                Class LTII6-3AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII5-3AX Interest.

            

    

     

    
      	(5)	
              The
                Class LTII6-4AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII5-4AX Interest.

            

    

     

    
      	(6)	
              The
                Class LTII6-R Interest is the sole Class of residual interest in
                REMIC
                II-6. It does not have an interest rate or a principal balance. It
                shall
                be represented by the Class R
                Certificate.

            

    

     

    
      	(7)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Interests is a per annum
                rate
                equal to the lesser of (i) LIBOR plus (x) 0.60% (for any Distribution
                Date
                on or prior to the Pool 3-4 Initial Optional Termination Date) or
                1.20%
                (for any Distribution Date after the Pool 3-4 Initial Optional Termination
                Date) and (ii) Pool 4 Senior REMIC Cap for such Distribution
                Date.

            

    

     

    
      	(8)	
              The
                initial principal balance for each of these Lower Tier Interests
                shall
                equal 50% of the initial principal balance of the Class 4-A1 Underlying
                Interest.

            

    

     

    
      	(9)	
              The
                Class LTII6-4A1IC Interest shall not have an initial principal amount;
                it
                shall accrue interest for each Distribution Date (and the related
                Accrual
                Period) on a notional amount equal to the aggregate principal balance
                of
                the Class LTII5-4A1B Interest and Class LTII5-4A1BX Interest immediately
                prior to such Distribution Date at a rate equal to the excess of
                (i) the
                weighted average of the rates on such Lower Tier Interests over (ii)
                2
                times the weighted average of the rates on such Lower Tier Interests
                (treating, for purposes of this clause (ii), the rate on the first
                such
                Lower Tier Interest as being subject to a cap equal to the rate on
                the
                Class LTII6-4A1C Interest and the rate on the second such Lower Tier
                Interest as being subject to a cap equal to
                zero).

            

    

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    
      	(10)	
              The
                Class LTII6-4A1IB Interest shall be entitled to 100% of the accruals
                on
                the Class LTII5-4A1IB Interest.

            

    

     

    
      	(11)	
              The
                Class LTII6-4A1IA Interest shall be entitled to 100% of the accruals
                on
                the Class LTII5-4A1IA Interest.

            

    

    

    Each
      of
      the REMIC II-6 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    REMIC
      II-7

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC II-7
      Interests.

    

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              
	
                LTII7-3A1

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A1

              
	
                LTII7-3A2

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A2

              
	
                LTII7-4A2AU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2A
                  Underlying Interest

              
	
                LTII7-4A2BU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2B
                  Underlying Interest

              
	
                LTII7-4A3U

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A3
                  Underlying Interest

              
	
                LTII7-M1II

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-II

              
	
                LTII7-M2II

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-II

              
	
                LTII7-M3II

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-II

              
	
                LTII7-M4II

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-II

              
	
                LTII7-M5II

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-II

              
	
                LTII7-M6II

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-II

              
	
                LTII7-M7II

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-II

              
	
                LTII7-M8II

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-II

              
	
                LTII7-M9II

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-II

              
	
                LTII7-XII
                  

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              
	
                LTII7-3AX

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              
	
                LTII7-4AX

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              
	
                LTII7-R

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              
	
                LTII7-4A1D

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII7-4A1DX

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII7-4A1ID

              	 	
                (9)

              	 	
                (9)

              	 	
                N/A

              
	
                LTII7-4A1IC

              	 	
                (10)

              	 	
                (10)

              	 	
                N/A

              
	
                LTII7-4A1IB

              	 	
                (11)

              	 	
                (11)

              	 	
                N/A

              
	
                LTII7-4A1IA

              	 	
                (12)

              	 	
                (12)

              	 	
                N/A

              

      

    

     

      

    

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC II-7 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that in lieu of any Net Funds Cap set forth in the applicable
                Certificate Interest Rate, the applicable REMIC Pass-Through Rate
                shall be
                used, and further provided that these REMIC II-7 Interests shall
                not be
                entitled to payments in respect of Excess Interest and shall not
                have any
                obligations with respect to Class I-II
                Shortfalls.

            

    

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

    
      	(2)	
              The
                initial principal balance for each of these REMIC II-7 Interests
                shall
                equal the initial principal balance of the Related
                Certificates.

            

    

     

    
      	(3)	
              The
                Class LTII7-XII Interest shall be entitled to all amounts distributable
                on
                the Class LTII6-XII Interest.

            

    

     

    
      	(4)	
              The
                Class LTII7-3AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII6-3AX Interest.

            

    

     

    
      	(5)	
              The
                Class LTII7-4AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII6-4AX Interest.

            

    

     

    
      	(6)	
              The
                Class LTII7-R Interest is the sole Class of residual interest in
                REMIC
                II-7. It does not have an interest rate or a principal balance. It
                shall
                be represented by the Class R
                Certificate.

            

    

     

    
      	(7)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Interests is a per annum
                rate
                equal to the lesser of (i) LIBOR plus (x) 0.50% (for any Distribution
                Date
                on or prior to the Pool 3-4 Initial Optional Termination Date) or
                1.00%
                (for any Distribution Date after the Pool 3-4 Initial Optional Termination
                Date) and (ii) Pool 4 Senior REMIC Cap for such Distribution
                Date.

            

    

     

    
      	(8)	
              The
                initial principal balance for each of these Lower Tier Interests
                shall
                equal 50% of the initial principal balance of the Class 4-A1 Underlying
                Interest.

            

    

     

    
      	(9)	
              The
                Class LTII7-4A1ID Interest shall not have an initial principal amount;
                it
                shall accrue interest for each Distribution Date (and the related
                Accrual
                Period) on a notional amount equal to the aggregate principal balance
                of
                the Class LTII6-4A1C Interest and Class LTII6-4A1CX Interest immediately
                prior to such Distribution Date at a rate equal to the excess of
                (i) the
                weighted average of the rates on such Lower Tier Interests over (ii)
                2
                times the weighted average of the rates on such Lower Tier Interests
                (treating, for purposes of this clause (ii), the rate on the first
                such
                Lower Tier Interest as being subject to a cap equal to the rate on
                the
                Class LTII7-4A1D Interest and the rate on the second such Lower Tier
                Interest as being subject to a cap equal to
                zero).

            

    

     

    
      	(10)	
              The
                Class LTII7-4A1IC Interest shall be entitled to 100% of the accruals
                on
                the Class LTII6-4A1IC Interest.

            

    

     

    
      	(11)	
              The
                Class LTII7-4A1IB Interest shall be entitled to 100% of the accruals
                on
                the Class LTII6-4A1IB Interest.

            

    

     

    
      	(12)	
              The
                Class LTII7-4A1IA Interest shall be entitled to 100% of the accruals
                on
                the Class LTII6-4A1IA Interest.

            

    

    

    Each
      of
      the REMIC II-7 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    REMIC
      II-8

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC II-8
      Interests.

    

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              
	
                LTII8-3A1

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A1

              
	
                LTII8-3A2

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A2

              
	
                LTII8-4A2AU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2A
                  Underlying Interest

              
	
                LTII8-4A2BU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2B
                  Underlying Interest

              
	
                LTII8-4A3U

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A3
                  Underlying Interest

              
	
                LTII8-M1II

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-II

              
	
                LTII8-M2II

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-II

              
	
                LTII8-M3II

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-II

              
	
                LTII8-M4II

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-II

              
	
                LTII8-M5II

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-II

              
	
                LTII8-M6II

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-II

              

      

       

      
        
          
          

        

        
          -20-

          
            

          

        

        
          
          

        

      

       

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              

      

      
        	
                LTII8-M7II

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-II

              
	
                LTII8-M8II

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-II

              
	
                LTII8-M9II

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-II

              
	
                LTII8-XII
                  

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              
	
                LTII8-3AX

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              
	
                LTII8-4AX

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              
	
                LTII7-R

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              
	
                LTII8-4A1E

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII8-4A1EX

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII8-4A1IE

              	 	
                (9)

              	 	
                (9)

              	 	
                N/A

              
	
                LTII8-4A1ID

              	 	
                (10)

              	 	
                (10)

              	 	
                N/A

              
	
                LTII8-4A1IC

              	 	
                (11)

              	 	
                (11)

              	 	
                N/A

              
	
                LTII8-4A1IB

              	 	
                (12)

              	 	
                (12)

              	 	
                N/A

              
	
                LTII8-4A1IA

              	 	
                (13)

              	 	
                (13)

              	 	
                N/A

              

      

    

     

    
      
        

      

    

    
      	(1)	The interest rate with respect to any
              Distribution Date (and the related Accrual Period) for each of these
              REMIC
              II-8 Interests is a per annum rate equal to the Certificate Interest
              Rate
              for the Related Certificates, provided that in lieu of any Net Funds
              Cap
              set forth in the applicable Certificate Interest Rate, the applicable
              REMIC Pass-Through Rate shall be used, and further provided that these
              REMIC II-8 Interests shall not be entitled to payments in respect of
              Excess Interest and shall not have any obligations with respect to
              Class
              I-II Shortfalls.

      	 	 

      	(2)	
              The
                initial principal balance for each of these REMIC II-8 Interests
                shall
                equal the initial principal balance of the Related
                Certificates.

            

    

     

    
      	(3)	
              The
                Class LTII8-XII Interest shall be entitled to all amounts distributable
                on
                the Class LTII7-XII Interest.

            

    

     

    
      	(4)	
              The
                Class LTII8-3AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII7-3AX Interest.

            

    

     

    
      	(5)	
              The
                Class LTII8-4AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII7-4AX Interest.

            

    

     

    
      	(6)	
              The
                Class LTII8-R Interest is the sole Class of residual interest in
                REMIC
                II-8. It does not have an interest rate or a principal balance. It
                shall
                be represented by the Class R
                Certificate.

            

    

     

    
      	(7)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Interests is a per annum
                rate
                equal to the lesser of (i) LIBOR plus (x) 0.40% (for any Distribution
                Date
                on or prior to the Pool 3-4 Initial Optional Termination Date) or
                0.80%
                (for any Distribution Date after the Pool 3-4 Initial Optional Termination
                Date) and (ii) Pool 4 Senior REMIC Cap for such Distribution
                Date.

            

    

     

    
      	(8)	
              The
                initial principal balance for each of these Lower Tier Interests
                shall
                equal 50% of the initial principal balance of the Class 4-A1 Underlying
                Interest.

            

    

     

    
      	(9)	
              The
                Class LTII8-4A1IE Interest shall not have an initial principal amount;
                it
                shall accrue interest for each Distribution Date (and the related
                Accrual
                Period) on a notional amount equal to the aggregate principal balance
                of
                the Class LTII7-4A1D Interest and Class LTII7-4A1DX Interest immediately
                prior to such Distribution Date at a rate equal to the excess of
                (i) the
                weighted average of the rates on such Lower Tier Interests over (ii)
                2
                times the weighted average of the rates on such Lower Tier Interests
                (treating, for purposes of this clause (ii), the rate on the first
                such
                Lower Tier Interest as being subject to a cap equal to the rate on
                the
                Class LTII8-4A1E Interest and the rate on the second such Lower Tier
                Interest as being subject to a cap equal to
                zero).

            

    

     

    
      	(10)	
              The
                Class LTII8-4A1ID Interest shall be entitled to 100% of the accruals
                on
                the Class LTII7-4A1ID Interest.

            

    

     

    
      	(11)	
              The
                Class LTII8-4A1IC Interest shall be entitled to 100% of the accruals
                on
                the Class LTII7-4A1IC Interest.

            

    

     

    
      	(12)	
              The
                Class LTII8-4A1IB Interest shall be entitled to 100% of the accruals
                on
                the Class LTII7-4A1IB Interest.

            

    

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

     

    
      	(13)	
              The
                Class LTII8-4A1IA Interest shall be entitled to 100% of the accruals
                on
                the Class LTII7-4A1IA Interest.

            

    

    

    Each
      of
      the REMIC II-8 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    REMIC
      II-9

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC II-9
      Interests.

    

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              
	
                LTII9-3A1

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A1

              
	
                LTII9-3A2

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A2

              
	
                LTII9-4A2AU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2A
                  Underlying Interest

              
	
                LTII9-4A2BU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2B
                  Underlying Interest

              
	
                LTII9-4A3U

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A3
                  Underlying Interest

              
	
                LTII9-M1II

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-II

              
	
                LTII9-M2II

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-II

              
	
                LTII9-M3II

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-II

              
	
                LTII9-M4II

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-II

              
	
                LTII9-M5II

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-II

              
	
                LTII9-M6II

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-II

              
	
                LTII9-M7II

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-II

              
	
                LTII9-M8II

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-II

              
	
                LTII9-M9II

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-II

              
	
                LTII9-XII
                  

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              
	
                LTII9-3AX

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              
	
                LTII9-4AX

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              
	
                LTII9-R

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              
	
                LTII9-4A1F

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII9-4A1FX

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII9-4A1IF

              	 	
                (9)

              	 	
                (9)

              	 	
                N/A

              
	
                LTII9-4A1IE

              	 	
                (10)

              	 	
                (10)

              	 	
                N/A

              
	
                LTII9-4A1ID

              	 	
                (11)

              	 	
                (11)

              	 	
                N/A

              
	
                LTII9-4A1IC

              	 	
                (12)

              	 	
                (12)

              	 	
                N/A

              
	
                LTII9-4A1IB

              	 	
                (13)

              	 	
                (13)

              	 	
                N/A

              
	
                LTII9-4A1IA

              	 	
                (14)

              	 	
                (14)

              	 	
                N/A

              

      

    

     

    
      
        

      

    

    
      	(1) 	The interest rate with respect to any
              Distribution Date (and the related Accrual Period) for each of these
              REMIC
              II-9 Interests is a per annum rate equal to the Certificate Interest
              Rate
              for the Related Certificates, provided that in lieu of any Net Funds
              Cap
              set forth in the applicable Certificate Interest Rate, the applicable
              REMIC Pass-Through Rate shall be used, and further provided that these
              REMIC II-9 Interests shall not be entitled to payments in respect of
              Excess Interest and shall not have any obligations with respect to
              Class
              I-II Shortfalls.

      	 	 

      	(2)	
              The
                initial principal balance for each of these REMIC II-9 Interests
                shall
                equal the initial principal balance of the Related
                Certificates.

            

    

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

     

    
      	(3)	
              The
                Class LTII9-XII Interest shall be entitled to all amounts distributable
                on
                the Class LTII8-XII Interest.

            

    

     

    
      	(4)	
              The
                Class LTII9-3AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII8-3AX Interest.

            

    

     

    
      	(5)	
              The
                Class LTII9-4AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII8-4AX Interest.

            

    

     

    
      	(6)	
              The
                Class LTII9-R Interest is the sole Class of residual interest in
                REMIC
                II-9. It does not have an interest rate or a principal balance. It
                shall
                be represented by the Class R
                Certificate.

            

    

     

    
      	(7)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Interests is a per annum
                rate
                equal to the lesser of (i) LIBOR plus (x) 0.30% (for any Distribution
                Date
                on or prior to the Pool 3-4 Initial Optional Termination Date) or
                0.60%
                (for any Distribution Date after the Pool 3-4 Initial Optional Termination
                Date) and (ii) Pool 4 Senior REMIC Cap for such Distribution
                Date.

            

    

     

    
      	(8)	
              The
                initial principal balance for each of these Lower Tier Interests
                shall
                equal 50% of the initial principal balance of the Class 4-A1 Underlying
                Interest.

            

    

     

    
      	(9)	
              The
                Class LTII9-4A1IF Interest shall not have an initial principal amount;
                it
                shall accrue interest for each Distribution Date (and the related
                Accrual
                Period) on a notional amount equal to the aggregate principal balance
                of
                the Class LTII8-4A1E Interest and Class LTII8-4A1EX Interest immediately
                prior to such Distribution Date at a rate equal to the excess of
                (i) the
                weighted average of the rates on such Lower Tier Interests over (ii)
                2
                times the weighted average of the rates on such Lower Tier Interests
                (treating, for purposes of this clause (ii), the rate on the first
                such
                Lower Tier Interest as being subject to a cap equal to the rate on
                the
                Class LTII9-4A1F Interest and the rate on the second such Lower Tier
                Interest as being subject to a cap equal to
                zero).

            

    

     

    
      	(10)	
              The
                Class LTII9-4A1IE Interest shall be entitled to 100% of the accruals
                on
                the Class LTII8-4A1IE Interest.

            

    

     

    
      	(11)	
              The
                Class LTII9-4A1ID Interest shall be entitled to 100% of the accruals
                on
                the Class LTII8-4A1ID Interest.

            

    

     

    
      	(12)	
              The
                Class LTII9-4A1IC Interest shall be entitled to 100% of the accruals
                on
                the Class LTII8-4A1IC Interest.

            

    

     

    
      	(13)	
              The
                Class LTII9-4A1IB Interest shall be entitled to 100% of the accruals
                on
                the Class LTII8-4A1IB Interest.

            

    

     

    
      	(14)	
              The
                Class LTII9-4A1IA Interest shall be entitled to 100% of the accruals
                on
                the Class LTII8-4A1IA Interest.

            

    

    

    Each
      of
      the REMIC II-9 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    REMIC
      II-10

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC II-10
      Interests.

    

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              
	
                LTII10-3A1

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A1

              
	
                LTII10-3A2

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A2

              
	
                LTII10-4A2AU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2A
                  Underlying Interest

              
	
                LTII10-4A2BU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2B
                  Underlying Interest

              
	
                LTII10-4A3U

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A3
                  Underlying Interest

              
	
                LTII10-M1II

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-II

              
	
                LTII10-M2II

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-II

              
	
                LTII10-M3II

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-II

              
	
                LTII10-M4II

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-II

              
	
                LTII10-M5II

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-II

              

      

       

      
        
          
          

        

        
          -23-

          
            

          

        

        
          
          

        

      

       

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              

      

      
        	
                LTII10-M6II

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-II

              
	
                LTII10-M7II

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-II

              
	
                LTII10-M8II

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-II

              
	
                LTII10-M9II

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-II

              
	
                LTII10-XII
                  

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              
	
                LTII10-3AX

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              
	
                LTII10-4AX

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              
	
                LTII10-R

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              
	
                LTII10-4A1G

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII10-4A1GX

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII10-4A1IG

              	 	
                (9)

              	 	
                (9)

              	 	
                N/A

              
	
                LTII10-4A1IF

              	 	
                (10)

              	 	
                (10)

              	 	
                N/A

              
	
                LTII10-4A1IE

              	 	
                (11)

              	 	
                (11)

              	 	
                N/A

              
	
                LTII10-4A1ID

              	 	
                (12)

              	 	
                (12)

              	 	
                N/A

              
	
                LTII10-4A1IC

              	 	
                (13)

              	 	
                (13)

              	 	
                N/A

              
	
                LTII10-4A1IB

              	 	
                (14)

              	 	
                (14)

              	 	
                N/A

              
	
                LTII10-4A1IA

              	 	
                (15)

              	 	
                (15)

              	 	
                N/A

              

      

    

     

    
      

    

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC II-10 Interests is a per
                annum
                rate equal to the Certificate Interest Rate for the Related Certificates,
                provided that in lieu of any Net Funds Cap set forth in the applicable
                Certificate Interest Rate, the applicable REMIC Pass-Through Rate
                shall be
                used, and further provided that these REMIC II-10 Interests shall
                not be
                entitled to payments in respect of Excess Interest and shall not
                have any
                obligations with respect to Class I-II
                Shortfalls.

            

    

     

    
      	(2)	
              The
                initial principal balance for each of these REMIC II-10 Interests
                shall
                equal the initial principal balance of the Related
                Certificates.

            

    

     

    
      	(3)	
              The
                Class LTII10-XII Interest shall be entitled to all amounts distributable
                on the Class LTII9-XII Interest.

            

    

     

    
      	(4)	
              The
                Class LTII10-3AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII9-3AX Interest.

            

    

     

    
      	(5)	
              The
                Class LTII10-4AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII9-4AX Interest.

            

    

     

    
      	(6)	
              The
                Class LTII10-R Interest is the sole Class of residual interest in
                REMIC
                II-10. It does not have an interest rate or a principal balance.
                It shall
                be represented by the Class R
                Certificate.

            

    

     

    
      	(7)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Interests is a per annum
                rate
                equal to the lesser of (i) LIBOR plus (x) 0.25% (for any Distribution
                Date
                on or prior to the Pool 3-4 Initial Optional Termination Date) or
                0.50%
                (for any Distribution Date after the Pool 3-4 Initial Optional Termination
                Date) and (ii) Pool 4 Senior REMIC Cap for such Distribution
                Date.

            

    

     

    
      	(8)	
              The
                initial principal balance for each of these Lower Tier Interests
                shall
                equal 50% of the initial principal balance of the Class 4-A1 Underlying
                Interest.

            

    

     

    
      	(9)	
              The
                Class LTII10-4A1IG Interest shall not have an initial principal amount;
                it
                shall accrue interest for each Distribution Date (and the related
                Accrual
                Period) on a notional amount equal to the aggregate principal balance
                of
                the Class LTII9-4A1F Interest and Class LTII9-4A1FX Interest immediately
                prior to such Distribution Date at a rate equal to the excess of
                (i) the
                weighted average of the rates on such Lower Tier Interests over (ii)
                2
                times the weighted average of the rates on such Lower Tier Interests
                (treating, for purposes of this clause (ii), the rate on the first
                such
                Lower Tier Interest as being subject to a cap equal to the rate on
                the
                Class LTII10-4A1G Interest and the rate on the second such Lower
                Tier
                Interest as being subject to a cap equal to
                zero).

            

    

     

    
      	(10)	
              The
                Class LTII10-4A1IF Interest shall be entitled to 100% of the accruals
                on
                the Class LTII9-4A1IF Interest.

            

    

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

     

    
      	(11)	
              The
                Class LTII10-4A1IE Interest shall be entitled to 100% of the accruals
                on
                the Class LTII9-4A1IE Interest.

            

    

     

    
      	(12)	
              The
                Class LTII10-4A1ID Interest shall be entitled to 100% of the accruals
                on
                the Class LTII9-4A1ID Interest.

            

    

     

    
      	(13)	
              The
                Class LTII10-4A1IC Interest shall be entitled to 100% of the accruals
                on
                the Class LTII9-4A1IC Interest.

            

    

     

    
      	(14)	
              The
                Class LTII10-4A1IB Interest shall be entitled to 100% of the accruals
                on
                the Class LTII9-4A1IB Interest.

            

    

     

    
      	(15)	
              The
                Class LTII10-4A1IA Interest shall be entitled to 100% of the accruals
                on
                the Class LTII9-4A1IA Interest.

            

    

    

    Each
      of
      the REMIC II-10 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    REMIC
      II-11

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC II-11
      Interests.

    

      
        	
                 

                Class
                  Designation

              	 	
                 

                Interest
                  Rate

              	 	
                 

                Initial
                  Class Principal Amount

              	 	
                 

                Class
                  of Related Certificates

              
	
                LTII11-3A1

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A1

              
	
                LTII11-3A2

              	 	
                (1)

              	 	
                (2)

              	 	
                3-A2

              
	
                LTII11-4A2AU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2A
                  Underlying Interest

              
	
                LTII11-4A2BU

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A2B
                  Underlying Interest

              
	
                LTII11-4A3U

              	 	
                (1)

              	 	
                (2)

              	 	
                4-A3
                  Underlying Interest

              
	
                LTII11-M1II

              	 	
                (1)

              	 	
                (2)

              	 	
                M1-II

              
	
                LTII11-M2II

              	 	
                (1)

              	 	
                (2)

              	 	
                M2-II

              
	
                LTII11-M3II

              	 	
                (1)

              	 	
                (2)

              	 	
                M3-II

              
	
                LTII11-M4II

              	 	
                (1)

              	 	
                (2)

              	 	
                M4-II

              
	
                LTII11-M5II

              	 	
                (1)

              	 	
                (2)

              	 	
                M5-II

              
	
                LTII11-M6II

              	 	
                (1)

              	 	
                (2)

              	 	
                M6-II

              
	
                LTII11-M7II

              	 	
                (1)

              	 	
                (2)

              	 	
                M7-II

              
	
                LTII11-M8II

              	 	
                (1)

              	 	
                (2)

              	 	
                M8-II

              
	
                LTII11-M9II

              	 	
                (1)

              	 	
                (2)

              	 	
                M9-II

              
	
                Uncertificated
                  Class X-II Interest

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              
	
                LTII11-3AX

              	 	
                (4)

              	 	
                (4)

              	 	
                N/A

              
	
                LTII11-4AX

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              
	
                Residual
                  II Interest

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              
	
                LTII11-4A1

              	 	
                (7)

              	 	
                (8)

              	 	
                N/A

              
	
                LTII11-4A1IH

              	 	
                (9)

              	 	
                (9)

              	 	
                N/A

              
	
                LTII11-4A1IG

              	 	
                (10)

              	 	
                (10)

              	 	
                N/A

              
	
                LTII11-4A1IF

              	 	
                (11)

              	 	
                (11)

              	 	
                N/A

              
	
                LTII11-4A1IE

              	 	
                (12)

              	 	
                (12)

              	 	
                N/A

              
	
                LTII11-4A1ID

              	 	
                (13)

              	 	
                (13)

              	 	
                N/A

              
	
                LTII11-4A1IC

              	 	
                (14)

              	 	
                (14)

              	 	
                N/A

              
	
                LTII11-4A1IB

              	 	
                (15)

              	 	
                (15)

              	 	
                N/A

              
	
                LTII11-4A1IA

              	 	
                (16)

              	 	
                (16)

              	 	
                N/A

              

      

    

     

    
      
        

      

    

    
      	(1) 	The interest rate with respect to any
              Distribution Date (and the related Accrual Period) for each of these
              REMIC
              II-11 Interests is a per annum rate equal to the Certificate Interest
              Rate
              for the Related Certificates, provided that in lieu of any Net Funds
              Cap
              set forth in the applicable Certificate Interest Rate, the applicable
              REMIC Pass-Through Rate shall be used, and further provided that these
              REMIC II-11 Interests shall not be entitled to payments in respect
              of
              Excess Interest and shall not have any obligations with respect to
              Class
              I-II Shortfalls.

      	 	 

      	(2)	
              The
                initial principal balance for each of these REMIC II-11 Interests
                shall
                equal the initial principal balance of the Related Certificates.
                Each of
                these REMIC II-11 Interests shall be represented by the Related
                Certificates.

            

    

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

     

    
      	(3)	
              The
                Uncertificated Class X-II Interest shall have an initial principal
                balance
                equal to the excess of the Cut-off Date Balance of Pool 3 and Pool
                4 over
                the aggregate initial Certificate Principal Amounts of the Group
                II
                Certificates. The Uncertificated Class X-II Interest shall accrue
                interest
                on a notional balance equal to the Class X-II Notional Balance at
                a rate
                equal to the Class X-II Interest Rate. Alternatively, the Uncertificated
                Class X-II Interest shall be entitled to all amounts distributable
                on the
                Class LTII10-XII Interest. This REMIC II-11 Interest shall be represented
                by the Class X-II Certificates.

            

    

     

    
      	(4)	
              The
                Class LTII11-3AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII10-3AX Interest. This REMIC II-11 Interest shall be represented
                by the Class 3-AX Certificates.

            

    

     

    
      	(5)	
              The
                Class LTII11-4AX Interest shall be entitled to 100% of the accruals
                on the
                Class LTII10-4AX Interest. This REMIC II-11 Interest shall be represented
                by the Class 4-AX Certificates.

            

    

     

    
      	(6)	
              The
                Residual II Interest is the sole Class of residual interest in REMIC
                II-11. It does not have an interest rate or a principal balance.
                It shall
                be represented by the Class R
                Certificate.

            

    

     

    
      	(7)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for this REMIC II-11 Interest is a per annum rate
                equal to
                the lesser of (i) LIBOR plus (x) 0.20% (for any Distribution Date
                on or
                prior to the Pool 3-4 Initial Optional Termination Date) or 0.40%
                (for any
                Distribution Date after the Pool 3-4 Initial Optional Termination
                Date)
                and (ii) Pool 4 Senior REMIC Cap for such Distribution
                Date.

            

    

     

    
      	(8)	
              The
                initial principal balance for this REMIC II-11 Interest shall equal
                the
                initial principal balance of the Class 4-A1 Underlying
                Interest.

            

    

     

    
      	(9)	
              The
                Class LTII11-4A1IH Interest shall not have an initial principal amount;
                it
                shall accrue interest for each Distribution Date (and the related
                Accrual
                Period) on a notional amount equal to the aggregate principal balance
                of
                the Class LTII10-4A1G Interest and Class LTII10-4A1GX Interest immediately
                prior to such Distribution Date at a rate equal to the excess of
                (i) the
                weighted average of the rates on such Lower Tier Interests over (ii)
                2
                times the weighted average of the rates on such Lower Tier Interests
                (treating, for purposes of this clause (ii), the rate on the first
                such
                Lower Tier Interest as being subject to a cap equal to the rate on
                the
                Class LTII11-4A1 Interest and the rate on the second such Lower Tier
                Interest as being subject to a cap equal to
                zero).

            

    

     

    
      	(10)	
              The
                Class LTII11-4A1IG Interest shall be entitled to 100% of the accruals
                on
                the Class LTII10-4A1IG Interest.

            

    

     

    
      	(11)	
              The
                Class LTII11-4A1IF Interest shall be entitled to 100% of the accruals
                on
                the Class LTII10-4A1IF Interest.

            

    

     

    
      	(12)	
              The
                Class LTII11-4A1IE Interest shall be entitled to 100% of the accruals
                on
                the Class LTII10-4A1IE Interest.

            

    

     

    
      	(13)	
              The
                Class LTII11-4A1ID Interest shall be entitled to 100% of the accruals
                on
                the Class LTII10-4A1ID Interest.

            

    

     

    
      	(14)	
              The
                Class LTII11-4A1IC Interest shall be entitled to 100% of the accruals
                on
                the Class LTII10-4A1IC Interest.

            

    

     

    
      	(15)	
              The
                Class LTII11-4A1IB Interest shall be entitled to 100% of the accruals
                on
                the Class LTII10-4A1IB Interest.

            

    

     

    
      	(16)	
              The
                Class LTII11-4A1IA Interest shall be entitled to 100% of the accruals
                on
                the Class LTII10-4A1IA Interest.

            

    

    

    Each
      of
      the REMIC II-11 Regular Interests shall accrue interest on an “actual/360”
basis.

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

    

    For
      federal income tax purposes, the following Exchange Classes and Exchangeable
      Classes (“Related Exchange or Exchangeable Classes”) represent indirect
      beneficial grantor trust interests in the designated Underlying 4-A1 REMIC
      Certificates (“Related Underlying REMIC Certificates”):

    

      
        	
                 

              	 	
                Underlying
                  4A1IA Interest

              	 	
                Underlying
                  4A1IB Interest

              	 	
                Underlying
                  4A1IC Interest

              	 	
                Underlying
                  4A1ID Interest

              	 	
                Underlying
                  4A1IE Interest

              	 	
                Underlying
                  4A1IF Interest

              	 	
                Underlying
                  4A1IG Interest

              	 	
                Underlying
                  4A1IH Interest

              	 	
                Underlying
                  4A1 Interest

              
	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                4-A1

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              
	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                4-A1A

              	 	
                 

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              
	
                4-A1IA

              	 	
                x

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                4-A1B

              	 	
                 

              	 	
                 

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              
	
                4-A1IB

              	 	
                x

              	 	
                x

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                4-A1C

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              
	
                4-A1IC

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                4-A1D

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              
	
                4-A1ID

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                4-A1E

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              
	
                4-A1IE

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                4-A1F

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                x

              	 	
                x

              	 	
                x

              
	
                4-A1IF

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                4-A1G

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                x

              	 	
                x

              
	
                4-A1IG

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                 

              	 	
                 

              
	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                4-A1H

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                x

              
	
                4-A1IH

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                x

              	 	
                 

              
	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              

      

    

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

    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. Each Group I Certificate and the Class X-I
      Certificate represents ownership of regular interests in REMIC I-2. Each Group
      II Certificate (other than any Exchange Class or Exchangeable Class) and the
      Class X-II Certificate represents ownership of regular interests in REMIC II-11.
      Each Grantor Trust Certificate (other than any Exchange Class) represents a
      beneficial interest in a Grantor Trust the assets of which consist of the
      related Underlying Interest, the related Deferred Interest Cap Agreement and
      the
      related Deferred Interest Cap Account. Each Exchange Class or Exchangeable
      Class
      represents a beneficial interest in a grantor trust created under the Exchange
      Trust Agreement holding the related Underlying REMIC Certificates.

    

      
        	
                 Class
                  Designation

              	 	
                 Interest
                  Rate

              	 	
                 Initial
                  Class Principal Amount or Notional Amount

              	 	
                 Minimum
                  Denominations

              	 
	
                Class
                  1-A1

              	 	 	
                (1

              	
                )

              	
                $

              	
                150,189,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  1-A2

              	 	 	
                (2

              	
                )

              	
                $

              	
                55,609,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  1-A3

              	 	 	
                (3

              	
                )

              	
                $

              	
                22,866,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  1C-A1

              	 	 	
                (4

              	
                )

              	
                $

              	
                154,841,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  1C-A2

              	 	 	
                (5

              	
                )

              	
                $

              	
                57,331,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  1C-A3

              	 	 	
                (6

              	
                )

              	
                $

              	
                23,574,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  2-A1

              	 	 	
                (7

              	
                )

              	
                $

              	
                380,868,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  2-A2

              	 	 	
                (8

              	
                )

              	
                $

              	
                141,018,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  2-A3

              	 	 	
                (9

              	
                )

              	
                $

              	
                57,987,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  AF2

              	 	 	
                (10

              	
                )

              	
                $

              	
                253,958,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  AF3

              	 	 	
                (11

              	
                )

              	
                $

              	
                104,427,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  3-A1

              	 	 	
                (12

              	
                )

              	
                $

              	
                332,519,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  3-A2

              	 	 	
                (13

              	
                )

              	
                $

              	
                221,679,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  3-AX

              	 	 	
                (14

              	
                )

              	
                $

              	
                277,099,000

              	 	
                $

              	
                1,000,000

              	 
	
                Class
                  4-A1 Underlying Interest 

              	 	 	
                (15

              	
                )

              	
                $

              	
                649,329,000

              	 	 	
              	 
	
                Class
                  4-A1

              	 	 	
                (16

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                25,000

              	 

      

       

      
        
          
          

        

        
          -28-

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  4-A2A Underlying Interest 

              	 	 	
                (17

              	
                )

              	
                $

              	
                166,970,000

              	 	 	
              	 
	
                Class
                  4-A2A

              	 	 	
                (18

              	
                )

              	
                $

              	
                166,970,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  4-A2B Underlying Interest 

              	 	 	
                (19

              	
                )

              	
                $

              	
                18,552,000

              	 	 	
              	 
	
                Class
                  4-A2B

              	 	 	
                (20

              	
                )

              	
                $

              	
                18,552,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  4-A3 Underlying Interest 

              	 	 	
                (21

              	
                )

              	
                $

              	
                92,761,000

              	 	 	
              	 
	
                Class
                  4-A3

              	 	 	
                (22

              	
                )

              	
                $

              	
                92,761,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  4-AX

              	 	 	
                (23

              	
                )

              	
                $

              	
                463,806,000

              	 	
                $

              	
                1,000,000

              	 
	
                Class
                  4-A1A

              	 	 	
                (24

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  4-A1B

              	 	 	
                (25

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  4-A1C

              	 	 	
                (26

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  4-A1D

              	 	 	
                (27

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  4-A1E

              	 	 	
                (28

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  4-A1F

              	 	 	
                (29

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  4-A1G

              	 	 	
                (30

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  4-A1H

              	 	 	
                (31

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                25,000

              	 
	
                Class
                  4-A1IA

              	 	 	
                (32

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                1,000,000

              	 
	
                Class
                  4-A1IB

              	 	 	
                (33

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                1,000,000

              	 
	
                Class
                  4-A1IC

              	 	 	
                (34

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                1,000,000

              	 
	
                Class
                  4-A1ID

              	 	 	
                (35

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                1,000,000

              	 
	
                Class
                  4-A1IE

              	 	 	
                (36

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                1,000,000

              	 
	
                Class
                  4-A1IF

              	 	 	
                (37

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                1,000,000

              	 
	
                Class
                  4-A1IG

              	 	 	
                (38

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                1,000,000

              	 
	
                Class
                  4-A1IH

              	 	 	
                (39

              	
                )

              	
                $

              	
                649,329,000

              	 	
                $

              	
                1,000,000

              	 
	
                Class
                  M1-I

              	 	 	
                (40

              	
                )

              	
                $

              	
                17,147,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M2-I

              	 	 	
                (41

              	
                )

              	
                $

              	
                14,861,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M3-I

              	 	 	
                (42

              	
                )

              	
                $

              	
                8,573,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M4-I

              	 	 	
                (43

              	
                )

              	
                $

              	
                8,573,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M5-I

              	 	 	
                (44

              	
                )

              	
                $

              	
                7,430,000

              	 	
                $

              	
                100,000

              	 

      

       

      
        
          
          

        

        
          -29-

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  M6-I

              	 	 	
                (45

              	
                )

              	
                $

              	
                6,859,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M7-I

              	 	 	
                (46

              	
                )

              	
                $

              	
                6,859,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M8-I

              	 	 	
                (47

              	
                )

              	
                $

              	
                6,859,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M9-I

              	 	 	
                (48

              	
                )

              	
                $

              	
                12,574,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M1-II

              	 	 	
                (49

              	
                )

              	
                $

              	
                66,551,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M2-II

              	 	 	
                (50

              	
                )

              	
                $

              	
                26,114,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M3-II

              	 	 	
                (51

              	
                )

              	
                $

              	
                14,321,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M4-II

              	 	 	
                (52

              	
                )

              	
                $

              	
                16,005,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M5-II

              	 	 	
                (53

              	
                )

              	
                $

              	
                18,533,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M6-II

              	 	 	
                (54

              	
                )

              	
                $

              	
                13,478,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M7-II

              	 	 	
                (55

              	
                )

              	
                $

              	
                11,793,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M8-II

              	 	 	
                (56

              	
                )

              	
                $

              	
                9,266,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M9-II

              	 	 	
                (57

              	
                )

              	
                $

              	
                8,424,000

              	 	
                $

              	
                100,000

              	 
	
                Class
                  X-I

              	 	 	
                (58

              	
                )

              	 	
                (58

              	
                )

              	 	
                (59

              	
                )

              
	
                Class
                  X-II

              	 	 	
                (60

              	
                )

              	 	
                (60

              	
                )

              	 	
                (59

              	
                )

              
	
                Class
                  AP-I

              	 	 	
                (61

              	
                )

              	
                $

              	
                100

              	 	
                $

              	
                10

              	 
	
                Class
                  3-AP

              	 	 	
                (61

              	
                )

              	
                $

              	
                100

              	 	
                $

              	
                10

              	 
	
                Class
                  4-AP

              	 	 	
                (61

              	
                )

              	
                $

              	
                100

              	 	
                $

              	
                10

              	 
	
                Class
                  C-I

              	 	 	
                (62

              	
                )

              	 	
                (62

              	
                )

              	 	
                (59

              	
                )

              
	
                Class
                  C-II

              	 	 	
                (62

              	
                )

              	 	
                (62

              	
                )

              	 	
                (59

              	
                )

              
	
                Class
                  R

              	 	 	
                (63

              	
                )

              	 	
                (63

              	
                )

              	 	
                (59

              	
                )

              

 

    

    
      

    

    
      	(1)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.300% (the “1-A1 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 1, Pool 1C and Pool 2 Mortgage Loans and related property
                are
                not purchased pursuant to Section 7.01(b) on the Pool 1-2 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 1-A1 Certificates will be LIBOR plus
                0.600%.

            

    

     

    
      	(2)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.400% (the “1-A2 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 1, Pool 1C and Pool 2 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1-2 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
                1-A2 Certificates will be LIBOR plus
                0.800%.

            

    

     

    
      	(3)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.500% (the “1-A3 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 1, Pool 1C and Pool 2 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1-2 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
                1-A3 Certificates will be LIBOR plus
                1.000%.

            

    

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

     

    
      	(4)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1C-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.300% (the “1C-A1 Margin”) and
                (ii) the Pool 1C Net Funds Cap for such Distribution Date; provided,
                that
                if Pool 1, Pool 1C and Pool 2 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1-2 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
                1C-A1 Certificates will be LIBOR plus
                0.600%.

            

    

     

    
      	(5)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1C-A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.400% (the “1C-A2 Margin”) and
                (ii) the Pool 1C Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 1, Pool 1C and Pool 2 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1-2 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
                1C-A2 Certificates will be LIBOR plus
                0.800%.

            

    

     

    
      	(6)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1C-A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.500% (the “1C-A3 Margin”) and
                (ii) the Pool 1C Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 1, Pool 1C and Pool 2 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1-2 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
                1C-A3 Certificates will be LIBOR plus
                1.000%.

            

    

     

    
      	(7)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.250% (the “2-A1 Margin”) and
                (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
                that
                if Pool 1, Pool 1C and Pool 2 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1-2 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
                2-A1 Certificates will be LIBOR plus
                0.500%.

            

    

     

    
      	(8)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.400% (the “2-A2 Margin”) and
                (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 1, Pool 1C and Pool 2 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1-2 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
                2-A2 Certificates will be LIBOR plus
                0.800%.

            

    

     

    
      	(9)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.500% (the “2-A3 Margin”) and
                (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 1, Pool 1C and Pool 2 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1-2 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
                2-A3 Certificates will be LIBOR plus
                1.000%.

            

    

     

    
      	(10)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class AF2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.400% (the “AF2 Margin”) and
                (ii) the AF2 Net Funds Cap for such Distribution Date; provided,
                that if
                the Pool 1, Pool 1C and Pool 2 Mortgage Loans and related property
                are not
                purchased pursuant to Section 7.01(b) on the Pool 1-2 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 AF2 Certificates will be LIBOR plus
                0.800%.

            

    

     

    
      	(11)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class AF3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.500% (the “AF3 Margin”) and
                (ii) the AF3 Net Funds Cap for such Distribution Date; provided,
                that if
                the Pool 1, Pool 1C and Pool 2 Mortgage Loans and related property
                are not
                purchased pursuant to Section 7.01(b) on the Pool 1-2 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 AF3 Certificates will be LIBOR plus
                1.000%.

            

    

     

    
      	(12)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.250% (the “3-A1 Margin”) and
                (ii) the Pool 3 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 3-A1 Certificates will be LIBOR plus
                0.500%.

            

    

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

     

    
      	(13)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.250% (the “3-A2 Margin”) and
                (ii) the Pool 3 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 3-A2 Certificates will be LIBOR plus
                0.500%.

            

    

     

    
      	(14)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-AX Certificates is the per
                annum
                rate equal to the product of (A) (x) the weighted average of the
                Net
                Mortgage Rates for the Pool 3 Mortgage Loans as of the first day
                of the
                related Collection Period minus (y) the sum of (a) the product of
                (i)
                LIBOR plus 0.31% per annum through the Pool 3-4 Initial Optional
                Termination Date or LIBOR plus 0.62% per annum after the Pool 3-4
                Initial
                Optional Termination Date and (ii) a fraction, the numerator of which
                is
                the actual number of days in the related Accrual Period for the Pool
                3
                Senior Certificates and the denominator of which is 30 and (b) a
                fraction,
                the numerator of which is (I) the product of (A) a fraction, the
                numerator
                of which is the actual number of days in the related Accrual Period
                for
                the Pool 3 Senior Certificates and the denominator of which is 30
                and (B)
                the applicable Premium Percentage multiplied by the Class Principal
                Amount
                of the Class 3-A2 Certificates, and the denominator of which is (II)
                the
                aggregate Class Principal Amount of the Pool 3 Senior Certificates
                and (B)
                100% through and including the Distribution Date in July 2009 or
                20%
                following the Distribution Date in July
                2009.

            

    

     

    
      	(15)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1 Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.900% (the “4-A1U
                Margin”) and (ii) the Pool 4 Net Funds Cap for such Distribution Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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 4-A1 Underlying Interest will be
                LIBOR
                plus 1.800%.

            

    

     

    
      	(16)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.900% (the “4-A1 Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A1 Certificates will be LIBOR plus
                1.800%.

            

    

     

    
      	(17)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A2A Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.450% (the “4-A2AU
                Margin”) and (ii) the Pool 4 Net Funds Cap for such Distribution Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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 4-A2A Underlying Interest will be
                LIBOR
                plus 0.900%.

            

    

     

    
      	(18)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A2A Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.450% (the “4-A2A Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A2A Certificates will be LIBOR plus
                0.900%.

            

    

     

    
      	(19)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A2B Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.600% (the “4-A2BU
                Margin”) and (ii) the Pool 4 Net Funds Cap for such Distribution Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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 4-A2B Underlying Interest will be
                LIBOR
                plus 1.200%.

            

    

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

     

    
      	(20)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A2B Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.600% (the “4-A2B Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A2B Certificates will be LIBOR plus
                1.200%.

            

    

     

    
      	(21)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A3 Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.400% (the “4-A3U
                Margin”) and (ii) the Pool 4 Net Funds Cap for such Distribution Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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 4-A3 Underlying Interest will be
                LIBOR
                plus 0.800%.

            

    

     

    
      	(22)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.400% (the “4-A3 Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A3 Certificates will be LIBOR plus
                0.800%.

            

    

     

    
      	(23)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-AX Certificates is the per
                annum
                rate equal to the product of (A) (x) the weighted average of the
                Net
                Mortgage Rates for the Pool 4 Mortgage Loans as of the first day
                of the
                related Collection Period minus (y) the sum of (a) the product of
                (i)
                LIBOR plus 0.83% per annum through the Pool 3-4 Initial Optional
                Termination Date or LIBOR plus 1.66% per annum after the Pool 3-4
                Initial
                Optional Termination Date and (ii) a fraction, the numerator of which
                is
                the actual number of days in the related Accrual Period for the Pool
                4
                Senior Certificates and the denominator of which is 30 and (b) a
                fraction,
                the numerator of which is (I) the product of (A) a fraction, the
                numerator
                of which is the actual number of days in the related Accrual Period
                for
                the Pool 4 Senior Certificates and the denominator of which is 30
                and (B)
                the applicable Premium Percentage multiplied by the Class Principal
                Amount
                of the Class 4-A3 Certificates, and the denominator of which is (II)
                the
                aggregate Class Principal Amount of the Pool 4 Senior Certificates
                and (B)
                100% through and including the Distribution Date in July 2009 or
                20%
                following the Distribution Date in July
                2009.

            

    

     

    
      	(24)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1A Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.800% (the “4-A1A Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A1A Certificates will be LIBOR plus
                1.600%.

            

    

     

    
      	(25)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1B Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.700% (the “4-A1B Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A1B Certificates will be LIBOR plus
                1.400%.

            

    

     

    
      	(26)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1C Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.600% (the “4-A1C Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A1C Certificates will be LIBOR plus
                1.200%.

            

    

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

     

    
      	(27)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1D Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.500% (the “4-A1D Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A1D Certificates will be LIBOR plus
                1.000%.

            

    

     

    
      	(28)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1E Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.400% (the “4-A1E Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A1E Certificates will be LIBOR plus
                0.800%.

            

    

     

    
      	(29)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1F Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.300% (the “4-A1F Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A1F Certificates will be LIBOR plus
                0.600%.

            

    

     

    
      	(30)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1G Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.250% (the “4-A1G Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A1G Certificates will be LIBOR plus
                0.500%.

            

    

     

    
      	(31)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1H Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.200% (the “4-A1H Margin”) and
                (ii) the Pool 4 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 3 and Pool 4 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 3-4 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 4-A1H Certificates will be LIBOR plus
                0.400%.

            

    

     

    
      	(32)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1IA Certificates is the
                per annum
                rate equal to the lesser of (i) 0.100% and (ii) the excess of the
                Pool 4
                Net Funds Cap over the Interest Rate on the Class 4-A1A Certificates
                for
                such Distribution Date; provided, that if the Pool 3 and Pool 4 Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Pool 3-4 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 4-A1IA Certificates
                will be
                0.200%.

            

    

     

    
      	(33)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1IB Certificates is the
                per annum
                rate equal to the lesser of (i) 0.200% and (ii) the excess of the
                Pool 4
                Net Funds Cap over the Interest Rate on the Class 4-A1B Certificates
                for
                such Distribution Date; provided, that if the Pool 3 and Pool 4 Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Pool 3-4 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 4-A1IB Certificates
                will be
                0.400%.

            

    

     

    
      	(34)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1IC Certificates is the
                per annum
                rate equal to the lesser of (i) 0.300% and (ii) the excess of the
                Pool 4
                Net Funds Cap over the Interest Rate on the Class 4-A1C Certificates
                for
                such Distribution Date; provided, that if the Pool 3 and Pool 4 Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Pool 3-4 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 4-A1IC Certificates
                will be
                0.600%.

            

    

     

    
      	(35)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1ID Certificates is the
                per annum
                rate equal to the lesser of (i) 0.400% and (ii) the excess of the
                Pool 4
                Net Funds Cap over the Interest Rate on the Class 4-A1D Certificates
                for
                such Distribution Date; provided, that if the Pool 3 and Pool 4 Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Pool 3-4 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 4-A1ID Certificates
                will be
                0.800%.

            

    

     

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

     

    
      	(36)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1IE Certificates is the
                per annum
                rate equal to the lesser of (i) 0.500% and (ii) the excess of the
                Pool 4
                Net Funds Cap over the Interest Rate on the Class 4-A1E Certificates
                for
                such Distribution Date; provided, that if the Pool 3 and Pool 4 Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Pool 3-4 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 4-A1IE Certificates
                will be
                1.000%.

            

    

     

    
      	(37)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1IF Certificates is the
                per annum
                rate equal to the lesser of (i) 0.600% and (ii) the excess of the
                Pool 4
                Net Funds Cap over the Interest Rate on the Class 4-A1F Certificates
                for
                such Distribution Date; provided, that if the Pool 3 and Pool 4 Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Pool 3-4 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 4-A1IF Certificates
                will be
                1.200%.

            

    

     

    
      	(38)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1IG Certificates is the
                per annum
                rate equal to the lesser of (i) 0.650% and (ii) the excess of the
                Pool 4
                Net Funds Cap over the Interest Rate on the Class 4-A1G Certificates
                for
                such Distribution Date; provided, that if the Pool 3 and Pool 4 Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Pool 3-4 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 4-A1IG Certificates
                will be
                1.300%.

            

    

     

    
      	(39)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 4-A1IH Certificates is the
                per annum
                rate equal to the lesser of (i) 0.700% and (ii) the excess of the
                Pool 4
                Net Funds Cap over the Interest Rate on the Class 4-A1H Certificates
                for
                such Distribution Date; provided, that if the Pool 3 and Pool 4 Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Pool 3-4 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 4-A1IH Certificates
                will be
                1.400%.

            

    

     

    
      	(40)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M1-I Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.000% (the “M1-I Margin”) and
                (ii) the Group I Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 1, Pool 1C and Pool 2 Mortgage Loans and
                related property are not purchased pursuant to Section 7.01(b) on
                the Pool
                1-2 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-I Certificates will
                be LIBOR
                plus 1.500%.

            

    

     

    
      	(41)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M2-I Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.250% (the “M2-I Margin”) and
                (ii) the Group I Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 1, Pool 1C and Pool 2 Mortgage Loans and
                related property are not purchased pursuant to Section 7.01(b) on
                the Pool
                1-2 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-I Certificates will
                be LIBOR
                plus 1.875%.

            

    

     

    
      	(42)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M3-I Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.500% (the “M3-I Margin”) and
                (ii) the Group I Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 1, Pool 1C and Pool 2 Mortgage Loans and
                related property are not purchased pursuant to Section 7.01(b) on
                the Pool
                1-2 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-I Certificates will
                be LIBOR
                plus 2.250%.

            

    

     

    
      	(43)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M4-I Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M4-I Margin”) and
                (ii) the Group I Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 1, Pool 1C and Pool 2 Mortgage Loans and
                related property are not purchased pursuant to Section 7.01(b) on
                the Pool
                1-2 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-I Certificates will
                be LIBOR
                plus 2.625%.

            

    

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

     

    
      	(44)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M5-I Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M5-I Margin”) and
                (ii) the Group I Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 1, Pool 1C and Pool 2 Mortgage Loans and
                related property are not purchased pursuant to Section 7.01(b) on
                the Pool
                1-2 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-I Certificates will
                be LIBOR
                plus 2.625%.

            

    

     

    
      	(45)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M6-I Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M6-I Margin”) and
                (ii) the Group I Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 1, Pool 1C and Pool 2 Mortgage Loans and
                related property are not purchased pursuant to Section 7.01(b) on
                the Pool
                1-2 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-I Certificates will
                be LIBOR
                plus 2.625%.

            

    

     

    
      	(46)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M7-I Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M7-I Margin”) and
                (ii) the Group I Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 1, Pool 1C and Pool 2 Mortgage Loans and
                related property are not purchased pursuant to Section 7.01(b) on
                the Pool
                1-2 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-I Certificates will
                be LIBOR
                plus 2.625%.

            

    

     

    
      	(47)	
              The
                Class M8-I Certificates are principal-only certificates and will
                not be
                entitled to any distributions of
                interest.

            

    

     

    
      	(48)	
              The
                Class M9-I Certificates are principal-only certificates and will
                not be
                entitled to any distributions of
                interest.

            

    

     

    
      	(49)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M1-II Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.800% (the “M1-II Margin”) and
                (ii) the Group II Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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-II Certificates will be LIBOR
                plus
                1.200%.

            

    

     

    
      	(50)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M2-II Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.000% (the “M2-II Margin”) and
                (ii) the Group II Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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-II Certificates will be LIBOR
                plus
                1.500%.

            

    

     

    
      	(51)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M3-II Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.500% (the “M3-II Margin”) and
                (ii) the Group II Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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-II Certificates will be LIBOR
                plus
                2.250%.

            

    

     

    
      	(52)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M4-II Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M4-II Margin”) and
                (ii) the Group II Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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-II Certificates will be LIBOR
                plus
                2.625%.

            

    

     

    
      	(53)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M5-II Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M5-II Margin”) and
                (ii) the Group II Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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-II Certificates will be LIBOR
                plus
                2.625%.

            

    

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

     

    
      	(54)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M6-II Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M6-II Margin”) and
                (ii) the Group II Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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-II Certificates will be LIBOR
                plus
                2.625%.

            

    

     

    
      	(55)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M7-II Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M7-II Margin”) and
                (ii) the Group II Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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-II Certificates will be LIBOR
                plus
                2.625%.

            

    

     

    
      	(56)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M8-II Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M8-II Margin”) and
                (ii) the Group II Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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-II Certificates will be LIBOR
                plus
                2.625%.

            

    

     

    
      	(57)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M9-II Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.750% (the “M9-II Margin”) and
                (ii) the Group II Subordinate Net Funds Cap for such Distribution
                Date;
                provided, that if the Pool 3 and Pool 4 Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Pool
                3-4
                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-II Certificates will be LIBOR
                plus
                2.625%.

            

    

     

    
      	(58)	
              For
                purposes of the REMIC Provisions, the X-I Component of the Class
                X-I
                Certificates shall have an initial principal balance equal to the
                excess
                of the Cut-off Date Balance of Mortgage Group I over the aggregate
                initial
                Certificate Principal Amounts of the Group I Certificates. For each
                Distribution Date, the X-I Component of the Class X-I Certificates
                shall
                be entitled to the X-I Component Current Interest. Unpaid interest
                on the
                X-I Component of the Class X-I Certificates shall not itself bear
                interest. The S-X Component of the Class X-I Certificates shall represent
                an interest-only regular interest in REMIC I-2 and shall represent
                beneficial ownership of the Supplemental Interest Trust Account,
                including
                the Swap Agreement. For purposes of the REMIC Provisions, the C-X
                Component of the Class X-I Certificates shall represent beneficial
                ownership of the Interest Rate Cap Agreement. For purposes of the
                REMIC
                Provisions, the Class X-I Certificates shall also represent beneficial
                ownership of (i) the Pool 1-2 Basis Risk Reserve Fund, (ii) an interest
                in
                certain notional principal contracts described in Section 10.01 hereof
                and
                (iii) the right to receive FPD Premiums and EPD Premiums with respect
                to
                Pool 1, Pool 1C and Pool 2.

            

    

     

    
      	(59)	
              The
                Class X-I, Class X-II, Class C-I and Class C-II Certificates will
                each be
                issued in minimum Percentage Interests of 10% and increments of 1%
                thereafter. The Cass R Certificate will be issued as a single Certificate
                evidencing the entire Percentage Interest in such
                Class.

            

    

     

    
      	(60)	
              For
                purposes of the REMIC Provisions, the X-II Certificates shall have
                an
                initial principal balance equal to the excess of the Cut-off Date
                Balance
                of Mortgage Group II over the aggregate initial Certificate Principal
                Amounts of the Group II Certificates. For each Distribution Date,
                the
                Class X-II Certificates shall be entitled to the Class X-II Current
                Interest. Unpaid interest on the Class X-II Certificates shall not
                itself
                bear interest. For purposes of the REMIC Provisions, the Class X-II
                Certificates shall also represent beneficial ownership of (i) the
                Pool 3-4
                Basis Risk Reserve Fund and (ii) an interest in certain notional
                principal
                contracts described in Section 10.01
                hereof.

            

    

     

    
      	(61)	
              The
                Class AP-I Certificates will be entitled to receive Prepayment Premiums
                paid by borrowers upon voluntary full or partial prepayment of the
                Pool 1,
                Pool 1C and Pool 2 Mortgage Loans. The Class 3-AP Certificates will
                be
                entitled to receive Prepayment Premiums paid by borrowers upon voluntary
                full or partial prepayment of the Pool 3 Mortgage Loans. The Class
                4-AP
                Certificates will be entitled to receive Prepayment Premiums paid
                by
                borrowers upon voluntary full or partial prepayment of the Pool 4
                Mortgage
                Loans. 

            

    

     

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

     

    
      	(62)	
              The
                Class C-I Certificates will be issued without a Certificate Principal
                Amount and will not bear interest at a stated rate. The Class C-I
                Certificates shall be entitled to receive all reinvestment income
                on
                amounts on deposit in the X-I Component Account and amounts on deposit
                in
                the X-I Component Account on the Distribution Date as described herein
                as
                provided in Section 5.02(i). The Class C-II Certificates will be
                issued
                without a Certificate Principal Amount and will not bear interest
                at a
                stated rate. The Class C-II Certificates shall be entitled to receive
                all
                reinvestment income on amounts on deposit in the Class X-II Account
                and
                amounts on deposit in the Class X-II Account on the Distribution
                Date as
                described herein as provided in Section 5.02(j).
                

            

    

     

    
      	(63)	
              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 each
                REMIC.

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $2,828,002,465.

     

    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(d)(i).

     

    1-A1
      Margin:
      As
      defined in footnote (1) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-A2
      Margin:
      As
      defined in footnote (2) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-A3
      Margin:
      As
      defined in footnote (3) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1C-A1
      Margin:
      As
      defined in footnote (4) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1C-A2
      Margin:
      As
      defined in footnote (5) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1C-A3
      Margin:
      As
      defined in footnote (6) of the Preliminary Statement under the caption “The
      Certificates.”

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

     

    2-A1
      Margin:
      As
      defined in footnote (7) of the Preliminary Statement under the caption “The
      Certificates.”

     

    2-A2
      Margin:
      As
      defined in footnote (8) of the Preliminary Statement under the caption “The
      Certificates.”

     

    2-A3
      Margin:
      As
      defined in footnote (9) of the Preliminary Statement under the caption “The
      Certificates.”

     

    3-A1
      Margin:
      As
      defined in footnote (12) of the Preliminary Statement under the caption “The
      Certificates.”

     

    3-A2
      Margin:
      As
      defined in footnote (13) of the Preliminary Statement under the caption “The
      Certificates.”

     

    4-A1U
      Margin:
      As
      defined in footnote (15) of the Preliminary Statement under the caption “The
      Certificates.”

     

    4-A1
      Margin:
      As
      defined in footnote (16) of the Preliminary Statement under the caption “The
      Certificates.”

     

    4-A2AU
      Margin:
      As
      defined in footnote (17) of the Preliminary Statement under the caption “The
      Certificates.”

     

    4-A2A
      Margin:
      As
      defined in footnote (18) of the Preliminary Statement under the caption “The
      Certificates.”

     

    4-A2BU
      Margin:
      As
      defined in footnote (19) of the Preliminary Statement under the caption “The
      Certificates.”

     

    4-A2B
      Margin:
      As
      defined in footnote (20) of the Preliminary Statement under the caption “The
      Certificates.”

     

    4-A3U
      Margin:
      As
      defined in footnote (21) of the Preliminary Statement under the caption “The
      Certificates.”

     

    4-A3
      Margin:
      As
      defined in footnote (22) of the Preliminary Statement under the caption “The
      Certificates.”

     

    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.

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

     

    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:
      For the
      LIBOR Certificates and the Grantor Trust Certificates for each Distribution
      Date, the period beginning on the immediately preceding Distribution Date (or
      from July 25, 2007 in the case of the first Distribution Date or July 31, 2007
      in the case of the Class 3-AX and Class 4-AX Certificates) and ending on the
      day
      immediately preceding the related Distribution Date. The LIBOR Certificates
      and
      the Grantor Trust Certificates shall accrue interest on the basis of a 360-day
      year and the actual number of days in each Accrual Period; all calculations
      of
      interest on the Notional Certificates will be made on the basis of a 360-day
      year consisting of twelve 30-day months.

     

    Act:
      As
      defined in Section 3.03(c).

     

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

     

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

     

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

     

    Additional
      Termination Event:
      As
      defined in the Swap Agreement.

     

    Advance:
      An
      advance of the aggregate of payments of principal and interest (net of the
      General Servicing Fee or the Servicing Fee, as applicable) 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 Servicers or, with respect to the Mortgage Loans
      Serviced by GMACM, GreenPoint and SunTrust, by the Master Servicer (or by the
      Trustee as successor master servicer) pursuant to Section 5.04.

     

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

     

    AF2
      Margin: As defined in footnote (10) of the Preliminary Statement under the
      caption “The Certificates.”

     

    AF2
      Net Funds Cap: For each Distribution Date, an annual rate equal to (a) a
      fraction, expressed as a percentage, the numerator of which is the sum of all
      current interest payable to the Class 1-A2, Class 1C-A2 and Class 2-A2
      Certificates for such Distribution Date and the denominator of which is the
      Class Principal Amount of the Class AF2 Certificates immediately prior to that
      Distribution Date multiplied by (b) a fraction, the numerator of which is 360
      and the denominator of which is the actual number of days in the Accrual Period
      related to such Distribution Date. 

     

    AF3
      Margin: As
      defined in footnote (11) of the Preliminary Statement under the caption “The
      Certificates.”

     

    AF3
      Net Funds Cap: For each Distribution Date, an annual rate equal to (a) a
      fraction, expressed as a percentage, the numerator of which is the sum of all
      current interest payable to the Class 1-A3, Class 1C-A3 and Class 2-A3
      Certificates for such Distribution Date and the denominator of which is the
      Class Principal Amount of the Class AF3 Certificates immediately prior to that
      Distribution Date multiplied by (b) a fraction, the numerator of which is 360
      and the denominator of which is the actual number of days in the Accrual Period
      related to such Distribution Date. 

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

     

    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.

     

    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.

     

    Applicants:
      As
      defined in Section 8.02(b).

     

    Applied
      Loss Amount:
      The
      aggregate of the Pool 1-2 Applied Loss Amount and the Pool 3-4 Applied Loss
      Amount.

     

    Apportioned
      Principal Balance:
      For any
      Class of Group I Subordinate Certificates for any Distribution Date, the Class
      Principal Amount of that Class immediately prior to that Distribution Date
      multiplied by a fraction, the numerator of which is the applicable Pool
      Subordinate Amount for that date and the denominator of which is the sum of
      the
      Pool Subordinate Amounts for each of Pool 1, Pool 1C and Pool 2 for that date.
      For any Class of Group II Subordinate Certificates for any Distribution Date,
      the Class Principal Amount of that Class immediately prior to that Distribution
      Date multiplied by a fraction, the numerator of which is the applicable Pool
      Subordinate Amount for that date and the denominator of which is the sum of
      the
      Pool Subordinate Amounts for each of Pool 3 and Pool 4 for that
      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 neither the Custodian nor the Trustee shall be
      responsible for determining whether any such assignment is in recordable
      form.

     

    
      
        
        

      

      
        -41-

        
          

        

      

      
        
        

      

    

     

    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:
      Not
      applicable.

     

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

     

    Balance
      Guaranteed Cap Agreement:
      Not
      applicable.

     

    Balance
      Guaranteed Cap Account:
      Not
      applicable.

     

    Balloon
      Mortgage Loan:
      Any
      Mortgage Loan having an original term to maturity that is shorter than its
      amortization schedule, and a final Scheduled Payment that is disproportionately
      large in comparison to other Scheduled Payments.

     

    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 a bankrupt or insolvent,
      the entry of an order for relief in a bankruptcy or insolvency proceeding,
      the
      seeking of reorganization, arrangement, composition, readjustment, liquidation,
      dissolution or similar relief, or seeking, consenting to or acquiescing in
      the
      appointment of a trustee, receiver or liquidator, dissolution, or termination,
      as the case may be, of such Person pursuant to the provisions of either the
      Bankruptcy Code, or any other similar state laws.

     

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

     

    Basis
      Risk Payment:
      Not
      applicable.

     

    Basis
      Risk Reserve Fund:
      Not
      applicable.

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates (other
      than
      the Class M8-I and Class M9-I 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 for
      such date but, in the case of the Group II Certificates, subject to a cap equal
      to the applicable Maximum Interest Rate, exceeds the amount of interest
      calculated at the applicable Net Funds Cap. Notwithstanding the foregoing,
      the
      amount of any Basis Risk Shortfall for any class of Group II Certificates in
      respect of any Distribution Date may not exceed the amount, if any, by which
      (x)
      the amount payable at the applicable Maximum Interest Rate exceeds (y) the
      amount payable at the applicable Net Funds Cap.

     

    
      
        
        

      

      
        -42-

        
          

        

      

      
        
        

      

    

     

    Benefit
      Plan Opinion:
      Not
      applicable.

     

    Book-Entry
      Certificates:
      Beneficial interests in Certificates designated as “Book-Entry Certificates” in
      this Agreement, ownership and transfers of which shall be evidenced or made
      through book entries by a Clearing Agency as described in Section 3.09;
      provided, that after the occurrence of a condition whereupon book-entry
      registration and transfer are no longer permitted and Definitive Certificates
      are to be issued to Certificate Owners, such Book-Entry Certificates shall
      no
      longer be “Book-Entry Certificates.” As of the Closing Date, the Offered
      Certificates and the Privately Offered Certificates constitute Book-Entry
      Certificates.

     

    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 New York City, New York or, if other than New York City, the city in which
      the Corporate Trust Office of the Trustee is located and the States of Colorado,
      Massachusetts, Minnesota or New York or the city in which the executive office
      of the Certificate Insurer is located are closed, or (iii) with respect to
      the
      Servicer Remittance Date or the Servicer reporting date, the States specified
      in
      the definition of “Business Day” in the Servicing Agreements, are authorized or
      obligated by law or executive order to be closed.

     

    C-X
      Component:
      The
      portion of the Class X-I Certificates representing the right to distributions
      to
      the Class X-I Certificates from the Interest Rate Cap Agreement.

     

    Cap
      Deferred Interest Amount:
      As of
      any Distribution Date and with respect to each Class of Grantor Trust
      Certificates, the amount, if any, of Net Negative Amortization allocated to
      the
      related Underlying Interest, as applicable, to the extent covered by a previous
      payment made by the Deferred Interest Cap Provider and not previously paid
      to
      the Deferred Interest Cap Provider.

     

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

     

    Cap
      Provider:
      Either
      of the Interest Rate Cap Provider or the Deferred Interest Cap
      Provider.

     

    Cap
      Termination Payment:
      Upon an
      optional termination pursuant to Section 7.01(b) and to the extent such payments
      or amounts are related to the Mortgage Pool or Mortgage Pools being terminated,
      any payment required to be made to the applicable Cap Provider or by the
      applicable Cap Provider to the Trustee pursuant to the terms of the Interest
      Rate Cap Agreement or applicable Deferred Interest Cap Agreement, and any unpaid
      amounts due on previous Cap Payment Dates and accrued interest thereon as
      provided in the Interest Rate Cap Agreement or applicable Deferred Interest
      Cap
      Agreement, as calculated by the applicable Cap Provider and furnished to the
      Trustee.

     

    Capitalized
      Interest Account:
      Not
      applicable.

     

    Capitalized
      Interest Amount:
      Not
      applicable.

     

    
      
        
        

      

      
        -43-

        
          

        

      

      
        
        

      

    

     

    Carryforward
      Interest:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates (other
      than
      the Class M8-I and Class M9-I Certificates), Notional Certificates or Grantor
      Trust 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 (other than, in the case of the Class 3-AX and Class 4-AX
      Certificates, any portion of such amount resulting from Net Negative
      Amortization) for the related Accrual Period at the applicable Certificate
      Interest Rate. Carryforward Interest shall not include amounts attributable
      to
      an allocation of Net Negative Amortization (except in the case of the Class
      3-AX
      and Class 4-AX Certificates).

     

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

     

    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. AB1081BE, dated the Closing Date,
      including any endorsements thereto issued by the Certificate Insurer to the
      Trustee for the benefit of the Holders of the Guaranteed Certificates, a form
      of
      which is attached as Exhibit M hereto.

     

    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).

     

    
      
        
        

      

      
        -44-

        
          

        

      

      
        
        

      

    

     

    Certificate
      Insurer Premium:
      With
      respect to any Distribution Date, an amount equal to the product of (a) the
      sum
      of the Class Principal Amounts of the Class 3-A2 or Class 4-A3 Certificates,
      as
      applicable, as of such Distribution Date (prior to giving effect to any
      distributions thereon on such Distribution Date) and (b) the applicable Premium
      Percentage, multiplied by the actual number of days in the Accrual Period
      (treating, solely for purposes of such calculation, the initial Accrual Period
      as beginning on the Closing Date and ending on the day immediately preceding
      the
      initial Distribution Date), and divided by 360.

     

    Certificate
      Interest Rate:
      With
      respect to each Class of Certificates and any Distribution Date, the applicable
      per annum rate set forth or described 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 C-I, Class C-II, Class X-I,
      Class X-II, Notional Certificates and Class 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, in the case of any Group
      I
      Certificate, as reduced by any Pool 1-2 Applied Loss Amount or, in the case
      of
      any Group II Certificate, as reduced by any Pool 3-4 Applied Loss Amount,
      previously allocated thereto, plus, in the case of any Negative Amortization
      Certificate, any Net Negative Amortization allocated thereto on previous
      Distribution Dates; provided, however, that on each Distribution Date on which
      a
      Subsequent Recovery is distributed, the Certificate Principal Amount of any
      Group I Certificate that has been reduced by application of a Pool 1-2 Applied
      Loss Amount or the Certificate Principal Amount of any Group II Certificate
      that
      has been reduced by application of a Pool 3-4 Applied Loss Amount will be
      increased, in order of seniority, by an amount (to be applied pro
      rata
      to all
      Certificates of such Class) equal to the lesser of (1) any Deferred Amount
      for
      each such Class immediately prior to such date and (2) (a) in the case of the
      holders of Group I Certificates, the total amount of any Subsequent Recovery
      related to Pool 1, Pool 1C or Pool 2 distributed on such date to
      Certificateholders, after application (for this purpose) to more senior Classes
      of such Certificates and (b) in the case of the holders of Group II
      Certificates, the total amount of any Subsequent Recovery related to Pool 3
      or
      Pool 4 distributed on such date to Certificateholders, after application (for
      this purpose) to more senior Classes of such Certificates; 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
      Guaranteed Certificates shall instead be payable to the Certificate Insurer.
      The
      Class C-I, Class C-II, Class X-I, Class X-II and Class R Certificates are issued
      without Certificate Principal Amounts.

     

    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.”

     

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

     

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Class
      3-AP Reserve Fund:
      As
      defined in Section 5.11(a). 

     

    Class
      4-AP Reserve Fund:
      As
      defined in Section 5.11(a). 

     

    Class
      AP-I Reserve Fund:
      As
      defined in Section 5.11(a). 

     

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

     

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

     

    Class
      C-I Mortgage Loan:
      Any
      Pool 1 Mortgage Loan, Pool 1C Mortgage Loan or Pool 2 Mortgage Loan that has
      become a Liquidated Mortgage Loan on or prior to the Collection Period ending
      on
      March 1, 2010.

     

    Class
      C-II Mortgage Loan:
      Any
      Pool 3 Mortgage Loan or Pool 4 Mortgage Loan that has become a Liquidated
      Mortgage Loan on or prior to the Collection Period ending on March 1,
      2010.

     

    Class
      4-A1 Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 4-A1 Underlying Interest and (ii) the related Deferred Interest
      Cap Agreement and Deferred Interest Cap Account. For federal income tax
      purposes, the Class 4-A1 Underlying Interest represents the aggregate of the
      rights corresponding to each of the Underlying 4-A1 REMIC Certificates
      (disregarding the portions thereof relating to any Deferred Interest Cap
      Agreement and Deferred Interest Cap Account).

     

    Class
      4-A1 Underlying Interest:
      The
      Underlying Interest related to the Class 4-A1 Certificates.

     

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

    

     

    Class
      4-A2A Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 4-A2A Underlying Interest and (ii) the related Deferred Interest
      Cap Agreement and Deferred Interest Cap Account.

     

    Class
      4-A2A Underlying Interest:
      The
      Underlying Interest related to the Class 4-A2A Certificates.

     

    Class
      4-A2B Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 4-A2B Underlying Interest and (ii) the related Deferred Interest
      Cap Agreement and Deferred Interest Cap Account.

     

    Class
      4-A2B Underlying Interest:
      The
      Underlying Interest related to the Class 4-A2B Certificates.

     

    Class
      4-A3 Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class 4-A3 Underlying Interest and (ii) the related Deferred Interest
      Cap Agreement and Deferred Interest Cap Account.

     

    Class
      4-A3 Underlying Interest:
      The
      Underlying Interest related to the Class 4-A3 Certificates.

     

    Class
      CX Excess Cap Amount:
      Not
      applicable.

     

    Class
      I-I Shortfalls:
      As
      defined in Section 10.01(n) hereof.

     

    Class
      I-II Shortfalls:
      As
      defined in Section 10.01(n) hereof.

     

    Class
      M Certificates:
      Any of
      the Subordinate Certificates.

     

    Class
      Notional Amount:
      With
      respect to the Class 3-AX Certificates for any Distribution Date, an amount
      equal to 50% of the aggregate Class Principal Amounts of the Pool 3 Senior
      Certificates (other than the Class 3-AX Certificates) immediately prior to
      such
      Distribution Date. The initial Class Notional Amount of the Class 3-AX
      Certificates is $277,099,000. With respect to the Class 4-AX Certificates for
      any Distribution Date, an amount equal to 50% of the aggregate Class Principal
      Amount of the Class 4-A1 Underlying Interest, Class 4-A2A Underlying Interest,
      Class 4-A2B Underlying Interest and Class 4-A3 Underlying Interest immediately
      prior to such Distribution Date. The initial Class Notional Amount of the Class
      4-AX Certificates is $463,806,000.

     

    Class
      P Certificate:
      Any
      Class AP-I, Class 3-AP or Class 4-AP Certificate.

     

    Class
      P Reserve Funds: The Class
      AP-I Reserve
      Fund, 3-AP
      Reserve
      Fund and Class 4-AP Reserve Fund.

     

    Class
      Principal Amount:
      With
      respect to each Class of Certificates other than the Class C-I, Class C-II,
      Class X-I, Class X-II or Class R 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 C-I, Class C-II, Class X-I, Class X-II or Class R Certificates,
      zero.

     

    
      
        
        

      

      
        -47-

        
          

        

      

      
        
        

      

    

     

    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 residual interest in each REMIC created
      hereunder.

     

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

     

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

     

    Class
      X-II Account Termination Date:
      The
      Distribution Date in March 2010.

     

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

     

    Class
      X-II Distributable Amount:
      On any
      Distribution Date, the excess of (i) the sum of (x) the excess of (1) the
      aggregate Cut-off Date Balance for Mortgage Group II over (2) the aggregate
      initial principal amounts of the Group II Certificates, (y) the aggregate Class
      X-II Current Interest for such Distribution Date and all prior Distribution
      Dates and (z) amounts treated as received by the Class X-II Certificates in
      respect of Class I-II Shortfalls described in Section 10.01(n) over (ii) the
      sum
      of (w) the aggregate payments in respect of Excess Interest for the Group II
      Certificates for such Distribution Date and all prior Distribution Dates and
      (x)
      all prior distributions to the Class X-II Certificate under Section 5.02(g)(vi)
      hereof.

     

    Class
      X-II Interest Rate:
      For any
      Distribution Date, the excess of (i) the weighted average of the interest rates
      on the REMIC II-1 Regular Interests (other than the Class LTII1-3AX Interest
      and
      the Class LTII1-4AX Interest) over (ii) two times the weighted average of the
      interest rates on the REMIC II-1I Marker Classes and the Class LTII1-XI Interest
      (treating for purposes of this clause (ii) the interest rate on each of the
      REMIC II-1I Marker Classes as being subject to a cap and a floor equal to the
      interest rate of the Related REMIC II-2 Interest of the Corresponding Classes
      of
      Certificates (as adjusted, if necessary, to reflect accruals on an “actual/360”
basis) and treating the interest rate on the Class LTII1-XI Interest as capped
      at zero). The average described in the preceding sentence shall be weighted
      on
      the basis of the respective principal balances of the REMIC II-1 Regular
      Interests immediately prior to such Distribution Date.

     

    Class
      X-II Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period), the aggregate
      principal balance of the REMIC II-1 Regular Interests (other than the Class
      LTII1-3AX Interest and the Class LTII1-4AX Interest) immediately prior to such
      Distribution Date.

     

    Class
      XI Current Interest:
      Not
      applicable.

     

    Class
      XI Distributable Amount:
      Not
      applicable.

     

    
      
        
        

      

      
        -48-

        
          

        

      

      
        
        

      

    

     

    Class
      XI Interest Rate:
      Not
      applicable.

     

    Class
      XI Notional Balance:
      Not
      applicable.

     

    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.

     

    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 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.

     

    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.

     

    Combination
      Group:
      Any
      combination(s) of Exchange Certificates set forth on Appendix A to the Exchange
      Trust Agreement.

     

    Commission:
      The
      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 the aggregate amount of any Prepayment Interest Shortfalls required to
      be
      paid by the Servicers or, with respect to the Mortgage Loans serviced by GMACM,
      GreenPoint and SunTrust, by the Master Servicer with respect to such
      Distribution Date up to an amount equal to the aggregate of the Servicing Fees
      received on the Mortgage Loans serviced by it (or up to an amount equal to
      the
      General Servicing Fee with respect to the Master Servicer). 

     

    Component:
      Not
      applicable.

     

    Component
      Interest Rate:
      Not
      applicable.

     

    Component
      Principal Amount:
      Not
      applicable.

     

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

    

     

     

    Conventional
      Loan:
      Not
      applicable.

     

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

     

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

     

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

     

    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
      principal corporate trust office of the Trustee is located at U.S. Bank National
      Association, One Federal Street, 3rd Floor, Boston, M.A. 02110, Attention:
      LXS
      2007-15N.

     

    Corresponding
      Class:
      For any
      REMIC I-1 Interest, the Class of Certificates listed opposite such REMIC I-1
      Interest in the table entitled “REMIC I-1” in the Preliminary Statement hereto.
      For any REMIC II-1 Interest, the Class of Certificates listed opposite such
      REMIC II-1 Interest in the table entitled “REMIC II-1” in the Preliminary
      Statement hereto.

     

    Credit
      Score:
      Not
      applicable.

     

    Cumulative
      Loss Trigger Event:
      Not
      applicable.

     

    Current
      Interest:
      With
      respect to any Class of LIBOR Certificates (other than the Class M8-I and Class
      M9-I Certificates), Notional Certificates or Grantor Trust Certificates and
      any
      Distribution Date, the aggregate amount of interest accrued at the applicable
      Certificate Interest Rate during the related Accrual Period on the Class
      Principal Amount or Class Notional Amount
      of
      such Class immediately prior to such Distribution Date minus the Net Negative
      Amortization, if any, allocated to that Class for that Distribution Date in
      accordance with Section 5.02.

    
       

      
        
          
          

        

        
          -50-

          
            

          

        

        
          
          

        

         

      

    

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

     

    Custodial
      Agreement:
      The
      custodial agreement attached as Exhibit K hereto, and any custodial agreement
      subsequently executed by the Trustee and acknowledged by the Master Servicer
      substantially in the form thereof.

     

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

     

    Cut-off
      Date:
      With
      respect to all Mortgage Loans, July 1, 2007.

     

    Cut-off
      Date Balance:
      With
      respect to the Mortgage Loans in a Mortgage Pool on the Closing Date, the Pool
      Balance as of the Cut-off Date.

     

    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:
      For
      each Distribution Date and for each Class of LIBOR Certificates, the sum of
      (A)
      the amount by which (x) the aggregate of Pool 1-2 Applied Loss Amounts (in
      the
      case of any Group I Certificate) or Pool 3-4 Applied Loss Amounts (in the case
      of any Group II Certificate) previously applied in reduction of the Class
      Principal Amount thereof exceeds (y) the sum of (1) the aggregate of amounts
      previously distributed in reimbursement thereof and (2) the amount by which
      the
      Class Principal Amount of such Class has been increased due to any Subsequent
      Recovery and (B) for the Group
      I
      Senior Certificates
      and
      Group II Senior Certificates only, interest accrued on the related amount
      calculated under clause (A); provided, however, that any Applied Loss Amount
      allocated to the Class 3-A2 and Class 4-A3 Certificates will not be considered
      a
      Deferred Amount to the extent such amounts are paid by the Certificate Insurer
      as part of a Guaranteed Distribution.

     

    Deferred
      Interest Cap Account:
      Each of
      the separate Eligible Accounts created and initially maintained by the Trustee
      entitled: “Class 4-A1 Deferred Interest Cap Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2007-15N,” “Class 4-A2A
      Deferred Interest Cap Account, U.S. Bank National Association, as Trustee,
      in
      trust for the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-15N,” “Class 4-A2B Deferred Interest Cap Account, U.S.
      Bank National Association, as Trustee, in trust for the benefit of the Holders
      of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-15N” and
“Class 4-A3 Deferred Interest Cap Account, U.S. Bank National Association, as
      Trustee, in trust for the benefit of the Holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-15N.”

     

    
      
        
        

      

      
        -51-

        
          

        

      

      
        
        

      

       

    

    Deferred
      Interest Cap Agreement:
      With
      respect to each Class of Grantor Trust Certificates, the transaction evidenced
      by a confirmation between the Trustee and the Deferred Interest Cap Provider
      in
      the form attached as Exhibit P.

     

    Deferred
      Interest Cap Provider:
      Lehman
      Brothers Special Financing Inc.

     

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

     

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

     

    Deleted
      Loan REMIC:
      Not
      applicable.

     

    Deleted
      Loan REMIC Interest:
      Not
      applicable.

     

    Deleted
      Loan REMIC Regular Interest:
      Not
      applicable.

     

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

     

    Delinquency
      Event:
      Not
      applicable.

     

    Delinquency
      Rate:
      Not
      applicable.

     

    Delinquent:
      For
      reporting purposes, a Mortgage Loan is “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.

     

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

     

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

     

    
      
        
        

      

      
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    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.

     

    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 more than 90 days or more without giving effect to any grace period
      permitted by the relevant Mortgage Note or for which the Servicer has accepted
      a
      deed in lieu of foreclosure.

     

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

     

    DTC:
      As
      defined in Section 3.01(c).

     

    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 this Agreement; with respect to a
      Preference Amount, the Business Day on which the documentation required by
      the
      Certificate Insurer (as specified in the Certificate Insurance Policy) has
      been
      received by the Certificate Insurer. 

     

    Early
      Payment Default Mortgage Loan:
      Any
      Mortgage Loan originated by Lehman Brothers Bank, FSB specified in Section
      1.04
      of the Mortgage Loan Sale Agreement in respect to which the related Mortgagor
      does not make the first or second payment due to the Seller within the time
      frame required under such section.

     

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

     

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

     

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

     

    
      
        
        

      

      
        -53-

        
          

        

      

      
        
        

      

       

    

    (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 short term credit rating categories of each Rating Agency (or
      the highest short term credit rating of each rating agency, with respect to
      the
      X-I Component Account and the Class X-II Account); 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 Pool 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;

     

    (vi) a
      Qualified GIC;

     

    
      
        
        

      

      
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    (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
      (in the case of the Guaranteed Certificates, determined without regard to the
      Certificate Insurance Policy) or the NIM Securities and has a short-term rating
      of at least “A-1” or its equivalent by each Rating Agency. Such investments in
      this subsection (viii) may include money market mutual funds or common trust
      funds, including any fund for which U.S. Bank National Association, in its
      capacity other than as Trustee, the Master Servicer or an affiliate thereof
      serves as an investment advisor, administrator, shareholder, servicing agent,
      and/or custodian or subcustodian, notwithstanding that (x) U.S. Bank National
      Association, the Trustee, the Master Servicer or any affiliate thereof charges
      and collects fees and expenses from such funds for services rendered, (y) U.S.
      Bank National Association, the Trustee, the Master Servicer, 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. U.S. Bank National Association or an
      affiliate thereof is hereby authorized to charge and collect from the Trust
      Fund
      such fees as are collected from all investors in such funds for services
      rendered to such funds (but not to exceed investment earnings thereon);
      provided, however, that no such instrument shall be an Eligible Investment
      if
      such instrument evidences either (i) a right to receive only interest payments
      with respect to the obligations underlying such instrument, or (ii) both
      principal and interest payments derived from obligations underlying such
      instrument and the principal and interest payments with respect to such
      instrument provide a yield to maturity of greater than 120% of the yield to
      maturity at par of such underlying obligations, and provided further that in
      order to be an Eligible Investment any such investment must be a “permitted
      investment” within the meaning of Section 860G(a)(5) of the Code.

     

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

     

    EPD
      Purchase Price:
      With
      respect to any Early Payment Default Mortgage Loan, an amount equal to the
      sum
      of (a) 101.50% of the unpaid principal balance of such Mortgage Loan and (b)
      accrued interest thereon at the applicable Mortgage Rate from the date as to
      interest was last paid (but not including) the Due Date in the Collection period
      immediately preceding the related Distribution Date.

     

    
      
        
        

      

      
        -55-

        
          

        

      

      
        
        

      

       

    

    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 would satisfy
      the requirements of the Underwriter’s Exemption, except, in relevant part, for
      the requirement that the certificates have received a rating at the time of
      acquisition that is in one of the three (or four, in the case of a “designated
      transaction”) highest generic rating categories by at least one of the Rating
      Agencies.

     

    ERISA-Restricted
      Certificate:
      Any
      Class C-I, Class C-II, Class 3-C, Class AP-I, Class 3-AP, Class 4-AP, Class
      X-I
      or Class X-II Certificate and any other Certificate as long as the acquisition
      and holding of such other Certificate is not covered by and exempt under the
      Underwriter’s Exemption.

     

    Errors
      and Omission Insurance Policy:
      The
      errors or omission insurance policy required to be obtained by the Servicers
      satisfying the requirements of the Servicing Agreements.

     

    Escrow
      Account:
      As
      defined in Section 9.06(a).

     

    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).

     

    Excess
      Interest:
      On any
      Distribution Date, (i) for each Class of Group I Certificates (other than the
      Class M8-I and Class M9-I Certificates), the excess, if any, of (1) the amount
      of interest such Class of Certificates is entitled to receive on such
      Distribution Date over (2) the amount of interest such Class of Certificates
      would have been entitled to receive on such Distribution Date at an interest
      rate equal to the applicable REMIC Pass-Through Rate; (ii) for each Class of
      Group II Certificates (other than the Class 3-AX Certificates, Class 4-AX
      Certificates and the Class 4-A1 Underlying Interest), the excess, if any, of
      (1)
      the amount of interest such Class of Certificates is entitled to receive on
      such
      Distribution Date over (2) the amount of interest such Class of Certificates
      would have been entitled to receive on such Distribution Date at an interest
      rate equal to the applicable REMIC Pass-Through Rate; (iii) for the Class 3-AX
      Certificates, the excess, if any, of (1) the amount of interest such Class
      of
      Certificates is entitled to receive on such Distribution Date over (2) the
      amount of interest attributable to accruals on the Class LTII11-3AX Interest;
      (iv) for the Class 4-AX Certificates, the excess, if any, of (1) the amount
      of
      interest such Class of Certificates is entitled to receive on such Distribution
      Date over (2) the amount of interest attributable to accruals on the Class
      LTII11-4AX Interest; (iv) for the Class 4-A1 Underlying Interest, the aggregate
      of the Excess Interest with respect to the Underlying 4-A1 REMIC Certificates
      for such Distribution Date, (v) for the Class 4-A1 Underlying Interest, the
      aggregate Excess Interest with respect to each of the Underlying 4-A1 REMIC
      Certificates for such Distribution Date, (vi) for each of the Underlying 4-A1
      REMIC Certificates (other than the Underlying 4A1 Interest), the excess, if
      any,
      of (1) the amount distributable on such Underlying 4-A1 REMIC Certificate for
      such Distribution Date (determined as the difference between the relative
      amounts distributable on two Exchange Classes or Exchangeable Classes that
      share
      the same Related Underlying REMIC Certificates except for such Underlying 4-A1
      REMIC Certificate) (disregarding amounts treated as paid or received under
      any
      Deferred Interest Cap Agreement and disregarding amounts treated as received
      from the Master Servicer as described in Section 10.01(p)) over (2) the amount
      distributable on the REMIC II-11 Interest that such Underlying 4-A1 REMIC
      Certificate represents; and (vii) for the Underlying 4A1 Interest, the excess,
      if any, of (1) the amount of interest that would have been distributable with
      respect to the Class LTII11-4A1 Interest on such Distribution Date by
      substituting “Pool 4 Net Funds Cap” for “Pool 4 Senior REMIC Cap” in its
      interest rate over (2) the amount of interest distributable with respect to
      the
      Class LTII11-4A1 Interest on such Distribution Date.

     

    
      
        
        

      

      
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    Excess
      Principal Allocation Percentage: For any Distribution Date and for Pool 1,
      Pool 1C and Pool 2 (other than any such Mortgage Pool for which the Class
      Principal Amounts of each class of the related Group I Senior Certificates
      have
      been reduced to zero), the fraction, expressed as a percentage, the numerator
      of
      which is the excess, if any, of (i) the aggregate of the Class Principal Amounts
      of the related Group I Senior Certificates immediately prior to such
      Distribution Date over (ii) the Principal Distribution Amount for such Mortgage
      Pool for such Distribution Date and the denominator of which is the sum of
      (i)
      such numerator and (ii) the amount that such numerator would equal if computed
      with reference to the other Mortgage Pools for which the Class Principal Amounts
      of each class of the related Group I Senior Certificates have not been reduced
      to zero.

     

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

     

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

     

    Exchange
      Class
      or
Exchange
      Certificates:
      The
      Classes of Certificates identified as such, and issued under, the Exchange
      Trust
      Agreement.

     

    Exchangeable
      Classes
      or
Exchangeable
      Certificates:
      The
      Classes of Certificates identified as such, and issued under, the Exchange
      Trust
      Agreement.

     

    Exchange
      Trust Agreement:
      The
      Exchange Trust Agreement dated as of July 1, 2007, entered into by and among
      the
      Depositor and the Trustee for the issuance of the Exchange and Exchangeable
      Certificates, a form of which is attached hereto as Exhibit L.

     

    Exchange
      Trustee:
      U.S.
      Bank National Association, in its capacity as trustee under the Exchange Trust
      Agreement.

     

    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.

     

    
      
        
        

      

      
        -57-

        
          

        

      

      
        
        

      

       

    

    Final
      Scheduled Distribution Date:
      With
      respect to the Group I Certificates, the Distribution Date in August 2037 and
      with respect to the Group II Certificates, the Distribution Date in August
      2047.

     

    Financial
      Intermediary:
      Not
      applicable.

     

    First
      Payment Default Mortgage Loan:
      Any
      Mortgage Loan originated by Lehman Brothers Bank, FSB specified in Section
      1.04
      of the Mortgage Loan Sale Agreement in respect to which the related Mortgagor
      does not make the first payment due to the Seller within the time frame required
      under such section.

     

    Fitch:
      Fitch Ratings, Inc.

     

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

     

    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) 101.50% of the unpaid principal balance of such Mortgage Loan and (b)
      accrued interest thereon at the applicable Mortgage Rate from the date as to
      interest was last paid (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.

     

    Funding
      Account:
      Not
      applicable.

     

    Funding
      Amount:
      Not
      applicable.

     

    General
      Servicing Fee:
      With
      respect to any Distribution Date and each Mortgage Loan serviced by GMACM,
      GreenPoint and SunTrust, an amount equal to the product of (a) one-twelfth
      of
      the General Servicing Fee Rate and (b) the outstanding principal balance of
      such
      Mortgage Loan as of the first day of the related Collection Period.

     

    General
      Servicing Fee Rate:
      0.375%
      per annum.

     

    Ginnie
      Mae:
      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.

     

    GMACM:
      GMAC Mortgage, LLC or
      its
      successors in interest.
      

     

    
      
        
        

      

      
        -58-

        
          

        

      

      
        
        

      

       

    

    Grantor
      Trust:
      Each of
      the “grantor trusts” (within the meaning of the Grantor Trust Provisions)
      described in Section 10.01 or established pursuant to Section 5.02(m)
      herein.

     

    Grantor
      Trust Available Funds:
      For any
      Distribution Date and each of the Grantor Trusts established pursuant to Section
      5.02(m), the sum, without duplication, of:

     

    (i) any
      payments received on the applicable Underlying Interest on that Distribution
      Date;

     

    (ii) any
      payments received by the Trustee from the Deferred Interest Cap Provider under
      the related Deferred Interest Cap Agreement on the Business Day prior to that
      Distribution Date; and

     

    (iii) all
      other
      assets of the Class 4-A1 Grantor Trust, Class 4-A2A Grantor Trust, Class 4-A2B
      Grantor Trust or Class 4-A3 Grantor Trust, as applicable, following the payments
      (solely out of such other assets) of amounts to reimburse the Trustee for its
      related reimbursable expenses.

     

    Grantor
      Trust Certificates:
      The
      Class 4-A1, Class 4-A2A, Class 4-A2B and Class 4-A3 Certificates.

     

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

     

    GreenPoint:
      GreenPoint Mortgage Funding, Inc. or its successors in interest.

     

    Group
      I Certificates:
      The
      Group I Senior Certificates and Group I Subordinate Certificates.

     

    Group
      I Senior Certificates:
      The
      Pool 1 Senior Certificates, Pool 1C Senior Certificates and Pool 2 Senior
      Certificates.

     

    Group
      I Subordinate Certificates:
      The
      Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I, Class M6-I, Class
      M7-I, Class M8-I and Class M9-I Certificates.

     

    Group
      I Subordinate Net Funds Cap:
      For
      each Distribution Date and the Class M1-I, Class M2-I, Class M3-I, Class M4-I,
      Class M5-I, Class M6-I and Class M7-I Certificates, the weighted average of
      the
      Pool 1 Net Funds Cap, Pool 1C Net Funds Cap and the Pool 2 Net Funds Cap
      weighted on the basis of the Pool Subordinate Amount for each such Mortgage
      Pool
      multiplied by a fraction, the numerator of which is the beginning Class
      Principal Amounts of the Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class
      M5-I, Class M6-I, Class M7-I, Class M8-I and Class M9-I Certificates, and the
      denominator of which is the sum of the beginning Class Principal Amounts of
      the
      Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I, Class M6-I and
      Class
      M7-I Certificates for such Distribution Date.

     

    Group
      I Subordinate Priority:
      Distributions to the Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class
      M5-I,
      Class M6-I, Class M7-I, Class M8-I and Class M9-I Certificates, sequentially,
      in
      that order.

     

    
      
        
        

      

      
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    Group
      II Certificates:
      The
      Group II Senior Certificates and Group II Subordinate Certificates.

     

    Group
      II Senior Certificates:
      The
      Pool 3 Senior Certificates and Pool 4 Senior Certificates.

     

    Group
      II Subordinate Certificates:
      The
      Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II,
      Class M7-II, Class M8-II and Class M9-II Certificates.

     

    Group
      II Subordinate Maximum Interest Rate:
      For
      each Distribution Date, the weighted average the Pool 3 Maximum Interest Rate
      and the Pool 4 Maximum Interest Rate weighted on the basis of the Pool
      Subordinate Amount for each such Mortgage Pool and calculated without regard
      to
      clause (2) of the definitions of Pool 3 Net Funds Cap and Pool 4 Net Funds
      Cap.

     

    Group
      II Subordinate Priority:
      Distributions to the Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class
      M5-II, Class M6-II, Class M7-II, Class M8-II and Class M9-II Certificates,
      sequentially, in that order.

     

    Guaranteed
      Certificates:
      The
      Class 3-A2 and Class 4-A3 Certificates.

     

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

     

    Holder
      or Certificateholder:
      The
      registered owner of any Certificate (other than the Underlying Interests) 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, a Servicer, any Cap Provider or any Affiliate thereof shall be deemed
      not to be outstanding in determining whether the requisite percentage necessary
      to effect any such consent has been obtained, except that, in determining
      whether the Trustee and any NIMS Insurer shall be protected in relying upon
      any
      such consent, only Certificates which a Responsible Officer of the Trustee
      knows
      to be so owned shall be disregarded. The Trustee and any NIMS Insurer may
      request and conclusively rely on certifications by the Depositor, the Master
      Servicer, any Servicer or any Cap Provider, in determining whether any
      Certificates are registered to an Affiliate of the Depositor, the Master
      Servicer, such Servicer or such Cap Provider, respectively.

     

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

     

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

    
       

      
        
          
          

        

        
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    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, and (c) is not connected with such other Person or any Affiliate
      of such other Person as an officer, employee, promoter, underwriter, trustee,
      partner, director or Person performing similar functions.

     

    Initial
      LIBOR Rate:
      5.320%
      per annum.

     

    Initial
      One-Year MTA Rate:
      Not
      applicable.

     

    Initial
      Optional Termination Date:
      Not
      applicable.

     

    Insolvency
      Proceeding:
      Not
      applicable.

     

    Insurance
      Fee Rate:
      Not
      applicable.

     

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

     

    Insurance
      Proceeds:
      Amounts
      paid by the insurer under any Insurance Policy, other than amounts (i) to cover
      expenses incurred by or on behalf of a Servicer or the 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
      Amount:
      With
      respect to the Guaranteed Certificates and for any Distribution Date, the
      excess, if any, of Guaranteed Distributions for such Distribution Date over
      the
      aggregate amount available to be distributed to the Guaranteed Certificates
      on
      such Distribution Date in accordance with the priorities set forth in Section
      5.02.

     

    Insured
      Payment:
      With
      respect to any Distribution Date, the aggregate amount actually paid by the
      Certificate Insurer to the Trustee in respect of (i) Insured Amounts for a
      Distribution Date and (ii) Preference Amounts for any given Business
      Day.

     

    Interest
      Rate Cap Agreement:
      The
      Interest Rate Cap Agreement dated as of July 31, 2007, entered into between
      the
      Trustee on behalf of the Trust Fund (for the benefit of the holders of Group
      I
      Senior Certificates) and the Interest Rate Cap Provider, which agreement
      provides for the monthly payment, commencing on the Distribution Date in August
      2010 and terminating on the Distribution Date in July 2012, by the Interest
      Rate
      Cap Provider, but subject to the conditions set forth therein, together with
      the
      confirmation and schedule relating thereto, attached hereto as Exhibit O. The
      Interest Rate Cap Provider will be obligated to pay to the Trust Fund at least
      one Business Day prior to each Distribution Date, commencing with the
      Distribution Date in August 2010 and ending with the Distribution Date in July
      2012, one month’s interest calculated at an annual rate equal to the excess, if
      any, of LIBOR over 6.75% based on a calculated notional amount as described
      in
      the Interest Rate Cap Agreement, multiplied by the actual number of days in
      the
      Accrual Period (treating, solely for purposes of such calculation, the initial
      Accrual Period as beginning on the Closing Date and ending on the day
      immediately preceding the initial Distribution Date), and divided by
      360.

     

    
      
        
        

      

      
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    Interest
      Rate Cap Account:
      The
      account described in Section 5.02(l) hereof.

     

    Interest
      Rate Cap Provider:
      HSBC
      Bank USA, National Association. 

     

    Interest
      Remittance Amount:
      With
      respect to any Distribution Date and any Mortgage Pool, an amount equal to
      (a)
      the sum of (1) all interest collected (other than in connection with Payaheads
      and Prepayment Premiums) or advanced in respect of Scheduled Payments on the
      related Mortgage Loans during the related Collection Period by any Servicer,
      the
      Master Servicer, or the Trustee (solely acting in its capacity as successor
      master servicer), minus (x) the Servicing Fee or General Servicing Fee, as
      applicable, with respect to such Mortgage Loans and (y) previously unreimbursed
      Advances and other amounts due to any Servicer, 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 related Mortgage Loans,
      (2)
      any Compensating Interest Payments with respect to the related Mortgage Loans
      with respect to the related Prepayment Period, (3) the portion of any Purchase
      Price (or FPD Purchase Price or EPD Purchase Price (excluding any FPD Premiums
      or EPD Premiums) payable with respect to a First Payment Default Mortgage Loan
      or Early Payment Default Mortgage Loan, respectively) or Substitution Amount
      paid with respect to such Mortgage Loans during the related Prepayment Period
      allocable to interest, and (4) all Net Liquidation Proceeds, Insurance Proceeds
      and any other recoveries collected with respect to the related Mortgage Loans
      during the related Prepayment Period, to the extent allocable to interest,
      as
      reduced by (b) the amount of other costs, expenses or liabilities related to
      such Mortgage Pool and reimbursable to the Master Servicer, the Certificate
      Insurer, any Servicer, the Custodian pursuant to the Custodial Agreement or
      the
      Trustee and as increased by (c) the lesser of (1) the aggregate amount set
      forth
      in clauses (a) (1) through (5) of the definition of Principal Remittance Amount
      with respect to the Mortgage Loans in such Mortgage Pool for such Distribution
      Date and (2) the aggregate amount of Negative Amortization with respect to
      the
      Mortgage Loans in such Mortgage Pool during the related Collection
      Period.

     

    Intervening
      Assignment:
      As
      defined in Section 2.01(b).

     

    IRS:
      The
      Internal Revenue Service.

     

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

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date occurring in August 2047.

     

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

     

    LIBOR:
      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
      Telerate Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination
      Date.

     

    
      
        
        

      

      
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    If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
      Telerate Page 3750 is not available on such date, the Trustee will obtain such
      rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.” If such rate is
      not published for such LIBOR Determination Date, LIBOR for such date will be
      the
      most recently published Interest Settlement Rate. In the event that the BBA
      no
      longer sets an Interest Settlement Rate, the 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 any NIMS
      Insurer), which opinion shall be an expense reimbursed from the Certificate
      Account pursuant to Section 4.04, that the selection of such index will not
      cause any of the REMICs to lose their classification as REMICs for federal
      income tax purposes.

     

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

     

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

     

    LIBOR
      Certificate:
      (i) Any
      Offered Certificate (other than the Grantor Trust Certificates and Notional
      Certificates) and (ii) any Underlying Interest.

     

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

     

    Liquidated
      Mortgage Loan:
      Any
      defaulted Mortgage Loan as to which the Master Servicer or a 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 (exclusive
      of
      any possibility of a deficiency judgment).

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Master Servicer or a Servicer in connection
      with the liquidation of any defaulted Mortgage Loan and that 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.

     

    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.

     

    
      
        
        

      

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

     

    Lower
      Tier Interest:
      Any of
      the SWAP REMIC Interests, the REMIC I-1 Interests, the REMIC II-AX Interests,
      the REMIC II-1 Interests, the REMIC II-2 Interests, the REMIC II-3 Interests,
      the REMIC II-4 Interests, the REMIC II-5 Interests, the REMIC II-6 Interests,
      the REMIC II-7 Interests, the REMIC II-8 Interests, the REMIC II-9 Interests
      and
      the REMIC II-10 Interests.

     

    M1-I
      Margin:
      As
      defined in footnote (40) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M1-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1-2 Stepdown Date and
      as
      long as a Pool 1-2 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 Group I Senior Certificates (other than the Class
      AF2 and Class AF3 Certificates), in each case after giving effect to
      distributions on such Distribution Date and after the allocation of Net Negative
      Amortization, if any, for such Distribution Date, and (ii) the Class Principal
      Amount of the Class M1-I Certificates after the allocation of Net Negative
      Amortization, if any, for such Distribution Date and immediately prior to such
      Distribution Date exceeds (y) the M1-I Target Amount.

     

    M1-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 82.13% and (y) thereafter, 85.70% and (ii) the Pool 1-2 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 1-2 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 1-2 Overcollateralization Floor.

     

    M2-I
      Margin:
      As
      defined in footnote (41) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M2-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1-2 Stepdown Date and
      as
      long as a Pool 1-2 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 Group I Senior Certificates (other than the Class
      AF2 and Class AF3 Certificates) and Class M1-I Certificates, in each case after
      giving effect to distributions on such Distribution Date and after the
      allocation of Net Negative Amortization, if any, for such Distribution Date,
      and
      (ii) the Class Principal Amount of the Class M2-I Certificates after the
      allocation of Net Negative Amortization, if any, for such Distribution Date
      and
      immediately prior to such Distribution Date exceeds (y) the M2-I Target
      Amount.

     

    M2-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 85.38% and (y) thereafter, 88.30% and (ii) the Pool 1-2 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 1-2 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 1-2 Overcollateralization Floor.

     

    
      
        
        

      

      
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    M3-I
      Margin:
      As
      defined in footnote (42) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M3-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1-2 Stepdown Date and
      as
      long as a Pool 1-2 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 Group I Senior Certificates (other than the Class
      AF2 and Class AF3 Certificates), Class M1-I Certificates and Class M2-I
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Net Negative Amortization, if
      any,
      for such Distribution Date, and (ii) the Class Principal Amount of the Class
      M3-I Certificates after the allocation of Net Negative Amortization, if any,
      for
      such Distribution Date and immediately prior to such Distribution Date exceeds
      (y) the M3-I Target Amount.

     

    M3-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 87.25% and (y) thereafter, 89.80% and (ii) the Pool 1-2 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 1-2 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 1-2 Overcollateralization Floor.

     

    M4-I
      Margin:
      As
      defined in footnote (43) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M4-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1-2 Stepdown Date and
      as
      long as a Pool 1-2 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 Group I Senior Certificates (other than the Class
      AF2 and Class AF3 Certificates), Class M1-I Certificates, Class M2-I
      Certificates and Class M3-I Certificates, in each case after giving effect
      to
      distributions on such Distribution Date and after the allocation of Net Negative
      Amortization, if any, for such Distribution Date, and (ii) the Class Principal
      Amount of the Class M4-I Certificates after the allocation of Net Negative
      Amortization, if any, for such Distribution Date and immediately prior to such
      Distribution Date exceeds (y) the M4-I Target Amount.

     

    M4-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 89.13% and (y) thereafter, 91.30% and (ii) the Pool 1-2 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 1-2 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 1-2 Overcollateralization Floor.

     

    
      
        
        

      

      
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    M5-I
      Margin:
      As
      defined in footnote (44) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M5-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1-2 Stepdown Date and
      as
      long as a Pool 1-2 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 Group I Senior Certificates (other than the Class
      AF2 and Class AF3 Certificates), Class M1-I Certificates, Class M2-I
      Certificates, Class M3-I Certificates and Class M4-I Certificates, in each
      case
      after giving effect to distributions on such Distribution Date and after the
      allocation of Net Negative Amortization, if any, for such Distribution Date,
      and
      (ii) the Class Principal Amount of the Class M5-I Certificates after the
      allocation of Net Negative Amortization, if any, for such Distribution Date
      and
      immediately prior to such Distribution Date exceeds (y) the M5-I Target
      Amount.

     

    M5-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 90.75% and (y) thereafter, 92.60% and (ii) the Pool 1-2 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 1-2 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 1-2 Overcollateralization Floor.

     

    M6-I
      Margin:
      As
      defined in footnote (45) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M6-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1-2 Stepdown Date and
      as
      long as a Pool 1-2 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 Group I Senior Certificates (other than the Class
      AF2 and Class AF3 Certificates), Class M1-I Certificates, Class M2-I
      Certificates, Class M3-I Certificates, Class M4-I Certificates and Class M5-I
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Net Negative Amortization, if
      any,
      for such Distribution Date, and (ii) the Class Principal Amount of the Class
      M6-I Certificates after the allocation of Net Negative Amortization, if any,
      for
      such Distribution Date and immediately prior to such Distribution Date exceeds
      (y) the M6-I Target Amount.

     

    M6-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 92.25% and (y) thereafter, 93.80% and (ii) the Pool 1-2 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 1-2 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 1-2 Overcollateralization Floor.

     

    M7-I
      Margin:
      As
      defined in footnote (46) of the Preliminary Statement under the caption “The
      Certificates.”

     

    
      
        
        

      

      
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    M7-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1-2 Stepdown Date and
      as
      long as a Pool 1-2 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 Group I Senior Certificates (other than the Class
      AF2 and Class AF3 Certificates), Class M1-I Certificates, Class M2-I
      Certificates, Class M3-I Certificates, Class M4-I Certificates, Class M5-I
      Certificates and Class M6-I Certificates, in each case after giving effect
      to
      distributions on such Distribution Date and after the allocation of Net Negative
      Amortization, if any, for such Distribution Date, and (ii) the Class Principal
      Amount of the Class M7-I Certificates after the allocation of Net Negative
      Amortization, if any, for such Distribution Date and immediately prior to such
      Distribution Date exceeds (y) the M7-I Target Amount.

     

    M7-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 93.75% and (y) thereafter, 95.00% and (ii) the Pool 1-2 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 1-2 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 1-2 Overcollateralization Floor.

     

    M8-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1-2 Stepdown Date and
      as
      long as a Pool 1-2 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 Group I Senior Certificates (other than the Class
      AF2 and Class AF3 Certificates), Class M1-I Certificates, Class M2-I
      Certificates, Class M3-I Certificates, Class M4-I Certificates, Class M5-I
      Certificates, Class M6-I Certificates and Class M7-I Certificates, in each
      case
      after giving effect to distributions on such Distribution Date and after the
      allocation of Net Negative Amortization, if any, for such Distribution Date,
      and
      (ii) the Class Principal Amount of the Class M8-I Certificates after the
      allocation of Net Negative Amortization, if any, for such Distribution Date
      and
      immediately prior to such Distribution Date exceeds (y) the M8-I Target
      Amount.

     

    M8-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 95.25% and (y) thereafter, 96.20% and (ii) the Pool 1-2 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 1-2 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 1-2 Overcollateralization Floor.

     

    M9-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1-2 Stepdown Date and
      as
      long as a Pool 1-2 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 Group I Senior Certificates (other than the Class
      AF2 and Class AF3 Certificates), Class M1-I Certificates, Class M2-I
      Certificates, Class M3-I Certificates, Class M4-I Certificates, Class M5-I
      Certificates, Class M6-I Certificates, Class M7-I Certificates and Class M8-I
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Net Negative Amortization, if
      any,
      for such Distribution Date, and (ii) the Class Principal Amount of the Class
      M9-I Certificates after the allocation of Net Negative Amortization, if any,
      for
      such Distribution Date and immediately prior to such Distribution Date exceeds
      (y) the M1-9 Target Amount.

     

    
      
        
        

      

      
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    M9-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 98.00% and (y) thereafter, 98.40% and (ii) the Pool 1-2 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 1-2 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 1-2 Overcollateralization Floor.

     

    M1-II
      Margin:
      As
      defined in footnote (49) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M1-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 3-4 Stepdown Date and
      as
      long as a Pool 3-4 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 Group II Senior Certificates (other than the
      Pool
      4 Exchangeable Certificates), in each case after giving effect to distributions
      on such Distribution Date and after the allocation of Net Negative Amortization,
      if any, for such Distribution Date, and (ii) the Class Principal Amount of
      the
      Class M1-II Certificates after the allocation of Net Negative Amortization,
      if
      any, for such Distribution Date and immediately prior to such Distribution
      Date
      exceeds (y) the M1-II Target Amount.

     

    M1-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 79.75% and (y) thereafter, 83.80% and (ii) the Pool 3-4 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 3-4 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 3-4 Overcollateralization Floor.

     

    M2-II
      Margin:
      As
      defined in footnote (50) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M2-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 3-4 Stepdown Date and
      as
      long as a Pool 3-4 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 Group II Senior Certificates (other than the
      Pool
      4 Exchangeable Certificates) and Class M1-II Certificates, in each case after
      giving effect to distributions on such Distribution Date and after the
      allocation of Net Negative Amortization, if any, for such Distribution Date,
      and
      (ii) the Class Principal Amount of the Class M2-II Certificates after the
      allocation of Net Negative Amortization, if any, for such Distribution Date
      and
      immediately prior to such Distribution Date exceeds (y) the M2-II Target
      Amount.

     

    
      
        
        

      

      
        -68-

        
          

        

      

      
        
        

      

       

    

    M2-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 83.63% and (y) thereafter, 86.90% and (ii) the Pool 3-4 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 3-4 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 3-4 Overcollateralization Floor.

     

    M3-II
      Margin:
      As
      defined in footnote (51) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M3-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 3-4 Stepdown Date and
      as
      long as a Pool 3-4 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 Group II Senior Certificates (other than the
      Pool
      4 Exchangeable Certificates), Class M1-II Certificates and Class M2-II
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Net Negative Amortization, if
      any,
      for such Distribution Date, and (ii) the Class Principal Amount of the Class
      M3-II Certificates after the allocation of Net Negative Amortization, if any,
      for such Distribution Date and immediately prior to such Distribution Date
      exceeds (y) the M3-II Target Amount.

     

    M3-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 85.75% and (y) thereafter, 88.60% and (ii) the Pool 3-4 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 3-4 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 3-4 Overcollateralization Floor.

     

    M4-II
      Margin:
      As
      defined in footnote (52) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M4-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 3-4 Stepdown Date and
      as
      long as a Pool 3-4 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 Group II Senior Certificates (other than the
      Pool
      4 Exchangeable Certificates), Class M1-II Certificates, Class M2-II Certificates
      and Class M3-II Certificates, in each case after giving effect to distributions
      on such Distribution Date and after the allocation of Net Negative Amortization,
      if any, for such Distribution Date, and (ii) the Class Principal Amount of
      the
      Class M4-II Certificates after the allocation of Net Negative Amortization,
      if
      any, for such Distribution Date and immediately prior to such Distribution
      Date
      exceeds (y) the M4-II Target Amount.

     

    M4-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 88.13% and (y) thereafter, 90.50% and (ii) the Pool 3-4 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 3-4 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 3-4 Overcollateralization Floor.

     

    
      
        
        

      

      
        -69-

        
          

        

      

      
        
        

      

       

    

    M5-II
      Margin:
      As
      defined in footnote (53) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M5-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 3-4 Stepdown Date and
      as
      long as a Pool 3-4 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 Group II Senior Certificates (other than the
      Pool
      4 Exchangeable Certificates), Class M1-II Certificates, Class M2-II
      Certificates, Class M3-II Certificates and Class M4-II Certificates, in each
      case after giving effect to distributions on such Distribution Date and after
      the allocation of Net Negative Amortization, if any, for such Distribution
      Date,
      and (ii) the Class Principal Amount of the Class M5-II Certificates after the
      allocation of Net Negative Amortization, if any, for such Distribution Date
      and
      immediately prior to such Distribution Date exceeds (y) the M5-II Target
      Amount.

     

    M5-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 90.88% and (y) thereafter, 92.70% and (ii) the Pool 3-4 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 3-4 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 3-4 Overcollateralization Floor.

     

    M6-II
      Margin:
      As
      defined in footnote (54) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M6-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 3-4 Stepdown Date and
      as
      long as a Pool 3-4 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 Group II Senior Certificates (other than the
      Pool
      4 Exchangeable Certificates), Class M1-II Certificates, Class M2-II
      Certificates, Class M3-II Certificates, Class M4-II Certificates and Class
      M5-II
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Net Negative Amortization, if
      any,
      for such Distribution Date, and (ii) the Class Principal Amount of the Class
      M6-II Certificates after the allocation of Net Negative Amortization, if any,
      for such Distribution Date and immediately prior to such Distribution Date
      exceeds (y) the M6-II Target Amount.

     

    M6-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 92.88% and (y) thereafter, 94.30% and (ii) the Pool 3-4 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 3-4 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 3-4 Overcollateralization Floor.

     

    
      
        
        

      

      
        -70-

        
          

        

      

      
        
        

      

       

    

    M7-II
      Margin:
      As
      defined in footnote (55) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M7-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 3-4 Stepdown Date and
      as
      long as a Pool 3-4 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 Group II Senior Certificates (other than the
      Pool
      4 Exchangeable Certificates), Class M1-II Certificates, Class M2-II
      Certificates, Class M3-II Certificates, Class M4-II Certificates, Class M5-II
      Certificates and Class M6-II Certificates, in each case after giving effect
      to
      distributions on such Distribution Date and after the allocation of Net Negative
      Amortization, if any, for such Distribution Date, and (ii) the Class Principal
      Amount of the Class M7-II Certificates after the allocation of Net Negative
      Amortization, if any, for such Distribution Date and immediately prior to such
      Distribution Date exceeds (y) the M7-II Target Amount.

     

    M7-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 94.63% and (y) thereafter, 95.70% and (ii) the Pool 3-4 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 3-4 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 3-4 Overcollateralization Floor.

     

    M8-II
      Margin:
      As
      defined in footnote (56) of the Preliminary Statement under the caption “The
      Certificates.”

     

    M8-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 3-4 Stepdown Date and
      as
      long as a Pool 3-4 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 Group II Senior Certificates (other than the
      Pool
      4 Exchangeable Certificates), Class M1-II Certificates, Class M2-II
      Certificates, Class M3-II Certificates, Class M4-II Certificates, Class M5-II
      Certificates, Class M6-II Certificates and Class M7-II Certificates, in each
      case after giving effect to distributions on such Distribution Date and after
      the allocation of Net Negative Amortization, if any, for such Distribution
      Date,
      and (ii) the Class Principal Amount of the Class M8-II Certificates after the
      allocation of Net Negative Amortization, if any, for such Distribution Date
      and
      immediately prior to such Distribution Date exceeds (y) the M8-II Target
      Amount.

     

    M8-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 96.00% and (y) thereafter, 96.80% and (ii) the Pool 3-4 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 3-4 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 3-4 Overcollateralization Floor.

     

    M9-II
      Margin:
      As
      defined in footnote (57) of the Preliminary Statement under the caption “The
      Certificates.”

     

    
      
        
        

      

      
        -71-

        
          

        

      

      
        
        

      

       

    

    M9-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 3-4 Stepdown Date and
      as
      long as a Pool 3-4 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 Group II Senior Certificates (other than the
      Pool
      4 Exchangeable Certificates), Class M1-II Certificates, Class M2-II
      Certificates, Class M3-II Certificates, Class M4-II Certificates, Class M5-II
      Certificates, Class M6-II Certificates, Class M7-II Certificates and Class
      M8-II
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Net Negative Amortization, if
      any,
      for such Distribution Date, and (ii) the Class Principal Amount of the Class
      M9-II Certificates after the allocation of Net Negative Amortization, if any,
      for such Distribution Date and immediately prior to such Distribution Date
      exceeds (y) the M9-II Target Amount.

     

    M9-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      August 2013, 97.25% and (y) thereafter, 97.80% and (ii) the Pool 3-4 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period immediately prior to such Distribution Date and (b)
      the amount, if any, by which (1) the Pool 3-4 Aggregate Loan Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Pool 3-4 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
      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).

     

    Maximum
      Interest Rate:
      Any of
      the Pool 3 Maximum Interest Rate, Pool 4 Maximum Interest Rate or Group II
      Subordinate Maximum Interest Rate.

     

    Maximum
      Rate:
      For any
      Mortgage Loan, the rate specified in the related Mortgage Note which the related
      mortgage rate will never exceed.

     

    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.

     

    Monthly
      Excess Cashflow:
      Not
      applicable.

     

    Monthly
      Excess Interest:
      Not
      applicable.

     

    
      
        
        

      

      
        -72-

        
          

        

      

      
        
        

      

       

    

    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:
      As
      defined in Section 2.01(b).

     

    Mortgage
      Group:
      Any of
      Mortgage Group I or Mortgage Group II.

     

    Mortgage
      Group I:
      Pool 1,
      Pool 1C and Pool 2.

     

    Mortgage
      Group II:
      Pool 3
      and Pool 4.

     

    Mortgage
      Group II Net Rate:
      With
      respect to any Distribution Date, an annual rate equal to the product of (i)
      a
      fraction, expressed as a percentage, the numerator of which is the product
      of
      (x) the excess of (1) the Optimal Interest Remittance Amount for Pool 3 and
      Pool
      4 for such Distribution Date over (2) the sum of (A) the Certificate Insurer
      Premium for such Distribution Date and (B) the aggregate interest accrued on
      the
      Class LTII1-3AX Interest and Class LTII1-4AX Interest for such Distribution
      Date, and (y) 12, and the denominator of which is the aggregate Pool Balance
      of
      Pool 3 and Pool 4 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
      (ii) a fraction, the numerator of which is 30 and the denominator of which
      is
      the actual number of days in the related Accrual Period.

     

    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 Mortgagor’s name; (iii) the street address of the Mortgaged Property
      including the city, state and zip code; (iv) the original principal amount
      of
      the Mortgage Loan; (v) the Mortgage Rate at origination; (vi) the monthly
      payment of principal and interest at origination; (vii) the Seller of such
      Mortgage Loan to the Depositor; (viii) the Servicer servicing such Mortgage
      Loan
      and the applicable Servicing Fee; (ix) the applicable prepayment premium, if
      any, and the method of calculation and (x) the Custodian with respect to the
      Mortgage File related to such Mortgage Loan. The Depositor shall be responsible
      for providing the Trustee and the Master Servicer with all amendments to the
      Mortgage Loan Schedule.

     

    
      
        
        

      

      
        -73-

        
          

        

      

      
        
        

      

       

    

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

     

    Mortgage
      Pool:
      Any of
      Pool 1, Pool 1C, Pool 2, Pool 3 or Pool 4.

     

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

     

    Negative
      Amortization:
      With
      respect to each Distribution Date, the amount of interest on the Mortgage Loans
      that the related Mortgagors are not obligated to pay as interest (and which
      shall be added to the Scheduled Principal Balance of each such Mortgage Loan)
      due to the negative amortization feature of such Mortgage Loans, in each case
      during the related Collection Period.

     

    Negative
      Amortization Certificate:
      Any
      Certificate other than the Class R Certificate, the Class 3-AX Certificate,
      the
      Class 4-AX Certificate and Grantor Trust Certificate (unless the related
      Deferred Interest Cap Agreement has been terminated or there has been a default
      in payment under the related Deferred Interest Cap Agreement).

     

    Net
      Funds Cap:
      Any of
      the Pool 1 Net Funds Cap, the Pool 1C Net Funds Cap, the Pool 2 Net Funds Cap,
      the Pool 3 Net Funds Cap, the Pool 4 Net Funds Cap, Group I Subordinate Net
      Funds Cap or the Group II Subordinate Net Funds Cap.

     

    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 the Servicing
      Fee Rate or General Servicing Fee Rate, as applicable, and any mortgage
      insurance premium rate, as applicable.

     

    Net
      Negative Amortization:
      For any
      Distribution Date and each Mortgage Pool, the excess, if any, of (i) the
      Negative Amortization with respect to all Mortgage Loans in such Mortgage Pool
      for the calendar month prior to that Distribution Date, over (ii) the aggregate
      amount of all scheduled monthly principal payments received with respect to
      all
      Mortgage Loans in such Mortgage Pool during the related Collection Period,
      prepayments in full and partial prepayments received with respect to all
      Mortgage Loans in such Mortgage Pool during the related Prepayment Period
      (including principal received in connection with the repurchase of a Mortgage
      Loan from the Trust Fund and all other principal received other than scheduled
      monthly payments) and recoveries in respect of the Mortgage Loans in such
      Mortgage Pool received during the related Prepayment Period.

     

    
      
        
        

      

      
        -74-

        
          

        

      

      
        
        

      

       

    

    Net
      Prepayment Interest Shortfall:
      With
      respect to any Deposit Date and any Class of Certificates, the excess, if any,
      of any Prepayment Interest Shortfalls with respect to the Mortgage Loans in
      a
      Mortgage Pool for such date over (i) any Prepayment Interest Excess with respect
      to such Mortgage Loans for such date and (ii) any amounts paid with respect
      to
      such shortfalls by a Servicer pursuant to the applicable Servicing Agreement
      or
      by the Master Servicer.

     

    Net
      Rate:
      Not
      applicable.

     

    Net
      Swap Payment:
      With
      respect to each Distribution Date, 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 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.

     

    Net
      WAC:
      Not
      applicable.

     

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

     

    NIM
      Securities:
      Any net
      interest margin securities issued subsequent to the Closing Date by an owner
      trust or other special purpose entity, the principal assets of which include
      some or all of the Class AP-I, Class 3-AP, Class 4-AP, Class X-I and Class
      X-II
      Certificates and the payments received thereon, which principal assets back
      such
      securities.

     

    NIMS
      Agreement:
      Not
      applicable.

     

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

     

    Non-Book-Entry
      Certificate:
      Not
      applicable.

     

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

     

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

     

    Non-U.S.
      Person:
      Any
      person other than a “United States person” within the meaning of Section
      7701(a)(30) of the Code.

     

    Nonpayment:
      With
      respect to any Distribution Date, an Insured Amount that is due for Payment
      but
      has not been paid pursuant to this Agreement.

     

    Notice:
      The
      telephonic or telegraphic notice, promptly confirmed in writing by telecopy
      substantially in the form of Exhibit A to the Certificate Insurance Policy,
      the
      original of which is subsequently delivered by registered or certified mail,
      from the Trustee specifying the Insured Amount or Preference Amount which shall
      be due and owing on the applicable Distribution Date.

     

    
      
        
        

      

      
        -75-

        
          

        

      

      
        
        

      

       

    

    Notice
      of Nonpayment.
      The
      notice to be delivered by the Trustee to the Certificate Insurer with respect
      to
      any Distribution Date pursuant to Section 5.13(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 3-AX or Class 4-AX Certificate or any Pool 4
      Interest-Only Exchangeable Certificate.

     

    Offered
      Certificates:
      Collectively, the Class 1-A1, Class 1-A2, Class 1-A3, Class 1C-A1, Class 1C-A1,
      Class 1C-A3, Class 2-A1, Class 2-A2, Class 2-A3, Class AF2, Class AF3, Class
      3-A1, Class 3-A2, Class 3-AX, Class 4-A1, Class 4-A2A, Class 4-A2B, Class 4-A3,
      Class 4-AX, the Pool 4 Exchangeable Certificates and the Class M1-I, Class
      M2-I,
      Class M3-I, Class M4-I, Class M5-I, Class M6-I, Class M7-I, Class M8-I, Class
      M9-I, Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class
      M6-II, Class M7-II, Class M8-II and Class M9-II Certificates.

     

    Offering
      Document:
      Either
      of the private placement memorandum, dated July 31, 2007, relating to the
      Privately Offered Certificates or the Prospectus.

     

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

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Trustee, and who may be in house or outside counsel to the Depositor, the Master
      Servicer or the Servicer but which must be Independent outside counsel with
      respect to any such opinion of counsel concerning the transfer of any Residual
      Certificate or concerning certain matters with respect to the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or the taxation,
      or the federal income tax status, of each REMIC.

     

    Optimal
      Interest Remittance Amount:
      With
      respect to each Mortgage Pool for each Distribution Date, the product of (A)
      (x)
      the weighted average of the Net Mortgage Rates for the Mortgage Loans in such
      Mortgage Pool (based on their Scheduled Principal Balances as of the first
      day
      of the related Collection Period) divided by (y) 12 and (B) the Pool Balance
      for
      such Mortgage Pool 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:
      Not
      applicable.

     

    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.

     

    
      
        
        

      

      
        -76-

        
          

        

      

      
        
        

      

       

    

    Originators:
      American Home Mortgage Corp., IndyMac Bank, F.S.B., Bank of America, National
      Association, Residential Funding Company, LLC, Countrywide Home Loans, Inc.,
      Lehman Brothers Bank, FSB, SunTrust, Quicken Loans, Inc. and
      GreenPoint.

     

    Overcollateralization
      Amount:
      Any of
      the Pool 1-2 Overcollateralization Amount or the Pool 3-4 Overcollateralization
      Amount.

     

    Overcollateralization
      Deficiency:
      Not
      applicable.

     

    Overcollateralization
      Floor:
      Not
      applicable.

     

    Overcollateralization
      Release Amount:
      Not
      applicable.

     

    Payahead:
      With
      respect to any Mortgage Loan and any Due Date therefor, any Scheduled Payment
      received by the 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 other than a Grantor Trust 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 C-I, Class C-II, Class X-I,
      Class X-II and Class 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 C-I, Class C-II, Class X-I, Class X-II and Class R
      Certificates, the Percentage Interest evidenced thereby shall be as specified
      on
      the face thereof, or otherwise be equal to 100%.

     

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

     

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

     

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

     

    Placement
      Agent:
      Lehman
      Brothers Inc.

     

    Plan:
      As
      defined in Section 3.03(d).

     

    
      
        
        

      

      
        -77-

        
          

        

      

      
        
        

      

       

    

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

     

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

     

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

     

    Pool
      1
      Mortgage Loan:
      A
      Mortgage in Pool 1 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 Pool 1 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    Pool
      1
      Net Funds Cap:
      With
      respect to any Distribution Date, 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 (x) the Optimal Interest Remittance Amount for Pool 1 for
      such Distribution Date over (y) the amount of any Net Swap Payment or Swap
      Termination Payment not due to a Swap Counterparty Trigger Event owed to the
      Swap Counterparty on the related due date allocable to Pool 1 (based on the
      applicable Swap Allocation Percentage) and (2) 12, and the denominator of which
      is the Pool Balance for Pool 1 as of the first day of the related Collection
      Period (not including for this purpose Mortgage Loans for which prepayments
      in
      full have been received and distributed in the month prior to that Distribution
      Date), multiplied by (b) 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.

     

    Pool
      1
      Senior Certificates:
      The
      Class 1-A1, Class 1-A2 and Class 1-A3 Certificates.

     

    Pool
      1
      Senior Priority: For the Pool 1 Senior Certificates, sequentially in the
      following order: (i) up to the amount of any Net Negative Amortization
      previously allocated to such Certificates and not repaid, to the Pool 1 Senior
      Certificates pro rata based on the amount of such unpaid prior allocations
      of
      Net Negative Amortization to each class thereof and (ii) pro rata, to the Pool
      1
      Senior Certificates.

     

    Pool
      1-2 Aggregate Loan Balance: With
      respect to any Distribution Date, the total Scheduled Principal Balance of
      the
      Mortgage Loans in Pool 1, Pool 1C and Pool 2 for that Distribution
      Date.

     

    Pool
      1-2 Applied Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the aggregate
      Certificate Principal Amount of the Group I Certificates after giving effect
      to
      all Realized Losses incurred with respect to the Pool 1, Pool 1C and Pool 2
      Mortgage Loans during the related Collection Period and distributions of
      principal on such Distribution Date, but before giving effect to any application
      of the Pool 1-2 Applied Loss Amount with respect to such date, exceeds (y)
      the
      Pool 1-2 Aggregate Loan Balance for such Distribution Date.

     

    Pool
      1-2 Assets:
      As
      defined in Section 7.01(b)(i).

     

    
      
        
        

      

      
        -78-

        
          

        

      

      
        
        

      

       

    

    Pool
      1-2 Basis Risk Payment:
      For any
      Distribution Date and the Group I Certificates, the excess, if any of (A) the
      sum of (1) any Basis Risk Shortfall for the Group I Certificates for such
      Distribution Date not otherwise funded out of amounts received on the Interest
      Rate Cap Agreement and (2) any Unpaid Basis Risk Shortfall for the Group I
      Certificates for such Distribution Date not otherwise funded out of amounts
      received on the Interest Rate Cap Agreement over (B) the amount of payments
      of
      Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls made to the Group I
      Certificates pursuant to Section 5.02(h)(v); provided, however, that the amount
      of the Pool 1-2 Basis Risk Payment for any Distribution Date cannot exceed
      the
      amount of Pool 1-2 Monthly Excess Cashflow otherwise distributable in respect
      of
      the Class X-I Certificates pursuant to Section 5.02(h)(ix) hereof on such
      Distribution Date (as determined under the definition of “X-I Component
      Distributable Amount” without regard to the Pool 1-2 Basis Risk Payment for such
      Distribution Date).

     

    Pool
      1-2 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.

     

    Pool
      1-2 Cumulative Loss Trigger Event:
      With
      respect to any Distribution Date, a Pool 1-2 Cumulative Loss Trigger Event
      will
      have occurred if the fraction, expressed as a percentage, obtained by dividing
      (x) the aggregate amount of cumulative Realized Losses incurred on the Pool
      1,
      Pool 1C and Pool 2 Mortgage Loans from the Cut-off Date through the last day
      of
      the related Collection Period by (y) the Pool 1-2 Aggregate Loan Balance as
      of
      the Cut-off Date, exceeds the applicable percentages described below with
      respect to such Distribution Date.

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	
              August
                2010 through July 2011

            	 	
              0.50%
                for the first month plus an additional 1/12th of 0.35% for each month
                thereafter.

            
	
              August
                2011 through July 2012

            	 	
              0.85%
                for the first month plus an additional 1/12th of 0.40% for each month
                thereafter.

            
	
              August
                2012 through July 2013

            	 	
              1.25%
                for the first month plus an additional 1/12th of 0.45% for each month
                thereafter.

            
	
              August
                2013 through July 2014

            	 	
              1.70%
                for the first month plus an additional 1/12th of 0.15% for each month
                thereafter.

            
	
              August
                2014 and thereafter

            	 	
              1.85%

            

    

    

    Pool
      1-2 Delinquency Event:
      With
      respect to any Distribution Date, a “Pool 1-2 Delinquency Event” shall occur if
      the Pool 1-2 Rolling Three Month Delinquency Rate as of the last day of the
      immediately preceding month equals or exceeds, for Distribution Dates prior
      to
      August 2013, 32.40%, and, for Distribution Dates during or after August 2013,
      40.00% of the Pool 1-2 Senior Enhancement Percentage for such Distribution
      Date.

     

    Pool
      1-2 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 Pool
      1,
      Pool 1C and Pool 2 Mortgage Loans that are 60 or more days Delinquent (including
      all foreclosures, bankruptcies and REO Properties) as of the close of business
      on the last day of such month, and the denominator of which is the Pool 1-2
      Aggregate Loan Balance as of the close of business on the last day of such
      month.

     

    
      
        
        

      

      
        -79-

        
          

        

      

      
        
        

      

       

    

    Pool
      1-2 Initial Optional Termination Date:
      The
      Distribution Date following the month in which the Pool 1-2 Aggregate Loan
      Balance initially declines to less than 10% of the Pool 1-2 Aggregate Loan
      Balance as of the Cut-off Date.

     

    Pool
      1-2 Monthly Excess Cashflow:
      With
      respect to any Distribution Date, the sum of (x) the Pool 1-2 Monthly Excess
      Interest for such date, (y) Pool 1-2 Overcollateralization Release Amount for
      such date and (z) that portion, if any, of the Principal Distribution Amount
      for
      such date available for distribution pursuant to Section 5.02(d)(ii)(L)
      hereof.

     

    Pool
      1-2 Monthly Excess Interest:
      With
      respect to any Distribution Date, that portion, if any, of the Interest
      Remittance Amount available for distribution pursuant to Section 5.02(b)(i)(4),
      Section 5.02(b)(ii)(4) or Section 5.02(b)(iii)(4) hereof for such
      date.

     

    Pool
      1-2 Net Rate:
      The per
      annum rate set forth in footnote 1 to the description of REMIC I-1 in the
      Preliminary Statement hereto (such rate being based on the weighted average
      of
      the interest rates on the SWAP REMIC Regular Interests as adjusted and as set
      forth in such footnote).

     

    Pool
      1-2 Net WAC:
      With
      respect to any Distribution Date (and the related Accrual Period), a per annum
      rate equal to (a) a fraction, expressed as a percentage, the numerator of which
      is the product of (x) the Optimal Interest Remittance Amount for Pool 1, Pool
      1C
      and Pool 2 for such Distribution Date and (y) 12, and the denominator of which
      is the Pool Balance for Pool 1, Pool 1C and Pool 2 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 (b) 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.

     

    Pool
      1-2 Overcollateralization Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      1-2
      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 Group I Certificates after giving effect to distributions on
      such
      Distribution Date.

     

    Pool
      1-2 Overcollateralization Deficiency:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      1-2
      Targeted Overcollateralization Amount for such Distribution Date exceeds (y)
      the
      Pool 1-2 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 Group I Certificates resulting
      from the distribution of the Principal Distribution Amount for Pool 1, Pool
      1C
      and Pool 2 on such Distribution Date but prior to allocation of any Pool 1-2
      Applied Loss Amount on such Distribution Date.

     

    Pool
      1-2 Overcollateralization Floor:
      For any
      Distribution Date, $5,715,835 (0.50% of the Pool Balance for Pool 1 as of the
      Cut-off Date).

     

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

     

    
      
        
        

      

      
        -80-

        
          

        

      

      
        
        

      

       

    

    Pool
      1-2 Purchase Price:
      With
      respect to the purchase of a Pool 1, Pool 1C or Pool 2 Mortgage Loan or related
      REO Property pursuant to 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) 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; and (e) the fair market value of all other property
      being
      purchased (reduced, in the case of REO Property relating to a Pool 1, Pool
      1C or
      Pool 2 Mortgage Loan, 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). The Master Servicer and the
      Servicer (or the Trustee, in its capacity as successor master servicer, if
      applicable) shall be reimbursed from the Pool 1-2 Purchase Price for any Pool
      1,
      Pool 1C and Pool 2 Mortgage Loan or related REO Property for any Advances made
      or other amounts advanced with respect to such Mortgage Loan that are
      reimbursable to the Master Servicer or the Servicer under this Agreement or
      the
      Servicing Agreement (or to the Trustee hereunder in its capacity as successor
      master servicer), together with any accrued and unpaid compensation due to
      the
      Master Servicer, the Servicer or the Trustee hereunder or
      thereunder.

     

    Pool
      1-2 Repurchase Price:
      As
      defined in Section 7.01(b)(i).

     

    Pool
      1-2 Rolling Three Month Delinquency Rate:
      With
      respect to any Distribution Date, the average of the Pool 1-2 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.

     

    Pool
      1-2 Senior Enhancement Percentage:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is the sum of the aggregate Class Principal Amount of the
      Group I Subordinate Certificates and the Pool 1-2 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 Pool 1-2 Trigger
      Event has occurred) and the denominator of which is the Pool 1-2 Aggregate
      Loan
      Balance for such Distribution Date, in each case after giving effect to
      distributions on such Distribution Date.

     

    Pool
      1-2 Senior Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to (a) prior to the Pool 1-2 Stepdown Date
      or
      if a Pool 1-2 Trigger Event is in effect with respect to such Distribution
      Date,
      100% of the Principal Distribution Amounts for Pool 1, Pool 1C and Pool 2 and
      (b) on or after the Pool 1-2 Stepdown Date and as long as a Pool 1-2 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 Group I Senior
      Certificates after the allocation of Net Negative Amortization, if any, for
      each
      Distribution Date and immediately prior to distributions on such Distribution
      Date exceeds (y) the Pool 1-2 Senior Target Amount.

     

    
      
        
        

      

      
        -81-

        
          

        

      

      
        
        

      

       

    

    Pool
      1-2 Senior Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (1) (i) for each distribution prior to the Distribution Date in
      August 2013, 78.38%; and (ii) thereafter, 82.70% and (2) the Pool 1-2 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period and (b) the amount, if any, by which (1) the Pool
      1-2
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period exceeds (2) the Pool 1-2 Overcollateralization
      Floor.

     

    Pool
      1-2 Stepdown Date:
      The
      later to occur of (x) the Distribution Date in August 2010 and (y) the first
      Distribution Date on which the Pool 1-2 Senior Enhancement Percentage
      (calculated for this purpose after giving effect to payments or other recoveries
      in respect of the Pool 1, Pool 1C and Pool 2 Mortgage Loans during the related
      Collection Period, but before giving effect to distributions on any Certificates
      on such Distribution Date) is greater than or equal to (i) prior to the
      Distribution Date in August 2013, 21.62% and (ii) on or after the Distribution
      Date in August 2013, 17.30%.

     

    Pool
      1-2 Target Amount:
      an
      amount equal to the Pool 1-2 Aggregate Loan Balance as of such Distribution
      Date
      minus the Pool 1-2 Targeted Overcollateralization Amount for such Distribution
      Date.

     

    Pool
      1-2 Targeted Overcollateralization Amount:
      With
      respect to any Distribution Date (x) prior to the Pool 1 Stepdown Date an amount
      equal to $9,145,336 (0.80% of the Pool 1-2 Aggregate Loan Balance as of the
      Cut-off Date), (y) on or after the Pool 1-2 Stepdown Date, the greater of (1)
      the lesser of (a) the amount of $9,145,336 and (b) the product of (i) for each
      distribution prior to the Distribution Date in August 2013, 2.00%, and
      thereafter, 1.60% and (ii) the Pool 1-2 Aggregate Loan Balance as of the last
      day of the related Collection Period and (2) the Pool 1-2 Overcollateralization
      Floor and (z) on and after the Pool 1-2 Stepdown Date and for which a Pool
      1-2
      Trigger Event is in effect, the amount calculated under this definition for
      the
      immediately preceding Distribution Date.

     

    Pool
      1-2 Trigger Event:
      With
      respect to any Distribution Date, means that either a Pool 1-2 Delinquency
      Event
      or a Pool 1-2 Cumulative Loss Trigger Event is in effect for such Distribution
      Date.

     

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

     

    Pool
      1C Mortgage Loan:
      A
      Mortgage in Pool 1C 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 Pool 1C Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    
      
        
        

      

      
        -82-

        
          

        

      

      
        
        

      

       

    

    Pool
      1C Net Funds Cap:
      With
      respect to any Distribution Date, 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 (x) the Optimal Interest Remittance Amount for Pool 1C for
      such Distribution Date over (y) the amount of any Net Swap Payment or Swap
      Termination Payment not due to a Swap Counterparty Trigger Event owed to the
      Swap Counterparty on the related due date allocable to Pool 1C (based on the
      applicable Swap Allocation Percentage) and (2) 12, and the denominator of which
      is the Pool Balance for Pool 1C 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 (b) 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.

     

    Pool
      1C Senior Certificates:
      The
      Class 1C-A1, Class 1C-A2 and Class 1C-A3 Certificates.

     

    Pool
      1C Senior Priority: For the Pool 1C Senior Certificates, sequentially in the
      following order: (i) up to the amount of any Net Negative Amortization
      previously allocated to such Certificates and not repaid, to the Pool 1C Senior
      Certificates pro rata based on the amount of such unpaid prior allocations
      of
      Net Negative Amortization to each class thereof and (ii) pro rata, to the Pool
      1C Senior Certificates.

     

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

     

    Pool
      2
      Mortgage Loan:
      A
      Mortgage in Pool 2 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 Pool 2 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    Pool
      2
      Net Funds Cap:
      With
      respect to any Distribution Date, 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 (x) the Optimal Interest Remittance Amount for Pool 2 for
      such Distribution Date over (y) the amount of any Net Swap Payment or Swap
      Termination Payment not due to a Swap Counterparty Trigger Event owed to the
      Swap Counterparty on the related due date allocable to Pool 2 (based on the
      applicable Swap Allocation Percentage) and (2) 12, and the denominator of which
      is the Pool Balance for Pool 2 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 (b) 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.

     

    Pool
      2
      Senior Certificates:
      The
      Class 2-A1, Class 2-A2 and Class 2-A3 Certificates.

     

    Pool
      2
      Senior Priority: For the Pool 2 Senior Certificates, sequentially in the
      following order: (i) up to the amount of any Net Negative Amortization
      previously allocated to such Certificates and not repaid, to the Pool 2 Senior
      Certificates pro rata based on the amount of such unpaid prior allocations
      of
      Net Negative Amortization to each class thereof and (ii) pro rata, to the Pool
      2
      Senior Certificates.

     

    
      
        
        

      

      
        -83-

        
          

        

      

      
        
        

      

       

    

    Pool
      3:
      The
      aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule as
      being included in Pool 3.

     

    Pool
      3
      Assets:
      As
      defined in Section 7.01(b)(ii).

     

    Pool
      3
      Maximum Interest Rate:
      For any
      Distribution Date and the Pool 3 Senior Certificates, an annual rate equal
      to
      the Pool 3 Net Funds Cap for such Distribution Date if the Optimal Interest
      Remittance Amount for Pool 3 was computed by reference to the weighted average
      of the excess of the Maximum Rates for the Pool 3 Mortgage Loans over the
      Servicing Fee Rate or General Servicing Fee Rate, as applicable, and any
      mortgage insurance premium rate, as applicable.

     

    Pool
      3
      Mortgage Loan:
      A
      Mortgage in Pool 3 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 Pool 3 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    Pool
      3
      Net Funds Cap:
      With
      respect to any Distribution Date and the Pool 3 Senior Certificates, the excess
      of (1) an annual rate equal to (a) a fraction, expressed as a percentage, the
      numerator of which is the product of (x) the Optimal Interest Remittance Amount
      for Pool 3 for such Distribution Date and (y) 12, and the denominator of which
      is the Pool Balance of Pool 3 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 (b) 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 over (2) the sum of (a) the product of (I) 50% of
      the
      interest rate applicable to the Class 3-AX Certificates for such Distribution
      Date and (II) 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 and (b) a fraction the numerator of which is (I) the product
      of (A) 360 divided by the actual number of days in the Accrual Period related
      to
      such Distribution Date and (B) the portion of the Certificate Insurer Premium
      attributable to the Class 3-A2 Certificates, and the denominator of which is
      (II) the aggregate Class Principal Amount of the Pool 3 Senior
      Certificates.

     

    Pool
      3
      Net WAC:
      With
      respect to any Distribution Date, an annual rate equal to a fraction, expressed
      as a percentage, the numerator of which is the product of (x) the excess of
      the
      Optimal Interest Remittance Amount for Pool 3 for such Distribution Date over
      the portion of the Certificate Insurer Premium for such Distribution Date
      attributable to the Class 3-A2 Certificates, and (y) 12, and the denominator
      of
      which is the Pool Balance of Pool 3 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).

     

    
      
        
        

      

      
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    Pool
      3
      Senior Certificates:
      The
      Class 3-A1, Class 3-A2 and Class 3-AX Certificates.

     

    Pool
      3
      Senior Priority: For the Pool 3 Senior Certificates, sequentially in the
      following order: (i) up to the amount of any Net Negative Amortization
      previously allocated to such Certificates and not repaid, to the Pool 3 Senior
      Certificates pro rata based on the amount of such unpaid prior allocations
      of
      Net Negative Amortization to each class thereof and (ii) pro rata, to the Pool
      3
      Senior Certificates.

     

    Pool
      3
      Senior REMIC Cap:
      The per
      annum rate set forth in footnote 2 to the table entitled “REMIC II-1” in the
      Preliminary Statement.

     

    Pool
      3-4 Aggregate Loan Balance: With
      respect to any Distribution Date, the total Scheduled Principal Balance of
      the
      Mortgage Loans in Pool 3 and Pool 4 for that Distribution Date.

     

    Pool
      3-4 Applied Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the aggregate
      Certificate Principal Amount of the Group II Certificates after giving effect
      to
      all Realized Losses incurred with respect to the Pool 3 and Pool 4 Mortgage
      Loans during the related Collection Period and distributions of principal on
      such Distribution Date, but before giving effect to any application of the
      Pool
      3-4 Applied Loss Amount with respect to such date, exceeds (y) the Pool 3-4
      Aggregate Loan Balance for such Distribution Date.

     

    Pool
      3-4 Assets:
      As
      defined in Section 7.01(b)(i).

     

    Pool
      3-4 Basis Risk Payment:
      For any
      Distribution Date and the Group II Certificates, the sum of (1) any Basis Risk
      Shortfall for the Group II Certificates for such Distribution Date and (2)
      any
      Unpaid Basis Risk Shortfall for the Group II Certificates for such Distribution
      Date; provided, however, that the amount of the Pool 3-4 Basis Risk Payment
      for
      any Distribution Date cannot exceed the amount of Pool 3-4 Monthly Excess
      Cashflow otherwise distributable in respect of the Class X-II Certificates
      pursuant to Section 5.02(g) hereof on such Distribution Date (as determined
      under the definition of “Class X-II Distributable Amount” without regard to the
      Pool 3-4 Basis Risk Payment for such Distribution Date).

     

    Pool
      3-4 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.

     

    Pool
      3-4 Cumulative Loss Trigger Event:
      With
      respect to any Distribution Date, a Pool 3-4 Cumulative Loss Trigger Event
      will
      have occurred if the fraction, expressed as a percentage, obtained by dividing
      (x) the aggregate amount of cumulative Realized Losses incurred on the Pool
      3
      and Pool 4 Mortgage Loans from the Cut-off Date through the last day of the
      related Collection Period by (y) the Pool 3-4 Aggregate Loan Balance as of
      the
      Cut-off Date, exceeds the applicable percentages described below with respect
      to
      such Distribution Date.

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	
              August
                2010 through July 2011

            	 	
              0.45%
                for the first month plus an additional 1/12th of 0.35% for each month
                thereafter.

            
	
              August
                2011 through July 2012

            	 	
              0.80%
                for the first month plus an additional 1/12th of 0.35% for each month
                thereafter.

            
	
              August
                2012 through July 2013

            	 	
              1.15%
                for the first month plus an additional 1/12th of 0.45% for each month
                thereafter.

            
	
              August
                2013 through July 2014

            	 	
              1.60%
                for the first month plus an additional 1/12th of 0.15% for each month
                thereafter.

            
	
              August
                2014 and thereafter

            	 	
              1.75%

            

    

    

    
      
        
        

      

      
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    Pool
      3-4 Delinquency Event:
      With
      respect to any Distribution Date, a “Pool 3-4 Delinquency Event” shall occur if
      the Pool 3-4 Rolling Three Month Delinquency Rate as of the last day of the
      immediately preceding month equals or exceeds, for Distribution Dates prior
      to
      August 2013, 23.25%, and, for Distribution Dates during or after August 2013,
      29.05% of the Pool 3-4 Senior Enhancement Percentage for such Distribution
      Date.

     

    Pool
      3-4 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 Pool
      3
      and Pool 4 Mortgage Loans that are 60 or more days Delinquent (including all
      foreclosures, bankruptcies and REO Properties) as of the close of business
      on
      the last day of such month, and the denominator of which is the Pool 3-4
      Aggregate Loan Balance as of the close of business on the last day of such
      month.

     

    Pool
      3-4 Initial Optional Termination Date:
      The
      Distribution Date following the month in which the Pool 3-4 Aggregate Loan
      Balance initially declines to less than 10% of the Pool 3-4 Aggregate Loan
      Balance as of the Cut-off Date.

     

    Pool
      3-4 Monthly Excess Cashflow:
      With
      respect to any Distribution Date, the sum of (x) the Pool 3-4 Monthly Excess
      Interest for such date, (y) Pool 3-4 Overcollateralization Release Amount for
      such date and (z) that portion, if any, of the Principal Distribution Amount
      for
      such date available for distribution pursuant to Section 5.02(e)(iii)(L)
      hereof.

     

    Pool
      3-4 Monthly Excess Interest:
      With
      respect to any Distribution Date, that portion, if any, of the Interest
      Remittance Amount available for distribution pursuant to Section 5.02(c)(i)(4),
      Section 5.02(c)(ii)(4) or Section 5.02(c)(iii)(6) hereof for such
      date.

     

    Pool
      3-4 Overcollateralization Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      3-4
      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 Group II Certificates after giving effect to distributions on
      such
      Distribution Date.

     

    Pool
      3-4 Overcollateralization Deficiency:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      3-4
      Targeted Overcollateralization Amount for such Distribution Date exceeds (y)
      the
      Pool 3-4 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 Group II Certificates
      resulting from the distribution of the Principal Distribution Amount for Pool
      3
      and Pool 4 on such Distribution Date but prior to allocation of any Pool 3-4
      Applied Loss Amount on such Distribution Date.

     

    
      
        
        

      

      
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    Pool
      3-4 Overcollateralization Floor:
      For any
      Distribution Date, $8,424,177 (0.50% of the Pool Balance for Pool 1 as of the
      Cut-off Date).

     

    Pool
      3-4 Overcollateralization Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Remittance
      Amount for Pool 3 and Pool 4 for such Distribution Date and (y) the amount,
      if
      any, by which (1) the Pool 3-4 Overcollateralization Amount for such
      Distribution Date (calculated for this purpose on the basis of the assumption
      that 100% of the Principal Remittance Amount for Pool 3 and Pool 4 for such
      date
      is applied on such Distribution Date in reduction of the aggregate Certificate
      Principal Amount of the Group II Certificates), exceeds (2) the Pool 3-4
      Targeted Overcollateralization Amount for such Distribution Date.

     

    Pool
      3-4 Purchase Price:
      With
      respect to the purchase of a Pool 3 or Pool 4 Mortgage Loan or related REO
      Property pursuant to 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) 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 and (e) the fair market value of all other property being purchased
      (reduced, in the case of REO Property relating to a Pool 3 or Pool 4 Mortgage
      Loan, 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). The Master Servicer and the Servicer
      (or
      the Trustee, in its capacity as successor master servicer, if applicable) shall
      be reimbursed from the Pool 3-4 Purchase Price for any Pool 3 and Pool 4
      Mortgage Loan or related REO Property for any Advances made or other amounts
      advanced with respect to such Mortgage Loan that are reimbursable to the Master
      Servicer or the Servicer under this Agreement or the Servicing Agreement (or
      to
      the Trustee hereunder in its capacity as successor master servicer), together
      with any accrued and unpaid compensation due to the Master Servicer, the
      Servicer or the Trustee hereunder or thereunder.

     

    Pool
      3-4 Repurchase Price:
      As
      defined in Section 7.01(b)(ii).

     

    Pool
      3-4 Rolling Three Month Delinquency Rate:
      With
      respect to any Distribution Date, the average of the Pool 3-4 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.

     

    Pool
      3-4 Senior Enhancement Percentage:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is the sum of the aggregate Class Principal Amount of the
      Group II Subordinate Certificates and the Pool 3-4 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 Pool 3-4 Trigger
      Event has occurred) and the denominator of which is the Pool 3-4 Aggregate
      Loan
      Balance for such Distribution Date, in each case after giving effect to
      distributions on such Distribution Date.

     

    
      
        
        

      

      
        -87-

        
          

        

      

      
        
        

      

       

    

    Pool
      3-4 Senior Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to (a) prior to the Pool 3-4 Stepdown Date
      or
      if a Pool 3-4 Trigger Event is in effect with respect to such Distribution
      Date,
      100% of the Principal Distribution Amounts for Pool 3 and Pool 4 and (b) on
      or
      after the Pool 3-4 Stepdown Date and as long as a Pool 3-4 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 Group II Senior Certificates
      after the allocation of Net Negative Amortization, if any, for each Distribution
      Date and immediately prior to distributions on such Distribution Date exceeds
      (y) the Pool 3-4 Senior Target Amount.

     

    Pool
      3-4 Senior Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (1) (i) for each distribution prior to the Distribution Date in
      August 2013, 69.88%; and (ii) thereafter, 75.90% and (2) the Pool 3-4 Aggregate
      Loan Balance for such Distribution Date determined as of the last day of the
      related Collection Period and (b) the amount, if any, by which (1) the Pool
      3-4
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period exceeds (2) the Pool 3-4 Overcollateralization
      Floor.

     

    Pool
      3-4 Stepdown Date:
      The
      later to occur of (x) the Distribution Date in August 2010 and (y) the first
      Distribution Date on which the Pool 3-4 Senior Enhancement Percentage
      (calculated for this purpose after giving effect to payments or other recoveries
      in respect of the Pool 3 and Pool 4 Mortgage Loans during the related Collection
      Period, but before giving effect to distributions on any Certificates on such
      Distribution Date) is greater than or equal to (i) prior to the Distribution
      Date in August 2013, 30.12% and (ii) on or after the Distribution Date in August
      2013, 24.10%.

     

    Pool
      3-4 Target Amount:
      an
      amount equal to the Pool 3-4 Aggregate Loan Balance as of such Distribution
      Date
      minus the Pool 3-4 Targeted Overcollateralization Amount for such Distribution
      Date.

     

    Pool
      3-4 Targeted Overcollateralization Amount:
      With
      respect to any Distribution Date (x) prior to the Pool 1 Stepdown Date an amount
      equal to $18,533,190 (1.10% of the Pool 3-4 Aggregate Loan Balance as of the
      Cut-off Date), (y) on or after the Pool 3-4 Stepdown Date, the greater of (1)
      the lesser of (a) the amount of $18,533,190 and (b) the product of (i) for
      each
      distribution prior to the Distribution Date in August 2013, 2.75%, and
      thereafter, 2.20% and (ii) the Pool 3-4 Aggregate Loan Balance as of the last
      day of the related Collection Period and (2) the Pool 3-4 Overcollateralization
      Floor and (z) on and after the Pool 3-4 Stepdown Date and for which a Pool
      3-4
      Trigger Event is in effect, the amount calculated under this definition for
      the
      immediately preceding Distribution Date.

     

    Pool
      3-4 Trigger Event:
      With
      respect to any Distribution Date, means that either a Pool 3-4 Delinquency
      Event
      or a Pool 3-4 Cumulative Loss Trigger Event is in effect for such Distribution
      Date.

     

    Pool
      4:
      The
      aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule as
      being included in Pool 4.

     

    Pool
      4
      Assets:
      As
      defined in Section 7.01(b)(ii).

     

    
      
        
        

      

      
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    Pool
      4
      Exchangeable Certificates: The Class 4-A1A, Class 4-A1B, Class 4-A1C, Class
      4-A1D, Class 4-A1E, Class 4-A1F, Class 4-A1G, Class 4-A1H, Class 4-A1IA, Class
      4-A1IB, Class 4-A1IC, Class 4-A1ID, Class 4-A1IE, Class 4-A1IF, Class 4-A1IG
      and
      Class 4-A1H Certificates. 

     

    Pool
      4
      Interest-Only Exchangeable Certificate: Class 4-A1IA, Class 4-A1IB, Class
      4-A1IC, Class 4-A1ID, Class 4-A1IE, Class 4-A1IF, Class 4-A1IG and Class 4-A1IH
      Certificates.

     

    Pool
      4
      Maximum Interest Rate:
      For any
      Distribution Date and the Pool 4 Senior Certificates, an annual rate equal
      to
      the Pool 4 Net Funds Cap for such Distribution Date if the Optimal Interest
      Remittance Amount for Pool 4 was computed by reference to the weighted average
      of the excess of the Maximum Rates for the Pool 4 Mortgage Loans over the
      Servicing Fee Rate or General Servicing Fee Rate, as applicable, and any
      mortgage insurance premium rate, as applicable.

     

    Pool
      4
      Mortgage Loan:
      A
      Mortgage in Pool 4 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 Pool 4 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    Pool
      4
      Net Funds Cap:
      With
      respect to any Distribution Date and the Pool 4 Senior Certificates, the excess
      of (1) an annual rate equal to (a) a fraction, expressed as a percentage, the
      numerator of which is the product of (x) the Optimal Interest Remittance Amount
      for Pool 4 for such Distribution Date and (y) 12, and the denominator of which
      is the Pool Balance of Pool 4 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 (b) 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 over (2) the sum of (a) the product of (I) 50% of
      the
      interest rate applicable to the Class 4-AX Certificates for such Distribution
      Date and (II) 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 and (b) a fraction the numerator of which is (I) the product
      of (A) 360 divided by the actual number of days in the Accrual Period related
      to
      such Distribution Date and (B) the portion of the Certificate Insurer Premium
      attributable to the Class 4-A3 Certificates, and the denominator of which is
      (II) the aggregate Class Principal Amount of the Pool 4 Senior
      Certificates.

     

    Pool
      4
      Net WAC:
      With
      respect to any Distribution Date, an annual rate equal to a fraction, expressed
      as a percentage, the numerator of which is the product of (x) the excess of
      the
      Optimal Interest Remittance Amount for Pool 4 for such Distribution Date over
      the portion of the Certificate Insurer Premium for such Distribution Date
      attributable to the Class 4-A3 Certificates, and (y) 12, and the denominator
      of
      which is the Pool Balance of Pool 4 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).

     

    
      
        
        

      

      
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    Pool
      4
      Senior Certificates:
      The
      Class 4-A1 Underlying Interest, Class 4-A2A Underlying Interest, Class 4-A2B
      Underlying Interest, Class 4-A3 Underlying Interest and Class 4-AX
      Certificates.

     

    Pool
      4
      Senior Priority: Pro rata (a) to the Class 4-A1 Underlying
      Interest,
      (b)
      sequentially, first, to the Class 4-A2A Underlying
      Interest
      and
      second, to the Class 4-A2B Underlying
      Interest,
      in that
      order, and (c) to the Class 4-A3 Underlying
      Interest.

     

    Pool
      4
      Senior REMIC Cap:
      The per
      annum rate set forth in footnote 3 to the table entitled “REMIC II-1” in the
      Preliminary Statement.

     

    Pool
      Assets:
      Not
      applicable.

     

    Pool
      Balance:
      As to
      each Mortgage Pool and any Distribution Date or the Cut-off Date, the sum of
      the
      Scheduled Principal Balances of the Mortgage Loans included in such Mortgage
      Pool for that date.

     

    Pool
      Percentage:
      For
      Pool 1, Pool 1C or Pool 2 and any Distribution Date, a fraction, the numerator
      of which is the Pool Balance for such Mortgage Pool for such Distribution Date
      and the denominator of which is the Pool 1-2 Aggregate Loan Balance for such
      Distribution Date. For Pool 3 or Pool 4 and any Distribution Date, a fraction,
      the numerator of which is the Pool Balance for such Mortgage Pool for such
      Distribution Date and the denominator of which is the Pool 3-4 Aggregate Loan
      Balance for such Distribution Date.

     

    Pool
      Subordinate Amount:
      With
      respect to any Mortgage Pool and any Distribution Date, the excess of the Pool
      Balance for such Mortgage Pool for the immediately preceding Distribution Date
      (or on the Cut-off Date in the case of the first Distribution Date) over the
      aggregate Class Principal Amount of the related Senior Certificates immediately
      prior to the related Distribution Date.

     

    Preference
      Amount:
      Any
      payment of principal or interest previously distributed to a Holder on a
      Guaranteed 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 Holder pursuant to the United
      States Bankruptcy Code in accordance with a final, nonappealable order of a
      court of competent jurisdiction.

     

    Preference
      Claim:
      Not
      applicable.

     

    Premium
      Percentage:
      With
      respect to the Class 3-A2 Certificates, 0.13% per annum and with respect to
      the
      Class 4-A3 Certificates, 0.14% per annum.

     

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

     

    
      
        
        

      

      
        -90-

        
          

        

      

      
        
        

      

       

    

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date and any Principal Prepayment, 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.

     

    Prepayment
      Period:
      With
      respect to any Distribution Date and any Principal Prepayment (including any
      liquidation) in full or in part (except prepayments in part or in full received
      by Countrywide Servicing and prepayments in full received by Aurora), the
      calendar month immediately preceding the month in which such Distribution Date
      occurs; provided, however, that the Prepayment Period for Principal Prepayments
      in full for Mortgage Loans serviced by Aurora will be the seventeenth day of
      the
      calendar month immediately preceding the month in which such Distribution Date
      occurs through the sixteenth day of the calendar month in which such
      Distribution Date occurs and provided further, however, that the Prepayment
      Period for Principal Prepayments in full or in part for Countrywide Servicing
      will be the 2nd day of the calendar month immediately preceding the month in
      which such Distribution Date occurs through the first day of the calendar month
      in which such Distribution Date occurs.

     

    Prepayment
      Premiums:
      With
      respect to any Distribution Date, all premiums or charges paid by the obligors
      under the related Mortgage Notes due to Principal Prepayments and required
      to be
      remitted to the Custodial Accounts pursuant to the Servicing Agreements and
      are
      remitted to the Collection Account during the immediately preceding Prepayment
      Period, if any.

     

    Primary
      Mortgage Insurance Policy:
      Any
      mortgage guaranty insurance, if any, on an individual Mortgage Loan as evidenced
      by a policy or certificate, whether such policy is obtained by the originator,
      the lender or the borrower.

     

    Principal
      Allocation Percentage:
      For
      Pool 1 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the Principal Remittance Amount for Pool
      1
      for such Distribution Date and the denominator of which is the aggregate of
      the
      Principal Remittance Amounts for Pool 1, Pool 1C and Pool 2 for such date.
      For
      Pool 1C with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the Principal Remittance Amount for Pool
      1C for such Distribution Date and the denominator of which is the aggregate
      of
      the Principal Remittance Amounts for Pool 1, Pool 1C and Pool 2 for such date.
      For Pool 2 with respect to any Distribution Date, a fraction, expressed as
      a
      percentage, the numerator of which is the Principal Remittance Amount for Pool
      2
      for such Distribution Date, and the denominator of which is the aggregate of
      the
      Principal Remittance Amounts for Pool 1, Pool 1C and Pool 2 for such date.
      For
      Pool 3 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the Principal Remittance Amount for Pool
      3
      for such Distribution Date, and the denominator of which is the aggregate of
      the
      Principal Remittance Amounts for Pool 3 and Pool 4 for such date. For Pool
      4
      with respect to any Distribution Date, a fraction, expressed as a percentage,
      the numerator of which is the Principal Remittance Amount for Pool 4 for such
      Distribution Date, and the denominator of which is the aggregate of the
      Principal Remittance Amounts for Pool 3 and Pool 4 for such date.

     

    
      
        
        

      

      
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    Principal
      Distribution Amount:
      With
      respect to any Distribution Date and for Pool 1, Pool 1C and Pool 2, an amount
      equal to the Principal Remittance Amount for such date for such Mortgage Pool
      minus the Pool 1-2 Overcollateralization Release Amount attributable to such
      Mortgage Pool, based on the Principal Allocation Percentage for such Pool,
      if
      any, for such Distribution Date. With respect to any Distribution Date and
      for
      Pool 3 and Pool 4, an amount equal to the Principal Remittance Amount for such
      date for such Mortgage Pool minus the Pool 3-4 Overcollateralization Release
      Amount attributable to such Mortgage Pool, based on the Principal Allocation
      Percentage for such Pool, 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 applicable Servicing Agreement.

     

    Principal
      Remittance Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, an amount equal to
      (a)
      the sum of (1) all principal collected (other than in connection with Payaheads)
      or advanced in respect of Scheduled Payments on the Mortgage Loans in such
      Mortgage Pool during the related Collection Period whether by a Servicer, the
      Master Servicer or the Trustee in its capacity as successor master servicer
      (less unreimbursed Advances due to the Master Servicer, the applicable 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), (2) all Principal Prepayments in full or
      in
      part received during the related Prepayment Period with respect to the Mortgage
      Loans in such Mortgage Pool, (3) the outstanding principal balance of each
      Mortgage Loan in such Mortgage Pool that was repurchased by the Seller or the
      Transferor during the related Prepayment Period or any NIMS Insurer (in the
      case
      of certain Mortgage Loans 90 days or more delinquent), (4) the principal portion
      of any Substitution Amount paid with respect to any Deleted Mortgage Loan in
      such Mortgage Pool during the related Prepayment Period allocable to principal
      and (5) all Net Liquidation Proceeds, Insurance Proceeds, any Subsequent
      Recovery and other recoveries collected with respect to the Mortgage Loans
      in
      such Mortgage Pool during the related Prepayment Period, to the extent allocable
      to principal, as reduced (but not by more than the sum of items (1) through
      (5)
      above) by the aggregate amount of Negative Amortization with respect to the
      Mortgage Loans in such Mortgage Pool during the related Collection Period,
      reduced by (b) other costs, expenses or liabilities reimbursable to the Trustee,
      the Master Servicer, the Certificate Insurer and any Servicer to the extent
      provided in this Agreement and the applicable Servicing Agreement or to the
      Custodian pursuant to the Custodial Agreement, as applicable to each Mortgage
      Pool from the Interest Remittance Amount described in clause (b) of the
      definition thereof and not reimbursed therefrom or otherwise.

     

    Privately
      Offered Certificates:
      The
      Class AP-I, Class 3-AP and Class 4-AP Certificates.

     

    Proceeding:
      Not
      applicable.

     

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

     

    
      
        
        

      

      
        -92-

        
          

        

      

      
        
        

      

       

    

    Prospectus:
      The
      prospectus supplement dated July 30, 2007, the supplement to the prospectus
      supplement dated August 3, 2007 and the supplement to the prospectus supplement
      dated August 7, 2007 together with the accompanying prospectus dated July 11,
      2007, relating to the Offered Certificates.

     

    PTCE:
      As
      defined in Section 3.03(d).

     

    Purchase
      Price:
      Either
      of the Pool 1-2 Purchase Price or the Pool 3-4 Purchase Price.

     

    QIB:
      As
      defined in Section 3.03(c).

     

    QIB-Restricted
      Certificate:
      Any
      Class C Certificate.

     

    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 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 (which in the case of the Guaranteed Certificates shall be
      determined without regard to the Certificate Insurance Policy) or the NIM
      Securities, the Trustee shall terminate such contract without penalty and be
      entitled to the return of all funds previously invested thereunder, together
      with accrued interest thereon at the interest rate provided under such contract
      to the date of delivery of such funds to the Trustee;

     

    (iv) provide
      that the Trustee’s interest therein shall be transferable to any successor
      trustee 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:
      Not
      applicable.

     

    
      
        
        

      

      
        -93-

        
          

        

      

      
        
        

      

       

    

    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, (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 a 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
      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, 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 Qualified Substitute Mortgage
      Loan or in the aggregate, as the case may be.

     

    Rate
      of Payment: For each Distribution Date and for the Swap Agreement, the rates
      of payment set forth in Schedule B hereto. 

     

    Rating
      Agency:
      Each of
      Fitch, 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 the 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.

     

    
      
        
        

      

      
        -94-

        
          

        

      

      
        
        

      

       

    

    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 Book-Entry Certificates other than the Class AP-I, Class 3-AP
      and
      Class 4-AP Certificates and any Distribution Date, the close of business on
      the
      Business Day immediately preceding such Distribution Date. With respect to
      the
      Class C-I, Class C-II, Class X-I, Class X-II, Class AP-I, Class 3-AP, Class
      4-AP
      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, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may otherwise be provided by the Commission or its staff
      from
      time to time; and all references to any rule, item, section or subsection of,
      or
      definition or term contained in, Regulation AB mean such rule, item, section,
      subsection, definition or term, as the case may be, or any successor thereto,
      in
      each case as the same may be amended from time to time.

     

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

     

    Regulation
      S Global Security:
      As
      defined in Section 3.01(d).

     

    Reimbursement
      Amount:
      As to
      any Distribution Date, the sum of (i) all Insured Payments 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 Payments not previously repaid calculated
      at
      the Late Payment Rate from the date the Trustee received the related Insured
      Payments.

     

    Related
      Certificates:
      For any
      REMIC I-2 Interest, the Class of Certificates set forth on the same row in
      the
      table under “REMIC I-2” in the Preliminary Statement hereto. For any REMIC II-2
      Interest, the Class of Certificates or Underlying Interest set forth on the
      same
      row in the table under “REMIC II-2” in the Preliminary Statement hereto. For any
      REMIC II-3 Interest, the Class of Certificates or Underlying Interest set forth
      on the same row in the table under “REMIC II-3” in the Preliminary Statement
      hereto. For any REMIC II-4 Interest, the Class of Certificates or Underlying
      Interest set forth on the same row in the table under “REMIC II-4” in the
      Preliminary Statement hereto. For any REMIC II-5 Interest, the Class of
      Certificates or Underlying Interest set forth on the same row in the table
      under
“REMIC II-5” in the Preliminary Statement hereto. For any REMIC II-6 Interest,
      the Class of Certificates or Underlying Interest set forth on the same row
      in
      the table under “REMIC II-6” in the Preliminary Statement hereto. For any REMIC
      II-7 Interest, the Class of Certificates or Underlying Interest set forth on
      the
      same row in the table under “REMIC II-7” in the Preliminary Statement hereto.
      For any REMIC II-8 Interest, the Class of Certificates or Underlying Interest
      set forth on the same row in the table under “REMIC II-8” in the Preliminary
      Statement hereto. For any REMIC II-9 Interest, the Class of Certificates or
      Underlying Interest set forth on the same row in the table under “REMIC II-9” in
      the Preliminary Statement hereto. For any REMIC II-10 Interest, the Class of
      Certificates or Underlying Interest set forth on the same row in the table
      under
“REMIC II-10” in the Preliminary Statement hereto. For any REMIC II-11 Interest,
      the Class of Certificates or Underlying Interest set forth on the same row
      in
      the table under “REMIC II-11” in the Preliminary Statement hereto.

     

    
      
        
        

      

      
        -95-

        
          

        

      

      
        
        

      

       

    

    Related
      Exchange or Exchangeable Classes:
      As set
      forth in the Preliminary Statement.

     

    Related
      Mortgage Pool:
      Not
      applicable.

     

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

     

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

     

    Related
      Senior Certificates:
      Not
      applicable.

     

    Related
      Underlying REMIC Certificates:
      As set
      forth in the Preliminary Statement.

     

    Relevant
      Servicing Criteria:
      The
      Servicing Criteria applicable to each party, as set forth on Exhibit R 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 Custodian, the Paying Agent 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 or local
      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.

     

    
      
        
        

      

      
        -96-

        
          

        

      

      
        
        

      

       

    

    REMIC:
      Each of the SWAP REMIC, REMIC I-1, REMIC I-2, REMIC II-AX, REMIC II-1, REMIC
      II-2, REMIC II-3, REMIC II-4, REMIC II-5, REMIC II-6, REMIC II-7, REMIC II-8,
      REMIC II-9, REMIC II-10 and REMIC II-11, as described in the Preliminary
      Statement hereto.

     

    REMIC
      I-1:
      As
      described in the Preliminary Statement.

     

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

     

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

     

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

     

    REMIC
      I-2:
      As
      described in the Preliminary Statement.

     

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

     

    REMIC
      I-2 Regular Interest: Any of the REMIC I-2 Interests other than the Residual
      I Interest. Alternatively, any of the REMIC regular interests represented by
      (i)
      the rights associated with any Class of Group I Certificates other than the
      rights to payments in respect of Excess Interest (and disregarding any
      obligation to make payments in respect of Class I-I Shortfalls), (ii) the
      Uncertificated Class X-I Interest and (iii) the Class LTI2-IO
      Interest.

     

    REMIC
      II-AX:
      As
      described in the Preliminary Statement.

     

    REMIC
      II-AX Interests:
      Any
      one
      of the Classes of REMIC II-AX Interests described in the Preliminary Statement
      hereto.

     

    REMIC
      II-AX Regular Interests:
      Any
      of
      the REMIC II-AX Interests other than the Class LTIIAX-R Interest. 

     

    REMIC
      II-1:
      As
      described in the Preliminary Statement.

     

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

     

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

     

    REMIC
      II-1 Subordinated Balance Ratio:
      As of
      any Distribution Date, the ratio among the uncertificated principal balances
      of
      each of the REMIC II-1II Marker Classes ending with the designation “A” that is
      equal to the ratio among, with respect to each such REMIC II-1II Marker Class,
      the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage
      Loans in the related Mortgage Pool over (y) the aggregate Class Principal
      Amounts of the Classes of Related Senior Certificates as set forth in the
      Preliminary Statement under the table entitled “REMIC II-1” (after giving effect
      to distributions on such Distribution Date).

     

    
      
        
        

      

      
        -97-

        
          

        

      

      
        
        

      

       

    

    REMIC
      II-1I Marker Classes:
      Any of
      the REMIC II-1 Regular Interests other than (i) the REMIC II-1II Marker Classes,
      (ii) the Class LTII1-XI Interest, (iii) the Class LTII1-XII Interest, (iv)
      the
      Class LTII1-3AX Interest and (v) the Class LTII1-4AX Interest.

     

    REMIC
      II-1II Marker Classes:
      Any of
      the Class LTII1-IIIA, Class LTII1-IIIB, Class LTII1-IVA and Class LTII1-IVB
      Interests.

     

    REMIC
      II-2:
      As
      described in the Preliminary Statement.

     

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

     

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

     

    REMIC
      II-3:
      As
      described in the Preliminary Statement.

     

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

     

    REMIC
      II-3 Regular Interests:
      Each
      of
      the REMIC II-3 Interests other than the Class LTII3-R Interest.

     

    REMIC
      II-4:
      As
      described in the Preliminary Statement.

     

    REMIC
      II-4 Interests:
      Any
      one
      of the classes of REMIC II-4 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      II-4 Regular Interests:
      Each
      of
      the REMIC II-4 Interests other than the Class LTII4-R Interest.

     

    REMIC
      II-5:
      As
      described in the Preliminary Statement.

     

    REMIC
      II-5 Interests:
      Any
      one
      of the classes of REMIC II-5 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      II-5 Regular Interests:
      Each
      of
      the REMIC II-5 Interests other than the Class LTII5-R Interest.

     

    REMIC
      II-6:
      As
      described in the Preliminary Statement.

     

    REMIC
      II-6 Interests:
      Any
      one
      of the classes of REMIC II-6 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      II-6 Regular Interests:
      Each
      of
      the REMIC II-6 Interests other than the Class LTII6-R Interest.

     

    
      
        
        

      

      
        -98-

        
          

        

      

      
        
        

      

       

    

    REMIC
      II-7:
      As
      described in the Preliminary Statement.

     

    REMIC
      II-7 Interests:
      Any
      one
      of the classes of REMIC II-7 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      II-7 Regular Interests:
      Each
      of
      the REMIC II-7 Interests other than the Class LTII7-R Interest.

     

    REMIC
      II-8:
      As
      described in the Preliminary Statement.

     

    REMIC
      II-8 Interests:
      Any
      one
      of the classes of REMIC II-8 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      II-8 Regular Interests:
      Each
      of
      the REMIC II-8 Interests other than the Class LTII8-R Interest.

     

    REMIC
      II-9:
      As
      described in the Preliminary Statement.

     

    REMIC
      II-9 Interests:
      Any
      one
      of the classes of REMIC II-9 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      II-9 Regular Interests:
      Each
      of
      the REMIC II-9 Interests other than the Class LTII9-R Interest.

     

    REMIC
      II-10:
      As
      described in the Preliminary Statement.

     

    REMIC
      II-10 Interests:
      Any
      one
      of the classes of REMIC II-10 Interests as described in the Preliminary
      Statement hereto.

     

    REMIC
      II-10 Regular Interests:
      Each
      of
      the REMIC II-10 Interests other than the Class LTII10-R Interest.

     

    REMIC
      II-11:
      As
      described in the Preliminary Statement.

     

    REMIC
      II-11 Interests:
      Any
      one
      of the classes of REMIC II-11 Interests as described in the Preliminary
      Statement hereto.

     

    REMIC
      II-11 Regular Interests:
      Each
      of
      the REMIC II-11 Interests other than the Residual II Interest.

     

    REMIC
      Pass-Through Rate: For any Distribution Date, (i) for any Group I
      Certificate and its Related REMIC I-2 Interest, the Pool 1-2 Net Rate for such
      Distribution Date (as adjusted, in the case of any Class of Certificates or
      REMIC I-2 Interest that accrues interest on the basis of a 360-day year
      consisting of twelve 30-day months, to reflect accruals on such basis); (ii)
      for
      any Pool 3 Senior Certificate (other than the Class 3-AX Certificate) and its
      Related REMIC II-2 Interest, the Pool 3 Senior REMIC Cap for such Distribution
      Date (as adjusted, in the case of any Class of Certificates or REMIC II-2
      Interest that accrues interest on the basis of a 360-day year consisting of
      twelve 30-day months, to reflect accruals on such basis); (iii) for any Pool
      4
      Senior Certificate (other than the Class 4-AX Certificate) and its Related
      REMIC
      II-2 Interest, the Pool 4 Senior REMIC Cap for such Distribution Date (as
      adjusted, in the case of any Class of Certificates or REMIC II-2 Interest that
      accrues interest on the basis of a 360-day year consisting of twelve 30-day
      months, to reflect accruals on such basis); and (iv) for any Group II
      Subordinate Certificate and its Related REMIC II-2 Interest, the weighted
      average of the Pool 3 Senior REMIC Cap and the Pool 4 Senior REMIC Cap for
      such
      Distribution Date weighted on the basis of Pool Subordinate Amounts for Pool
      3
      and Pool 4, respectively.

     

    
      
        
        

      

      
        -99-

        
          

        

      

      
        
        

      

       

    

    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 rate used to compute the monthly gross amount due to the Swap
      Counterparty under the Swap Agreement for such Distribution Date (such rate,
      as
      described in the Prospectus, being the Rate of Payment set forth in Annex E
      of
      the Prospectus).

     

    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.

     

    Replacement
      Receipts:
      Not
      applicable.

     

    Replacement
      Receipts Account:
      Not
      applicable.

     

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

     

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

     

    Repurchase
      Price:
      Not
      applicable.

     

    Required
      Reserve Fund Amount:
      Not
      applicable.

     

    Residual
      Certificates:
      The
      Class R Certificates.

     

    Residual
      I Interest:
      An
      interest in REMIC I-2 that is entitled to all distributions on the Class R
      Certificate relating to Pool 1 and Pool 2 other than distributions in respect
      of
      (i) the Class SW-R Interest and (ii) the Class LTI1-R Interest.

     

    Residual
      II Interest:
      An
      interest in REMIC II-11 that is entitled to all distributions on the Class
      R
      Certificate relating to Pool 3 and Pool 4 other than distributions in respect
      of
      (i) the Class LTIIAX-R Interest, (ii) the Class LTII1-R Interest, (ii) the
      Class
      LTII2-R Interest, (ii) the Class LTII3-R Interest, (ii) the Class LTII4-R
      Interest, (ii) the Class LTII5-R Interest, (ii) the Class LTII6-R Interest,
      (ii)
      the Class LTII7-R Interest, (ii) the Class LTII8-R Interest, (ii) the Class
      LTII9-R Interest and (iii) the Class LTII10-R Interest.

     

    
      
        
        

      

      
        -100-

        
          

        

      

      
        
        

      

    

     

    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 direct 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 or Class R Certificate.

     

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

     

    Rolling
      Three Month Delinquency Rate:
      Not
      applicable.

     

    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.

     

    S-X
      Component:
      The
      portion of the Class X-I Certificates representing the right to distributions
      to
      the Class X-I Certificates from the Swap Agreement.

     

    Scheduled
      Notional Amount:
      For
      each Distribution Date and for the Swap Agreement, the amount set forth on
      Schedule B.

     

    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 the applicable
      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 as increased by the amounts of any Negative Amortization with
      respect to such Mortgage Loan after the Cut-off Date through the Due Date in
      the
      related Collection 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.

     

    
      
        
        

      

      
        -101-

        
          

        

      

      
        
        

      

    

     

    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.

     

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

     

    Senior
      Certificates:
      The
      Group I Senior Certificates and Group II Senior Certificates.

     

    Senior
      Enhancement Percentage:
      Not
      applicable.

     

    Senior
      Principal Distribution Amount:
      Not
      applicable.

     

    Senior
      Priority:
      Not
      applicable.

     

    Senior
      Proportionate Percentage:
      For
      Pool 1 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the aggregate of the current Class
      Principal Amounts of each class of the Pool 1 Senior Certificates for such
      Distribution Date and the denominator of which is the aggregate of the current
      Class Principal Amounts for the Group I Senior Certificates for such date.
      For
      Pool 1C with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the aggregate of the current Class
      Principal Amounts of each class of the Pool 1C Senior Certificates for such
      Distribution Date and the denominator of which is the aggregate of the current
      Class Principal Amounts for the Group I Senior Certificates for such date.
      For
      Pool 2 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the aggregate of the current Class
      Principal Amounts of each class of the Pool 2 Senior Certificates for such
      Distribution Date and the denominator of which is the aggregate of the current
      Class Principal Amounts for the Group I Senior Certificates for such date.
      For
      Pool 3 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the aggregate of the current Class
      Principal Amounts of each class of the Pool 3 Senior Certificates for such
      Distribution Date and the denominator of which is the aggregate of the current
      Class Principal Amounts for the Group II Senior Certificates for such date.
      For
      Pool 4 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the aggregate of the current Class
      Principal Amounts of each class of the Pool 4 Senior Certificates for such
      Distribution Date and the denominator of which is the aggregate of the current
      Class Principal Amounts for the Group II Senior Certificates for such
      date.

     

    Senior
      Target Amount:
      Not
      applicable.

     

    Servicer:
      Each
      Servicer that has entered into one of the Servicing Agreements attached as
      Exhibit E hereto, or any successor in interest. Initially, the Servicers are
      GMACM, GreenPoint, Aurora, IndyMac Bank, F.S.B., Bank of America, National
      Association, Residential Funding Company, LLC, SunTrust, Countrywide Home Loans
      Servicing LP and American Home Mortgage Servicing, Inc. 

     

    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.

     

    
      
        
        

      

      
        -102-

        
          

        

      

      
        
        

      

    

     

    Servicer
      Remittance Date:
      The day
      in each calendar month on which the applicable Servicer is required to remit
      payments to the Collection Account, as specified in the related Servicing
      Agreement, which (other than for GMACM, GreenPoint or SunTrust) is the 18th
      day
      of each month (or if such 18th day is not a Business Day, the first Business
      Day
      immediately following) and for GMACM, GreenPoint or SunTrust is the 10th day
      of
      each calendar month (or, if such 10th day is not a Business Day, the first
      preceding or next succeeding Business Day, as applicable).

     

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

     

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

     

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

     

    Servicing
      Fee:
      A
      monthly fee retained out of collections on the Mortgage Loans by the related
      Servicer (other than GMACM, GreenPoint or SunTrust) as specified in the
      applicable Servicing Agreement. With respect to GreenPoint, and as to any
      Distribution Date, a monthly fee as specified in the applicable Servicing
      Agreement paid out of the General Servicing Fee calculated at the General
      Servicing Fee Rate.

     

    Servicing
      Fee Rate:
      0.375%
      per annum (or 0.425% per annum with respect to Mortgage Loans serviced by
      Residential Funding Company, LLC).

     

    Servicing
      Function Participant:
      Any
      Subservicer, Subcontractor or any other Person, other than each Servicer, the
      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.

     

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

     

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

     

    Stack
      I REMICs:
      The
      SWAP REMIC, REMIC I-1 and REMIC I-2.

     

    Stack
      II REMICs:
      REMIC
      II-AX, REMIC
      II-1, REMIC II-2, REMIC II-3, REMIC II-4, REMIC II-5, REMIC II-6, REMIC II-7,
      REMIC II-8, REMIC II-9, REMIC II-10 and REMIC II-11.

     

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

     

    
      
        
        

      

      
        -103-

        
          

        

      

      
        
        

      

    

     

    Stepdown
      Date:
      Not
      applicable.

     

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

     

    Subordinate
      Certificates:
      Collectively, the Group I Subordinate Certificates and Group II Subordinate
      Certificates.

     

    Subordinate
      Maximum Interest Rate:
      Not
      applicable.

     

    Subordinate
      Net Funds Cap:
      The
      Group I Subordinate Net Funds Cap and Group II Subordinate Net Funds
      Cap.

     

    Subsequent
      Recovery:
      Any
      amount recovered by any 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 an Additional Servicer,
      and
      (iii) is responsible for the performance (whether directly or through
      subservicers or Subcontractors) of material servicing functions required to
      be
      performed by the Servicer or Master Servicer under this Agreement, the Servicing
      Agreements, the Custodial Agreements or other Servicing agreements entered
      into
      with respect to some or all of the Mortgage Loans, that are identified in Item
      1122(d) of Regulation AB.

     

    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 (or, with respect to the Mortgage
      Loans serviced by GreenPoint, the General Servicing Fee), plus any costs and
      damages incurred by the Trust Fund associated with violation of any federal,
      state or local predatory or abusive lending laws.

     

    SunTrust:
      SunTrust Mortgage, Inc. or
      its
      successors in interest.

     

    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 Supplemental Interest Trust Account and the right to receive
      the
      X-I Component Distributable Amount as provided in Section 5.07.

     

    Supplemental
      Interest Trust Account:
      The
      account created pursuant to Section 5.07 of this Agreement.

     

    
      
        
        

      

      
        -104-

        
          

        

      

      
        
        

      

    

     

    Supplemental
      Interest Trust Amount:
      With
      respect to any Swap Payment Date, the sum of any Net Swap Payment and any Swap
      Termination Payment deposited into the Supplemental Interest Trust
      Account.

     

    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 or other agreements relating thereto, attached hereto as Exhibit
      N.

     

    Swap
      Allocation Payment Amount: Beginning with the Distribution Date in September
      2007, the Swap Allocation Payment Amount will be equal to the product of (i)
      the
      Swap Allocation Percentage and (ii) Net Swap Payment or Swap Termination Payment
      for such Date. After the Distribution Date in July 2012, the Swap Allocation
      Payment Amount will be equal to zero.

     

    Swap
      Allocation Percentage: For any of Pool 1, Pool 1C or Pool 2, a fraction, the
      numerator of which is the sum of (a) the aggregate Class Principal Amount of
      the
      Group I Senior Certificates related to such pools and (b) the sum of the
      Apportioned Principal Balances for the Subordinate Certificates related to
      such
      pools, and the denominator of which is the aggregate Class Principal Amount
      of
      the Group I Senior Certificates and the Group I Subordinate
      Certificates.

     

    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
      HSBC Bank USA, National Association.

     

    Swap
      Counterparty Trigger Event:
      A Swap
      Counterparty Trigger Event shall have occurred if any of (i) a Swap Default
      with
      respect to which the Swap Counterparty is a Defaulting Party, (ii) a Termination
      Event with respect to which the Swap Counterparty is the sole Affected Party
      or
      (iii) 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
      Early Termination:
      The
      occurrence of an early termination date under the Swap Agreement.

     

    Swap
      LIBOR:
      With
      respect to any Distribution Date (and the related Accrual Period), the product
      of (i) the Floating Rate Option (as defined under “Floating Amounts” in the Swap
      Agreement) for the related Swap Payment Date and (ii) two, as calculated by
      the
      Swap Counterparty and furnished to the Trustee.

     

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

     

    SWAP
      REMIC:
      As
      described in the Preliminary Statement.

     

    
      
        
        

      

      
        -105-

        
          

        

      

      
        
        

      

    

     

    SWAP
      REMIC Interests:
      Any one
      of the classes of SWAP REMIC Interests described in the Preliminary Statement
      hereto.

     

    SWAP
      REMIC Regular Interests:
      Any of
      the SWAP REMIC Interests other than the Class SW-R Interest.

     

    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.

     

    Target
      Amount:
      Not
      applicable.

     

    Targeted
      Overcollateralization Amount:
      Not
      applicable.

     

    Tax
      Matters Person:
      Not
      applicable.

     

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

     

    Termination
      Event:
      As
      defined in the Swap Agreement.

     

    Termination
      Receipts:
      Not
      applicable.

     

    Termination
      Receipts Account:
      Not
      applicable.

     

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

     

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

     

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

     

    Transferors:
      American Home Mortgage Corp., IndyMac Bank, F.S.B., Bank of America, National
      Association, Residential Funding Company, LLC, Countrywide Home Loans, Inc.,
      Lehman Brothers Bank, FSB, Quicken Loans, Inc., SunTrust and
      GreenPoint.

     

    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, Series 2007-15N 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
      the
      Servicing Agreements, such amounts as shall from time to time be held in the
      Pool 1-2 Basis Risk Reserve Fund, Pool 3-4 Basis Risk Reserve Fund, Collection
      Account, Certificate Account, any Custodial Account and any Escrow Account,
      the
      Insurance Policies, any REO Property and the other items referred to in, and
      conveyed to the Trustee under, Section 2.01(a), including without limitation,
      for the benefit of the Guaranteed Certificates only, the Certificate Insurance
      Policy and the Policy Payments Account. For the avoidance of doubt, the assets
      of the Trust Fund shall not include the Swap Agreement, the Interest Rate Cap
      Agreement and the Interest Rate Cap Account. For the avoidance of doubt, the
      assets of the Trust Fund shall not include the Deferred Interest Cap Agreements
      and the Deferred Interest Cap Accounts, which are assets of the Grantor Trusts
      established pursuant to Section 5.02(m). With respect to Exchange Act reporting
      requirements, the Trust Fund shall be deemed to include each Grantor Trust
      established pursuant to Section 5.02(m).

     

    
      
        
        

      

      
        -106-

        
          

        

      

      
        
        

      

    

     

    Trust
      REMIC:
      Any
      REMIC created hereunder.

     

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

     

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

     

    Uncertificated
      Class X-I Interest:
      An
      uncertificated regular interest in REMIC I-2 with an initial principal balance
      equal to the excess of (i) the aggregate Pool Balance for Pool 1 and Pool 2
      as
      of the Cut-off Date over (ii) the aggregate initial principal amounts of the
      Group II Certificates and bearing interest on a each Distribution Date in an
      amount equal to the X-I Component Current Interest for such Distribution Date;
      provided, however, that such interest shall have no obligation or right to
      make
      or receive any payments treated as paid or received by the Class X-I
      Certificates pursuant to interest rate cap agreements or notional principal
      contracts under Section 10.01 and shall have no rights to receive payments
      in
      respect of Class X-I Shortfalls from the Master Servicer as described in Section
      10.01.

     

    Uncertificated
      Class X-II Interest:
      An
      uncertificated regular interest in REMIC II-11 with an initial principal balance
      equal to the excess of (i) the aggregate Pool Balance for Pool 3 and Pool 4
      as
      of the Cut-off Date over (ii) the aggregate initial principal amounts of the
      Group II Certificates and bearing interest on a each Distribution Date in an
      amount equal to the Class X-II Current Interest for such Distribution Date;
      provided, however, that such interest shall have no obligation or right to
      make
      or receive any payments treated as paid or received by the Class X-II
      Certificates pursuant to interest rate cap agreements or notional principal
      contracts under Section 10.01 and shall have no rights to receive payments
      in
      respect of Class X-II Shortfalls from the Master Servicer as described in
      Section 10.01.

     

    
      
        
        

      

      
        -107-

        
          

        

      

      
        
        

      

    

     

    Underlying
      4-A1 REMIC Certificates:
      Each of
      the Underlying 4A1 Interest, Underlying 4A1IA Interest, Underlying 4A1IB
      Interest, Underlying 4A1IC Interest, Underlying 4A1ID Interest, Underlying
      4A1IE
      Interest, Underlying 4A1IF Interest, Underlying 4A1IG Interest and Underlying
      4A1IH Interest

     

    Underlying
      4A1 Interest:
      An
      interest in the Class 4-A1 Grantor Trust representing an indirect beneficial
      interest in (i) the Class LTII11-4A1 Interest, (ii) rights with respect to
      Excess Interest, (iii) obligations with respect to Class I-II Shortfalls and
      (iv) the rights and obligations with respect to the Deferred Interest Cap
      Agreement and Deferred Interest Cap Account relating to the Class 4-A1
      Underlying Interest that are attributable to the Class LTII11-4A1
      Interest.

     

    Underlying
      4A1IA Interest:
      An
      interest in the Class 4-A1 Grantor Trust representing an indirect beneficial
      interest in (i) the Class LTII11-4A1IA Interest, (ii) rights with respect to
      Excess Interest, (iii) obligations with respect to Class I-II Shortfalls, (iv)
      the rights and obligations with respect to the Deferred Interest Cap Agreement
      and Deferred Interest Cap Account relating to the Class 4-A1 Underlying Interest
      that are attributable to the Class LTII11-4A1IA Interest and (v) rights with
      respect to Class 4-A1IA Shortfalls described in Section 10.01(p).

     

    Underlying
      4A1IB Interest:
      An
      interest in the Class 4-A1 Grantor Trust representing an indirect beneficial
      interest in (i) the Class LTII11-4A1IB Interest, (ii) rights with respect to
      Excess Interest, (iii) obligations with respect to Class I-II Shortfalls, (iv)
      the rights and obligations with respect to the Deferred Interest Cap Agreement
      and Deferred Interest Cap Account relating to the Class 4-A1 Underlying Interest
      that are attributable to the Class LTII11-4A1IB Interest and (v) rights with
      respect to Class 4-A1IB Shortfalls described in Section 10.01(p).

     

    Underlying
      4A1IC Interest:
      An
      interest in the Class 4-A1 Grantor Trust representing an indirect beneficial
      interest in (i) the Class LTII11-4A1IC Interest, (ii) rights with respect to
      Excess Interest, (iii) obligations with respect to Class I-II Shortfalls, (iv)
      the rights and obligations with respect to the Deferred Interest Cap Agreement
      and Deferred Interest Cap Account relating to the Class 4-A1 Underlying Interest
      that are attributable to the Class LTII11-4A1IC Interest and (v) rights with
      respect to Class 4-A1IC Shortfalls described in Section 10.01(p).

     

    Underlying
      4A1ID Interest:
      An
      interest in the Class 4-A1 Grantor Trust representing an indirect beneficial
      interest in (i) the Class LTII11-4A1ID Interest, (ii) rights with respect to
      Excess Interest, (iii) obligations with respect to Class I-II Shortfalls, (iv)
      the rights and obligations with respect to the Deferred Interest Cap Agreement
      and Deferred Interest Cap Account relating to the Class 4-A1 Underlying Interest
      that are attributable to the Class LTII11-4A1ID Interest and (v) rights with
      respect to Class 4-A1ID Shortfalls described in Section 10.01(p).

     

    Underlying
      4A1IE Interest:
      An
      interest in the Class 4-A1 Grantor Trust representing an indirect beneficial
      interest in (i) the Class LTII11-4A1IE Interest, (ii) rights with respect to
      Excess Interest, (iii) obligations with respect to Class I-II Shortfalls, (iv)
      the rights and obligations with respect to the Deferred Interest Cap Agreement
      and Deferred Interest Cap Account relating to the Class 4-A1 Underlying Interest
      that are attributable to the Class LTII11-4A1IE Interest and (v) rights with
      respect to Class 4-A1IE Shortfalls described in Section 10.01(p).

     

    
      
        
        

      

      
        -108-

        
          

        

      

      
        
        

      

    

     

    Underlying
      4A1IF Interest:
      An
      interest in the Class 4-A1 Grantor Trust representing an indirect beneficial
      interest in (i) the Class LTII11-4A1IF Interest, (ii) rights with respect to
      Excess Interest, (iii) obligations with respect to Class I-II Shortfalls, (iv)
      the rights and obligations with respect to the Deferred Interest Cap Agreement
      and Deferred Interest Cap Account relating to the Class 4-A1 Underlying Interest
      that are attributable to the Class LTII11-4A1IF Interest and (v) rights with
      respect to Class 4-A1IF Shortfalls described in Section 10.01(p).

     

    Underlying
      4A1IG Interest:
      An
      interest in the Class 4-A1 Grantor Trust representing an indirect beneficial
      interest in (i) the Class LTII11-4A1IG Interest, (ii) rights with respect to
      Excess Interest, (iii) obligations with respect to Class I-II Shortfalls, (iv)
      the rights and obligations with respect to the Deferred Interest Cap Agreement
      and Deferred Interest Cap Account relating to the Class 4-A1 Underlying Interest
      that are attributable to the Class LTII11-4A1IG Interest and (v) rights with
      respect to Class 4-A1IG Shortfalls described in Section 10.01(p).

     

    Underlying
      4A1IH Interest:
      An
      interest in the Class 4-A1 Grantor Trust representing an indirect beneficial
      interest in (i) the Class LTII11-4A1IH Interest, (ii) rights with respect to
      Excess Interest, (iii) obligations with respect to Class I-II Shortfalls, (iv)
      the rights and obligations with respect to the Deferred Interest Cap Agreement
      and Deferred Interest Cap Account relating to the Class 4-A1 Underlying Interest
      that are attributable to the Class LTII11-4A1IH Interest and (v) rights with
      respect to Class 4-A1IH Shortfalls described in Section 10.01(p).

     

    Underlying
      Interests:
      With
      respect to the Class 4-A1 Certificates, the Class 4-A1 Underlying Interest.
      With
      respect to the Class 4-A2A Certificates, the Class 4-A2A Underlying Interest.
      With respect to the Class 4-A2B Certificates, the Class 4-A2B Underlying
      Interest. With respect to the Class 4-A3 Certificates, the Class 4-A3 Underlying
      Interest.

     

    Underlying
      REMIC Certificates: Each of (i) the rights with respect to each following
      Class of Certificates, issued hereunder in uncertificated form to the Exchange
      Trustee (such rights determined for this purpose as if no Exchangeable
      Certificates existed): Class 1-A2, Class 1C-A2, Class 2-A2, Class 1-A3, Class
      1C-A3 and Class 2-A3 Certificates and (ii) each of the Underlying 4-A1 REMIC
      Certificates.

     

    Underwriter:
      Lehman
      Brothers Inc.

     

    Underwriter’s
      Exemption:
      Prohibited Transaction Exemption 2002-41, 67 Fed. Reg. 54487 (2002), 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 (calculated without giving effect to the
      applicable Net Funds Cap but limited to a rate no greater than the applicable
      Maximum Interest Rate).

     

    
      
        
        

      

      
        -109-

        
          

        

      

      
        
        

      

    

     

    Upper
      Tier REMIC:
      Not
      applicable.

     

    Voting
      Interests:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions of this Agreement. At all
      times during the term of this Agreement, 89% of all Voting Interests shall
      be
      allocated to the Offered Certificates (other than the Class 3-AX and Class
      4-AX
      Certificates), 2% of all Voting Interests shall be allocated to each Class
      of
      the Class 3-AX and Class 4-AX Certificates, 1% of all Voting Interests shall
      be
      allocated to each Class of the Class C-I, Class C-II, Class X-I, Class X-II,
      Class AP-I, and Class R Certificates and 0.5% of all Voting Interests shall
      be
      allocated to each Class of the Class 3-AP and Class 4-AP Certificates; provided,
      however, that on and after the date, if any, on which the Certificate Insurer
      has paid a claim under the Certificate Insurance Policy in respect of any of
      the
      Guaranteed Certificates, the Certificate Insurer shall be entitled to exercise
      all consent, voting and related rights of such Certificates. Voting Interests
      shall be allocated among such Classes of Certificates (other than the Class
      C-I,
      Class C-II, Class X-I, Class X-II, Class AP-I, Class 3-AP and Class 4-AP
      Certificates) in proportion to their Class Principal Amounts or Class Notional
      Amounts (or, in the case of the Grantor Trust Certificates, the Class Principal
      Amount of the related Underlying Interests) or Class Notional Amounts and among
      the Certificates of each Class in proportion to their Percentage Interests.
      Voting Interests allocated to a Class of Exchange Certificates shall be
      proportionately allocated to the related Class or Classes of Exchangeable
      Certificates on the basis of the related exchange proportions. 

     

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

     

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

     

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

     

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

     

    X-I
      Component Distributable Amount:
      On any
      Distribution Date, the excess of (i) the sum of (x) the excess of (1) the
      aggregate Cut-off Date Balance for Mortgage Group I over (2) the aggregate
      initial principal amounts of the Group I Certificates, (y) the aggregate X-I
      Component Current Interest for such Distribution Date and all prior Distribution
      Dates and (z) amounts treated as received by the Class X-I Certificates in
      respect of Class I-I Shortfalls described in Section 10.01(n) over (ii) the
      sum
      of (w) the aggregate payments in respect of Excess Interest for the Group I
      Certificates for such Distribution Date and all prior Distribution Dates (to
      the
      extent not derived from proceeds of the Swap Agreement or the Interest Rate
      Cap
      Agreement), (x) all prior distributions to the X-I Component of the Class X-I
      Certificate under Section 5.02(h)(ix) hereof, (y) all payments treated as
      distributed by REMIC I-2 to the Uncertificated Class X-I Interest then paid
      to
      the Swap Counterparty as described in Section 10.01(o) and (z) all payments
      treated as paid by the Group I Certificates to the Class X-I Certificates in
      respect of Class I-I Shortfalls then paid to the Swap Counterparty as described
      in Section 10.01(o).

     

    
      
        
        

      

      
        -110-

        
          

        

      

      
        
        

      

    

     

    X-I
      Component Interest Rate:
      For any
      Distribution Date, the excess of (i) the weighted average of the interest rates
      on the REMIC I-1 Regular Interests (other than the Class LTI1-IO Interest)
      over
      (ii) two times the weighted average of the interest rates on the REMIC I-1
      Regular Interests (other than the Class LTI1-IO Interest) (treating for purposes
      of this clause (ii) the interest rate on each of the REMIC I-1 Marker Classes
      as
      being capped at the interest rate of the Related REMIC I-2 Interest of the
      Corresponding Classes of Certificates (as adjusted, if necessary, to reflect
      accruals on an “actual/360” basis) and treating the interest rate on the Class
      LTI1-X Interest as capped at zero). The average described in the preceding
      sentence shall be weighted on the basis of the respective principal balances
      of
      the REMIC I-1 Regular Interests immediately prior to such Distribution
      Date.

     

    X-I
      Component Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period), the aggregate
      principal balance of the REMIC I-1 Regular Interests (other than the Class
      LTI1-IO Interest) immediately prior to such Distribution Date.

     

    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 any LIBOR Certificate shall be calculated based upon a
      360-day year and the actual number of days elapsed in each Accrual Period.
      Accrued interest, if any, on the Class 3-AX or Class 4-AX Certificate shall
      be
      calculated based upon a 360-day year consisting of twelve 30-day
      months.

     

    Section
      1.04. Rights
      of the NIMS Insurer.

     

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

     

    
      
        
        

      

      
        -111-

        
          

        

      

      
        
        

      

    

     

    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, the Interest Rate Cap Account, the Deferred Interest
      Cap
      Accounts, the Certificate Account and all amounts from time to time credited
      to
      and the proceeds of the Certificate Account, any Custodial Accounts, any Escrow
      Account established pursuant to Section 9.06, the Pool 1-2 Basis Risk Reserve
      Fund and the Pool 3-4 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, the Class X-II Account and X-I Component Account established pursuant
      to Section 5.12 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 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, 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, and the Grantor Trusts established pursuant to Section 5.02(n), as
      grantor trustee, in trust, for the benefit and use of the Holders of the related
      Certificates (except that the Certificate Insurance Policy and the Policy
      Payments Account shall be held in trust for the benefit of the Holders of the
      Guaranteed Certificates) 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 and Grantor Trusts established
      pursuant to Section 5.02(n), Certificates in the authorized denominations
      evidencing the entire ownership of the Trust Fund. or the Grantor Trusts
      established pursuant to Section 5.02(m), as applicable.

     

    Concurrently
      with the execution of this Agreement, the Swap Agreement shall be delivered to
      the Trustee. In connection therewith, the Depositor hereby directs the Trustee
      (solely in its capacity as such) and the Trustee is hereby authorized to execute
      and deliver the Swap Agreement (on behalf of the Supplemental Interest Trust)
      for the benefit of, the Certificateholders. The Seller, the Master Servicer,
      the
      Depositor, the Servicers and the Certificateholders (by their acceptance of
      such
      Certificates) acknowledge and agree that the Trustee is executing and delivering
      the Swap Agreement solely in its capacity as Trustee of the Supplemental
      Interest Trust and the Trust Fund not in its individual capacity. The Trustee
      shall have no duty or responsibility to enter into any other interest rate
      swap
      agreement upon the expiration or termination of the Swap Agreement.

     

    
      
        
        

      

      
        -112-

        
          

        

      

      
        
        

      

    

     

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Sale Agreement, including all rights of the Seller under the Servicing
      Agreements and each related Transfer Agreement (including the right to enforce
      the related Early Payment Default Mortgage Loans) but, in each case, only to
      the
      extent assigned under the Mortgage Loan Sale Agreement. The Trustee hereby
      accepts such assignment and delegation, 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. The foregoing sale, transfer, assignment,
      set-over, deposit, delegation and conveyance does not and is not intended to
      result in the creation or assumption by the Trustee of any obligation of the
      Depositor, the Sellers or any other Person in connection with the Mortgage
      Loans
      or any other agreement or instrument relating thereto except as specifically
      set
      forth herein.

     

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

     

    (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 a 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 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
      its
      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;

     

    
      
        
        

      

      
        -113-

        
          

        

      

      
        
        

      

    

     

    (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 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 “U.S. Bank National
      Association, as Trustee of the Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-15N,” 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 originator, or, in
      the
      case of an Intervening Assignment that has been lost, a written Opinion of
      Counsel delivered to the Trustee that such original Intervening Assignment
      is
      not required to enforce the Trustee’s interest in the Mortgage
      Loans;

     

    (vii) with
      respect to any Mortgage Loan other than a Cooperative Loan, the original
      mortgagee title insurance policy or attorney’s opinion of title and abstract of
      title, and, if applicable, the original Primary Mortgage Insurance Policy or
      certificate;

     

    (viii) 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 Custodian) is a true copy and that the original of such document
      has been forwarded to the public recording office;

     

    
      
        
        

      

      
        -114-

        
          

        

      

      
        
        

      

    

     

    (ix) 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;

     

    (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) (a) 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, the Rating Agencies and any
      NIMS
      Insurer, 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 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 such Servicer in each public recording office where the
      related Mortgages are recorded each Assignment of Mortgage referred to in
      subsection (b)(v) above with respect to 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 the applicable Servicer, shall cause
      such
      Servicer to take such actions as are necessary under applicable law in order
      to
      perfect the interest of the Trustee in the related Mortgaged
      Property.

     

    (ii) With
      respect to each MERS Mortgage Loan, the Master Servicer, at the expense of
      the
      Depositor and with the cooperation of the 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.

     

    
      
        
        

      

      
        -115-

        
          

        

      

      
        
        

      

    

     

    (d) In
      instances where a Title Insurance Policy is required to be delivered to the
      Trustee or the 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 Custodian on behalf of the Trustee,
      as promptly as practicable after the execution and delivery hereof, but in
      any
      case within 180 days of the Closing Date.

     

    (e) For
      Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date
      and prior to the Closing Date, the Depositor, in lieu of delivering the above
      documents, herewith delivers to the Trustee, or to the 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 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
      issuing entity is hereby named Lehman XS Trust, Series 2007-15N.

     

    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
      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 Custodian on behalf of the Trustee, under this Section 2.02. The
      Trustee, or the Custodian on behalf of the Trustee, will execute and deliver
      to
      the Trustee, the Depositor, the Master Servicer and any NIMS Insurer on the
      Closing Date an Initial Certification in the form annexed hereto as Exhibit
      B-1
      (or in the form annexed to the Custodial Agreement as Exhibit B-1, as
      applicable).

     

    (b) Within
      45
      days after the Closing Date, the Trustee or the Custodian on behalf of the
      Trustee, will, for the benefit of Holders of the Certificates and any NIMS
      Insurer, review each Mortgage File to ascertain that all required documents
      set
      forth in Section 2.01 have been received and appear on their face to contain
      the
      requisite signatures by or on behalf of the respective parties thereto, and
      shall deliver to the Trustee, the Depositor, the Master Servicer 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 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 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 the 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.

     

    
      
        
        

      

      
        -116-

        
          

        

      

      
        
        

      

    

     

    (c) If
      in the
      course of the review described in paragraph (b) above the Trustee or the
      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 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, the Master Servicer and any NIMS Insurer. 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 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 Custodian, shall
      deliver to the Trustee, the Depositor, the Master Servicer and any NIMS Insurer
      a Final Certification substantially in the form attached as Exhibit B-3 (or
      in
      the form annexed to the 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, the 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 Custodian shall perform the applicable
      review of the Mortgage Loans and respective certifications thereof as provided
      in this Section 2.02 and in the Custodial Agreement.

     

    
      
        
        

      

      
        -117-

        
          

        

      

      
        
        

      

    

     

    (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 and
      the
      Servicing Agreement.

     

    Section
      2.03. Representations
      and Warranties of the Depositor.

     

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

     

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

     

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

     

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

     

    (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 the 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 or any Certificateholder hereunder (other than a breach by the Seller
      of
      the representations made pursuant to Sections 1.04(b)(xii), 1.04(b)(xvii),
      1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) 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)(xvii),
      1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) 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 Depositor shall have no
      obligation or liability with respect to any breach of any representation or
      warranty with respect to the Mortgage Loans (except as set forth in Section
      2.03(a)(vi)) under any circumstances.

     

    
      
        
        

      

      
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    Section
      2.04. Discovery
      of Breach.

     

    It
      is
      understood and agreed that the representations and warranties (i) set forth
      in
      Section 2.03, (ii) of 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 the
      Transferor and of the 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, any NIMS
      Insurer, the Certificate Insurer, the Master Servicer 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 Aurora acting in a
      capacity as 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 a 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 Early Payment Default
      Mortgage Loan or a First Payment Default Mortgage Loan, the FPD Purchase Price
      (excluding the FPD Premium) or the EPD Purchase Price (excluding the EPD
      Premium), respectively) (or, with respect to Mortgage Loans as to which there
      is
      a breach of a representation or warranty set forth in Section 1.04(b)(v) of
      the
      Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller
      under the Mortgage Loan Sale Agreement) 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 a Transferor assigned to the Trustee, the Trustee
      shall enforce its rights under the applicable Transfer Agreement and the
      Mortgage Loan Sale Agreement for the benefit of Certificateholders. As provided
      in the Mortgage Loan Sale Agreements, if a Transferor substitutes a mortgage
      loan for a Deleted Mortgage Loan pursuant to the 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 or EPD Purchase Price but
      excluding the FPD Premium or EPD Premium in the case of a First Payment Default
      Mortgage Loan or an Early Payment Default Mortgage Loan, respectively) received
      by the Master Servicer in respect of such repurchase of a Mortgage Loan will
      be
      considered a Principal Prepayment and the Purchase Price, FPD Purchase Price
      or
      EPD Purchase Price 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 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 applicable 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 Certificate Insurer, the Depositor and any
      Certificateholder may sustain in connection with any actions of the Seller
      relating to a repurchase of a Mortgage Loan other than in compliance with the
      terms of this Section 2.05 and the Mortgage Loan Sale Agreement, to the extent
      that any such action causes an Adverse REMIC Event.

     

    
      
        
        

      

      
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    (b) With
      respect to each Qualifying Substitute Mortgage Loan to be delivered to the
      Trustee (or the 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 Custodian) the Mortgage File
      for
      the Qualifying Substitute Mortgage Loan containing the documents set forth
      in
      Section 2.01(b) along with a written certification certifying as to the delivery
      of such Mortgage File and containing the granting language set forth in Section
      2.01(a); and (ii) the Depositor will be deemed to have made, with respect to
      such Qualifying Substitute Mortgage Loan, each of the representations and
      warranties made by it with respect to the related Deleted Mortgage Loan. As
      soon
      as practicable after the delivery of any Qualifying Substitute Mortgage Loan
      hereunder, the Master Servicer, at the expense of the Depositor and 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 the NIMS Insurer have received an
      Opinion of Counsel (at the expense of the party seeking to make the
      substitution) that, under current law, such substitution will not result in
      an
      Adverse REMIC Event.

     

    
      
        
        

      

      
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    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 of
      the
      Certificates 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 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 (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, 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.

     

    (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 mediate transferees,
      including the Trustee, in the Mortgage Loans. In connection with the
      transactions contemplated by this Agreement, the Seller and the Depositor
      authorizes its immediate or mediate 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 (other than the Underlying Interests) 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 LIBOR Certificates
      (other than the Underlying Interests), Grantor Trust Certificates, Notional
      Certificates and the Class AP-I, Class 3-AP and Class 4-AP Certificates will
      be
      issued in the minimum denominations in Certificate Principal Amount (or Notional
      Amount) specified in the Preliminary Statement hereto and in integral multiples
      of $1 in excess thereof. The Class C-I, Class C-II, Class X-I, and Class X-II
      Certificates shall be maintained in definitive, fully registered form in a
      minimum denomination equal to 10% of the Percentage Interest of the Class.
      The
      Class R Certificate 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 (other than the Underlying
      Interests) may be issued in the form of typewritten certificates.

     

    (b) The
      Certificates (other than the Underlying Interests) shall be executed by manual
      or facsimile signature on behalf of the Trustee by an authorized officer. Each
      Certificate (other than the Underlying Interests) shall, on original issue,
      be
      authenticated by the Trustee upon the order of the Depositor upon receipt by
      the
      Trustee of the Mortgage Files described in Section 2.01. No Certificate (other
      than the Underlying Interests) 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 (other than the
      Underlying Interests) 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 the Depositor to the Trustee
      or the Authenticating Agent for authentication and the Trustee or the
      Authenticating Agent shall authenticate and deliver such Certificates as in
      this
      Agreement provided and not otherwise.

     

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

     

    
      
        
        

      

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

     

    (e) The
      Privately Offered Certificates sold to an “accredited investor” under Rule
      501(a)(1), (2), (3) or (7) under the Act shall be issued initially in the form
      of one or more Definitive Certificates.

     

    Section
      3.02. Registration.

     

    The
      Trustee is hereby appointed, and hereby accepts its appointment as, Certificate
      Registrar in respect of the Certificates (other than the Underlying Interests)
      and shall maintain books for the registration and for the transfer of
      Certificates (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 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 a written instrument delivered to the Holders and the Master
      Servicer, any bank or trust company to act as co registrar under such conditions
      as the Certificate Registrar may prescribe; provided, however, that the
      Certificate Registrar shall not be relieved of any of its duties or
      responsibilities hereunder by reason of such appointment.

     

    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 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.

     

    
      
        
        

      

      
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    (b) A
      Certificate may be exchanged by the Holder thereof for any number of new
      Certificates of the same Class, in authorized denominations, representing in
      the
      aggregate the same Certificate Principal Amount or Percentage Interest as the
      Certificate surrendered, upon surrender of the Certificate to be exchanged
      at
      the office of the Certificate Registrar duly endorsed or accompanied by a
      written instrument of transfer duly executed by such Holder or his duly
      authorized attorney in such form as is satisfactory to the Certificate
      Registrar. Certificates delivered upon any such exchange will evidence the
      same
      obligations, and will be entitled to the same rights and privileges, as the
      Certificates surrendered. No service charge shall be made to a Certificateholder
      for any exchange of Certificates (except as provided in the Exchange Trust
      Agreement), 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.

     

    (c) By
      acceptance of a Restricted Certificate, QIB-Restricted Certificate or 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 Act, and that (x) until the expiration of the 40-day distribution compliance
      period (within the meaning of Regulation S), no offer, sale, pledge or other
      transfer of such Certificates or any interest therein shall be made in the
      United States or to or for the account or benefit of a U.S. person (each as
      defined in Regulation S), (y) if in the future it decides to offer, resell,
      pledge or otherwise transfer such Certificates, such Certificates may be
      offered, resold, pledged or otherwise transferred only (A) to a person which
      the
      seller reasonably believes is a “qualified institutional buyer” (a “QIB”) as
      defined in Rule 144A under the Act, that is purchasing such Certificates for
      its
      own account or for the account of a qualified institutional buyer to which
      notice is given that the transfer is being made in reliance on Rule 144A or
      (B)
      in an offshore transaction (as defined in Regulation S) in compliance with
      the
      provisions of Regulation S, in each case in compliance with the requirements
      of
      this Agreement; and it will notify such transferee of the transfer restrictions
      specified in this Section.

     

    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 and such restrictions applicable to
      Exchange Certificates shall also apply to Exchangeable
      Certificates:

     

    (i) The
      Certificate Registrar shall register the transfer of a Restricted Certificate
      if
      the requested transfer is (x) to the Depositor, the Placement Agent or an
      affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended
      (the “Act”)) of the Depositor or the Placement Agent or (y) being made to a
“qualified institutional buyer” (a “QIB”) as defined in Rule 144A under the Act
      by a transferor that has provided the Trustee with a certificate in the form
      of
      Exhibit F hereto; and

     

    
      
        
        

      

      
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    (ii) The
      Certificate Registrar shall register the transfer of a Restricted Certificate
      if
      the requested transfer is being made to an “accredited investor” under Rule
      501(a)(1), (2), (3) or (7) under the Act, 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) No
      transfer of a Grantor Trust Certificate or a Group I Senior Certificate will
      be
      registered unless the Trustee, the Certificate Registrar and the Depositor
      receive a representation as set forth in Exhibit H to the effect either (A)
      that
      such transferee is not, and is not acting for, on behalf of or with any assets
      of, an employee benefit plan or other arrangement subject to Title I of ERISA
      or
      plan subject to Section 4975 of the Code, or (B)(I) solely in the case of a
      Grantor Trust Certificate, until the termination of the applicable Deferred
      Interest Cap Agreement, the acquisition and holding of the Grantor Trust
      Certificate will not constitute or result in a non-exempt prohibited transaction
      under Title I of ERISA or Section 4975 of the Code, (II) solely in the case
      of a
      Group I Senior Certificate, until the termination of the Swap Agreement, the
      acquisition and holding of the Group I Senior Certificate will not constitute
      or
      result in a non-exempt prohibited transaction under Title I of ERISA or Section
      4975 of the Code.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    
      
        
        

      

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

     

    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.

     

    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 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).

     

    
      
        
        

      

      
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    (g) Each
      Holder or Certificate Owner of a Restricted Certificate, ERISA-Restricted
      Certificate, QIB-Restricted 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.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    
      
        
        

      

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

     

    Section
      3.04. Cancellation
      of Certificates.

     

    Any
      Certificate surrendered for registration of transfer or exchange shall be
      cancelled and retained in accordance with normal retention policies with respect
      to cancelled certificates maintained by the 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 any NIMS Insurer and the Trustee or
      the
      Authenticating Agent such security or indemnity as may be required by them
      to
      save each of them harmless, then, in the absence of notice to the Depositor
      and
      any Authenticating Agent that such destroyed, lost or stolen Certificate has
      been acquired by a bona fide purchaser, the Trustee shall execute and the
      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. Upon the
      issuance of any new Certificate under this Section 3.05, the Trustee and
      Authenticating Agent may require the payment of a sum sufficient to cover any
      tax or other governmental charge that may be imposed in relation thereto and
      any
      other expenses (including the fees and expenses of the Trustee or the
      Authenticating Agent) connected therewith. Any replacement Certificate issued
      pursuant to this Section 3.05 shall constitute complete and indefeasible
      evidence of ownership in the applicable Trust Fund, as if originally issued,
      whether or not the lost, stolen or destroyed Certificate shall be found at
      any
      time.

     

    Section
      3.06. Persons
      Deemed Owners.

     

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

     

    Section
      3.07. Temporary
      Certificates.

     

    (a) Pending
      the preparation of Definitive Certificates, upon the order of the Depositor,
      the
      Trustee shall execute and 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.

     

    
      
        
        

      

      
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    (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 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 hereby appoints itself as Paying Agent. The Trustee may appoint a
      successor Paying Agent acceptable to the NIMS Insurer, 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.

     

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

     

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

     

    
      
        
        

      

      
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    Section
      3.09. Book
      Entry Certificates.

     

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

     

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

     

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

     

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

     

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

     

    (b) Whenever
      notice or other communication to the Certificateholders is required under this
      Agreement, unless and until Definitive Certificates shall have been issued
      to
      Certificate Owners pursuant to Section 3.09(c), the 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 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.

     

    
      
        
        

      

      
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    Section
      3.10. Deposit
      of Underlying REMIC Certificates under the Exchange Trust
      Agreement.

     

    The
      Underlying REMIC Certificates shall be issued in uncertificated form to the
      Underwriter and transferred by the Underwriter to the Exchange Trustee to be
      held in trust pursuant to terms of the Exchange Trust Agreement.

     

    ARTICLE
      IV.

     

    ADMINISTRATION
      OF THE TRUST FUND

     

    Section
      4.01. Collection
      Account.

     

    (a) On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust (the “Collection Account”), entitled “Aurora
      Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders
      of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-15N.” The
      Collection Account shall relate solely to the Certificates issued by the Trust
      Fund hereunder, and funds in such Collection Account shall not be commingled
      with any other monies.

     

    (b) The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Master Servicer shall establish
      a
      new Collection Account that is an Eligible Account within 15 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 and any NIMS Insurer 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 Deposit 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.

     

    
      
        
        

      

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

     

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

     

    (ii) all
      payments on account of interest on the Mortgage Loans, in all cases, net of
      the
      General Servicing Fee or Servicing Fee, as applicable, with respect to each
      such
      Mortgage Loan, but only to the extent of the amount permitted to be withdrawn
      or
      withheld from the Collection Account in accordance with Sections 5.04 and
      9.21;

     

    (iii) any
      unscheduled payment or other recovery with respect to a Mortgage Loan not
      otherwise specified in this paragraph (d), including any Subsequent Recovery,
      all Net Liquidation Proceeds with respect to the Mortgage Loans and REO
      Property, and all amounts received in connection with the operation of any
      REO
      Property, net of (x) any unpaid General Servicing Fees or Servicing Fees, as
      applicable, 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
      the
      applicable Servicer with respect to such Mortgage Loan under the related
      Servicing Agreement and retained by such Servicer;

     

    (iv) all
      Insurance Proceeds;

     

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

     

    
      
        
        

      

      
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    (vi) all
      amounts paid by Aurora or the Master Servicer with respect to Prepayment
      Interest Shortfalls; and

     

    (vii) the
      Purchase Price, FPD Purchase Price or EPD Purchase Price (including any FPD
      Premium or EPD 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 any NIMS Insurer for the purchase of any Distressed Mortgage Loan under
      Section 7.04.

     

    (e) Funds
      in
      the Collection Account may be invested in Eligible Investments selected by
      and
      at the written direction of the Master Servicer, which shall mature not later
      than one Business Day prior to the Deposit Date (except that if such Eligible
      Investment is an obligation of the Trustee, then such Eligible Investment shall
      mature not later than such applicable Deposit Date) and any such Eligible
      Investment shall not be sold or disposed of prior to its maturity. All such
      Eligible Investments shall be made in the name of the Master Servicer in trust
      for the benefit of the Trustee and the Holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-15N. 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.

     

    Section
      4.02. Application
      of Funds in the Collection Account.

     

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

     

    (i) to
      reimburse itself or any Servicer for Advances 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 sub-clause (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 General Servicing Fee or the
      Servicing Fee, as applicable) 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;

     

    
      
        
        

      

      
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    (ii) to
      reimburse itself or any Servicer, following a final liquidation of a Mortgage
      Loan (except as otherwise provided in the applicable 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 General Servicing Fee Rate or the Servicing
      Fee Rate, as applicable, 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;

     

    (iv) in
      the
      event the Master Servicer has elected not to retain the General Servicing Fee
      (including late collections of interest on such Mortgage Loan, or interest
      portions of Insurance Proceeds, condemnation Proceeds or Liquidation Proceeds),
      to pay to itself the General Servicing Fee from all such Mortgagor payments
      on
      account of interest or other such recovery for interest with respect to that
      Mortgage Loan;

     

    (v) to
      reimburse itself or any Servicer for expenses incurred by and recoverable by
      or
      reimbursable to it or such Servicer pursuant to Sections 9.04, 9.05, 9.06,
      9.07(a), 9.16, 9.30 or 11.15 or pursuant to the applicable Servicing
      Agreement;

     

    (vi) to
      pay to
      the Depositor, the Seller or the Transferor, 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 in the
      case
      of a First Payment Default Loan or EPD Purchase Price in the case of an Early
      Payment Default Loan);

     

    
      
        
        

      

      
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    (vii) subject
      to Section 5.05, to pay to itself income earned on the investment of funds
      deposited in the Collection Account;

     

    (viii) to
      make
      payments to the Trustee on each Deposit Date for deposit into the Certificate
      Account in the amount provided in Section 4.04;

     

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

     

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

     

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

     

    (xii) to
      reimburse the Trustee and 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 thereto shall be prior to the rights
      of the Certificateholders; and

     

    (xiii) 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 its applicable Servicing Agreement, a 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 Deposit Date to remit to the Trustee
      any amounts required to be so remitted to the Trustee pursuant to sub-clause
      (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 Deposit 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 Deposit Date).

     

    In
      connection with withdrawals pursuant to sub-clauses (i), (ii), (iii), and (vi)
      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 sub-clause (i), (ii), (iii) and (vi).

     

    
      
        
        

      

      
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    Any
      withdrawals described in this section shall be allocated and limited to
      collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

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

     

    Section
      4.03. Reports
      to Certificateholders.

     

    (a) On
      each
      Distribution Date, the Trustee shall prepare (to the extent based on information
      provided by the Master Servicer, the Cap Providers or the Swap Counterparty,
      based solely on such information) and shall make available to the
      Certificateholders, the Swap Counterparty, the Certificate Insurer and any
      NIMS
      Insurer a written report setting forth the following information by Mortgage
      Pool (on the basis of Mortgage Loan level information obtained from the
      Servicers and in the case of clauses (xx) and (xxii) through (xxiv) below,
      based
      on information provided by the Trustee (or the Paying Agent on behalf of the
      Trustee):

     

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

     

    (ii) the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of LIBOR Certificates and Grantor Trust Certificates
      allocable to interest and the calculation thereof;

     

    (iii) the
      amount, if any, of any distributions to the Holders of the Class C-I, Class
      C-II, Class AP-I, Class 3-AP, Class 4-AP, Class X-I, Class X-II (including
      the
      X-I Component, the C-X Component and the S-X Component) and Class R Certificates
      on such Distribution Date, stated separately, and the aggregate amounts, if
      any,
      of distributions to the Holders of the Class C-I, Class C-II, Class X-I, Class
      X-II (including the X-I Component, the C-X Component and the S-X Component)
      and
      Class R Certificates on all Distribution Dates, stated separately;

     

    
      
        
        

      

      
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    (iv) the
      amount, if any, of any distributions to the Deferred Interest Cap Provider
      with
      respect to each Class of Grantor Trust Certificates (A) as interest on any
      outstanding Cap Deferred Interest Amount, (B) in reduction of such Cap Deferred
      Interest Amount or (C) as a termination payment or for any other
      reason;

     

    (v) the
      amount of the Cap Deferred Interest Amount for each Class of Grantor Trust
      Certificates after distributions on such Distribution Date;

     

    (vi) by
      Mortgage Pool and in the aggregate (A) the aggregate amount of any Advances
      required to be made as of the end of the month immediately preceding the month
      in which such Distribution Date occurs by a Servicer or the Master Servicer
      (or
      by the Trustee as successor 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;

     

    (vii) by
      Mortgage Pool and in the aggregate, 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;

     

    (viii) the
      Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates,
      to
      the extent applicable, as of such Distribution Date after giving effect to
      payments allocated to principal reported under clause (i) above, separately
      identifying any reduction of any of the foregoing Certificate Principal Amounts
      due to Pool 1-2 Applied Loss Amounts or Pool 3-4 Applied Loss Amounts, as
      applicable;

     

    (ix) by
      Mortgage Pool and in the aggregate, 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;

     

    (x) by
      Mortgage Pool and in the aggregate, the amount of the Servicing Fees and General
      Servicing Fees paid during the Collection Period to which such distribution
      relates;

     

    (xi) by
      Mortgage Pool and in the aggregate, the number and aggregate Scheduled Principal
      Balance of 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, all 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 utilizing the ABS delinquency
      method);

     

    
      
        
        

      

      
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    (xii) by
      Mortgage Pool and in the aggregate, 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 applicable Net Funds Cap);

     

    (xvi) by
      Mortgage Pool and in the aggregate, the Interest Remittance Amount, the
      Principal Remittance Amount, the Principal Distribution Amount, the Pool 1-2
      Overcollateralization Release Amount and the Pool 3-4 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
      Pool
      1-2 Overcollateralization Amount and Pool 3-4 Overcollateralization Amount
      after
      giving effect to the distributions made on such Distribution Date;

     

    (xix) the
      amount of any Pool 1-2 Overcollateralization Deficiency and Pool 3-4
      Overcollateralization Deficiency after giving effect to the distributions made
      in such Distribution Date;

     

    (xx) the
      level
      of LIBOR and the Certificate Interest Rate of each of the LIBOR Certificates
      and
      the Grantor Trust Certificates;

     

    (xxi) the
      amount of any payments made to each Class of Certificates that are treated
      as
      payments received in respect of a REMIC I-2 Regular Interest or REMIC II-11
      Regular Interest and the amount of any payments to each Class of Certificates
      that are not treated as payments received in respect of a REMIC I-2 Regular
      Interest or REMIC II-11 Regular Interest;

     

    
      
        
        

      

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

     

    (xxiii) the
      amount of the monthly Certificate Insurer Premium (and the Aggregate Certificate
      Insurer 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
      Guaranteed Distributions to the Guaranteed Certificates paid out of the Policy
      Payment Account under the Certificate Insurance Policy;

     

    (xxiv) a
      statement as to whether any exchanges of Exchangeable Certificates or Exchange
      Certificates have taken place since the preceding Distribution Date, and, if
      applicable, the Class of Certificates, certificate balances, including notional
      balances, certificate interest rates, and any interest and principal paid,
      including any shortfalls allocated, of any classes of certificates that were
      received by the Certificateholder as a result of such exchange;

     

    (xxv) 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; and

     

    (xxvi) the
      amount of any payments made by the applicable Cap Provider under the Interest
      Rate Cap Agreement or the Deferred Interest Cap Agreements.

     

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

     

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

     

    The
      Trustee will make such report and 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 http://trustinvestorreporting.com and assistance
      in using the website can be obtained by emailing the Trustee’s customer service
      desk at ct.information.delivery@usbank.com. Such parties that are unable to
      use
      the website are entitled to have a paper copy mailed to them via first class
      mail by calling the customer service desk and indicating such. The 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.

     

    
      
        
        

      

      
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    The
      Trustee shall provide a “zero settlement file” to Bloomberg L.P. within seven
      (7) calendar days after the receipt of the collateral data file from the
      Depositor, but in no event later than the first Distribution Date, which shall
      contain all of the information in the initial Monthly Report (without giving
      effect to any distributions); provided, however, that in no event will such
      zero
      settlement file contain any mortgagor-specific information.

     

    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. Eastern Time four Business Days prior to the Distribution Date
      or
      such other time period as set forth in Section 9.23(c). In preparing or
      furnishing the foregoing information, the Trustee shall be entitled to rely
      conclusively on the accuracy and completeness of the information or data (i)
      regarding the Mortgage Loans (including any Early Payment Default Mortgage
      Loans) and the related REO Property that has been provided to the Master
      Servicer by the Servicer and to the Trustee by the Master Servicer, (ii)
      regarding the Interest Rate Cap Agreement and Deferred Interest Cap Agreements
      that has been provided to the Trustee by the Cap Providers and (iii) regarding
      the Swap Agreement that has been provided to the Trustee by the Swap
      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 or omissions 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 or omissions in such Mortgage Loan data.

     

    (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 will 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 the applicable Servicer under
      the related Servicing Agreement, shall use reasonable efforts to obtain such
      information and documentation from such Servicer, and provide) to such
      Certificateholder such reports and access to information and documentation
      regarding the Mortgage Loans as such Certificateholder may reasonably deem
      necessary to comply with applicable regulations of the Office of Thrift
      Supervision or its successor or other regulatory authorities with respect to
      the
      NIM Securities or an investment in the Certificates; provided, however, that
      the
      Master Servicer shall be entitled to be reimbursed by such Certificateholder
      for
      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, have
      prepared and shall make available to each Person who at any time during the
      calendar year was a Certificateholder of record, and to any NIMS Insurer, and
      make available to Certificate Owners (identified as such by the Clearing Agency)
      in accordance with applicable regulations, a report summarizing the items
      provided to 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 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 forwards such information in any other format permitted by the Code.
      The
      Master Servicer shall provide the Trustee with such information (to the extent
      readily available to the Master Servicer) as is necessary for the Trustee to
      prepare such reports.

     

    
      
        
        

      

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

     

    Section
      4.04. The
      Certificate Account.

     

    (a) The
      Trustee shall establish and maintain in its name, as trustee, a trust account
      (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2007-15N” 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. 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 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. The Trustee shall give to the Depositor, Master Servicer and any
      NIMS
      Insurer prior written notice of the name and address of the depository
      institution at which the Certificate Account is maintained and the account
      number of such Certificate Account.

     

    (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. The Trustee shall make withdrawals
      from the Certificate Account only for the following purposes:

     

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

     

    
      
        
        

      

      
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    (ii) 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 that such payments are for “unanticipated expenses”
within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii);

     

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

     

    (iv) to
      make
      payments to itself and others pursuant to any provision of this
      Agreement;

     

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

     

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

     

    Any
      withdrawals described in the preceding sentence shall be allocated and limited
      to collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

    (c) The
      Trustee may invest, or cause to be invested, funds held in the Certificate
      Account, which funds, if invested, shall be invested in Eligible Investments
      (which may be obligations of the Trustee). All such investments must be payable
      on demand or mature no later than the next Distribution Date, and shall not
      be
      sold or disposed of prior to their maturity. All such Eligible Investments
      will
      be made in the name of the Trustee (in its capacity as such) or its nominee.
      All
      income and gain realized from any such investment 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 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.

     

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

     

    
      
        
        

      

      
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    ARTICLE
      V.

     

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

     

    Section
      5.01. Distributions
      Generally.

     

    (a) Subject
      to Section 7.01 respecting the final distribution on the Certificates, on each
      Distribution Date the Trustee or the Paying Agent shall make distributions
      in
      accordance with this Article V. Such distributions shall be made by wire
      transfer if the Certificateholder has provided the Trustee with wire
      instructions or by check mailed to the address of such Certificateholder as
      it
      appears in the books of the Trustee if the Certificateholder has not provided
      the Trustee 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 Corporate Trust
      Office. If any payment required to be made on the Certificates 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.

     

    (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 shall make payments to Certificateholders and the Swap Counterparty
      and
      any other person pursuant to this Article V based solely on the information
      set
      forth in the monthly report furnished by the Trustee in accordance with Section
      4.03(a), and shall be entitled to conclusively rely on such information and
      reports, and on the calculations contained therein, when making distributions
      to
      Certificateholders and the Swap Counterparty. 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, the Trustee (or the Paying Agent on behalf of the Trustee)
      shall withdraw from the Certificate Account the Total Distribution Amount
      (excluding all Prepayment Premiums) and amounts that are available for payment
      to the Swap Counterparty and shall allocate such amount to the interests issued
      in respect of each REMIC and shall distribute such amount as specified in this
      Section.

     

    
      
        
        

      

      
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    (b) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 1, Pool 1C and Pool 2 as follows:

     

    (i) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 1 for such date concurrently, as follows:

     

    (1) for
      deposit into the Supplemental Interest Trust Account, the Pool 1 Swap Allocation
      Payment Amount (not due to a Swap Counterparty Trigger Event) owed to the Swap
      Counterparty (including amounts remaining unpaid from previous Distribution
      Dates);

     

    (2) for
      deposit into the Supplemental Interest Trust 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 paid previously from the Interest
      Remittance Amount from Pool 1C and Pool 2 pursuant to Sections 5.02(b)(ii)(1)
      and 5.02(b)(iii)(1);

     

    (3) concurrently,
      to each Class of Pool 1 Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro rata on the basis of Current Interest
      and Carryforward Interest due such Classes on such Distribution
      Date;

     

    (4) for
      application pursuant to Section 5.02(b)(iv), any such Interest Remittance Amount
      remaining undistributed for such Distribution Date.

     

    (ii) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 1C for such date as follows:

     

    (1) for
      deposit into the Supplemental Interest Trust Account, the Pool 1C Swap
      Allocation Payment Amount (not due to a Swap Counterparty Trigger Event) owed
      to
      the Swap Counterparty (including amounts remaining unpaid from previous
      Distribution Dates);

     

    (2) for
      deposit into the Supplemental Interest Trust 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 paid previously from the Interest
      Remittance Amount from Pool 1 and Pool 2 pursuant to Sections 5.02(b)(i)(1)
      and
      5.02(b)(iii)(1);

     

    (3) concurrently,
      to each Class of Pool 1C Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro rata on the basis of Current Interest
      and Carryforward Interest due such Classes on such Distribution
      Date;

     

    
      
        
        

      

      
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    (4) for
      application pursuant to Section 5.02(b)(iv), any such Interest Remittance Amount
      remaining undistributed for such Distribution Date.

     

    (iii) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 2 for such date as follows:

     

    (1) for
      deposit into the Supplemental Interest Trust Account, the Pool 2 Swap Allocation
      Payment Amount (not due to a Swap Counterparty Trigger Event) owed to the Swap
      Counterparty (including amounts remaining unpaid from previous Distribution
      Dates);

     

    (2) for
      deposit into the Supplemental Interest Trust 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 paid previously from the Interest
      Remittance Amount from Pool 1 and Pool 1C pursuant to Sections 5.02(b)(i)(1)
      and
      5.02(b)(ii)(1);

     

    (3) concurrently,
      to each Class of Pool 2 Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro rata on the basis of Current Interest
      and Carryforward Interest due such Classes on such Distribution
      Date;

     

    (4) for
      application pursuant to Section 5.02(b)(iv), any such Interest Remittance Amount
      remaining undistributed for such Distribution Date.

     

    (iv) On
      each
      Distribution Date, the Trustee will distribute the aggregate of any remaining
      Interest Remittance Amounts from Sections 5.02(b)(i)(4), 5.02(b)(ii)(4) and
      5.02(b)(iii)(4), as applicable, as follows:

     

    (A) concurrently,
      to each Class of Group I Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date (any shortfall
      in Current Interest and Carryforward Interest to be allocated among such Classes
      in proportion to the amount of Current Interest and Carryforward Interest that
      would otherwise be distributable thereon) to the extent not paid on such
      Distribution Date pursuant to Sections 5.02(b)(i)(3), 5.02(b)(ii)(3) and
      5.02(b)(iii)(3) above;

     

    (B) to
      each
      Class of Group I Subordinate Certificates (other than the Class M8-I and Class
      M9-I Certificates), in accordance with the Group I Subordinate Priority, Current
      Interest and any Carryforward Interest for such Classes for such Distribution
      Date;

     

    (C) to
      the
      Trustee, previously unreimbursed extraordinary costs, liabilities and expenses
      related to the Group I Certificates; and

     

    
      
        
        

      

      
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    (D) for
      application as part of Pool 1-2 Monthly Excess Cashflow for such Distribution
      Date, as provided in Section 5.02(f), any such Interest Remittance Amount
      remaining after application pursuant to clauses (A) through (C)
      above.

     

    (c) On
      each
      Distribution Date, the Interest Remittance Amount for Pool 3 and Pool 4 for
      such
      date will be distributed in the following order of priority:

     

    (i) On
      each
      Distribution Date, the Interest Remittance Amount for Pool 3 for such date
      will
      be distributed in the following order of priority:

     

    (1) to
      the
      Certificate Insurer, the Certificate Insurer Premium with respect to the Class
      3-A2 Certificates and such Distribution Date;

     

    (2) concurrently,
      to each Class of Pool 3 Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date;

     

    (3) to
      the
      Certificate Insurer, any unreimbursed Insured Payments with respect to the
      Class
      3-A2 Certificates, plus all amounts due to the Certificate Insurer under the
      Commitment Letter, together with interest thereon at the rate specified in
      the
      Commitment Letter;

     

    (4) for
      application as part of Pool 3-4 Monthly Excess Cashflow for such Distribution
      Date, as provided in Section 5.02(g), any such Interest Remittance Amount
      remaining after application pursuant to clauses (1) through (3)
      above.

     

    (ii) On
      each
      Distribution Date, the Interest Remittance Amount for Pool 4 for such date
      will
      be distributed in the following order of priority:

     

    (1) to
      the
      Certificate Insurer, the Certificate Insurer Premium with respect to the Class
      4-A3 Certificates and such Distribution Date;

     

    (2) concurrently,
      to each Class of Pool 4 Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date;

     

    (3) to
      the
      Certificate Insurer, any unreimbursed Insured Payments with respect to the
      Class
      4-A3 Certificates, plus all amounts due to the Certificate Insurer under the
      Commitment Letter, together with interest thereon at the rate specified in
      the
      Commitment Letter;

     

    
      
        
        

      

      
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    (4) for
      application as part of Pool 3-4 Monthly Excess Cashflow for such Distribution
      Date, as provided in Section 5.02(g), any such Interest Remittance Amount
      remaining after application pursuant to clauses (1) through (3)
      above.

     

    (iii) On
      each
      Distribution Date, the Trustee will distribute the aggregate of any remaining
      Interest Remittance Amounts from Sections 5.02(c)(i)(4) and 5.02(c)(ii)(4),
      as
      applicable, as follows:

     

    (1) to
      the
      Certificate Insurer, the monthly premium due under the Certificate Insurance
      Policy with respect to the Class 3-A2 and Class 4-A3 Certificates to the extent
      not paid pursuant to Sections 5.02(c)(i)(1) and 5.02(c)(ii)(1);

     

    (2) concurrently,
      to each Class of Group II Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date;

     

    (3) to
      the
      Certificate Insurer, any unreimbursed Insured Payments with respect to the
      Class
      3-A2 and Class 4-A3 Certificates, plus all amounts due to the Certificate
      Insurer under the Commitment Letter, together with interest thereon at the
      rate
      specified in the Commitment Letter to the extent not paid pursuant to Sections
      5.02(c)(i)(3) and 5.02(c)(ii)(3);

     

    (4) to
      each
      Class of Group II Subordinate Certificates, in accordance with the Group II
      Subordinate Priority, Current Interest and any Carryforward Interest for such
      Classes for such Distribution Date;

     

    (5) to
      the
      Trustee, previously unreimbursed extraordinary costs, liabilities and expenses
      related to the Group II Certificates; and

     

    (6) for
      application as part of Pool 3-4 Monthly Excess Cashflow for such Distribution
      Date, as provided in Section 5.02(g), any such Interest Remittance Amount
      remaining after application pursuant to clauses (1) through (5)
      above.

     

    (d) On
      each
      Distribution Date, the Trustee shall distribute the Principal Distribution
      Amount for Pool 1, Pool 1C and Pool 2 for such date, concurrently, as
      follows:

     

    (i) On
      each
      Distribution Date (a) prior to the Pool 1-2 Stepdown Date or (b) with respect
      to
      which a Pool 1-2 Trigger Event is in effect, until the aggregate Certificate
      Principal Amount of the Group I Certificates equals the Pool 1-2 Target Amount
      for such Distribution Date, the Trustee shall distribute the Principal
      Distribution Amount for Pool 1, Pool 1C and Pool 2 concurrently, as
      follows:

     

    
      
        
        

      

      
        -150-

        
          

        

      

      
        
        

      

    

     

    (A) For
      Pool
      1: The Principal Distribution Amount for Pool 1 will be distributed on each
      Distribution Date in the following order of priority:

     

    (1) for
      deposit into the Supplemental Interest Trust Account, the Pool 1 Swap Allocation
      Payment Amount not due to a Swap Counterparty Trigger Event owed to the Swap
      Counterparty (to the extent not paid previously from the Interest Remittance
      Amount in accordance with Section 5.02(b));

     

    (2) for
      deposit into the Supplemental Interest Trust 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 paid previously from the Interest
      Remittance Amount in accordance with Section 5.02(b) or from Sections
      5.02(d)(i)(B)(1) and 5.02(d)(i)(C)(1);

     

    (3) to
      the
      Pool 1 Senior Certificates, in accordance with the Pool 1 Senior Priority,
      in
      each case until the Class Principal Amount of each such class has been reduced
      to zero;

     

    (4) concurrently,
      according to Excess Principal Allocation Percentages for Pool 1C and Pool 2:
      (x)
      to the Pool 1C Senior Certificates, in accordance with the Pool 1C Senior
      Priority, after giving effect to distribution in Section 5.02(d)(i)(B)(3),
      and
      (y) to the Pool 2 Senior Certificates, in accordance with the Pool 2 Senior
      Priority, after giving effect to distribution in Section 5.02(d)(i)(C)(3),
      in
      each case until the Class Principal Amount of each class has been reduced to
      zero;

     

    (5) to
      the
      Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I, Class M6-I, Class
      M7-I, Class M8-I and Class M9-I Certificates, sequentially, in that order,
      in
      each case until the Class Principal Amount of each such Class has been reduced
      to zero; and

     

    (6) for
      application as part of the Pool 1-2 Monthly Excess Cashflow for such
      Distribution Date, pursuant to Section 5.02(f), any such Principal Distribution
      Amount remaining after application pursuant to Sections 5.02(d)(i)(A)(1) through
      (5) above.

     

    (B) For
      Pool
      1C: The Principal Distribution Amount for Pool 1C will be distributed on each
      Distribution Date in the following order of priority:

     

    
      
        
        

      

      
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    (1) for
      deposit into the Supplemental Interest Trust Account, the Pool 1C Swap
      Allocation Payment Amount not due to a Swap Counterparty Trigger Event owed
      to
      the Swap Counterparty (to the extent not paid previously from the Interest
      Remittance Amount in accordance with Section 5.02(b));

     

    (2) for
      deposit into the Supplemental Interest Trust 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 paid previously from the Interest
      Remittance Amount in accordance with Section 5.02(b) or from Sections
      5.02(d)(i)(A)(1) and 5.02(d)(i)(C)(1);

     

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

     

    (4) concurrently,
      according to Excess Principal Allocation Percentages for Pool 1 and Pool 2:
      (x)
      to the Pool 1 Senior Certificates, in accordance with the Pool 1 Senior
      Priority, after giving effect to distribution in Section 5.02(d)(i)(A)(3),
      and
      (y) to the Pool 2 Senior Certificates, in accordance with the Pool 2 Senior
      Priority, after giving effect to distribution in Section 5.02(d)(i)(C)(3),
      in
      each case until the Class Principal Amount of each class has been reduced to
      zero;

     

    (5) to
      the
      Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I, Class M6-I, Class
      M7-I, Class M8-I and Class M9-I Certificates, sequentially, in that order,
      in
      each case until the Class Principal Amount of each such Class has been reduced
      to zero; and

     

    (6) for
      application as part of the Pool 1-2 Monthly Excess Cashflow for such
      Distribution Date, pursuant to Section 5.02(f), any such Principal Distribution
      Amount remaining after application pursuant to Sections 5.02(d)(i)(B)(1) through
      (5) above.

     

    (C) For
      Pool
      2: The Principal Distribution Amount for Pool 2 will be distributed on each
      Distribution Date in the following order of priority:

     

    (1) for
      deposit into the Supplemental Interest Trust Account, the Pool 2 Swap Allocation
      Payment Amount not due to a Swap Counterparty Trigger Event owed to the Swap
      Counterparty (to the extent not paid previously from the Interest Remittance
      Amount in accordance with Section 5.02(b));

     

    
      
        
        

      

      
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    (2) for
      deposit into the Supplemental Interest Trust 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 paid previously from the Interest
      Remittance Amount in accordance with Section 5.02(b) or from Sections
      5.02(d)(i)(A)(1) and 5.02(d)(i)(B)(1);

     

    (3) to
      the
      Pool 2 Senior Certificates, in accordance with the Pool 2 Senior Priority,
      in
      each case until the Class Principal Amount of each such class has been reduced
      to zero;

     

    (4) concurrently,
      according to Excess Principal Allocation Percentages for Pool 1 and Pool 1C:
      (x)
      to the Pool 1 Senior Certificates, in accordance with the Pool 1 Senior
      Priority, after giving effect to distribution in Section 5.02(d)(i)(A)(3),
      and
      (y) to the Pool 1C Senior Certificates, in accordance with the Pool 1C Senior
      Priority, after giving effect to distribution in Section 5.02(d)(i)(C)(3),
      in
      each case until the Class Principal Amount of each class has been reduced to
      zero;

     

    (5) to
      the
      Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I, Class M6-I, Class
      M7-I, Class M8-I and Class M9-I Certificates, sequentially, in that order,
      in
      each case until the Class Principal Amount of each such Class has been reduced
      to zero; and

     

    (6) for
      application as part of the Pool 1-2 Monthly Excess Cashflow for such
      Distribution Date, pursuant to Section 5.02(f), any such Principal Distribution
      Amount remaining after application pursuant to Sections 5.02(d)(i)(C)(1) through
      (5) above.

     

    (ii) On
      each
      Distribution Date (a) on or after the Pool 1-2 Stepdown Date and (b) with
      respect to which a Pool 1-2 Trigger Event is not in effect, the Principal
      Distribution Amount for each of Pool 1, Pool 1C and Pool 2 for such date will
      be
      distributed in the following order of priority:

     

    (A) for
      deposit into the Supplemental Interest Trust Account, any Net Swap Payment
      or
      Swap Termination Payment (unless due to a Swap Counterparty Trigger Event)
      owed
      to the Swap Counterparty (to the extent not paid previously from the Interest
      Remittance Amount for Pool 1, Pool 1C and Pool 2 in accordance with Section
      5.02(b))

     

    (B) for
      so
      long as any of the Group I Subordinate Certificates are outstanding, to the
      Pool
      1 Senior Certificates (from amounts in Pool 1, except as provided below), Pool
      1C Senior Certificates (from amounts in Pool 1C, except as provided below)
      and
      to the Pool 2 Senior Certificates (from amounts in Pool 2, except as provided
      below), in each case in accordance with the priorities set forth in Section
      5.02(d)(i), concurrently by principal allocation percentage, in an amount equal
      to the lesser of (x) the Principal Distribution Amount for the related Mortgage
      Pool for such Distribution Date and (y) the Pool 1-2 Senior Principal
      Distribution Amount for the related Mortgage Pool (allocated by Principal
      Allocation Percentage) for such Distribution Date until the Class Principal
      Amount of each such Class has been reduced to zero; or (b) otherwise to the
      Group I Senior Certificates (in each case in accordance with Section
      5.02(d)(i)), the Principal Distribution Amount for the related Mortgage Pool
      for
      such Distribution Date;

     

    
      
        
        

      

      
        -153-

        
          

        

      

      
        
        

      

    

     

    (C) to
      the
      Class M1-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1, Pool 1C and Pool 2 for such
      Distribution Date over (b) the amount distributed to the Group I Senior
      Certificates on such Distribution Date pursuant to clause (B) above and any
      Net
      Swap Payment or Swap Termination Payment paid on such Distribution Date pursuant
      to clause (A) above and (y) the M1-I Principal Distribution Amount for such
      Distribution Date, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (D) to
      the
      Class M2-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1, Pool 1C and Pool 2 for such
      Distribution Date over (b) the amount distributed to the Group I Senior
      Certificates and the Class M1-I Certificates on such Distribution Date pursuant
      to clauses (B) through (C) above, and any Net Swap Payment or Swap Termination
      Payment paid on such Distribution Date pursuant to clause (A) above and (y)
      the
      M2-I Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero;

     

    (E) to
      the
      Class M3-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1, Pool 1C and Pool 2 for such
      Distribution Date over (b) the amount distributed to the Group I Senior
      Certificates and the Class M1-I and Class M2-I Certificates on such Distribution
      Date pursuant to clauses (B) through (D) above, and any Net Swap Payment or
      Swap
      Termination Payment paid on such Distribution Date pursuant to clause (A) above
      and (y) the M3-I Principal Distribution Amount for such Distribution Date,
      until
      the Class Principal Amount of such Class has been reduced to zero;

     

    (F) to
      the
      Class M4-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1, Pool 1C and Pool 2 for such
      Distribution Date over (b) the amount distributed to the Group I Senior
      Certificates and the Class M1-I, Class M2-I and Class M3-I Certificates on
      such
      Distribution Date pursuant to clauses (B) through (E) above, and any Net Swap
      Payment or Swap Termination Payment paid on such Distribution Date pursuant
      to
      clause (A) above and (y) the M4-I Principal Distribution Amount for such
      Distribution Date, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    
      
        
        

      

      
        -154-

        
          

        

      

      
        
        

      

    

     

    (G) to
      the
      Class M5-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1, Pool 1C and Pool 2 for such
      Distribution Date over (b) the amount distributed to the Group I Senior
      Certificates and the Class M1-I, Class M2-I, Class M3-I and Class M4-I
      Certificates on such Distribution Date pursuant to clauses (B) through (F)
      above, and any Net Swap Payment or Swap Termination Payment paid on such
      Distribution Date pursuant to clause (A) above and (y) the M5-I Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    (H) to
      the
      Class M6-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1, Pool 1C and Pool 2 for such
      Distribution Date over (b) the amount distributed to the Group I Senior
      Certificates and the Class M1-I, Class M2-I, Class M3-I, Class M4-I and Class
      M5-I Certificates on such Distribution Date pursuant to clauses (B) through
      (G)
      above, and any Net Swap Payment or Swap Termination Payment paid on such
      Distribution Date pursuant to clause (A) above and (y) the M6-I Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    (I) to
      the
      Class M7-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1, Pool 1C and Pool 2 for such
      Distribution Date over (b) the amount distributed to the Group I Senior
      Certificates and the Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class
      M5-I
      and Class M6-I Certificates on such Distribution Date pursuant to clauses (B)
      through (H) above, and any Net Swap Payment or Swap Termination Payment paid
      on
      such Distribution Date pursuant to clause (A) above and (y) the M7-I Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    (J) to
      the
      Class M8-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1, Pool 1C and Pool 2 for such
      Distribution Date over (b) the amount distributed to the Group I Senior
      Certificates and the Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class
      M5-I,
      Class M6-I and Class M7-I Certificates on such Distribution Date pursuant to
      clauses (B) through (I) above, and any Net Swap Payment or Swap Termination
      Payment paid on such Distribution Date pursuant to clause (A) above and (y)
      the
      M8-I Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero;

     

    
      
        
        

      

      
        -155-

        
          

        

      

      
        
        

      

    

     

    (K) to
      the
      Class M9-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1, Pool 1C and Pool 2 for such
      Distribution Date over (b) the amount distributed to the Group I Senior
      Certificates and the Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class
      M5-I,
      Class M6-I, Class M7-I and Class M8-I Certificates on such Distribution Date
      pursuant to clauses (B) through (J) above, and any Net Swap Payment or Swap
      Termination Payment paid on such Distribution Date pursuant to clause (A) above
      and (y) the M9-I Principal Distribution Amount for such Distribution Date,
      until
      the Class Principal Amount of such Class has been reduced to zero;
      and

     

    (L) for
      application as part of the aggregate Pool 1-2 Monthly Excess Cashflow for such
      Distribution Date pursuant to Section 5.02(f), any Principal Distribution Amount
      remaining after application pursuant to clauses (A) through (K)
      above.

     

    (e) On
      each
      Distribution Date, the Trustee shall distribute the Principal Distribution
      Amount for Pool 3 and Pool 4 for such date, concurrently, as
      follows:

     

    (i) On
      each
      Distribution Date (a) prior to the Pool 3-4 Stepdown Date or (b) with respect
      to
      which a Pool 3-4 Trigger Event is in effect, until the aggregate Certificate
      Principal Amount of the Group II Certificates equals the Pool 3-4 Target Amount
      for such Distribution Date, the Trustee shall distribute the Principal
      Distribution Amount for Pool 3 in the following order of priority:

     

    (A) to
      the
      Pool 3 Senior Certificates (other than the Class 3-AX Certificates), in
      accordance with the Pool 3 Senior Priority, in each case until the Class
      Principal Amount of each such Class has been reduced to zero;

     

    (B) to
      the
      Certificate Insurer, any unreimbursed Insured Payments with respect to the
      Class
      3-A2 Certificates, plus all amounts due to the Certificate Insurer under the
      Commitment Letter, together with interest thereon at the rate specified in
      the
      Commitment Letter, to the extent not paid pursuant to Section
      5.02(c);

     

    (C) to
      the
      Pool 4 Senior Certificates (other than the Class 4-AX Certificates), in
      accordance with the Pool 4 Senior Priority, after giving effect to distributions
      in Section 5.02(e)(ii)(A) in each case until the Class Principal Amount of
      each
      such class has been reduced to zero;

     

    (D) to
      the
      Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II,
      Class M7-II, Class M8-II and Class M9-II Certificates, sequentially, in that
      order, in each case until the Class Principal Amount of each such Class has
      been
      reduced to zero; and

     

    (E) for
      application as part of the Pool 3-4 Monthly Excess Cashflow for such
      Distribution Date, pursuant to Section 5.02(g), any such Principal Distribution
      Amount remaining after application pursuant to Sections 5.02(e)(i)(A) through
      (D) above.

     

    
      
        
        

      

      
        -156-

        
          

        

      

      
        
        

      

    

     

    (ii) On
      each
      Distribution Date (a) prior to the Pool 3-4 Stepdown Date or (b) with respect
      to
      which a Pool 3-4 Trigger Event is in effect, until the aggregate Certificate
      Principal Amount of the Group II Certificates equals the Pool 3-4 Target Amount
      for such Distribution Date, the Trustee shall distribute the Principal
      Distribution Amount for Pool 4 in the following order of priority: 

     

    (A) to
      the
      Pool 4 Senior Certificates (other than the Class 4-AX Certificates), in
      accordance with the Pool 4 Senior Priority, in each case until the Class
      Principal Amount of each such class has been reduced to zero; 

     

    (B) to
      the
      Certificate Insurer, any unreimbursed Insured Payments with respect to the
      Class
      4-A3 Certificates, plus all amounts due to the Certificate Insurer under the
      Commitment Letter, together with interest thereon at the rate specified in
      the
      Commitment Letter, to the extent not paid pursuant to Section
      5.02(c);

     

    (C) to
      the
      Pool 3 Senior Certificates (other than the Class 3-AX Certificates), in
      accordance with the Pool 3 Senior Priority, after giving effect to distributions
      in Section 5.02(e)(i)(A), in each case until the Class Principal Amount of
      each
      such Class has been reduced to zero;

     

    (D) to
      the
      Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II,
      Class M7-II, Class M8-II and Class M9-II Certificates, sequentially, in that
      order, in each case until the Class Principal Amount of each such Class has
      been
      reduced to zero; and

     

    (E) for
      application as part of the Pool 3-4 Monthly Excess Cashflow for such
      Distribution Date, pursuant to Section 5.02(g), any such Principal Distribution
      Amount remaining after application pursuant to Sections 5.02(e)(ii)(A) through
      (D) above.

     

    (iii) On
      each
      Distribution Date (a) on or after the Pool 3-4 Stepdown Date and (b) with
      respect to which a Pool 3-4 Trigger Event is not in effect, the Principal
      Distribution Amount for Pool 3 and Pool 4 for such date will be distributed
      in
      the following order of priority:

     

    (A) 
      (a) so
      long as any of the Group II Subordinate Certificates are outstanding, to the
      Pool 3 Senior Certificates (other than the Class 3-AX Certificates) and to
      the
      Pool 4 Senior Certificates (other than the Class 4-AX Certificates), in each
      case in accordance with the priorities set forth in Section 5.02(e)(i) and
      5.02(e)(ii), concurrently by Principal Allocation Percentage, in an amount
      equal
      to the lesser of (x) the Principal Distribution Amount for Pool 3 or Pool 4,
      as
      applicable, for such Distribution Date and (y) the Pool 3 Senior Principal
      Distribution Amount or the Pool 4 Senior Principal Distribution Amount, as
      applicable, (allocated by Principal Allocation Percentage) for such Distribution
      Date until the Class Principal Amount of each such Class has been reduced to
      zero; or (b) otherwise to the Pool 3 Senior Certificates and Pool 4 Senior
      Certificates (other than the Class 3-AX and Class 4-AX Certificates),
      concurrently by Principal Allocation Percentage, (in each case in accordance
      with Section 5.02(e)(i) and 5.02(e)(ii)), the Principal Distribution Amount
      for
      Pool 3 or Pool 4, as applicable, for such Distribution Date;

     

    
      
        
        

      

      
        -157-

        
          

        

      

      
        
        

      

    

     

    (B) to
      the
      Certificate Insurer, any unreimbursed Insured Payments with respect to the
      Class
      3-A2 and Class 4-A3 Certificates, plus all amounts due to the Certificate
      Insurer under the Commitment Letter, together with interest thereon at the
      rate
      specified in the Commitment Letter, to the extent not paid pursuant to Section
      5.02(c);

     

    (C) to
      the
      Class M1-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 3 and Pool 4 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Certificate Insurer on such Distribution Date pursuant to clauses (A) and (B)
      above and (y) the M1-II Principal Distribution Amount for such Distribution
      Date, until the Class Principal Amount of such Class has been reduced to
      zero;

     

    (D) to
      the
      Class M2-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 3 and Pool 4 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Certificate Insurer and the Class M1-II Certificates on such Distribution Date
      pursuant to clauses (A) through (C) above and (y) the M2-II Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    (E) to
      the
      Class M3-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 3 and Pool 4 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Certificate Insurer and the Class M1-II and Class M2-II Certificates on such
      Distribution Date pursuant to clauses (A) through (D) above and (y) the M3-II
      Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero;

     

    (F) to
      the
      Class M4-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 3 and Pool 4 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Certificate Insurer and the Class M1-II, Class M2-II and Class M3-II
      Certificates on such Distribution Date pursuant to clauses (A) through (E)
      above
      and (y) the M4-II Principal Distribution Amount for such Distribution Date,
      until the Class Principal Amount of such Class has been reduced to
      zero;

     

    
      
        
        

      

      
        -158-

        
          

        

      

      
        
        

      

    

     

    (G) to
      the
      Class M5-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 3 and Pool 4 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Certificate Insurer and the Class M1-II, Class M2-II, Class M3-II and Class
      M4-II Certificates on such Distribution Date pursuant to clauses (A) through
      (F)
      above and (y) the M5-II Principal Distribution Amount for such Distribution
      Date, until the Class Principal Amount of such Class has been reduced to
      zero;

     

    (H) to
      the
      Class M6-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 3 and Pool 4 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Certificate Insurer and the Class M1-II, Class M2-II, Class M3-II, Class M4-II
      and Class M5-II Certificates on such Distribution Date pursuant to clauses
      (A)
      through (G) above and (y) the M6-II Principal Distribution Amount for such
      Distribution Date, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (I) to
      the
      Class M7-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 3 and Pool 4 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Certificate Insurer and the Class M1-II, Class M2-II, Class M3-II, Class M4-II,
      Class M5-II and Class M6-II Certificates on such Distribution Date pursuant
      to
      clauses (A) through (H) above and (y) the M7-II Principal Distribution Amount
      for such Distribution Date, until the Class Principal Amount of such Class
      has
      been reduced to zero;

     

    (J) to
      the
      Class M8-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 3 and Pool 4, for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Certificate Insurer and the Class M1-II, Class M2-II, Class M3-II, Class M4-II,
      Class M5-II, Class M6-II and Class M7-II Certificates on such Distribution
      Date
      pursuant to clauses (A) through (I) above and (y) the M8-II Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    (K) to
      the
      Class M9-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 3 and Pool 4 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Certificate Insurer and the Class M1-II, Class M2-II, Class M3-II, Class M4-II,
      Class M5-II, Class M6-II, Class M7-II and Class M8-II Certificates on such
      Distribution Date pursuant to clauses (A) through (J) above and (y) the M9-II
      Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero; and

     

    
      
        
        

      

      
        -159-

        
          

        

      

      
        
        

      

    

     

    (L) for
      application as part of the Pool 3-4 Monthly Excess Cashflow for such
      Distribution Date pursuant to Section 5.02(g), any Principal Distribution Amount
      remaining after application pursuant to clauses (A) through (K)
      above.

     

    In
      the
      event that Exchange Certificates comprising a Combination Group are exchanged
      for their related Exchangeable Certificates, such Exchangeable Certificates
      will
      be entitled to a proportionate share of the principal distributions on each
      Class of Exchange Certificates in such Combination Group. In addition,
      Exchangeable Certificates will bear a proportionate share of losses and interest
      shortfalls allocable to each Class of Exchange Certificates in such Combination
      Group. In addition, Net Negative Amortization allocable to the Class 4-A1
      Underlying Interest shall be accounted for as allocable between the Classes
      within each Combination Group, first to such Class that is not a Pool 4
      Interest-Only Exchangeable Certificate, and second to such Class that is a
      Pool
      4 Interest-Only Exchangeable Certificate, in each case up to the amount of
      current interest accrued on the REMIC regular interests represented thereby.
      Any
      such allocation to a Pool 4 Interest-Only Exchangeable Certificate shall be
      accounted for as a principal entitlement accruing interest at the Certificate
      Interest Rate of the Class 4-A1 Certificates.

     

    (f) Any
      Pool
      1-2 Monthly Excess Cashflow will, on each Distribution Date, after distributions
      are made pursuant to Section 5.02(h), be distributed in the following order
      of
      priority:

     

    (i) pro
      rata,
      to the
      Group I Senior Certificates, Current Interest and Carryforward Interest for
      such
      Classes for such Distribution Date, to the extent unpaid, pursuant to
      5.02(b)(iv)(A) above, and sequentially to the Group I Subordinate Certificates
      Current Interest and Carryforward Interest for such Classes for such
      Distribution Date, to the extent unpaid, pursuant to 5.02(b)(iv)(B)
      above;

     

    (ii) for
      each
      Distribution Date occurring (a) before the Pool 1-2 Stepdown Date or (b) on
      or
      after the Pool 1-2 Stepdown Date but for which a Pool 1-2 Trigger Event is
      in
      effect, then until the aggregate Certificate Principal Amount of the Group
      I
      Certificates equals the Pool 1-2 Target Amount for such Distribution Date,
      in
      the following order of priority:

     

    (A) pro
      rata,
      based
      upon the Senior Proportionate Percentage, after giving effect to principal
      distributions on such Distribution Date, to the Group I Senior Certificates,
      in
      each case in accordance with Section 5.02(d)(i), in reduction of their
      respective Class Principal Amounts, until the Class Principal Amount of each
      such Class has been reduced to zero; and

     

    
      
        
        

      

      
        -160-

        
          

        

      

      
        
        

      

    

     

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

     

    (iii) for
      each
      Distribution Date occurring on or after the Pool 1-2 Stepdown Date and for
      which
      a Pool 1-2 Trigger Event is not in effect, in the following order of
      priority:

     

    (A) pro
      rata,
      based
      upon the Senior Proportionate Percentage, after giving effect to principal
      distributions on such Distribution Date, to the Group I Senior Certificates,
      in
      each case in accordance with Section 5.02(d)(i), in reduction of their
      respective Class Principal Amounts, until the aggregate Class Principal Amount
      of the Group I Senior Certificates, after giving effect to distributions on
      such
      Distribution Date, equals the Pool 1-2 Senior Target Amount;

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -161-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    (iv) to
      the
      Pool 1-2 Basis Risk Reserve Fund, the amount of any Pool 1-2 Basis Risk Payment
      and then from the Pool 1-2 Basis Risk Reserve Fund, in the following order
      of
      priority:

     

    (A) from
      any
      proceeds received under the Interest Rate Cap Agreement, first, to the Group
      I
      Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      for each such class and such Distribution Date, pro rata in accordance with
      such
      shortfalls, and second, to the C-X Component of the Class X-I Certificates
      on
      such Distribution Date;

     

    (B) pro
      rata,
      to the
      Group I Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls for each such Class and such Distribution Date, in
      proportion to such shortfalls, to the extent not paid pursuant to Sections
      5.02(f)(iv)(A) and 5.02(h);

     

    (C) to
      the
      Group I Subordinate Certificates (other than the Class M8-I and Class M9-I
      Certificates), in accordance with the Group I Subordinate Priority, any
      applicable Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for each
      such
      Class and such Distribution Date;

     

    (D)
      for addition to amounts distributable pursuant to
      Section 5.02(f)(vi), and amounts remaining in the Pool 1-2 Basis Risk Reserve
      Funs in excess of amounts required to be on deposit therein after satisfying
      clauses (A) through (C) above for such Distribution Date;

     

    (v) 
      (a)
first,
      in
      proportion to their respective Deferred Amounts, to the Group I Senior
      Certificates and (b) second,
      to the
      Group I Subordinate Certificates, in accordance with the Group I Subordinate
      Priority, any Deferred Amount for each such Class and such Distribution
      Date;

     

    
      
        
        

      

      
        -162-

        
          

        

      

      
        
        

      

    

     

    (vi) to
      the
      Supplemental Interest Trust for distribution pursuant to Section 5.02(h)(viii)
      and 5.02(h)(ix); and

     

    (vii) to
      the
      Residual Certificate, any remaining amount.

     

    (g) Any
      Pool
      3-4 Monthly Excess Cashflow will, on each Distribution Date, be distributed
      in
      the following order of priority:

     

    (i) to
      the
      extent unpaid pursuant to Section 5.02(c), sequentially:

     

    (1) pro
      rata,
      to the
      Group II Senior Certificates, Current Interest and Carryforward Interest for
      such Classes for such Distribution Date; 

     

    (2) to
      the
      Certificate Insurer any unreimbursed Insured Payments plus all amounts due
      to
      the Certificate Insurer under the Commitment Letter, together with interest
      thereon at the rate specified in the Commitment Letter;

     

    (3) sequentially
      to the Group II Subordinate Certificates Current Interest and Carryforward
      Interest for such Classes for such Distribution Date;

     

    (ii) for
      each
      Distribution Date occurring (a) before the Pool 3-4 Stepdown Date or (b) on
      or
      after the Pool 3-4 Stepdown Date but for which a Pool 3-4 Trigger Event is
      in
      effect, then until the aggregate Certificate Principal Amount of the Group
      II
      Certificates (other than the Class 3-AX and Class 4-AX Certificates) equals
      the
      Pool 3-4 Target Amount for such Distribution Date, in the following order of
      priority:

     

    (A) after
      giving effect to principal distributions on such Distribution Date, to the
      Group
      II Senior Certificates (other than the Class 3-AX and Class 4-AX Certificates),
      in each case in accordance with Section 5.02(e)(i) and 5.02(e)(ii), in reduction
      of their respective Class Principal Amounts, until the Class Principal Amount
      of
      each such Class has been reduced to zero; and

     

    (B) to
      the
      Certificate Insurer any unreimbursed Insured Payments plus all amounts due
      to
      the Certificate Insurer under the Commitment Letter, together with interest
      thereon at the rate specified in the Commitment Letter;

     

    
      
        
        

      

      
        -163-

        
          

        

      

      
        
        

      

       

    

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

     

    (iii) for
      each
      Distribution Date occurring on or after the Pool 3-4 Stepdown Date and for
      which
      a Pool 3-4 Trigger Event is not in effect, in the following order of
      priority:

     

    (A) pro
      rata,
      based
      upon the Senior Proportionate Percentage, after giving effect to principal
      distributions on such Distribution Date, to the Group II Senior Certificates
      (other than the Class 3-AX and Class 4-AX Certificates), in each case in
      accordance with Sections 5.02(e)(i) and 5.02(e)(ii), in reduction of their
      respective Class Principal Amounts, until the aggregate Class Principal Amount
      of such Group II Senior Certificates (other than the Class 3-AX and Class 4-AX
      Certificates), after giving effect to distributions on such Distribution Date,
      equals the Pool 3-4 Senior Target Amount;

     

    (B) any
      remaining unreimbursed Insured Payments plus all amounts due to the Certificate
      Insurer under the Commitment Letter, together with interest thereon at the
      rate
      specified in the Commitment Letter;

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -164-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    (iv) to
      the
      Group II Senior Certificates, pro rata by need, then to the Group II Subordinate
      Certificates, sequentially, any Deferred Amounts;

     

    (v) to
      the
      Pool 3-4 Basis Risk Reserve Fund, the amount of any Pool 3-4 Basis Risk Payment
      and then from the Pool 3-4 Basis Risk Reserve Fund, in the following order
      of
      priority:

     

    (A) pro
      rata,
      to the
      Group II Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls for each such Class and such Distribution Date, in
      proportion to such shortfalls;

     

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

     

    
      
        
        

      

      
        -165-

        
          

        

      

      
        
        

      

    

     

    (C) to
      the
      Class X-II Certificates, any amounts remaining in the Pool 3-4 Basis Risk
      Reserve Fund in excess of amounts required to be on deposit therein after
      satisfying priorities (A) and (B) above for such Distribution Date;

     

    (vi) to
      the
      Class X-II Certificates, the Class X-II Distributable Amount;

     

    (vii) to
      the
      Residual Certificate, any remaining amount.

     

    (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 Supplemental
      Interest Trust Amount, together with any investment earnings on deposit in
      the
      Supplemental Interest Trust Account, before distributions are made pursuant
      to
      Section 5.02(f), for such date as follows:

     

    (i) to
      the
      Swap Counterparty, any Net Swap Payment owed to the Swap Counterparty pursuant
      to the Swap Agreement for the related 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
      Group I Senior Certificates, Current Interest and any Carryforward Interest
      for
      each such Class for such Distribution Date, in the priority described in Section
      5.02(b)(iv);

     

    (iv) to
      the
      Group I Senior Certificates, an amount equal to the lesser of (A) the remaining
      amount available for distribution and (B) the product of (i) the applicable
      Scheduled Notional Amount, (ii) the excess, if any, of (x) the lesser of (1)
      1-Month LIBOR and (2) 6.720% over (y) the applicable Rate of Payment for such
      Distribution Date and (iii) a fraction, the numerator of which is the actual
      number of days in the related Accrual Period and the denominator of which is
      360, to pay certain amounts necessary to maintain the Pool 1-2
      Overcollateralization Target Amount set forth in Sections 5.02(f)(ii) and
      5.02(f)(iii);

     

    (v) to
      the
      Group I Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for each such Class and for such Distribution Date, for application
      pursuant to the priorities set forth in Section 5.02(f)(iv)(A);

     

    (vi) in
      proportion to their respective Deferred Amounts, to the Group I Senior
      Certificates, any Deferred Amount for each such Class and such Distribution
      Date;

     

    
      
        
        

      

      
        -166-

        
          

        

      

      
        
        

      

    

     

    (vii) if
      applicable, for application to the purchase of a replacement interest rate
      swap
      agreement;

     

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

     

    (ix) to
      the
      X-I Component of the Class X-I Certificates, the X-I Component Distributable
      Amount for such Distribution Date and to the S-X Component of the Class X-I
      Certificates any remaining Supplemental Interest Trust Amount.

     

    Notwithstanding
      the foregoing, the sum of the amounts distributed on all Distribution Dates
      pursuant to Sections 5.02(h)(iv) and Section 5.02(h)(vi) shall not exceed the
      aggregate amount of Realized Losses on Pool 1 Mortgage Loans, Pool 1C Mortgage
      Loans and Pool 2 Mortgage Loans incurred from the Cut-off Date through the
      last
      day of the related Collection Period.

     

    (i) 1. On
      each
      Distribution Date on and prior to the X-I Component Account Termination Date,
      the Trustee shall withdraw the Class C-I Distributable Amount for such
      Distribution Date from the X-I Component Account, pursuant to Section 5.12
      herein, and shall distribute such amount to the Class C-I
      Certificates.

     

    (2) On
      each
      Distribution Date on or prior to the X-I Component Account Termination Date,
      the
      Trustee shall withdraw amounts on deposit in the X-I Component Account and
      distribute such amounts to the Class X-I Certificates, an amount equal to the
      excess, if any, of the sum of Realized Losses attributable to the Class C-I
      Mortgage Loans over the sum of all amounts distributed pursuant to this Section
      5.02(i)(2) on prior Distribution Dates to the Class X-I
      Certificates.

     

    (j) 2. On
      each
      Distribution Date on and prior to the Class X-II Account Termination Date,
      the
      Trustee shall withdraw the Class C-II Distributable Amount for such Distribution
      Date from the Class X-II Account, pursuant to Section 5.12 herein, and shall
      distribute such amount to the Class C-II Certificates.

     

    (2) On
      each
      Distribution Date on or prior to the Class X-II Account Termination Date, the
      Trustee shall withdraw amounts on deposit in the Class X-II Account and
      distribute such amounts to the Class X-II Certificates, an amount equal to
      the
      excess, if any, of the sum of Realized Losses attributable to the Class C-II
      Mortgage Loans over the sum of all amounts distributed pursuant to this Section
      5.02(j)(2) on prior Distribution Dates to the Class X-II
      Certificates.

     

    (k) On
      each
      Distribution Date, the Trustee (or Paying Agent, as applicable) shall distribute
      (i) to the Holders of the Class AP-I Certificates any Prepayment Premiums paid
      by borrowers upon voluntary full or partial prepayment of the Pool 1, Pool
      1C
      and Pool 2 Mortgage Loans, (ii) to the Holders of the Class 3-AP Certificates
      any Prepayment Premiums paid by borrowers upon voluntary full or partial
      prepayment of the Pool 3 Mortgage Loans and (iii) to the Holders of the Class
      4-AP Certificates any Prepayment Premiums paid by borrowers upon voluntary
      full
      or partial prepayment of the Pool 4 Mortgage Loans.

     

    
      
        
        

      

      
        -167-

        
          

        

      

      
        
        

      

    

     

    (l) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Group I Certificates, an Interest Rate Cap
      Account. The Trustee shall deposit all amounts received on the Interest Rate
      Cap
      Agreement into the Interest Rate Cap Account. The Interest Rate 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 moneys,
      including, without limitation, other moneys of the Trustee held pursuant to
      this
      Agreement. On each Distribution Date, the Trustee shall distribute the amounts
      in the Interest Rate Cap Account pursuant to Section 5.02(f)(iv)
      hereof.

     

    (m) The
      Depositor shall cause the Trustee to enter into the Deferred Interest Cap
      Agreements. The Trustee’s rights to receive certain proceeds of each Deferred
      Interest Cap Agreement as provided in each Deferred Interest Cap Agreement
      shall
      be rights of the Trustee under this Agreement, shall be an asset of the Class
      4-A1 Grantor Trust, Class 4-A1A Grantor Trust, Class 4-A2B Grantor Trust and
      Class 4-A3 Grantor Trust, as applicable, and shall not be an asset of the Trust
      Fund nor of any REMIC. The Trustee shall deposit any amounts received from
      time
      to time from the Cap Provider with respect to each Deferred Interest Cap
      Agreement into the applicable Deferred Interest Cap Account.

     

    Funds
      in
      the Interest Rate Cap Account and Deferred Interest Cap Accounts shall remain
      uninvested. For federal income tax purposes, each Class of Grantor Trust
      Certificates (other than any Exchange Class) and each of the Underlying 4-A1
      REMIC Certificates shall each evidence a beneficial interest in the Deferred
      Interest Cap Agreement, or portion thereof, related to such Class and the
      Deferred Interest Cap Account, or portion thereof, related to such Deferred
      Interest Cap Agreement. For federal income tax purposes, (i) each Underlying
      Interest, (ii) the related Deferred Interest Cap Agreement, (iii) the related
      Deferred Interest Cap Account and (iv) the related Grantor Trust Certificate
      Account shall be treated as comprising a “grantor trust” within the meaning of
      the Grantor Trust Provisions for the benefit of the holders of the related
      Grantor Trust Certificates.

     

    (n) On
      each
      Distribution Date, the Trustee, as holder of the Underlying Interests, shall
      deposit all distributions received on those Underlying Interests for that
      Distribution Date into the related Grantor Trust Certificate Account. On each
      Distribution Date, the Trustee will withdraw the Grantor Trust Available Funds
      for each Grantor Trust established pursuant to Section 5.02(m) and such amounts
      will be distributed in the following priority:

     

    (i) to
      the
      Cap Provider, interest, if any, on the Cap Deferred Interest Amount due to
      the
      Cap Provider from the applicable Grantor Trust Available Funds;

     

    (ii) to
      the
      related Grantor Trust Certificates, the Current Interest and any Carryforward
      Interest for such Distribution Date;

     

    
      
        
        

      

      
        -168-

        
          

        

      

      
        
        

      

    

     

    (iii) to
      the
      Cap Provider, the Cap Deferred Interest Amount for such Distribution Date from
      the applicable Grantor Trust Available Funds;

     

    (iv) to
      the
      related Grantor Trust Certificates, any principal distributions received from
      the Class 4-A1 Underlying Interest (in the case of the Class 4-A1 Certificates),
      Class 4-A2A Underlying Interest (in the case of the Class 4-A2A Certificates),
      Class 4-A2B Underlying Interest (in the case of the Class 4-A2B Certificates)
      and Class 4-A3 Underlying Interest (in the case of the Class 4-A3 Certificates),
      in reduction of the Class Principal Amount of such Grantor Trust Certificates,
      until the Class Principal Amount thereof has been reduced to zero;
      and

     

    (v) to
      the
      Cap Provider, any termination payments (as set forth in the related Deferred
      Interest Cap Agreement) from the applicable Grantor Trust Available
      Funds.

     

    (o) Any
      Net
      Negative Amortization on Mortgage Group I will be allocated to the related
      Senior Certificates and the related Subordinate Certificates (other than the
      Class M8-I and Class M9-I Certificates), pro rata, according to the Class
      Principal Amount of each such class of Senior Certificates or Apportioned
      Principal Balance of the related Subordinate Certificates, in reduction of
      the
      amount of interest otherwise distributable to such classes of Certificates;
      provided, however, that to the extent the amount of Net Negative Amortization
      allocated to such Certificates exceeds the amount of Current Interest accrued
      on
      the Related REMIC I-2 Interest of such Senior Certificates or Apportioned
      Principal Balance thereof, in the case of the related Subordinate Certificates
      (other than the Class M8-I and Class M9-I Certificates), then such excess Net
      Negative Amortization shall be allocated to the Class X-I to the extent payments
      would otherwise be made to the Class X-I Certificates in respect of the
      Uncertificated Class X-I Interest, and then, if necessary, among such related
      Certificates (other than the Class M8-I and Class M9-I Certificates) in
      proportion to, and up to, the amount of any remaining interest otherwise
      distributable on the Related REMIC I-2 Interest of such related Certificates.
      

     

    Any
      Net
      Negative Amortization on Mortgage Group II will be allocated to the related
      Senior Certificates (other than the Class 3-AX and Class 4-AX Certificates)
      and
      the related Subordinate Certificates, pro rata, according to the Class Principal
      Amount of each such class of Senior Certificates or Apportioned Principal
      Balance of the related Subordinate Certificates, in reduction of the amount
      of
      interest otherwise distributable to such classes of Certificates; provided,
      however, that to the extent the amount of Net Negative Amortization allocated
      to
      such Certificates exceeds the amount of Current Interest accrued on the REMIC
      regular interests represented by such Senior Certificates or Apportioned
      Principal Balance thereof, in the case of the related Subordinate Certificates,
      then such excess Net Negative Amortization shall be allocated to the Class
      X-II
      Certificates to the extent payments would otherwise be made to the Class X-II
      Certificates in respect of the Uncertificated Class X-II Interest, and then,
      if
      necessary, among such related Certificates in proportion to, and up to, the
      amount of any remaining interest otherwise distributable on the REMIC regular
      interests represented by such related Senior Certificates or Apportioned
      Principal Balance in the case of the related Subordinate Certificates.

     

    
      
        
        

      

      
        -169-

        
          

        

      

      
        
        

      

    

     

    The
      amount of the reduction of Current Interest distributable to each Class of
      Certificates attributable to Net Negative Amortization will be added to the
      Class Principal Amount of that Class (other than the Grantor Trust Certificates,
      unless there has been a default in payment under the related Deferred Interest
      Cap Agreement).

     

    (p) On
      each
      Distribution Date, an amount equal to the aggregate of the FPD Premiums and
      the
      EPD Premiums collected during the preceding Prepayment Period shall be
      distributed to the X-I Component of the Class X-I Certificates.

     

    Section
      5.03. Allocation
      of Losses.

     

    (a) On
      each
      Distribution Date, the aggregate Class Principal Amount of the Certificates
      shall be reduced by the amount of any Pool 1-2 Applied Loss Amount for such
      date, in the following order of priority:

     

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

     

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

     

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

     

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

     

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

     

    (vi) to
      the
      Class M4-I Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

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

     

    (viii) to
      the
      Class M2-I Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

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

     

    (x) concurrently,
      on the basis of Realized Losses on the related Mortgage Pool, (a) sequentially,
      first, to the Class 1-A3 Certificates, second, to the Class 1-A2 Certificates
      and third, to the Class 1-A1 Certificates, (b) sequentially, first, to the
      Class
      1C-A3 Certificates, second, to the Class 1C-A2 Certificates and third, to the
      Class 1C-A1 Certificates and (c) sequentially, first, to the Class 2-A3
      Certificates, second, to the Class 2-A2 Certificates and third, to the Class
      2-A1 Certificates, in each case until their respective Class Principal Amounts
      have been reduced to zero.

     

    
      
        
        

      

      
        -170-

        
          

        

      

      
        
        

      

    

     

    (b) On
      each
      Distribution Date, the aggregate Class Principal Amount of the Certificates
      shall be reduced by the amount of any Pool 3-4 Applied Loss Amount for such
      date, in the following order of priority:

     

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

     

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

     

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

     

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

     

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

     

    (vi) to
      the
      Class M4-II Certificates, until the Class Principal Amount of such Class has
      been reduced to zero;

     

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

     

    (viii) to
      the
      Class M2-II Certificates, until the Class Principal Amount of such Class has
      been reduced to zero;

     

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

     

    (x) (a)
      sequentially, first, to the Class 3-A2 Certificates and second, to the Class
      3-A1 Certificates and (b) sequentially, first, to the Class 4-A3 Underlying
      Interest, second, pro rata, to the Class 4-A2A Underlying Interest and Class
      4-A2B Underlying Interest and third, to the Class 4-A1 Underlying Interest,
      in
      each case until their respective Class Principal Amounts have been reduced
      to
      zero; provided, however, that any losses allocated to the Class 3-A2 and Class
      4-A3 Certificates will be covered by the Certificate Insurance
      Policy.

     

    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 (or the Master
      Servicer, with regard to the Mortgage Loans serviced by GMACM, GreenPoint and
      SunTrust) determines that any Scheduled Payments due during the related
      Collection Period (other than Balloon Payments) and relating to any of the
      Mortgage Loans have not been received, such Servicer (or the Master Servicer,
      with regard to the Mortgage Loans serviced by GMACM, GreenPoint and SunTrust)
      shall advance such amount to the extent provided in the related Servicing
      Agreement. If the applicable Servicer fails to remit Advances required to be
      made under the related Servicing Agreement, the Master Servicer shall itself
      make, or shall cause the successor Servicer to make, such Advance; provided,
      however, that required Advances remitted by the applicable 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 Deposit 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 Deposit Date to the extent
      that
      funds in the Certificate Account on such Deposit Date shall be less than
      payments to Certificateholders required to be made on the related Distribution
      Date. The Master Servicer and the Servicers 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.

     

    
      
        
        

      

      
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    (b) 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
      Deposit Date, the Trustee, solely in its capacity as successor master servicer
      pursuant to Section 6.14, shall, on or before the related Distribution Date,
      deposit in the Certificate Account an amount equal to the excess of (a) Advances
      required to be made by the Master Servicer or any Servicer that would have
      been
      deposited in such Certificate Account over (b) the amount of any Advance made
      by
      the Master Servicer or such Servicer with respect to such Distribution Date;
      provided, however, that the 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
      Certificate Account for Advances made by it pursuant to this Section 5.04 as
      if
      it were the Master Servicer.

     

    
      
        
        

      

      
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    Section
      5.05. Compensating
      Interest Payments.

     

    The
      Master Servicer shall not be responsible for making any Compensating Interest
      Payments not made by the Servicers (other than GMACM, GreenPoint and SunTrust).
      Any Compensating Interest Payments made by the Servicers shall be a component
      of
      the Interest Remittance Amount.

     

    Section
      5.06. Pool
      1-2 Basis Risk Reserve Fund and Pool 3-4 Basis Risk Reserve Fund.

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      (i)
      for the benefit of the holders of the Group I Certificates, a Pool 1-2 Basis
      Risk Reserve Fund and (ii) for the benefit of the holders of the Group II
      Certificates, a Pool 3-4 Basis Risk Reserve Fund. The Pool 1-2 Basis Risk
      Reserve Fund and Pool 3-4 Basis Risk Reserve Fund shall each 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.

     

    (b) [Reserved]

     

    (c) Funds
      in
      the Pool 1-2 Basis Risk Reserve Fund and Pool 3-4 Basis Risk Reserve Fund shall
      be invested in Eligible Investments. The Class X-I Certificates shall evidence
      ownership of the Pool 1-2 Basis Risk Reserve Fund and the Class X-II
      Certificates shall evidence ownership of the Pool 3-4 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 the investment of funds on deposit in
      the
      Pool 1-2 Basis Risk Reserve Fund or Pool 3-4 Basis Risk Reserve Fund, such
      funds
      shall remain uninvested.

     

    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 Certificates and the Swap Counterparty. The Trustee, as trustee
      of the Supplemental Interest Trust, shall establish an account (the
“Supplemental Interest Trust Account”). The Supplemental Interest Trust 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.

     

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

     

    
      
        
        

      

      
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    (c) Funds
      in
      the Supplemental Interest Trust 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). The S-X Component of the Class
      X-I Certificates shall evidence ownership of the Supplemental Interest Trust
      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-I Certificateholders shall be liable for any losses incurred on such
      investments. In the absence of written instructions from the Class X-I
      Certificateholders as to investment of funds on deposit in the Supplemental
      Interest Trust Account, such funds shall be invested in the First American
      Government Obligations Fund or comparable investment vehicle. Any amounts on
      deposit in the Supplemental Interest Trust Account in excess of the Supplemental
      Interest Trust Amount on any Distribution Date shall be held for distribution
      pursuant to Section 5.02(h) on the following Distribution Date.

     

    (d) Upon
      termination of the Trust Fund, any amounts remaining in the Supplemental
      Interest Trust Account shall be distributed pursuant to the priorities set
      forth
      in Sections 5.02(h).

     

    (e) [Reserved]

     

    (f) 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 Swap Agreement
      shall be deemed to be an obligation of the related Supplemental Interest
      Trust.

     

    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) and 5.02(d), and any Swap Termination
      Payment required pursuant to Sections 5.02(b) and 5.02(d), into the Supplemental
      Interest Trust Account, (B) to deposit any amounts required pursuant to Section
      5.07(b) into the Supplemental Interest Trust Account, (C) to pay any Net Swap
      Payment required pursuant to Section 5.02(h)(i) or Swap Termination Payment
      required pursuant to Sections 5.02(h)(ii) and (viii) to the Swap Counterparty
      and (D) to establish and maintain the Supplemental Interest Trust 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.

     

    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)(viii) (“Termination
      Receipts”) will be deposited in a segregated non-interest bearing account which
      shall be an Eligible Account established by the Trustee (the “Termination
      Receipts Account”) and (ii) any amounts received from a replacement Swap
      Counterparty (“Replacement Receipts”) will be deposited in a segregated
      non-interest bearing account which shall be an Eligible Account established
      by
      the Trustee (the “Replacement Receipts Account”). The Trustee shall invest, or
      cause to be invested, funds held in the Termination Receipts Account and the
      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 Swap Payment Date or such other date as
      directed by the Certificateholders. All such Eligible Investments will be made
      in the name of the 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 Termination Receipts Account or the Replacement
      Receipts Account, as applicable, and all losses, if any, shall be borne by
      the
      related account.

     

    
      
        
        

      

      
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    Unless
      otherwise permitted by the Rating Agencies as evidenced in a written
      confirmation, the Depositor shall arrange for replacement Swap Agreement(s)
      and
      the Trustee shall promptly, with the assistance and cooperation of the
      Depositor, use amounts on deposit in the Termination Receipts Account, if
      necessary, to enter into replacement Swap Agreement(s) 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 that such replacement
      Swap Agreement(s) will not result in the reduction or withdrawal of the rating
      of any outstanding Class of Certificates with respect to which it is a Rating
      Agency.

     

    Amounts
      on deposit in the 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-I Certificates. Neither
      the Termination Receipts Account nor the Replacement Receipts Account shall
      be
      the asset of any REMIC.

     

    Section
      5.10. Collateral
      Account.

     

    In
      the
      event that the Swap Counterparty is required to post collateral pursuant to
      a
      downgrade event under the Swap Agreement, the Trustee, on behalf of the Trust
      Fund, is hereby authorized to establish on the Closing Date, a Collateral
      Account for the deposit of such monies. Funds in the Collateral Account shall
      not be commingled with any other monies and shall not be invested. Funds in
      the
      Collateral Account will be administered pursuant to the Credit Support Annex
      of
      the Swap Agreement. The Collateral Account shall not be an asset of any REMIC.
      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 and distributed as all
      or
      a portion of such Net Swap Payment or Swap Termination Payment pursuant to
      Section 5.02.

     

    
      
        
        

      

      
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    Section
      5.11. Class
      AP-I, Class 3-AP and 4-AP Reserve Funds.

     

    (a) The
      Trustee shall establish and maintain three segregated trust accounts that are
      Eligible Accounts, which shall be titled “Class AP-I Reserve Fund, U.S. Bank
      National Association, as trustee, in trust for the registered holders of Lehman
      XS Trust Mortgage Pass-Through Certificates, Series 2007-15N” (the “Class AP-I
      Reserve Fund”), “Class 3-AP Reserve Fund, U.S. Bank National Association, as
      trustee, in trust for the registered holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-15N” (the “Class 3-AP Reserve Fund”) and
“Class 4-AP Reserve Fund, U.S. Bank National Association, as trustee, in trust
      for the registered holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-15N” (the “Class 4-AP Reserve Fund”). The Trustee
      shall credit each of the Class AP-I Reserve Fund, Class 3-AP Reserve Fund and
      the Class 4-AP Reserve Fund with $100 remitted for such purpose on the Closing
      Date to the Trustee by LBH. Funds deposited in the Class AP-I Reserve Fund,
      Class 3-AP Reserve Fund and the Class 4-AP Reserve Fund shall be held in trust
      by the Trustee on behalf of the Certificateholders until distributed pursuant
      to
      Section 5.11(c). 

     

    (b) Funds
      in
      each of the Class AP-I Reserve Fund, Class 3-AP Reserve Fund and the Class
      4-AP
      Reserve Fund shall remain uninvested.

     

    (c) Holder
      thereof shall direct the Trustee, in writing, as to investment of amounts on
      deposit therein. On the Distribution Date in September 2010, the Trustee shall
      distribute $100 from the Class AP-I Reserve Fund to the Holders of the Class
      AP-I Certificates. On the Distribution Date in September 2010, the Trustee
      shall
      distribute $100 from the Class 3-AP Reserve Fund to the Holders of the Class
      3-AP Certificates. On the Distribution Date in September 2010, the Trustee
      shall
      distribute $100 from the Class 4-AP Reserve Fund to the Holders of the Class
      4-AP Certificates. 

     

    (d) None
      of
      the assets of the Class P Reserve Funds shall be an asset of any of the
      REMICs.

     

    Section
      5.12. Class
      X-II Account and X-I Component Account.

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Class X-I and Class X-II Certificates, the
      X-I
      Component Account and the Class X-II Account, respectively. No later than the
      first date on which any NIM Securities are issued, the Depositor may deposit
      a
      dollar amount into the X-I Component Account and the Class X-II Account. The
      X-I
      Component Account and the Class X-II Account shall be Eligible Accounts, 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.

     

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

     

    
      
        
        

      

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

     

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

     

    Section
      5.13. 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 limited to the availability,
      timeliness and accuracy of the information provided to it by the Master
      Servicer.

     

    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 Guaranteed 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 Guaranteed 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 Guaranteed 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.

     

    
      
        
        

      

      
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    (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
      Guaranteed Certificates in respect of the Guaranteed Distributions (or other
      amounts payable pursuant to the second paragraph of subsection (a) above on
      the
      Guaranteed 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
      Guaranteed 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 Guaranteed 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.

     

    (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 Guaranteed
      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 Guaranteed 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 Guaranteed
      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 Guaranteed Certificates (B) any
      Applied Loss Amount allocated to the Guaranteed 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
      Guaranteed Certificates and the Certificate Insurer will be entitled to receive
      the related Reimbursement Amount as provided in Section 5.02.

     

    
      
        
        

      

      
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    (e) The
      Trustee acknowledges, and each Holder of a Guaranteed 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 as
      provided in Section 5.02. The Holders of each Guaranteed 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 Guaranteed 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 Guaranteed
      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.

     

    (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 Guaranteed Certificates. Each Holder of a Guaranteed 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 Guaranteed 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.

     

    
      
        
        

      

      
        -179-

        
          

        

      

      
        
        

      

    

     

    (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.

     

    (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, on their face,
      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, the Cap Providers, the Swap Counterparty
      or
      any Servicer 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 in a material manner the Trustee shall notify
      the Person providing such resolutions, certificates, statements, opinions,
      reports or other documents of the non-conformity, and if the instrument is
      not
      corrected to the Trustee’s satisfaction, the Trustee will provide notice thereof
      to the Certificateholders and any NIMS Insurer and will, at the expense of
      the
      Trust Fund, which expense shall be reasonable given the scope and nature of
      the
      required action, take such further action as directed by the Certificateholders
      and any NIMS Insurer.

     

    (c) 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:

     

    
      
        
        

      

      
        -180-

        
          

        

      

      
        
        

      

    

     

    (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
      consent or direction of the 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
      to remit funds or 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 address provided in Section 11.07, and such notice
      references the Holders of the Certificates and this Agreement or the Certificate
      Insurer under the Certificate Insurance Policy; 

     

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

     

    (iv) The
      Trustee shall not be responsible for the acts or omissions of  the
      Master Servicer or the Certificate Insurer.

     

    (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 and makes reference to this series of Certificate
      or
      this Agreement, (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, except
      with
      respect to the Trustee, 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.

     

    
      
        
        

      

      
        -181-

        
          

        

      

      
        
        

      

    

     

    (g) The
      Trustee shall not be held liable by reason of any insufficiency in any account
      (including without limitation the Collection Account and the Certificate
      Account) held by or on behalf of the Trustee 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 see to
      any
      recording, filing, or depositing of this Agreement or any agreement referred
      to
      herein or any financing statement or continuation statement evidencing a
      security interest, or to see to the maintenance of any such recording or filing
      or depositing or to any rerecording, refiling or redepositing of any thereof,
      (B) to see to any insurance, (C) to see to the payment or discharge of any
      tax,
      assessment, or other governmental charge or any lien or encumbrance of any
      kind
      owing with respect to, assessed or levied against, any part of the Trust Fund
      other than from funds available in the Collection Account or the Certificate
      Account, or (D) to confirm or verify the contents of any reports or certificates
      of the Master Servicer, any Servicer, the Swap Counterparty, the Cap Providers
      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.

     

    (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 other officers 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, 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), even if the Trustee has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action.

     

    (k) This
      Agreement shall not be construed to render the Trustee an agent of the Master
      Servicer or any Servicer.

     

    (l) For
      so
      long as the Depositor is subject to Exchange Act reporting requirements for
      the
      Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-15N transaction,
      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 provided by each such
      Subcontractor.

     

    (m) The
      Trustee shall notify the Sponsor, the Master Servicer and the Depositor within
      five (5) calendar days of knowledge thereof (i) of any legal proceedings pending
      against the Trustee, of the type described in Item 1117 (§ 229.1117) of
      Regulation AB, (ii) of any merger, consolidation or sale of substantially all
      of
      the assets of the Trustee and (iii) 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 S hereto or any of their affiliates. On or before March 1st
      of
      each year, the Depositor shall distribute the information in Exhibit S to the
      Trustee.

     

    
      
        
        

      

      
        -182-

        
          

        

      

      
        
        

      

    

     

    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;

     

    (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 or the Holders of at least a majority in Class Principal Amount
      (or
      Percentage Interest) of each Class of Certificates; 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 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;

     

    
      
        
        

      

      
        -183-

        
          

        

      

      
        
        

      

    

     

    (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 or any NIMS Insurer pursuant
      to
      the provisions of this Agreement, unless such Certificateholders 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 created hereby or the powers granted
      hereunder.

     

    Section
      6.03. Trustee
      Not Liable for Certificates.

     

    The
      Trustee makes no representations as to the validity or sufficiency of this
      Agreement, the Exchange Trust Agreement, the Swap Agreement, the Certificate
      Insurance Policy, the Interest Rate Cap Agreement, the Deferred Interest Cap
      Agreements or of the Certificates (other than the certificate of authentication
      on the Certificates) 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 or the Exchange Trust Agreement, the
      Swap
      Agreement, the Interest Rate Cap Agreement, the Deferred Interest Cap Agreements
      or the validity, priority, perfection or sufficiency of the security for the
      Certificates issued or intended to be issued hereunder. Except as otherwise
      provided herein, 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.

     

    
      
        
        

      

      
        -184-

        
          

        

      

      
        
        

      

    

     

    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 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. 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.

     

    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 Swap
      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, one copy to the
      Certificate Insurer and one copy to each of the Master Servicer, the Swap
      Counterparty 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 or 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) a tax is
      imposed or threatened with respect to the Trust Fund by any state in which
      the
      Trustee or the Trust Fund held by the Trustee is located, (iv) the 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 (v) the Trustee shall fail to
      provide the information required pursuant to Section 6.01(l) or (m) or Section
      9.25 hereof, 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 each of the Trustee so
      removed, the successor trustee, the Master Servicer, the Certificate Insurer,
      the Swap Counterparty and any NIMS Insurer.

     

    
      
        
        

      

      
        -185-

        
          

        

      

      
        
        

      

    

     

    (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 each of the Depositor, the Trustee, the Swap Counterparty, the
      Certificate Insurer, the Master Servicer and any NIMS Insurer; and the Depositor
      shall thereupon appoint a successor trustee in accordance with this Section
      mutually acceptable to the Depositor, the Master Servicer and any NIMS
      Insurer.

     

    (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 Master Servicer and any NIMS
      Insurer, the Swap Counterparty 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 the 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.

     

    
      
        
        

      

      
        -186-

        
          

        

      

      
        
        

      

    

     

    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. 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 Depositor and the Master Servicer, at least 15 calendar
      days prior to the effective date of such succession or appointment, of such
      succession or appointment and shall furnish to the Depositor in writing and
      in
      form and substance reasonably satisfactory to the Depositor, all information
      reasonably necessary for the Trustee to accurately and timely report, pursuant
      to Section 6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange
      Act (if such reports under the Exchange Act are required to be filed under
      the
      Exchange Act).

     

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

     

    (a) Notwithstanding
      any other provisions hereof, at any time, the Trustee, the Depositor or the
      Certificateholders evidencing more than 50% of the Class Principal Amount (or
      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 to make Advances pursuant to Section
      5.04 and 6.14 shall not be affected or assigned by the appointment of a
      co-trustee. Prior to the appointment hereunder of any co-trustee, separate
      trustee, or custodian pursuant to this Section 6.09, such Person shall enter
      into an agreement, in form and substance satisfactory to the Depositor, the
      Master Servicer and the Trustee, relating to the satisfaction of such Person
      of
      its reporting obligations under Regulation AB with respect to the Trust Fund.
      The Trustee shall not be responsible for any action or omission of any separate
      trustee, co-trustee or custodian. Notwithstanding the foregoing, if such
      co-custodian or co-trustee is determined to be a Servicing Function Participant,
      no such co-custodian or co-trustee shall be vested with any powers, rights
      and
      remedies under this Agreement unless such party has agreed to comply with all
      Regulation AB requirements set forth under this Agreement or the Custodial
      Agreement, as applicable.

     

    
      
        
        

      

      
        -187-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -188-

        
          

        

      

      
        
        

      

    

     

    (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 requested
      by
      the Trustee to be so appointed (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.

     

    (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 and the Depositor and (b) requiring any such Subcontractor
      to provide to the Trustee an assessment of compliance as provided in Section
      9.25(a) and an attestation report as provided in Section 9.25(b), which reports
      the Trustee shall include in its assessment and attestation reports. The Trustee
      shall indemnify the Depositor and the Master Servicer and any director, officer,
      employee or agent of each of the Depositor and the Master Servicer and hold
      them
      harmless against any and all claims, losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments,
      and any other costs, fees and expenses that any of them may sustain arising
      out
      of or based upon (i) the failure by the Trustee to give notice of the engagement
      of any Subcontractor or (ii) the failure by such Subcontractor engaged by the
      Trustee to provide the Trustee or the Master Servicer and the Depositor, either
      directly or indirectly through 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.

     

    
      
        
        

      

      
        -189-

        
          

        

      

      
        
        

      

    

     

    (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.

     

    Section
      6.11. Indemnification
      of Trustee.

     

    The
      Trustee 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 (it being understood that the
      negligence or willful misconduct of any Custodian shall not constitute
      negligence or willful misconduct on the part of the Trustee or its directors,
      officers, employees or agents for such purpose), arising out of, or in
      connection with, the acceptance or administration of the trusts created
      hereunder or under the Exchange Trust Agreement, or in connection with the
      performance of their duties hereunder, the Mortgage Loan Sale Agreement, the
      Interest Rate Cap Agreement, the Certificate Insurance Policy, Deferred Interest
      Cap Agreements, the Swap 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 and the Holders written notice thereof promptly after the
      Trustee shall have knowledge thereof; provided that failure to so notify shall
      not relieve the Trust Fund of the obligation to indemnify the Trustee; however,
      any reasonable delay by the Trustee to provide written notice to the Depositor,
      the Master Servicer and the Holders promptly after the Trustee shall have
      obtained knowledge of a claim shall not relieve the Trust Fund of the obligation
      to indemnify the Trustee under this Section 6.11;

     

    
      
        
        

      

      
        -190-

        
          

        

      

      
        
        

      

    

     

    (ii) while
      maintaining control over its own defense, the Trustee shall cooperate and
      consult fully with the Depositor 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, which consent shall not be unreasonably
      withheld.

     

    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 Custodian.

     

    The
      Trustee shall be entitled to (i) receive, and is authorized to pay itself,
      the
      amount of income or gain earned from investment of 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 Custodian shall receive
      compensation and reimbursement or payment of its expenses under the Custodial
      Agreement as provided therein; provided that, to the extent required under
      Section 6 or Section 20 of the Custodial Agreement, the Trustee is hereby
      authorized to pay such compensation or reimbursement from amounts on deposit
      in
      the Certificate Account prior to any distributions to Certificateholders
      pursuant to Section 5.02 hereof.

     

    Section
      6.13. Collection
      of Monies.

     

    Except
      as
      otherwise expressly provided in this Agreement, the Trustee 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 amount, 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”:

     

    
      
        
        

      

      
        -191-

        
          

        

      

      
        
        

      

    

     

    (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 any NIMS Insurer
      or
      Holders of not less than 25% of the Class Principal Amount of each Class of
      Certificates affected thereby; or

     

    (ii) 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 any NIMS Insurer or Holders of not less than 25% of the
      Class
      Principal Amount (or Class Notional Amount or Percentage Interest) of each
      Class
      of Certificates affected thereby; or

     

    (iii) 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

     

    (iv) 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

     

    (v) 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

     

    (vi) 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

     

    
      
        
        

      

      
        -192-

        
          

        

      

      
        
        

      

    

     

    (vii) 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 not less than 50% of the Aggregate Voting Interests
      of
      the Certificates or by any NIMS Insurer; or

     

    (viii) 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 not less than 50% of the Aggregate
      Voting Interests of the Certificates; or

     

    (ix) The
      Master Servicer has notice or actual knowledge that a 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 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 acquires such actual knowledge; or

     

    (x) After
      any
      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 Deposit Date, which failure continues unremedied
      for a period of one Business Day 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 (ix) 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 not
      less than 25% of the Class Principal Amount (or Class Notional Amount or
      Percentage Interest) of each Class of Certificates affected thereby or any
      NIMS
      Insurer, terminate all of the rights and obligations of the Master Servicer
      hereunder and in and to the Mortgage Loans and the proceeds thereof. If an
      Event
      of Default described in clause (x) 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 (x)
      of
      this Section 6.14, the Trustee, by notice in writing to the Master Servicer
      and
      the NIMS Insurer, 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, 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 the 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 for administration by it of all amounts which shall
      at
      the time be or should have been deposited by the defaulting Master Servicer
      in
      the Collection Account maintained by such defaulting Master Servicer and any
      other account or fund maintained with respect to the Certificates or thereafter
      received with respect to the Mortgage Loans. The Master Servicer being
      terminated (or the Trust Fund, if the Master Servicer is unable to fulfill
      its
      obligations hereunder) as a result of an Event of Default 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.

     

    
      
        
        

      

      
        -193-

        
          

        

      

      
        
        

      

    

     

    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 master servicing from
      the predecessor Master Servicer, including, without limitation, any costs or
      expenses associated with the complete transfer of all master servicing data
      and
      the completion, correction or manipulation of such 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.

     

    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(a)(i), (ii), (iii), (v), (vii), (ix) and (x) to the extent
      such
      reimbursement relates to the period prior to such Master Servicer’s
      termination.

     

    If
      any
      Event of Default shall occur of which a Responsible Officer of the Trustee
      has
      actual knowledge, the Trustee, shall promptly notify any NIMS Insurer, the
      Certificate Insurer, the Swap 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
      on the Deposit Date.

     

    
      
        
        

      

      
        -194-

        
          

        

      

      
        
        

      

    

     

    (b) On
      or
      after the time the Master Servicer (and the Trustee, if notice is sent by any
      NIMS Insurer) 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, within
      90 days of such notice unless another master servicer acceptable to the NIMS
      Insurer 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. 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 and the General Servicing Fee (subject to reduction for the
      Servicing Fee of GMACM, GreenPoint and SunTrust). 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 master servicing from the predecessor master
      servicer, including, without limitation, any costs or expenses associated with
      the complete transfer of all master servicing data and the completion,
      correction or manipulation of such master servicing data as may be required
      by
      the 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.

     

    (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 or if any NIMS Insurer so requests in writing
      to the Trustee, request the Depositor to appoint, petition a court of competent
      jurisdiction to appoint, or appoint on its own behalf any established housing
      and home finance institution servicer, master servicer, servicing or mortgage
      servicing institution acceptable to the NIMS Insurer having a net worth of
      not
      less than $15,000,000 and meeting such other standards for a successor master
      servicer as are set forth in this Agreement, as the successor to such Master
      Servicer in the assumption of all of the responsibilities, duties or liabilities
      of a master servicer, like the Master Servicer hereunder. 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 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 or such successor master servicer
      as required by this Agreement or (iv) restrictions imposed by any regulatory
      authority having jurisdiction over the Master Servicer. No 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 terminated Master Servicer to deliver, or
      any
      delay in delivering cash, documents or records to it, or (ii) the failure of
      the
      terminated Master Servicer to cooperate as required by this
      Agreement.

     

    
      
        
        

      

      
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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.

     

    
      
        
        

      

      
        -196-

        
          

        

      

      
        
        

      

    

     

    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 Certificate Insurer and to the
      Certificateholders at their respective addresses appearing on the Certificate
      Register, the Swap Counterparty and any NIMS Insurer. 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.

     

    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 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 or the Certificateholders.

     

    
      
        
        

      

      
        -197-

        
          

        

      

      
        
        

      

    

     

    Section
      6.20. Preparation
      of Tax Returns and Other Reports.

     

    (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 arising out of or based upon
      any
      error in any of such tax or information returns arising out of or based upon
      errors in the information provided by such Master Servicer.

     

    (b) The
      Trustee shall prepare and file with the 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 and the
      Depositor. The Trustee will file an IRS Form 8811 for all REMICs created
      hereunder. The Trustee shall have no obligation to verify the information in
      any
      Form 8811 or Form SS-4 filing.

     

    (c) Reports
      Filed on Form 10-D.

     

    (i) Within
      15
      days after each Distribution Date (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”)) during each year in which the Trust Fund is subject to
      Exchange Act reporting requirements, the Trustee shall prepare and file on
      behalf of the Trust Fund any Form 10-D required by the Exchange Act, in form
      and
      substance as required by the Exchange Act. The Trustee shall file each Form
      10-D
      with a copy of the related Distribution Date Statement attached thereto. Any
      disclosure in addition to the Distribution Date Statement that is required
      to be
      included on Form 10-D (“Additional Form 10-D Disclosure”) shall be determined
      and prepared by and at the direction of the Depositor pursuant to the following
      paragraph and the Trustee will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-D Disclosure, except
      as
      set forth in the next paragraph.

     

    
      
        
        

      

      
        -198-

        
          

        

      

      
        
        

      

    

     

    (ii) As
      set
      forth on Exhibit Q-1 hereto, within five calendar days after the related
      Distribution Date, (A) certain parties to the Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-15N transaction, as identified in Exhibit
      Q-1, shall provide to the Trustee, to the extent known by a Responsible Officer
      thereof, in EDGAR-compatible form (which may be Word or Excel documents easily
      convertible to EDGAR format), or in such other form as otherwise agreed upon
      by
      the Trustee and such party, the form and substance of any Additional Form 10-D
      Disclosure, if applicable, and included with such Additional Form 10-D
      Disclosure, an Additional Disclosure Notification in the form attached hereto
      as
      Exhibit Q-4, (B) the Trustee shall forward to the Depositor, the form and
      substance of the Additional Form 10-D Disclosure, and (C) the Depositor will
      approve, as to form and substance, or disapprove, as the case may be, the
      inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Sponsor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      Trustee in connection with including any Additional Form 10-D Disclosure on
      Form
      10-D pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-D, the 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
      senior 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 (f)(ii) of this
      Section 6.20. Promptly (but no later than one Business Day) after the deadline
      for filing such report with the Commission, the Trustee will make available
      on
      its internet website a final executed copy of each Form 10-D. Each party to
      this
      Agreement acknowledges that the performance by the Trustee of its duties under
      this Section 6.20(c) 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(c). 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, arrange for execution or file such Form 10-D, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    (d) Reports
      Filed on Form 10-K.

     

    (i) Unless
      and until a Form 15 suspension notice shall have been filed, on or prior to
      the
      90th calendar day after the end of each fiscal year of the Trust Fund or such
      earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”)
      (it being understood that the fiscal year for the Trust Fund ends on December
      31st of each year), commencing in March 2008, the Trustee shall prepare and
      file
      on behalf of the Trust Fund a Form 10-K, in form and substance as required
      by
      the Exchange Act. To facilitate the Trustee’s preparation of the Form 10-K, the
      Depositor shall provide to the Trustee, no later than 30 days prior to the
      10-K
      Filing Deadline, a template of the Form 10-K in an Edgar-compatible format.
      Each
      such Form 10-K shall include the following items, in each case to the extent
      they have been delivered to the Trustee within the applicable time frames set
      forth in this Agreement and in the Servicing Agreement and the Custodial
      Agreement, (A) an annual compliance statement for the Servicer, each Additional
      Servicer and the Master Servicer, as described under Section 9.26 hereof and
      in
      the Servicing Agreement, (B)(I) the annual reports on assessment of compliance
      with servicing criteria for the Servicer, the Custodian, each Additional
      Servicer, the Master Servicer, any Servicing Function Participant, the Paying
      Agent (if other than the Trustee) and the Trustee (each, a “Reporting
      Servicer”), as described under Section 9.25(a) hereof and in the Servicing
      Agreement and Custodial Agreement, and (II) if any Reporting Servicer’s report
      on assessment of compliance with servicing criteria described under Section
      9.25(a) hereof or in the Servicing Agreement or Custodial Agreement identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if any Reporting Servicer’s report on assessment of compliance
      with servicing criteria described under Section 9.25(a) hereof or in the
      Servicing Agreement or Custodial Agreement is not included as an exhibit to
      such
      Form 10-K, disclosure that such report is not included and an explanation why
      such report is not included, (C)(I) the registered public accounting firm
      attestation report for each Reporting Servicer, as described under Section
      9.25(b) hereof and in the Servicing Agreement and Custodial Agreement and (II)
      if any registered public accounting firm attestation report described under
      Section 9.25(b) hereof or in the Servicing Agreement or Custodial Agreement
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if any such registered public accounting firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (D) a Sarbanes-Oxley Certification. Any disclosure or information
      in addition to (A) through (D) above that is required to be included on Form
      10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and
      at the direction of the Depositor pursuant to the following paragraph and the
      Trustee will have no duty or liability for any failure hereunder to determine
      or
      prepare any Additional Form 10-K Disclosure, except as set forth in the next
      paragraph.

     

    
      
        
        

      

      
        -199-

        
          

        

      

      
        
        

      

    

     

    (ii) As
      set
      forth on Exhibit Q-2 hereto, no later than March 15 of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2008,
      (A) certain parties to the Lehman XS Trust Mortgage Pass-Through Certificates,
      Series 2007-15N transaction, as identified in Exhibit Q-2, shall provide to
      the
      Trustee, to the extent known by a Responsible Officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Additional Form 10-K Disclosure,
      if applicable, and include with such Additional Form 10-K Disclosure, an
      Additional Disclosure Notification in the form attached hereto as Exhibit Q-4,
      (B) the Trustee shall forward to the Depositor, the form and substance of the
      Additional Form 10-K Disclosure, and (C) the Depositor will approve, as to
      form
      and substance, or disapprove, as the case may be, the inclusion of the
      Additional Form 10-K Disclosure on Form 10-K. The Trustee has no duty under
      this
      Agreement to monitor or enforce the performance by the parties listed on Exhibit
      Q-2 of their duties under this paragraph or proactively solicit or procure
      from
      such parties any Form 10-K Disclosure Information. The Sponsor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Trustee in connection with including any Additional Form 10-K Disclosure on
      Form
      10-K pursuant to this paragraph.

     

    
      
        
        

      

      
        -200-

        
          

        

      

      
        
        

      

    

     

    (iii) 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 (f)
      of
      this Section 6.20. Promptly (but no later than one Business Day) after the
      deadline for filing such report with the Commission, the Trustee will make
      available on its internet website a final executed copy of each Form 10-K.
      The
      parties to this Agreement acknowledge 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-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(d), Section 9.25(a),
      Section 9.25(b) and Section 9.26. 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-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.

     

    (iv) Each
      Form
      10-K shall include the Sarbanes-Oxley Certification. The Trustee (including
      in
      its capacity as Paying Agent, if applicable), the Paying Agent (if other than
      the Trustee) and, if the Depositor is the Exchange Act Signing Party, the Master
      Servicer, shall, and the Trustee (including in its capacity as Paying Agent,
      if
      applicable), the Paying Agent (if other than the Trustee) and the Master
      Servicer (if applicable) shall cause any Servicing Function Participant engaged
      by it to, provide to the Person who signs the Sarbanes-Oxley Certification
      (the
“Certifying Person”), by March 15 of each year in which the Trust Fund is
      subject to the reporting requirements of the Exchange Act (each, a “Back-Up
      Certification”), in the form attached hereto as Exhibit T (or, in the case of
      (x) the Paying Agent (if other than the Trustee), such other form as agreed
      to
      between the Paying Agent and the Exchange Act Signing Party, and (y) the
      Trustee, the form attached hereto as Exhibit U), upon which the Certifying
      Person, the entity for which the Certifying Person acts as an officer, and
      such
      entity’s officers, directors and Affiliates (collectively with the Certifying
      Person, “Certification Parties”) can reasonably rely. The senior officer of the
      Exchange Act Signing Party shall serve as the Certifying Person on behalf of
      the
      Trust Fund. In the event the Master Servicer, the Trustee, the Paying Agent
      or
      any Servicing Function Participant engaged by such parties is terminated or
      resigns pursuant to the terms of this Agreement, such party or Servicing
      Function Participant shall provide a Back-Up Certification to the Certifying
      Person pursuant to this Section 6.20(d)(iv) with respect to the period of time
      it was subject to this Agreement.

     

    
      
        
        

      

      
        -201-

        
          

        

      

      
        
        

      

    

     

    (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.

     

    (e) Reports
      Filed on Form 8-K.

     

    (i) During
      any year in which the Trust Fund is subject to Exchange Act reports, within
      four
      Business Days after the occurrence of an event requiring disclosure on Form
      8-K
      (each such event, a “Reportable Event”) or such later date as may be required by
      the Commission, and if requested by the Depositor, the Trustee shall prepare
      and
      file on behalf of the Trust Fund any Form 8-K, as required by the Exchange
      Act;
      provided that the Depositor shall file the initial Form 8-K in connection with
      the issuance of the Certificates. Any disclosure or information related to
      a
      Reportable Event or that is otherwise required to be included on Form 8-K (“Form
      8-K Disclosure Information”) shall be determined and prepared by and at the
      direction of the Depositor pursuant to the following paragraphs 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, except as set forth in
      the
      next paragraph.

     

    (ii) As
      set
      forth on Exhibit Q-3 hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than Noon New York City time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (A) certain
      parties to the Lehman XS Trust Mortgage Pass-Through Certificates, Series
      2007-15N transaction, as identified in Exhibit Q-3, shall provide to the
      Trustee, to the extent known by a Responsible Officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Form 8-K Disclosure Information,
      if applicable, and include with such Form 8-K Disclosure Information, an
      Additional Disclosure Notification in the form attached hereto as Exhibit Q-4,
      (B) the Trustee shall forward to the Depositor, the form and substance of the
      Form 8-K Disclosure Information, and (C) the Depositor will approve, as to
      form
      and substance, or disapprove, as the case may be, the inclusion of the Form
      8-K
      Disclosure Information. The Trustee has no duty under this Agreement to monitor
      or enforce the performance by the parties listed on Exhibit Q-3 of their duties
      under this paragraph or proactively solicit or procure from such parties any
      Form 8-K Disclosure Information. The Sponsor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Trustee in connection
      with including any Form 8-K Disclosure Information on Form 8-K pursuant to
      this
      paragraph.

     

    
      
        
        

      

      
        -202-

        
          

        

      

      
        
        

      

    

     

    (iii) 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 Noon New York City time on the 4th Business Day
      after the Reportable Event, a senior 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 (f) of this Section 6.20. Promptly (but no later than one Business
      Day) after the deadline for filing such form with the Commission, the Trustee
      will, make available on its internet website a final executed copy of each
      Form
      8-K. 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 8-K is contingent upon such parties strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 6.20(e). 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 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, arrange for execution
      or file such Form 8-K, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    (f) 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, 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.

     

    
      
        
        

      

      
        -203-

        
          

        

      

      
        
        

      

    

     

    (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 the Servicer will cooperate to prepare and file a Form
      12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to Rule 12b-25 of the
      Exchange Act. In the case of Form 8-K, the 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 the Servicer and such parties will
      cooperate to prepare any necessary 8-K/A, 10-D/A or 10-K/A. Any Form 15, Form
      12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by a senior
      officer 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(f) 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, 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.

     

    (g) 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.

     

    (h) 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.

     

    (i) The
      Trustee shall promptly send copies of each periodic report filed on Form 8-K,
      Form 10-D or other applicable form, each annual report on Form 10-K, and each
      Form 15 Suspension Notification, together in each case with the acceptance
      confirmation receipt from EDGAR, to McKee Nelson LLP and to the Depositor (i)
      by
      e-mail to the e-mail addresses provided in writing by each of McKee Nelson
      LLP
      and the Depositor, respectively and (ii) to McKee Nelson LLP at 1919 M Street,
      N.W., Washington, D.C. 20036, and to the Depositor at the address specified
      in
      Section 11.07, in each case to the attention of a designated contact specified
      by each of McKee Nelson LLP and the Depositor, respectively.

     

    
      
        
        

      

      
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    Section
      6.21. Reporting
      Requirements of the Commission.

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 6.01,
      6.20, 9.25(a) and 9.25(b) of this Agreement is to facilitate compliance by
      the
      Sponsor, the Master Servicer and the Depositor with the provisions of Regulation
      AB, as such may be amended or clarified from time to time. Therefore, each
      of
      the parties agrees that (a) the obligations of the parties hereunder shall
      be
      interpreted in such a manner as to accomplish compliance with Regulation AB,
      (b)
      the parties’ obligations hereunder will be supplemented and modified as
      necessary to be consistent with any such amendments, interpretive advice or
      guidance, convention or consensus among active participants in the asset-backed
      securities markets, advice of counsel, or otherwise in respect of the
      requirements of Regulation AB and (c) the parties shall comply with reasonable
      requests made by the Sponsor, the Depositor, the Master Servicer or the Trustee
      for delivery of additional or different information as the Sponsor, the
      Depositor, the Master Servicer or the Trustee may determine in good faith is
      necessary to comply with the provisions of Regulation AB, provided that such
      information is available without unreasonable effort or expense and within
      such
      timeframe as may be reasonably requested.

     

    Section
      6.22. Indemnification
      by the Trustee.

     

    The
      Trustee (including in its capacity as Paying Agent) agrees to indemnify the
      Depositor 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
      engagement of any Subcontractor in violation of Section 6.01(l) or any failure
      by the Trustee to deliver when and as required the information pursuant to
      Section 6.01(m), the disclosure applicable to the Trustee pursuant to Sections
      6.20(c)(ii), 6.20(d)(ii) and 6.20(e)(ii), the certification applicable to the
      Trustee pursuant to Section 6.20(d)(iv) or any assessment of compliance pursuant
      to Section 9.25(a). This indemnification shall survive the termination of this
      Agreement or the termination of the Trustee hereunder.

     

    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.

     

    (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) shall terminate on the earliest
      of (i) the final payment or other liquidation of the last Mortgage Loan
      remaining in the Trust Fund and the disposition of all REO Property, (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; provided, however, that in no
      event
      shall the Trust Fund created hereby continue beyond the expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late Ambassador of the United States to the Court of St. James’s, living on the
      date hereof. Any termination of the Trust Fund shall be carried out in such
      a
      manner so that the termination of each REMIC included therein shall qualify
      as a
“qualified liquidation” under the REMIC Provisions.

     

    
      
        
        

      

      
        -205-

        
          

        

      

      
        
        

      

    

     

    (b) (b) For
      Pool
      1, Pool 1C and Pool 2 on any Distribution Date occurring on or after the Pool
      1-2 Initial Optional Termination Date, the Master Servicer, with the prior
      written consent of any NIMS Insurer and the Seller, which consent shall not
      be
      unreasonably withheld, has the option to cause each of the Stack I REMICs to
      adopt a plan of complete liquidation and to purchase the Pool 1, Pool 1C and
      Pool 2 Mortgage Loans and any REO Property related to Pool 1, Pool 1C and Pool
      2
      (the “Pool 1-2 Assets”) for a price equal to the Pool 1-2 Repurchase Price,
      pursuant to Section 7.03 hereof. Upon exercise of such option, the Pool 1-2
      Assets shall be sold to the Master Servicer at a price (the “Pool 1-2 Repurchase
      Price”) equal to the sum of (i) 100% of the unpaid principal balance of each
      Mortgage Loan in Pool 1, Pool 1C and Pool 2 on the day of such purchase plus
      interest accrued thereon at the Mortgage Rate with respect to such Mortgage
      Loan
      to the Due Date in the Collection Period immediately preceding the Distribution
      Date on which the proceeds of such sale will be distributed to the holders
      of
      the Group I Certificates, (ii) the fair market value of any REO Property related
      to the Pool 1, Pool 1C and Pool 2 Mortgage Loans and any other property related
      to the Pool 1, Pool 1C and Pool 2 Mortgage Loans 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),
      (iii)
      any unreimbursed Servicing Advances and other amounts to be reimbursed pursuant
      to the immediately following sentence related to the Pool 1, Pool 1C and Pool
      2
      Mortgage Loans and (iv) any Cap Termination Payment or Swap Termination Payment
      related to any of the Group I Certificates payable to the Cap Provider or Swap
      Counterparty, as applicable, as a result of a termination pursuant to this
      Section 7.01; 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 1-2 Repurchase Price shall also include an amount equal to
      the
      sum of (1) any accrued interest on the NIM Securities related to the Pool 1,
      Pool 1C and Pool 2 Mortgage Loans, (2) the unpaid principal balance of any
      such
      NIM Securities and (3) any other reimbursable expenses owed by the issuer of
      the
      NIM Securities (the “NIM Redemption Amount”); and provided, further, that if any
      Cap Termination Payment or Swap Termination Payment is payable to the Cap
      Provider or Swap Counterparty, as applicable, the Master Servicer may only
      exercise its option if the Cap Provider or Swap Counterparty, as applicable,
      does not object thereto in writing in a timely manner. The Master Servicer,
      the
      Servicer, the Trustee and the Custodian shall be reimbursed from the Repurchase
      Pool 1-2 Repurchase Price for any Mortgage Loan in Pool 1, Pool 1C and Pool
      2 or
      related REO Property for any Advances made or other amounts advanced with
      respect to the Mortgage Loans in Pool 1, Pool 1C and Pool 2 that are
      reimbursable to any such entity under this Agreement, the related Servicing
      Agreement or the Custodial Agreement, together with any accrued and unpaid
      compensation and any other amounts due to the Master Servicer or the Trustee
      hereunder or the applicable Servicer or the Custodian, to the extent such
      amounts relate to the Mortgage Loans in Pool 1, Pool 1C and Pool 2. If the
      Master Servicer fails to exercise such right, the NIMS Insurer will have the
      option to direct the Master Servicer to exercise such option so long as it
      is
      insuring the NIM Securities or it is owed any amounts in connection with its
      guaranty of the NIM Securities. Following receipt of such notice from the NIMS
      Insurer, the Master Servicer shall advise the NIMS Insurer whether it will
      exercise the option under this Section 7.01(b) for its own account and using
      its
      own funds, or whether it will exercise such option in its own name but for
      the
      NIMS Insurer’s account and utilizing the NIMS Insurer’s funds. If the Master
      Servicer exercises such option for the NIMS Insurer’s account, the NIMS Insurer
      will remit the Pool 1-2 Repurchase Price to the Master Servicer one Business
      Day
      prior to the day the Master Servicer is required to remit the Pool 1-2
      Repurchase Price to the Trustee. Following its receipt from the NIMS Insurer
      of
      the entire Pool 1-2 Repurchase Price and its subsequent remittance to the
      Trustee of the entire Pool 1-2 Repurchase Price, the Master Servicer will convey
      to the NIMS Insurer all of the rights it receives from the Trustee with respect
      to the related Mortgage Loans as a result of such remittance. Subject to Section
      7.03, the Trustee shall distribute the assets of the Trust Fund related to
      Pool
      1, Pool 1C and Pool 2 on the Distribution Date on which the repurchase occurred.
      If the NIMS Insurer directs the Master Servicer to exercise such right as
      described above, then (i) the Master Servicer shall cause each related REMIC
      to
      adopt a plan of complete liquidation as described above and (ii) the NIMS
      Insurer shall remit the Pool 1, Pool 1C and Pool 2 Repurchase Price in
      immediately available funds to the Master Servicer at least three Business
      Days
      prior to the applicable Distribution Date and, upon receipt of such funds from
      the NIMS Insurer, the Master Servicer shall promptly deposit such funds in
      the
      Collection Account. The NIMS Insurer shall be obligated to reimburse the Master
      Servicer and the Trustee for their reasonable out-of-pocket expenses incurred
      in
      connection with the purchase of the Pool 1, Pool 1C and Pool 2 Mortgage Loans
      and REO Property related to Pool 1, Pool 1C and Pool 2 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
      arising out of or based upon the Master Servicer’s or Trustee’s purchase of the
      Pool 1-2 Assets at the direction of the NIMS Insurer 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. Notwithstanding anything herein
      to
      the contrary, only an amount not to exceed to the Pool 1-2 Repurchase Price,
      reduced by the portion thereof consisting of any Swap Termination Payment (such
      portion, the “Swap Optional Termination Payment”), shall be made available for
      distribution to the Certificates. The Swap Optional Termination Payment shall
      be
      withdrawn by the Trustee from the Collection Account and remitted to the
      Supplemental Interest Trust for payment to the Swap Counterparty. The Swap
      Optional Termination Payment shall not be part of any REMIC and shall not be
      paid into any account which is part of any REMIC.

     

    
      
        
        

      

      
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    (ii) For
      Pool
      3 and Pool 4 on any Distribution Date occurring on or after the Pool 3-4 Initial
      Optional Termination Date, the Master Servicer, with the prior written consent
      of any NIMS Insurer and the Seller, which consent shall not be unreasonably
      withheld, has the option to cause each of the Stack II REMICs to adopt a plan
      of
      complete liquidation and to purchase the Pool 3 and Pool 4 Mortgage Loans and
      any REO Property related to Pool 3 and Pool 4 (the “Pool 3-4 Assets”) for a
      price equal to the Pool 3-4 Repurchase Price, pursuant to Section 7.03 hereof.
      Upon exercise of such option, the Pool 3-4 Assets shall be sold to the Master
      Servicer at a price (the “Pool 3-4 Repurchase Price”) equal to the sum of (i)
      100% of the unpaid principal balance of each Mortgage Loan in Pool 3 and Pool
      4
      on the day of such purchase plus interest accrued thereon at the Mortgage Rate
      with respect to such Mortgage Loan to the Due Date in the Collection Period
      immediately preceding the Distribution Date on which the proceeds of such sale
      will be distributed to the holders of the Group II Certificates, (ii) the fair
      market value of any REO Property related to the Pool 3 and Pool 4 Mortgage
      Loans
      and any other property related to the Pool 3 and Pool 4 Mortgage Loans 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) and (iii) any unreimbursed Servicing Advances and other amounts
      to be reimbursed pursuant to the immediately following sentence related to
      the
      Pool 3 and Pool 4 Mortgage Loans; 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 3-4 Repurchase Price shall also include
      an
      amount equal to the sum of (1) any accrued interest on the NIM Securities
      related to the Pool 3 and Pool 4 Mortgage Loans, (2) the unpaid principal
      balance of any such NIM Securities and (3) any other reimbursable expenses
      owed
      by the issuer of the NIM Securities (the “NIM Redemption Amount”); and provided,
      further, that if any Cap Termination payment is payable to the Cap Counterparty,
      the Master Servicer may only exercise its option if the Cap Counterparty does
      not object hereto in writing in a timely manner. The Master Servicer, the
      Servicer, the Trustee and the Custodian shall be reimbursed from the Repurchase
      Pool 3-4 Repurchase Price for any Mortgage Loan in Pool 3 and Pool 4 or related
      REO Property for any Advances made or other amounts advanced with respect to
      the
      Mortgage Loans in Pool 3 and Pool 4 that are reimbursable to any such entity
      under this Agreement, the related Servicing Agreement or the Custodial
      Agreement, together with any accrued and unpaid compensation and any other
      amounts due to the Master Servicer or the Trustee hereunder or the applicable
      Servicer or the Custodian, to the extent such amounts relate to the Mortgage
      Loans in Pool 3 and Pool 4. If the Master Servicer fails to exercise such right,
      the NIMS Insurer will have the option to direct the Master Servicer to exercise
      such option so long as it is insuring the NIM Securities or it is owed any
      amounts in connection with its guaranty of the NIM Securities. Following receipt
      of such notice from the NIMS Insurer, the Master Servicer shall advise the
      NIMS
      Insurer whether it will exercise the option under this Section 7.01(b) for
      its
      own account and using its own funds, or whether it will exercise such option
      in
      its own name but for the NIMS Insurer’s account and utilizing the NIMS Insurer’s
      funds. If the Master Servicer exercises such option for the NIMS Insurer’s
      account, the NIMS Insurer will remit the Pool 3-4 Repurchase Price to the Master
      Servicer one Business Day prior to the day the Master Servicer is required
      to
      remit the Pool 3-4 Repurchase Price to the Trustee. Following its receipt from
      the NIMS Insurer of the entire Pool 3-4 Repurchase Price and its subsequent
      remittance to the Trustee of the entire Pool 3-4 Repurchase Price, the Master
      Servicer will convey to the NIMS Insurer all of the rights it receives from
      the
      Trustee with respect to the related Mortgage Loans as a result of such
      remittance. The Certificate Insurer shall be reimbursed from the Pool 3-4
      Repurchase Price for any Reimbursement Amount due to the Certificate Insurer
      under the Commitment Letter or the Certificate Insurance Policy. Subject to
      Section 7.03, the Trustee shall distribute the assets of the Trust Fund related
      to Pool 3 and Pool 4 on the Distribution Date on which the repurchase occurred.
      If the NIMS Insurer directs the Master Servicer to exercise such right as
      described above, then (i) the Master Servicer shall cause each related REMIC
      to
      adopt a plan of complete liquidation as described above and (ii) the NIMS
      Insurer shall remit the Pool 3-4 Repurchase Price in immediately available
      funds
      to the Master Servicer at least three Business Days prior to the applicable
      Distribution Date and, upon receipt of such funds from the NIMS Insurer, the
      Master Servicer shall promptly deposit such funds in the Collection Account.
      The
      NIMS Insurer shall be obligated to reimburse the Master Servicer and the Trustee
      for their reasonable out-of-pocket expenses incurred in connection with the
      purchase of the Pool 3 and Pool 4 Mortgage Loans and REO Property related to
      Pool 3 and Pool 4 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 arising out of or based upon the Master
      Servicer’s or Trustee’s purchase of the Pool 3-4 Assets at the direction of the
      NIMS Insurer 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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    (iii) Upon
      the
      later of the exercise by the Master Servicer of the initial purchase option
      with
      respect to (a) Pool 1, Pool 1C and Pool 2 or (b) Pool 3 and Pool 4, the Trust
      Fund will be terminated.

     

    (iv) For
      purposes of the REMIC provisions, any NIM Redemption Amount or Cap Termination
      Payment shall not be treated as having been paid into any REMIC.

     

    Section
      7.02. Procedure
      Upon Termination of Trust Fund.

     

    (a) Notice
      of
      any termination pursuant to the provisions of Section 7.01 (or the retirement
      of
      Certificates related to Pool 1, Pool 1C, Pool 2 and Pool 3 or Pool 4, as
      applicable), specifying the Distribution Date upon which the final distribution
      shall be made, shall be given promptly by the Trustee by first class mail to
      the
      Certificateholders and any NIMS Insurer, mailed upon (x) no later than five
      Business Days after the Trustee has received notice from the Master Servicer
      of
      its intent to exercise its right to cause the termination of the Trust Fund
      pursuant to Section 7.01(b) (or the retirement of Certificates related to Pool
      1, Pool 1C, Pool 2 and Pool 3 or Pool 4, as applicable, to the extent that
      not
      all of the Mortgage Pools are terminated pursuant to such Section 7.01(b))
      or
      (y) upon final payment or other liquidation of the last Mortgage Loan or REO
      Property in the Trust Fund. Such notice shall specify (A) the Distribution
      Date
      upon which final distribution on the Certificates of all amounts required to
      be
      distributed to Certificateholders pursuant to Section 5.02 will be made upon
      presentation and surrender of the related 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 related Certificates at the office or agency of the Trustee
      therein specified. The Trustee shall give such notice to the Master Servicer,
      the Swap Counterparty and the Certificate Registrar at the time such notice
      is
      given to Holders of the related Certificates. The Master Servicer shall give
      notice to the Swap Counterparty on the date the Master Servicer elects its
      option pursuant to Section 7.01(b). Upon any termination pursuant to Section
      7.01(b), the duties of the Certificate Registrar with respect to the applicable
      Certificates 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
      related Certificates, subject to the Trustee’s obligation hereunder to hold all
      amounts payable to Certificateholders in trust without interest pending such
      payment.

     

    
      
        
        

      

      
        -208-

        
          

        

      

      
        
        

      

    

     

    (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 termination
      or liquidation of the Trust Fund (or a Mortgage Pool thereof) shall be
      reimbursed from proceeds received from the liquidation of the related Mortgage
      Pool or Mortgage Pools.

     

    Section
      7.03. Additional
      Trust Fund Termination Requirements.

     

    Any
      sale
      pursuant to Section 7.01(b) shall be effected in accordance with the following
      additional requirements, unless the Trustee seeks (at the request of the party
      exercising the option to repurchase all of the Mortgage Loans pursuant to
      Section 7.01(b)), and subsequently receives, an Opinion of Counsel (at the
      expense of such requesting party), addressed to the Trustee and any NIMS Insurer
      to the effect that the failure of the Trust Fund to comply with the requirements
      of this Section 7.03 will not (I) result in the imposition of taxes on any
      REMIC
      under the REMIC Provisions or (II) cause any REMIC established hereunder to
      fail
      to qualify as a REMIC at any time that any Certificates are
      outstanding:

     

    
      
        
        

      

      
        -209-

        
          

        

      

      
        
        

      

    

     

    (i) On
      the
      date specified for final payment of the Certificates, the Trustee shall make
      final distributions of principal and interest on the Certificates and shall
      pay
      any Swap Termination Payment owed to the Swap Counterparty on the related Swap
      Payment Date (to the extent not paid on previous Swap Payment Dates) in
      accordance with Section 5.02 and, after payment of, or provision for any
      outstanding expenses, distribute or credit, or cause to be distributed or
      credited, to the Holders of the Residual Certificates all cash on hand after
      such final payment (other than cash retained to meet claims), and the Trust
      Fund
      (and each related REMIC) shall terminate at that time;

     

    (ii) In
      the
      case of a sale of the assets of Pool 1, Pool 1C and Pool 2:

     

    (A) The
      Trustee shall sell all of the assets of Pool 1, Pool 1C and Pool 2 for cash
      and,
      within 90 days of such sale, shall distribute the proceeds of such sale to
      the
      Certificateholders in complete liquidation of each of the Stack I REMICs;
      and

     

    (B) The
      Trustee shall attach a statement to the final Federal income tax return for
      each
      of the Stack I REMICs stating that pursuant to Treasury Regulation § 1.860F-1,
      the first day of the 90-day liquidation period for each such REMIC was the
      date
      on which the Trustee sold such assets.

     

    (iii) In
      the
      case of a sale of the assets of Pool 3 and Pool 4:

     

    (A) The
      Trustee shall sell all of the assets of Pool 3 and Pool 4 for cash and, within
      90 days of such sale, shall distribute the proceeds of such sale to the
      Certificateholders in complete liquidation of each of the Stack II REMICs;
      and

     

    (B) The
      Trustee shall attach a statement to the final Federal income tax return for
      each
      of the Stack II REMICs stating that pursuant to Treasury Regulation § 1.860F-1,
      the first day of the 90-day liquidation period for each such REMIC was the
      date
      on which the Trustee sold such assets.

     

    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, General Servicing Fees, 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 NIM Insurer’s remittance of the
      purchase price for the Distressed Mortgage Loan to the Master Servicer for
      deposit into the Collection Account.

     

    
      
        
        

      

      
        -210-

        
          

        

      

      
        
        

      

    

     

    Section
      7.05. Grantor
      Trust Termination

     

    The
      Class
      4-A1 Grantor Trust, Class 4-A2A Grantor Trust, Class 4-A2B Grantor Trust and
      Class 4-A3B Grantor Trust each will terminate on the earlier of the date on
      which the Class Principal Amount of the related Grantor Trust Certificate is
      reduced to zero and the termination of this Agreement.

     

    ARTICLE
      VIII.

     

    RIGHTS
      OF CERTIFICATEHOLDERS

     

    Section
      8.01. Limitation
      on Rights of Holders

     

    (a) The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or take any action or proceeding
      in any court for a partition or winding up of this Trust Fund, nor otherwise
      affect the rights, obligations and liabilities of the parties hereto or any
      of
      them. Except as otherwise expressly provided herein, no Certificateholder,
      solely by virtue of its status as a Certificateholder, shall have any right
      to
      vote or in any manner otherwise control the Master Servicer or the operation
      and
      management of the Trust Fund, or the obligations of the parties hereto, nor
      shall anything herein set forth, or contained in the terms of the Certificates,
      be construed so as to constitute the Certificateholders from time to time as
      partners or members of an association, nor shall any Certificateholder be under
      any liability to any third person by reason of any action taken by the parties
      to this Agreement pursuant to any provision hereof.

     

    (b) No
      Certificateholder, solely by virtue of its status as Certificateholder, shall
      have any right by virtue or by availing of any provision of this Agreement
      to
      institute any suit, action or proceeding in equity or at law upon or under
      or
      with respect to this Agreement, unless such Holder previously shall have given
      to the Trustee a written notice of an Event of Default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      evidencing not less than 25% of the Class Principal Amount or Class Notional
      Amount (or Percentage Interest) of Certificates of each Class affected thereby
      shall have made written request upon the Trustee to institute such action,
      suit
      or proceeding in its own name as Trustee hereunder and shall have offered to
      the
      Trustee such 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 such Trustee
      during such sixty day period by such Certificateholders; it being understood
      and
      intended, and being expressly covenanted by each Certificateholder with every
      other Certificateholder and the Trustee, that no one or more Holders of
      Certificates shall have any right in any manner whatever by virtue or by
      availing of any provision of this Agreement to affect, disturb or prejudice
      the
      rights of the Holders of any other of such Certificates, or to obtain or seek
      to
      obtain priority over or preference to any other such Holder, or to enforce
      any
      right under this Agreement, except in the manner herein provided and for the
      benefit of all Certificateholders. For the protection and enforcement of the
      provisions of this Section, each and every Certificateholder and the Trustee
      shall be entitled to such relief as can be given either at law or in
      equity.

     

    
      
        
        

      

      
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    Section
      8.02. Access
      to List of Holders

     

    (a) If
      the
      Trustee is not acting as Certificate Registrar, the Certificate Registrar will
      furnish or cause to be furnished to the Trustee, within fifteen days after
      receipt by the Certificate Registrar of a request by the Trustee in writing,
      a
      list, in such form as the Trustee may reasonably require, of the names and
      addresses of the Certificateholders of each Class as of the most recent Record
      Date.

     

    (b) If
      three
      or more Holders or Certificate Owners (hereinafter referred to as “Applicants”)
      apply in writing to the 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,
      the
      Certificate Registrar and the Trustee, that none of the Depositor, the Master
      Servicer, 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 other of receipt of any such instrument
      by
      it, and shall promptly forward a copy of such instrument to the
      other.

     

    (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.

     

    
      
        
        

      

      
        -212-

        
          

        

      

      
        
        

      

    

     

    (c) The
      ownership of Certificates (whether or not such Certificates shall be overdue
      and
      notwithstanding any notation of ownership or other writing thereon made by
      anyone other than the Trustee) 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 shall bind every future Holder of the
      same Certificate and the Holder of every Certificate issued upon the
      registration of transfer thereof or in exchange therefor or in lieu thereof,
      in
      respect of anything done, omitted or suffered to be done by the Trustee or
      the
      Master Servicer in reliance thereon, whether or not notation of such action
      is
      made upon such Certificate.

     

    ARTICLE
      IX.

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

    BY
      THE MASTER SERVICER

     

    Section
      9.01. Duties
      of the Master Servicer

     

    The
      Certificateholders, by their purchase and acceptance of the Certificates,
      appoint Aurora Loan Services LLC, as Master Servicer. For and on behalf of
      the
      Depositor, the Trustee and the Certificateholders, the Master Servicer shall
      master service the Mortgage Loans in accordance with the provisions of this
      Agreement and the provisions of the Servicing Agreements.

     

    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 meet the requirements
      of Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans,
      and
      if the Master Servicer receives notice that such policy is or shall be
      cancelled, it shall immediately notify the NIMS Insurer. The Master Servicer
      shall provide the Trustee and any NIMS Insurer upon request, with a copy of
      such
      policy and fidelity bond. The Master Servicer shall (i) require each Servicer
      to
      maintain an Errors and Omissions Insurance Policy and the 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. The Fidelity
      Bond and Errors and Omissions Insurance Policy may be obtained and maintained
      in
      blanket form.

     

    
      
        
        

      

      
        -213-

        
          

        

      

      
        
        

      

    

     

    (b) The
      Master Servicer shall promptly report to the Trustee 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, 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 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. 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 a 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 a copy of its corporate parent’s
      audited financial statements on or prior to March 31 of each year, beginning
      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.

     

    
      
        
        

      

      
        -214-

        
          

        

      

      
        
        

      

    

     

    (a) The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and each Servicer shall have full power and authority (to
      the
      extent provided in the applicable Servicing Agreement) to do any and all things
      that it may deem necessary or desirable in connection with the servicing and
      administration of the Mortgage Loans, including but not limited to the power
      and
      authority (i) to execute and deliver, on behalf of the Certificateholders and
      the Trustee, customary consents or waivers and other instruments and documents,
      (ii) to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
      and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the applicable
      Servicing Agreement, as applicable; provided that the Master Servicer shall
      not
      take, or knowingly permit any Servicer to take, any action that is inconsistent
      with or prejudices the interests of the Trust Fund or the Certificateholders
      in
      any Mortgage Loan or the rights and interests of the Depositor, the Trustee,
      or
      the Certificateholders under this Agreement. The Master Servicer further is
      authorized and empowered by the Trustee, on behalf of the Certificateholders
      and
      the Trustee, in its own name or in the name of any Servicer (to the extent
      permitted in the applicable Servicing Agreement), when the Master Servicer
      or a
      Servicer, as the case may be, believes it is appropriate in its best judgment
      to
      register any Mortgage Loan with MERS, or cause the removal from the registration
      of any Mortgage Loan on the MERS system, to execute and deliver, on behalf
      of
      the Trustee and the Certificateholders or any of them, any and all instruments
      of assignment and other comparable instruments with respect to such assignment
      or re-recording of a Mortgage in the name of MERS, solely as nominee for the
      Trustee and its successors and assigns. The Master Servicer shall represent
      and
      protect the interests of the Trust Fund in the same manner as it protects its
      own interests in mortgage loans in its own portfolio in any claim, proceeding
      or
      litigation regarding a Mortgage Loan and shall not make or knowingly permit
      any
      Servicer to make any modification, waiver or amendment of any term of any
      Mortgage Loan that would cause 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 a Servicer, as the case
      may
      be, believes it appropriate in its best judgment and in accordance with Accepted
      Servicing Practices and the applicable Servicing Agreement, to execute and
      deliver, on behalf of itself and the Certificateholders, the Trustee or any
      of
      them, any and all instruments of satisfaction or cancellation, or of partial
      or
      full release or discharge and all other comparable instruments, with respect
      to
      the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
      shall execute, upon request, any powers of attorney furnished to it by the
      Master Servicer empowering the Master Servicer or such Servicer to execute
      and
      deliver instruments of satisfaction or cancellation, or of partial or full
      release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
      Property, and to appeal, prosecute or defend in any court action relating to
      the
      Mortgage Loans or the Mortgaged Property, in accordance with the applicable
      Servicing Agreement and this Agreement, and the Trustee shall execute and
      deliver such other documents, as the Master Servicer may request, necessary
      or
      appropriate to enable the Master Servicer to master service the Mortgage Loans
      and carry out its duties hereunder and to allow each Servicer to service the
      Mortgage Loans, in each case in accordance with Accepted Servicing Practices
      (and the Trustee shall have no liability for misuse of any such powers of
      attorney by the Master Servicer or the applicable Servicer). If the Master
      Servicer or the Trustee has been advised that it is likely that the laws of
      the
      state in which action is to be taken prohibit such action if taken in the name
      of the Trustee or that the Trustee would be adversely affected under the “doing
      business” or tax laws of such state if such action is taken in its name, then
      upon request of the Trustee the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section 6.09 hereof. In the
      performance of its duties hereunder, the Master Servicer shall be an independent
      contractor and shall not, except in those instances where it is taking action
      in
      the name of the Trustee, be deemed to be the agent of the Trustee.
      Notwithstanding anything to the contrary, the Master Servicer shall not without
      the Trustee’s written consent: (i) initiate any action, suit or proceeding
      solely under the Trustee’s name without indicating the Master Servicer’s
      representative capacity or (ii) take any action with the intent to cause, and
      which actually does cause, the Trustee to be registered to do business in any
      state.

     

    
      
        
        

      

      
        -215-

        
          

        

      

      
        
        

      

    

     

    (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 the Servicer to, in its discretion (i) waive any late
      payment charge (but not any Prepayment Premium, except as set forth below)
      and
      (ii) extend the due dates for payments due on a Mortgage Note. In the event
      of
      any extension described in clause (ii) above, the Master Servicer shall make
      or
      cause the applicable Servicer (if required by the related Servicing Agreement)
      to make Advances on the related Mortgage Loan in accordance with the provisions
      of Section 5.04 on the basis of the amortization schedule of such Mortgage
      Loan
      with modification thereof by reason of such extension. Notwithstanding anything
      to the contrary in this Agreement, the Master Servicer shall not make or
      knowingly permit any modification, waiver or amendment of any material term
      of
      any Mortgage Loan unless: (1) such Mortgage Loan is in default or default by
      the
      related Mortgagor is, in the reasonable judgment of the Master Servicer or
      the
      applicable Servicer, reasonably foreseeable, (2) in the case of a waiver of
      a
      Prepayment Premium (a) if such waiver would maximize recovery of total proceeds
      taking into account the value of such Prepayment Premium and the related
      Mortgage Loan or (b) if the prepayment is not the result of a refinancing by
      the
      Servicer or any of its Affiliates (i) the collection of the Prepayment Premium
      would be in violation of applicable laws 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 cause an
      Adverse REMIC Event.

     

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

     

    (a) Each
      Servicing Agreement requires the applicable Servicer to service the Mortgage
      Loans in accordance with the provisions thereof. References in this Agreement
      to
      actions taken or to be taken by the Master Servicer include actions taken or
      to
      be taken by a Servicer on behalf of the Master Servicer. Any fees, costs,
      expenses and other amounts payable to such Servicer shall be deducted from
      amounts remitted to the Master Servicer by the 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 applicable 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 such 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 such Servicer to
      take
      such action.

     

    
      
        
        

      

      
        -216-

        
          

        

      

      
        
        

      

    

     

    (c) The
      Master Servicer, for the benefit of the Trustee 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, the Trust Fund or the
      Certificateholders (determined in the case of the Guaranteed Certificates
      without regard to the Certificate Insurance Policy), 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 the 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 Servicing Agreements.
      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.

     

    
      
        
        

      

      
        -217-

        
          

        

      

      
        
        

      

    

     

    (b) Costs
      incurred by the Master Servicer or by the Servicers in effecting the timely
      payment of taxes and assessments on the properties subject to the Mortgage
      Loans
      may be added to the amount owing under the related Mortgage Note where the
      terms
      of the Mortgage Note so permit; provided, however, that the addition of any
      such
      cost shall not be taken into account for purposes of calculating the
      distributions to be made to Certificateholders. Such costs, to the extent that
      they are unanticipated, 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 a 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 related 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 such Servicer is unable
      to fulfill its obligations hereunder) for all costs associated with the transfer
      of servicing from the predecessor servicer, including without limitation, any
      costs or expenses associated with the complete transfer of all servicing data
      and the completion, correction or manipulation of such servicing data, as may
      be
      required by the Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the Master Servicer to service the
      Mortgage Loans properly and effectively.

     

    (b) If
      the
      Master Servicer acts as 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.

     

    (c) If
      the
      Master Servicer acts as a successor servicer, it 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.

     

    
      
        
        

      

      
        -218-

        
          

        

      

      
        
        

      

       

    

    Section
      9.08. Master
      Servicer Liable for Enforcement.

     

    Notwithstanding
      any Servicing Agreement, the Master Servicer shall remain obligated and liable
      to the Trustee and the Certificateholders in accordance with the provisions
      of
      this Agreement, to the extent of its obligations hereunder, without diminution
      of such obligation or liability by virtue of such Servicing Agreements. The
      Master Servicer shall use commercially reasonable efforts to ensure that the
      Mortgage Loans are serviced in accordance with the provisions of this Agreement
      and shall use commercially reasonable efforts to enforce the provisions of
      each
      Servicing Agreement for the benefit of the Certificateholders. The Master
      Servicer shall be entitled to enter into any agreement with the Servicers for
      indemnification of the Master Servicer and nothing contained in this Agreement
      shall be deemed to limit or modify such indemnification. Except as expressly
      set
      forth herein, the Master Servicer shall have no liability for the acts or
      omissions of any Servicer in the performance by such Servicer of its obligations
      under the related Servicing Agreement.

     

    Section
      9.09. No
      Contractual Relationship Between the Servicer, Any NIMS Insurer and Trustee
      or
      Depositor.

     

    Any
      Servicing Agreement and any other transactions or services relating to the
      Mortgage Loans involving a Servicer in its capacity as such and not as an
      originator shall be deemed to be between such Servicer, the Seller and the
      Master Servicer, and the Trustee 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.

     

    Section
      9.10. Assumption
      of Servicing Agreement by the 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, or a
      successor master servicer appointed by it in accordance with Section 6.14,
      shall
      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 hereby agrees to indemnify and hold
      harmless the Trustee from and against all costs, damages, expenses and
      liabilities (including reasonable attorneys’ fees) incurred by the Trustee as a
      result of such liability or obligations of the Master Servicer and in connection
      with the Trustee’s assumption (but not its performance, except to the extent
      that costs or liability of the Trustee 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.

     

    
      
        
        

      

      
        -219-

        
          

        

      

      
        
        

      

    

     

    (b) The
      Master Servicer that has been terminated shall, upon request of the Trustee
      but
      at the expense of such Master Servicer or at the expense of the Trust Fund,
      deliver to the assuming party all documents and records relating to each
      Servicing Agreement and the related Mortgage Loans and an accounting of amounts
      collected and held by it and otherwise use its best efforts to effect the
      orderly and efficient transfer of each Servicing Agreement to the assuming
      party.

     

    Section
      9.11. Due-on-Sale
      Clauses; Assumption Agreements; 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 use its reasonable best efforts to cause the Servicers to enforce
      such clauses in accordance with the applicable Servicing Agreement. If
      applicable law prohibits the enforcement of a due on sale clause or such clause
      is otherwise not enforced in accordance with the applicable Servicing Agreement,
      and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may
      be
      released from liability in accordance with the applicable Servicing
      Agreement.

     

    (b) The
      Master Servicer or the related Servicer, as the case may be, shall be entitled
      to approve a request from a Mortgagor for the granting of an easement thereon
      in
      favor of another Person or any alteration or demolition of the related Mortgaged
      Property if it has determined, exercising its good faith business judgment
      in
      the same manner as it would if it were the owner of the related Mortgage Loan,
      that the security for, and the timely and full collectability of, such Mortgage
      Loan would not be materially adversely affected thereby. Any fee collected
      by
      the Master Servicer or the related Servicer for processing such a request will
      be retained by the Master Servicer or such Servicer as additional servicing
      compensation.

     

    Section
      9.12. Release
      of Mortgage Files.

     

    (a) Upon
      (i)
      becoming aware of the payment in full of any Mortgage Loan 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
      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 Custodial Agreement) the Trustee or the 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 applicable 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 Custodian, shall promptly release
      the related Mortgage File to the Servicer and neither the Trustee nor the
      Custodian shall have any further responsibility with regard to such Mortgage
      File. Upon any such payment in full, the Master Servicer is authorized, and
      the
      applicable Servicer, to the extent such authority is provided for under the
      related Servicing Agreement, is authorized, to give, as agent for the Trustee,
      as the mortgagee under the Mortgage that secured the Mortgage Loan, an
      instrument of satisfaction (or assignment of mortgage without recourse)
      regarding the Mortgaged Property subject to the Mortgage, which instrument
      of
      satisfaction or assignment, as the case may be, shall be delivered to the Person
      or Persons entitled thereto against receipt therefor of such payment, it being
      understood and agreed that no expenses incurred in connection with such
      instrument of satisfaction or assignment, as the case may be, shall be
      chargeable to the Collection Account.

     

    
      
        
        

      

      
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    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of 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 the applicable Servicer
      (in form reasonably acceptable to the Trustee) and as are necessary to the
      prosecution of any such proceedings. The Trustee or the Custodian, shall, upon
      request of the Master Servicer, or of the applicable Servicer, and delivery
      to
      the Trustee or the Custodian, of a trust 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 applicable
      Servicer to return the Mortgage File to the Trustee or the Custodian, as
      applicable, when the need therefor by the Master Servicer or applicable Servicer
      no longer exists unless (i) the Mortgage Loan shall be liquidated, in which
      case, upon receipt of a certificate of a Servicing Officer similar to that
      hereinabove specified, the trust receipt shall be released by the Trustee or
      the
      Custodian, as applicable, to the Master Servicer (or the applicable Servicer)
      or
      (ii) the Mortgage File has been delivered directly or through a Servicer to
      an
      attorney, or to a public trustee or other public official as required by law,
      for purposes of initiating or pursuing legal action or other proceedings for
      the
      foreclosure of the Mortgaged Property either judicially or non-judicially,
      and
      the Master Servicer has delivered directly or through a Servicer to the Trustee
      a certificate of a Servicing Officer certifying as to the name and address
      of
      the Person to which such Mortgage File or such document was delivered and the
      purpose of such delivery.

     

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

     

    (a) The
      Master Servicer shall transmit, or 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 related Servicing Agreement to be
      delivered to the Trustee or the 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 a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan
      shall
      be held for the benefit of the Trustee and the Certificateholders subject to
      the
      Master Servicer’s right to retain or withdraw from the Collection Account the
      Master Servicing Fee, the General 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 Servicing Agreement. The Master Servicer shall,
      and shall (to the extent provided in the applicable Servicing Agreement) cause
      each Servicer to, provide access to information and documentation regarding
      the
      Mortgage Loans to the Trustee, its agents and accountants and any NIMS Insurer,
      at any time upon reasonable request and during normal business hours, and to
      Certificateholders that are savings and loan associations, banks or insurance
      companies, the Office of Thrift Supervision, the FDIC and the supervisory agents
      and examiners of such Office and Corporation or examiners of any other federal
      or state banking or insurance regulatory authority if so required by applicable
      regulations of the Office of Thrift Supervision or other regulatory authority,
      such access to be afforded without charge but only upon reasonable request
      in
      writing and during normal business hours at the offices of the Master Servicer
      designated by it. In fulfilling such a request the Master Servicer shall not
      be
      responsible for determining the sufficiency of such information. The Master
      Servicer shall afford the NIMS Insurer, and shall (to the extent provided in
      the
      Servicing Agreement) cause the Servicer to afford the NIMS Insurer, upon
      reasonable advance notice, during normal business hours access to all records
      related to their respective rights and obligations hereunder and access to
      officers of the Master Servicer and the Servicer responsible for such
      obligations.

     

    
      
        
        

      

      
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    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
      Servicer, or by such Servicer, for and on behalf of the Trustee and the
      Certificateholders and shall be and remain the sole and exclusive property
      of
      the Trustee; provided, however, that the Master Servicer and each Servicer
      shall
      be entitled to setoff against, and deduct from, any such funds any amounts
      that
      are properly due and payable to the Master Servicer or such Servicer under
      this
      Agreement or the applicable Servicing Agreement and shall be authorized to
      remit
      such funds to the 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 such Servicer or the Master Servicer in connection with the
      Mortgage Loans, whether as scheduled installments of principal and interest
      or
      as full or partial prepayments of principal or interest or as a Subsequent
      Recovery, Liquidation Proceeds or Insurance Proceeds or otherwise, and in all
      proceeds of the foregoing and proceeds of proceeds (but excluding any fee or
      other amounts to which such Servicer is entitled under the applicable Servicing
      Agreement, or the Master Servicer or the Depositor is entitled to hereunder);
      and the Master Servicer agrees that so long as the Mortgage Loans are assigned
      to and held by the Trustee or the 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.

     

    (d) The
      Master Servicer agrees that it shall not, and shall not authorize any Servicer
      to, create, incur or subject any Mortgage Loans, or any funds that are deposited
      in any Custodial Account, Escrow Account or the Collection Account, or any
      funds
      that otherwise are or may become due or payable to the Trustee, to any claim,
      lien, security interest, judgment, levy, writ of attachment or other
      encumbrance, nor assert by legal action or otherwise any claim or right of
      setoff against any Mortgage Loan or any funds collected on, or in connection
      with, a Mortgage Loan.

     

    
      
        
        

      

      
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    Section
      9.14. Representations
      and Warranties of the Master Servicer.

     

    (a) The
      Master Servicer hereby represents and warrants to the Depositor, the 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 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);

     

    (iv) the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

     

    (v) the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any certificate of formation or limited liability company agreement
      provision, or any other company restriction or any judgment, order, writ,
      injunction, decree, law or regulation that may materially and adversely affect
      its ability as Master Servicer to perform its obligations under this Agreement
      or that requires the consent of any third person to the execution of this
      Agreement or the performance by the Master Servicer of its obligations under
      this Agreement;

     

    
      
        
        

      

      
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    (vi) no
      litigation is pending or, to the best of the Master Servicer’s knowledge,
      threatened against the Master Servicer which would prohibit its entering into
      this Agreement or performing its obligations under this Agreement;

     

    (vii) the
      Master Servicer, or an Affiliate thereof the primary business of which is the
      servicing of conventional residential mortgage loans, is 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 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 arising out of or based upon 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 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.

     

    
      
        
        

      

      
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    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, any NIMS Insurer or the Trustee 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).

     

    (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.

     

    Any
      cause
      of action against the Depositor relating to or arising out of the breach of
      the
      representations and warranties made in Sections 2.03(a)(i) through (vi) hereof
      shall accrue upon discovery of such breach by either the Depositor or the Master
      Servicer or notice thereof by any one of such parties to the other
      parties.

     

    Section
      9.15. Opinion.

     

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller, the Certificate Insurer and the Trustee 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 Servicing Agreement, as applicable. It
      is
      understood and agreed that such insurance shall be with insurers meeting the
      eligibility requirements set forth in the applicable Servicing Agreement and
      that no earthquake or other additional insurance is to be required of any
      Mortgagor or to be maintained on property acquired in respect of a defaulted
      loan, other than pursuant to such applicable laws and regulations as shall
      at
      any time be in force and as shall require such additional
      insurance.

     

    Pursuant
      to Section 4.01, any amounts collected by the Master Servicer, or by any
      Servicer, under any insurance policies maintained pursuant to this Section
      9.16
      or the applicable 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 such 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.

     

    
      
        
        

      

      
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    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
      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 the Servicer and remitted to the Master
      Servicer) in respect of such policies or bonds shall be promptly deposited
      in
      the Collection Account or any 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 released to the related Mortgagor in accordance
      with the Master Servicer’s or the applicable 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 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 applicable 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 applicable Servicing Agreement, as
      applicable.

     

    (b) The
      Master Servicer agrees, to the extent provided in the related Servicing
      Agreement, to cause each Servicer to present, on behalf of the Trustee and
      the
      Certificateholders, claims to the insurer under any Primary Mortgage Insurance
      Policies and, in this regard, to take such reasonable action as shall be
      necessary to permit recovery under any Primary Mortgage Insurance Policies
      respecting defaulted Mortgage Loans. Pursuant to Section 4.01, any amounts
      collected by the Master Servicer or any Servicer under any Primary Mortgage
      Insurance Policies shall be deposited in the Collection Account, subject to
      withdrawal pursuant to Section 4.02.

     

    
      
        
        

      

      
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    Section
      9.19. Trustee
      To Retain Possession of Certain Insurance Policies and Documents.

     

    The
      Trustee (or the Custodian) 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 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 the applicable Servicer to deliver to the Trustee (or the 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 a Servicer from time to time.

     

    Section
      9.20. Realization
      Upon Defaulted Mortgage Loans.

     

    (a) The
      Master Servicer shall use its reasonable best efforts to, or to cause the
      applicable 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 the applicable Servicer to take, other actions
      in respect of a defaulted Mortgage Loan, which may include (i) accepting a
      short
      sale (a payoff of the Mortgage Loan for an amount less than the total amount
      contractually owed in order to facilitate a sale of the Mortgaged Property
      by
      the Mortgagor) or permitting a short refinancing (a payoff of the Mortgage
      Loan
      for an amount less than the total amount contractually owed in order to
      facilitate refinancing transactions by the Mortgagor not involving a sale of
      the
      Mortgaged Property), (ii) arranging for a repayment plan or (iii) agreeing
      to a
      modification in accordance with Section 9.04. In connection with such
      foreclosure or other conversion or action, the Master Servicer shall, consistent
      with Section 9.18, follow such practices and procedures as it shall reasonably
      determine to be in the best interests of the Trust Fund and the
      Certificateholders and which shall be consistent with its customary practices
      in
      performing its general mortgage servicing activities; provided that the Master
      Servicer shall not be liable in any respect hereunder if the Master Servicer
      is
      acting in connection with any such foreclosure or other conversion or action
      in
      a manner that is consistent with the provisions of this Agreement. Neither
      the
      Master Servicer, nor any Servicer, shall be required to expend its own funds
      or
      incur other reimbursable charges in connection with any foreclosure, or
      attempted foreclosure which is not completed, or toward the correction of any
      default on a related senior mortgage loan, or towards the restoration of any
      property unless it shall determine (i) that such restoration and/or foreclosure
      will increase the proceeds of liquidation of the Mortgage Loan to the
      Certificateholders after reimbursement to itself for such expenses or charges
      and (ii) that such expenses and charges will be recoverable to it through
      Liquidation Proceeds or Insurance Proceeds (as provided in Section
      4.02).

     

    (b) Notwithstanding
      the foregoing provisions of this Section 9.20 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Master Servicer
      has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Master Servicer
      shall not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trustee, the Trust
      Fund or the Certificateholders would be considered to hold title to, to be
      a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Master Servicer has obtained the prior written
      consent of the NIMS Insurer.

     

    
      
        
        

      

      
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    Section
      9.21. Compensation
      to the Master Servicer.

     

    The
      Master Servicer shall be entitled to withdraw from the Collection Account,
      subject to Section 5.05, the Master Servicing Fee and the General 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 or the General 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 and the General 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 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 related Servicing Agreement, to sell any REO
      Property as expeditiously as possible and in accordance with the provisions
      of
      this Agreement and such 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
      related 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 the Servicer, in connection with the operation
      of any REO Property in the Collection Account.

     

    
      
        
        

      

      
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    (c) The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Advances and other unreimbursed advances as well as any unpaid Master Servicing
      Fees or General Servicing Fees from Liquidation Proceeds received in connection
      with the final disposition of such REO Property; provided, that (without
      limitation of any other right of reimbursement that the Master Servicer or
      any
      Servicer shall have hereunder) any such unreimbursed Advances as well as any
      unpaid Master Servicing Fees, Servicing Fees or General Servicing Fees may
      be
      reimbursed or paid, as the case may be, prior to final disposition, out of
      any
      net rental income or other net amounts derived from such REO
      Property.

     

    (d) The
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the applicable Servicer as provided above,
      shall be deposited in the Collection Account on or prior to the Determination
      Date in the month following receipt thereof (and the Master Servicer shall
      provide written notice to the Trustee upon such deposit) and be remitted by
      wire
      transfer in immediately available funds to the Trustee for deposit into the
      Certificate Account on the next succeeding Deposit 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.

     

    (b) On
      or
      before March 1st of each year, the Depositor shall distribute the information
      in
      Exhibit S to the Master Servicer. If the Master Servicer shall become at any
      time an affiliate of any of the parties listed on Exhibit S hereto or any of
      their affiliates who have been identified to the Master Servicer in writing,
      the
      Master Servicer shall notify the Trustee, the Sponsor and the Depositor of
      such
      affiliation by March 15 of each year (but only to the extent that the Master
      Servicer has not previously notified the Trustee, the Sponsor or the Depositor
      of such affiliation.)

     

    (c) 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, in each case solely as reported to the Master Servicer
      by
      the applicable Servicer. The parties to this Agreement acknowledge that the
      performance by the Master Servicer of its duties under this Section 9.23(c)
      related to the timely preparation and delivery of such information is contingent
      upon each applicable Servicer strictly observing all requirements and deadlines
      in the performance of their duties under their related Servicing Agreements.
      The
      Master Servicer shall have no liability for any loss, expense, damage or claim
      arising out of or with respect to any failure to properly prepare and/or timely
      deliver all such information where such failure results from the Master
      Servicer’s inability or failure to obtain or receive, on a timely basis, any
      information from any Servicer needed to prepare or deliver such information,
      which failure does not result from the Master Servicer’s own negligence, bad
      faith or willful misconduct.

     

    
      
        
        

      

      
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    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 and any NIMS Insurer a statement, deemed to
      have
      been certified by a Servicing Officer, setting forth the status of the
      Collection Account maintained by the Master Servicer as of the close of business
      on the related Distribution Date, indicating that all distributions required
      by
      this Agreement to be made by the Master Servicer have been made (or if any
      required distribution has not been made by the Master Servicer, specifying
      the
      nature and status thereof) and showing, for the period covered by such
      statement, the aggregate of deposits into and withdrawals from the Collection
      Account maintained by the Master Servicer. Copies of such statement shall be
      provided by the Master Servicer, upon request, to the Depositor, Attention:
      Contract Finance, to 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)).

     

    (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
      Servicers 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) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2008,
      the Master Servicer, the Paying Agent (if other than the Trustee) and the
      Trustee, each at its own expense, shall furnish, and each such party shall
      cause
      any Servicing Function Participant engaged by it to furnish, each at its own
      expense, to the Sponsor, the Depositor, the Master Servicer, the Certificate
      Insurer and the Trustee, a report on an assessment of compliance with the
      Relevant Servicing Criteria that contains (A) a statement by such party of
      its
      responsibility for assessing compliance with the Relevant Servicing Criteria,
      (B) a statement that such party used the Servicing Criteria to assess compliance
      with the Relevant Servicing Criteria, (C) such party’s assessment of compliance
      with the Relevant Servicing Criteria as of and for the fiscal year covered
      by
      the Form 10-K required to be filed pursuant to Section 6.20(d), 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. If 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. The Master Servicer shall furnish to
      the Trustee a copy of each assessment of compliance provided to it by the
      Custodian pursuant to the Custodial Agreement and by each Servicer pursuant
      to
      the related Servicing Agreement, to the extent that the Trustee is not entitled
      to receive such assessments pursuant to each such applicable
      agreement.

     

    
      
        
        

      

      
        -230-

        
          

        

      

      
        
        

      

    

     

    (ii) When
      the
      Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee
      (or any Servicing Function Participant engaged by it) submit their assessments
      to the Trustee and the Master Servicer, such parties will also at such time
      include the assessment (and attestation pursuant to subsection (b) of this
      Section 9.25) of each Servicing Function Participant engaged by it and shall
      indicate to the 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 report on assessment of compliance, the Trustee shall
      confirm that the assessments, taken as a whole, address all applicable Servicing
      Criteria and taken individually address the Relevant Servicing Criteria (and
      disclose the inapplicability of the Servicing Criteria not determined to be
      Relevant Servicing Criteria) for each party as set forth on Exhibit R and on
      any
      similar exhibit set forth in the applicable Servicing Agreement in respect
      of
      any Servicer, and the Custodial Agreement in respect of the Custodian, and
      shall
      notify the Depositor of any exceptions. By way of clarification and for the
      avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively
      on Exhibit R to determine such applicable Servicing Criteria and Relevant
      Servicing Criteria, as the case may be, and shall not otherwise be reporting
      on
      the content of or sufficiency of such assessments.

     

    (b) Attestation
      Reports

     

    (i) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2008,
      the Master Servicer, the Paying Agent (if other than the Trustee) and the
      Trustee shall, at its own expense, cause a firm of independent public
      accountants (who may also render other services to the Master Servicer, Paying
      Agent or Trustee), which is a member of the American Institute of Certified
      Public Accountants, to furnish to the Sponsor, the Master Servicer, the
      Certificate Insurer, the Trustee and the Depositor a report to the effect that
      such firm attests to, and reports on, the assessment made by such asserting
      party pursuant to Section 6.01(l) above, which report shall be made in
      accordance with standards for attestation engagements issued or adopted by
      the
      PCAOB. In addition, on or before March 15th of each calendar year in which
      the
      Depositor is required to file reports with respect to the Trust Fund in
      accordance with the Exchange Act and the rules and regulations of the
      Commission, beginning with March 15, 2008, the Master Servicer, the Paying
      Agent
      (if other than the Trustee) and the Trustee shall cause any Subservicer or
      Subcontractor with respect to the Trustee to furnish to the Sponsor and the
      Depositor an assessment of compliance and attestation report. If 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.

     

    
      
        
        

      

      
        -231-

        
          

        

      

      
        
        

      

    

     

    (ii) Promptly
      after receipt of such report from the Master Servicer, the Paying Agent, the
      Trustee or any Servicing Function Participant engaged by such parties, the
      Trustee 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
      Trustee’s, the Paying Agent’s and the Master Servicer’s obligation to provide
      assessments of compliance and attestations under this Section 9.25 shall
      terminate upon the filing of a Form 15 suspension notice on behalf of the Trust
      Fund. After the occurrence of such event, and provided the Depositor is not
      otherwise provided with such reports or copies of such reports, the Trustee,
      the
      Paying Agent and the Master Servicer shall be obligated to provide a copy of
      such reports, by March 15 of each year, to the Depositor.

     

    Section
      9.26. Annual
      Statement of Compliance with Applicable Servicing Criteria.

     

    The
      Master Servicer shall deliver (and the Master Servicer shall cause any
      Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor,
      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.

     

    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. Notwithstanding the foregoing, as
      a
      condition to the succession to the Master Servicer under this Agreement by
      any
      Person (i) into which the Master Servicer may be merged or consolidated, or
      (ii)
      which may be appointed as a successor to the Master Servicer, the Master
      Servicer shall notify the Depositor, at least 15 calendar days prior to the
      effective date of such succession or appointment, of such succession or
      appointment and shall furnish to the Depositor in writing and in form and
      substance reasonably satisfactory to the Depositor, all information reasonably
      necessary for the 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).

     

    
      
        
        

      

      
        -232-

        
          

        

      

      
        
        

      

    

     

    Section
      9.28. Resignation
      of Master Servicer.

     

    Except
      as
      otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer shall
      not resign from the obligations and duties hereby imposed on it unless it or
      the
      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 and the NIMS Insurer. No such resignation shall become
      effective until a period of time not to exceed 90 days after the Trustee and
      the
      NIMS Insurer receives written notice thereof from the Master Servicer and until
      the Trustee shall have assumed, or a successor master servicer shall have been
      appointed by the Trustee, such successor master servicer being acceptable to
      the
      NIMS Insurer, 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.

     

    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 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 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 shall be given promptly by the Master Servicer
      to
      the Depositor and the Trustee. If, pursuant to any provision hereof, the duties
      of the Master Servicer are transferred to a successor master servicer, the
      entire amount of the Master Servicing Fees, the General Servicing Fees (except
      with respect to the Servicing Fee for GMACM, GreenPoint and SunTrust) 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.

     

    
      
        
        

      

      
        -233-

        
          

        

      

      
        
        

      

    

     

    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 an attestation report as provided for in Section 9.25(b)
      and
      an assessment of compliance as provided in Section 9.25(a), which reports the
      Master Servicer shall include in its attestation report and assessment of
      compliance.

     

    Section
      9.30. Limitation
      on Liability of the Master Servicer and Others.

     

    (a) The
      Master Servicer undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement.

     

    (b) No
      provision of this Agreement shall be construed to relieve the Master Servicer
      from liability for its own negligent action, its own negligent failure to act
      or
      its own willful misconduct; provided, however, that the duties and obligations
      of the Master Servicer shall be determined solely by the express provisions
      of
      this Agreement, the Master Servicer shall not be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement; no implied covenants or obligations shall be read into this Agreement
      against the Master Servicer and, in absence of bad faith on the part of the
      Master Servicer, the Master Servicer may conclusively rely, as to the truth
      of
      the statements and the correctness of the opinions expressed therein, upon
      any
      certificates or opinions furnished to the Master Servicer and conforming to
      the
      requirements of this Agreement.

     

    (c) None
      of
      the Master Servicer, the Seller, any NIMS Insurer or the Depositor or any of
      the
      directors, officers, employees or agents of any of them shall be under any
      liability to the Trustee or the Certificateholders for any action taken or
      for
      refraining from the taking of any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Master Servicer, the Seller, any NIMS Insurer or the
      Depositor or any such person against any liability that would otherwise be
      imposed by reason of willful misfeasance, bad faith or negligence in its
      performance of its duties or by reason of reckless disregard for its obligations
      and duties under this Agreement. The Master Servicer, the Seller, any NIMS
      Insurer and the Depositor and any director, officer, employee or agent of 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, any NIMS Insurer 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.

     

    
      
        
        

      

      
        -234-

        
          

        

      

      
        
        

      

    

     

    Section
      9.31. Indemnification;
      Third Party Claims.

     

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor, the Certificate
      Registrar, the Paying Agent, the Certificate Insurer and the Trustee (and each
      of their respective directors, officers, employees and agents) 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, the Certificate Registrar, the Paying Agent or the Trustee may sustain
      arising out of or based upon (a) any material breach by the Master Servicer
      of
      any of its obligations hereunder, including particularly its obligations to
      provide any report under Section 9.25(a), Section 9.25(b) or Section 9.26 or
      any
      information, data or materials required to be included in any Exchange Act
      report, provided, however, that in no event shall the Master Servicer be liable
      for any special, consequential, indirect or punitive damages pursuant to this
      Section 9.31, even if advised of the possibility of such damages, (b) any
      material misstatement or omission on any information, data, or materials
      provided by the Master Servicer, or (c) the negligence, bad faith or willful
      misconduct of the Master Servicer in connection with its performance hereunder.
      The Depositor, the Sponsor, the Certificate Insurer, the Certificate Registrar,
      the Paying Agent 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 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.

     

    Section
      9.32. Special
      Servicing of Delinquent Mortgage Loans.

     

    If
      permitted under the terms of any Servicing Agreement, the Seller may appoint,
      pursuant to the terms of such Servicing Agreement and with the written consent
      of the Depositor, the Master Servicer, the Trustee and the NIMS Insurer, a
      Special Servicer to special service any Distressed Mortgage Loans. Any
      applicable Termination Fee related to the termination of the Servicer and the
      appointment of any Special Servicer shall be paid by the Seller. Any fees paid
      to any such Special Servicer shall not exceed the applicable Servicing Fee
      Rate
      (or, with respect to the Mortgage Loans serviced by GreenPoint, on a monthly
      basis, the Servicing Fee).

     

    
      
        
        

      

      
        -235-

        
          

        

      

      
        
        

      

    

     

    Section
      9.33. Allocation
      to Related Mortgage Pool.

     

    Payments
      described in this Article IX made from the Trust Fund shall be allocated and
      limited to collections or other recoveries on the related Mortgage Pool or
      Mortgage Pools and shall be accounted for in such manner.

     

    ARTICLE
      X.

     

    REMIC
      ADMINISTRATION

     

    Section
      10.01. REMIC
      Administration.

     

    (a) REMIC
      elections as set forth in the Preliminary Statement and this Section 10.01
      shall
      be made on Forms 1066 or other appropriate federal tax or information return
      for
      the taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement and this Section
      10.01. 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 to take into account
      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 or any Net
      Funds
      Cap, (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) and (iii)
      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 and Grantor Trust, including but
      not limited to any professional fees or expenses related to audits or any
      administrative or judicial proceedings with respect to such REMIC or Grantor
      Trust that involve the Internal Revenue Service or state tax authorities, but
      only to the extent that (i) such expenses are ordinary or routine expenses,
      including expenses of a routine audit but not expenses of litigation (except
      as
      described in (ii)); or (ii) such expenses or liabilities (including taxes and
      penalties) are attributable to the negligence or willful misconduct of the
      Trustee in fulfilling its duties hereunder (including its duties as tax return
      preparer). The Trustee shall be entitled to reimbursement from the Certificate
      Account of the expenses to the extent (x) provided in clause (i) above and
      (y)
      with respect to each REMIC, such expenses are “unanticipated expenses” within
      the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii). Any reimbursement
      described in the preceding sentence shall be allocated and limited to
      collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

    (d) The
      Trustee shall prepare, the Trustee shall sign, and the Trustee will file, all
      of
      each REMIC’s federal and state tax and information returns as such REMIC’s
      direct representative. The Trustee shall prepare, sign and file all of the
      tax
      or information returns in respect of each Grantor Trust. The Trustee shall
      comply with such requirement by filing Form 1041. The expenses of preparing
      and
      filing such returns shall be borne by the Trustee.

     

    
      
        
        

      

      
        -236-

        
          

        

      

      
        
        

      

    

     

    (e) The
      Trustee or its designee shall perform on behalf of the Trust Fund and each
      REMIC
      and Grantor Trust all reporting and other tax compliance duties that are the
      responsibility of the Trust Fund or such REMIC or Grantor Trust under the Code,
      the REMIC Provisions, or other compliance guidance issued by the Internal
      Revenue Service or any state or local taxing authority. Among its other duties,
      if required by the Code, the REMIC Provisions, or other such guidance, the
      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.

     

    (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, 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, the NIMS Insurer and the Master
      Servicer have received an Opinion of Counsel (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      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 NIMS
      Insurer, the Master Servicer or their respective designees, in writing, with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to 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 NIMS Insurer or
      the
      Master Servicer 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 Collection
      Account, and shall reduce amounts otherwise payable to holders of regular
      interests in any such REMIC, as the case may be.

     

    (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 with respect to Qualifying Substitute
      Mortgage Loans.

     

    
      
        
        

      

      
        -237-

        
          

        

      

      
        
        

      

    

     

    (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 or any NIMS Insurer, the Trustee shall deliver
      an
      Officer’s Certificate to the Rating Agency and to the NIMS Insurer 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
      Class
      AP-I Certificates shall be neither regular interests nor residual interests
      in
      any REMIC created hereunder. It is the intention of the parties hereto that
      the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      that are distributable to the Class AP-I Certificates and the related Class
      P
      Reserve Fund shall constitute a grantor trust for federal income tax purposes.
      The Trustee, by its execution and delivery hereof, acknowledges the assignment
      to it of the rights to receive such Prepayment Premiums and such Class P Reserve
      Fund and declares that it holds and will hold such assets in trust for the
      exclusive use and benefit of all present and future Holders of the Class AP-I
      Certificates. The rights of Holders of the Class AP-I Certificates to receive
      distributions from the proceeds of such Prepayment Premiums and such Class
      P
      Reserve Fund, and all ownership interests of such Holders in and to such
      distributions, shall be as set forth in this Agreement.

     

    The
      Class
      3-AP Certificates shall be neither regular interests nor residual interests
      in
      any REMIC created hereunder. It is the intention of the parties hereto that
      the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      that are distributable to the Class 3-AP Certificates and the related Class
      P
      Reserve Fund shall constitute a grantor trust for federal income tax purposes.
      The Trustee, by its execution and delivery hereof, acknowledges the assignment
      to it of the rights to receive such Prepayment Premiums and such Class P Reserve
      Fund and declares that it holds and will hold such assets in trust for the
      exclusive use and benefit of all present and future Holders of the Class 3-AP
      Certificates. The rights of Holders of the Class 3-AP Certificates to receive
      distributions from the proceeds of such Prepayment Premiums and such Class
      P
      Reserve Fund, and all ownership interests of such Holders in and to such
      distributions, shall be as set forth in this Agreement.

     

    The
      Class
      4-AP Certificates shall be neither regular interests nor residual interests
      in
      any REMIC created hereunder. It is the intention of the parties hereto that
      the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      that are distributable to the Class 4-AP Certificates and the related Class
      P
      Reserve Fund shall constitute a grantor trust for federal income tax purposes.
      The Trustee, by its execution and delivery hereof, acknowledges the assignment
      to it of the rights to receive such Prepayment Premiums and such Class P Reserve
      Fund and declares that it holds and will hold such assets in trust for the
      exclusive use and benefit of all present and future Holders of the Class 4-AP
      Certificates. The rights of Holders of the Class 4-AP Certificates to receive
      distributions from the proceeds of such Prepayment Premiums and such Class
      P
      Reserve Fund, and all ownership interests of such Holders in and to such
      distributions, shall be as set forth in this Agreement.

     

    (m) The
      SWAP
      REMIC shall consist of all of the assets of the Trust Fund related to Pool
      1,
      Pool 1C and Pool 2 (other than (i) the Swap Agreement and the Supplemental
      Interest Trust, (ii) the Interest Rate Cap Agreement and the Interest Rate
      Cap
      Account, (iii) the Lower Tier Interests, (iv) the grantor trusts described
      in
      Section 10.01 hereof, (v) the Pool 1-2 Basis Risk Reserve Fund, (vi) the rights
      to receive Prepayment Premiums distributable to the Class P Certificates and
      the
      Class P Reserve Funds, (vii) the X-I Component Account, (viii) the assets of
      the
      Grantor Trusts established pursuant to Section 5.02(m) and (ix) the right to
      receive FPD Premiums and EPD Premiums. The SWAP REMIC Regular Interests shall
      be
      designated as the regular interests in the SWAP REMIC, and the Class SW-R
      Interest shall be designated as the sole class of residual interest in the
      SWAP
      REMIC. Each of the SWAP REMIC Regular Interests shall have the characteristics
      set forth in the Preliminary Statement.

     

    
      
        
        

      

      
        -238-

        
          

        

      

      
        
        

      

    

     

    REMIC
      I-1
      shall consist of the SWAP REMIC Regular Interests. The REMIC I-1 Regular
      Interests shall be designated as the regular interests in REMIC I-1, and the
      Class LTI1-R Interest shall be designated as the sole class of residual interest
      in REMIC I-1. Each of the REMIC I-1 Regular Interests shall have the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC I-2 shall be the REMIC I-1 Regular Interests. The REMIC I-2
      Regular Interests shall be designated as the regular interests in REMIC I-2
      and
      the Residual I Interest shall be designated as the sole class of residual
      interest in REMIC I-2. For federal income tax purposes, the interest rate on
      each REMIC I-2 Regular Interest (other than the Uncertificated Class X-I
      Interest and other than the Class LTI2-IO Interest) shall be subject to a cap
      equal to the REMIC Pass-Through Rate.

     

    REMIC
      II-AX shall consist of all of the assets of the Trust Fund relating to Pool
      3
      and Pool 4 (other than (i) the Lower Tier Interests, (ii) the grantor trusts
      described in Section 10.01 hereof, (iii) the Pool 3-4 Basis Risk Reserve Fund,
      (iv) the rights to receive Prepayment Premiums distributable to the Class P
      Certificates and the Class P Reserve Funds, (v) the Class X-II Account, (vi)
      the
      assets of the Grantor Trusts established pursuant to Section 5.02(m) and (vii)
      the right to receive FPD Premiums and EPD Premiums. The REMIC II-AX Regular
      Interests shall be designated as the regular interests in REMIC II-AX, and
      the
      Class LTIIAX-R Interest shall be designated as the sole class of residual
      interest in REMIC II-AX. Each of the REMIC II-AX Regular Interests shall have
      the characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC II-1 shall be the REMIC II-AX Regular Interests. The REMIC
      II-1
      Regular Interests shall be designated as the regular interests in REMIC II-1,
      and the Class LTII1-R Interest shall be designated as the sole class of residual
      interest in REMIC II-1. Each of the REMIC II-1 Regular Interests shall have
      the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC II-2 shall be the REMIC II-1 Regular Interests. The REMIC II-2
      Regular Interests shall be designated as the regular interests in REMIC II-2
      and
      the Class LTII2-R Interest shall be designated as the sole class of residual
      interest in REMIC II-2. Each of the REMIC II-2 Regular Interests shall have
      the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC II-3 shall be the REMIC II-2 Regular Interests. The REMIC II-3
      Regular Interests shall be designated as the regular interests in REMIC II-3
      and
      the Class LTII3-R Interest shall be designated as the sole class of residual
      interest in REMIC II-3. Each of the REMIC II-3 Regular Interests shall have
      the
      characteristics set forth in the Preliminary Statement.

     

    
      
        
        

      

      
        -239-

        
          

        

      

      
        
        

      

    

     

    The
      assets of REMIC II-4 shall be the REMIC II-3 Regular Interests. The REMIC II-4
      Regular Interests shall be designated as the regular interests in REMIC II-4
      and
      the Class LTII4-R Interest shall be designated as the sole class of residual
      interest in REMIC II-4. Each of the REMIC II-4 Regular Interests shall have
      the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC II-5 shall be the REMIC II-4 Regular Interests. The REMIC II-5
      Regular Interests shall be designated as the regular interests in REMIC II-5
      and
      the Class LTII5-R Interest shall be designated as the sole class of residual
      interest in REMIC II-5. Each of the REMIC II-5 Regular Interests shall have
      the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC II-6 shall be the REMIC II-5 Regular Interests. The REMIC II-6
      Regular Interests shall be designated as the regular interests in REMIC II-6
      and
      the Class LTII6-R Interest shall be designated as the sole class of residual
      interest in REMIC II-6. Each of the REMIC II-6 Regular Interests shall have
      the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC II-7 shall be the REMIC II-6 Regular Interests. The REMIC II-7
      Regular Interests shall be designated as the regular interests in REMIC II-7
      and
      the Class LTII7-R Interest shall be designated as the sole class of residual
      interest in REMIC II-7. Each of the REMIC II-7 Regular Interests shall have
      the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC II-8 shall be the REMIC II-7 Regular Interests. The REMIC II-8
      Regular Interests shall be designated as the regular interests in REMIC II-8
      and
      the Class LTII8-R Interest shall be designated as the sole class of residual
      interest in REMIC II-8. Each of the REMIC II-8 Regular Interests shall have
      the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC II-9 shall be the REMIC II-8 Regular Interests. The REMIC II-9
      Regular Interests shall be designated as the regular interests in REMIC II-9
      and
      the Class LTII9-R Interest shall be designated as the sole class of residual
      interest in REMIC II-9. Each of the REMIC II-9 Regular Interests shall have
      the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC II-10 shall be the REMIC II-9 Regular Interests. The REMIC
      II-10
      Regular Interests shall be designated as the regular interests in REMIC II-10
      and the Class LTII10-R Interest shall be designated as the sole class of
      residual interest in REMIC II-10. Each of the REMIC II-10 Regular Interests
      shall have the characteristics set forth in the Preliminary
      Statement.

     

    The
      assets of REMIC II-11 shall be the REMIC II-10 Regular Interests. The REMIC
      II-11 Regular Interests shall be designated as the regular interests in REMIC
      II-11 and the Residual II Interest shall be designated as the sole class of
      residual interest in REMIC II-11. Each of the REMIC II-11 Regular Interests
      shall have the characteristics set forth in the Preliminary
      Statement.

     

    
      
        
        

      

      
        -240-

        
          

        

      

      
        
        

      

    

     

    The
      beneficial ownership of the residual interest in each REMIC shall be represented
      by the Class R Certificate. None of any such interests shall have a principal
      balance or bear interest.

     

    (n) It
      is
      intended that the rights of each Class of Group I Certificates to receive
      payments in respect of Excess Interest shall be treated as a right in interest
      rate cap contracts written by the holders of the Class X-I Certificates in
      favor
      of the holders of each Class of the Group I Certificates and such shall be
      accounted for as property held separate and apart from the regular interests
      in
      REMIC I-2 held by the holders of the Group II Certificates. This provision
      is
      intended to satisfy the requirements of Treasury Regulations Section 1.860G-2(i)
      for the treatment of property rights coupled with REMIC interests to be
      separately respected and shall be interpreted consistently with such regulation.
      On each Distribution Date, to the extent that any of the Group I Certificates
      receive payments in respect of Excess Interest, such amounts, to the extent
      not
      derived from payments on the Interest Rate Cap Agreement, from payments on
      the
      Swap Agreement, from payments in respect of Class I-I Shortfalls or from
      payments in respect of Class X-I Shortfalls as set forth in Section 10.01(p),
      will be treated as distributed by REMIC I-2 to the Class X-I Certificates in
      respect of the Uncertificated Class X-I Interest pro
      rata
      and then
      paid to the relevant Class of Group I Certificates pursuant to the related
      interest cap agreement. The Trustee is hereby directed to perform its duties
      and
      obligations in accordance with this Section 10.01(n).

     

    It
      is
      intended that the beneficial owners of the Group I Certificates shall be treated
      as having entered into a notional principal contract with respect to the
      beneficial owners of the Class X-I Certificates. Pursuant to each such notional
      principal contract, all beneficial owners of the Group I Certificates shall
      be
      treated as having agreed to pay, on each Distribution Date, to the beneficial
      owners of the Class X-I Certificates an aggregate amount equal to the excess,
      if
      any, of (i) the amount payable on such Distribution Date on the Related REMIC
      I-2 Interest corresponding to such Class of Group I Certificates over (ii)
      the
      amount payable on such Class of Group I Certificates on such Distribution Date
      (such excess, a “Class I-I Shortfall”). A Class I-I Shortfall shall be allocated
      to each Class of Group I 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 Pass-Through Rate” for the applicable Net
      Funds Cap set forth in the definition thereof, exceeds the amount of interest
      payable on such Certificate for the related Accrual Period. A Class I-I
      Shortfall payable from principal collections shall be allocated to the most
      subordinate Class of Group I Certificates with an outstanding principal balance
      to the extent of such balance. In addition, pursuant to such notional principal
      contract, the beneficial owner of the Class X-I Certificates shall be treated
      as
      having agreed to make payments in respect of Excess Interest to the beneficial
      holders of the Group I Certificates in accordance with the terms of this
      Agreement. Any payments to the Group I Certificates in light of the foregoing
      shall not be payments with respect to a “regular interest” in a REMIC within the
      meaning of Code Section 860G(a)(1). However, any payment by beneficial owners
      of
      Group I Certificates of a Class I-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 REMIC I-2 and as having been paid by such beneficial
      owners to the Class X-I Certificates pursuant to the notional principal
      contract. Thus, each Group I Certificate and each Class X-I Certificate shall
      be
      treated as representing not only ownership of regular interests in REMIC I-2,
      but also ownership of an interest in (and obligations with respect to) a
      notional principal contract.

     

    
      
        
        

      

      
        -241-

        
          

        

      

      
        
        

      

    

     

    It
      is
      intended that the rights of each Class of Group II Certificates to receive
      payments in respect of Excess Interest shall be treated as a right in interest
      rate cap contracts written by the holders of the Class X-II Certificates in
      favor of the holders of each Class of Group II Certificates and such shall
      be
      accounted for as property held separate and apart from the regular interests
      in
      REMIC II-11 held by the holders of the Group II Certificates. This provision
      is
      intended to satisfy the requirements of Treasury Regulations Section 1.860G-2(i)
      for the treatment of property rights coupled with REMIC interests to be
      separately respected and shall be interpreted consistently with such regulation.
      On each Distribution Date, to the extent that any of the Group II Certificates
      receive payments in respect of Excess Interest, such amounts, to the extent
      not
      derived from payments in respect of Class I-II Shortfalls or from payments
      in
      respect of Class X-II Shortfalls as set forth in Section 10.01(p), will be
      treated as distributed by REMIC II-11 to the Class X-II Certificates in respect
      of the Uncertificated Class X-II Interest pro
      rata
      and then
      paid to the relevant Class Group II Certificates pursuant to the related
      interest cap agreement. The Trustee is hereby directed to perform its duties
      and
      obligations in accordance with this Section 10.01(n).

     

    It
      is
      intended that the beneficial owners of the Group II Senior Certificates shall
      be
      treated as having entered into a notional principal contract with respect to
      the
      beneficial owners of the Class X-II Certificates. Pursuant to each such notional
      principal contract, all beneficial owners of the Group II Senior Certificates
      shall be treated as having agreed to pay, on each Distribution Date, to the
      beneficial owners of the Class X-II Certificates an aggregate amount equal
      to
      the excess, if any, of (i) the amount payable on such Distribution Date on
      the
      Related REMIC II-2 Interest corresponding to such Class of Group II Senior
      Certificates over (ii) the amount payable on such Class Group II Senior
      Certificates on such Distribution Date (such excess, a “Class I-II Shortfall”).
      A Class I-II Shortfall shall be allocated to (i) each Class of Group II Senior
      Certificates (other than the Class 3-AX and Class 4-AX 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
      Pass-Through Rate” for the applicable Net Funds Cap set forth in the definition
      thereof, exceeds the amount of interest payable on such Certificate for the
      related Accrual Period, (ii) the
      Class
      3-AX Certificates to the extent that interest accrued on the Class LTII2-3AX
      Interest for the related Accrual Period exceeds the amount of interest payable
      on such Class of Certificates and (iii)
      the
      Class
      4-AX Certificates to the extent that interest accrued on the Class LTII2-4AX
      Interest for the related Accrual Period exceeds the amount of interest payable
      on such Class of Certificates.
      A Class
      I-II Shortfall payable from principal collections shall be allocated to the
      most
      subordinate Class of Group II Senior Certificates with an outstanding principal
      balance to the extent of such balance. In addition, pursuant to such notional
      principal contract, the beneficial owner of the Class X-II Certificates shall
      be
      treated as having agreed to make payments in respect of Excess Interest to
      the
      beneficial holders of the Group II Certificates in accordance with the terms
      of
      this Agreement. Any payments to the Group II Certificates in light of the
      foregoing shall not be payments with respect to a “regular interest” in a REMIC
      within the meaning of Code Section 860G(a)(1). However, any payment by
      beneficial owners of Group II Senior Certificates of a Class I-II Shortfall
      shall be treated for tax purposes as having been received by the beneficial
      owners of such Certificates in respect of their interests in REMIC II-11 and
      as
      having been paid by such beneficial owners to the Class X-II Certificates
      pursuant to the notional principal contract. Thus, each Group II Certificate
      and
      each Class X-II Certificate shall be treated as representing not only ownership
      of regular interests in REMIC II-11, but also ownership of an interest in a
      notional principal contract; and each Group II Senior Certificate and each
      Class
      X-II Certificate shall be treated as representing not only ownership of regular
      interests in REMIC II-11, but also obligations with respect to a notional
      principal contract. Notwithstanding the foregoing, the “Class I-II Shortfall”
with respect to the Class 4-A1 Underlying Interest shall be the aggregate Class
      I-II Shortfall with respect to each of the Underlying 4-A1 REMIC Certificates
      for such Distribution Date. The “Class I-II Shortfall” (i) with respect to each
      of the Underlying 4-A1 REMIC Certificates (other than the Underlying 4A1
      Interest) for each Distribution Date shall equal the excess, if any, of
(1)
      the
      amount distributable for such Distribution Date on the REMIC II-11 Interest
      that
      such Underlying 4-A1 REMIC Certificate represents over (2) the amount
      distributable on such Underlying 4-A1 REMIC Certificate for such Distribution
      Date (determined as the difference between the relative amounts distributable
      on
      two Exchange Classes or Exchangeable Classes that share the same Related
      Underlying REMIC Certificates except for such Underlying 4-A1 REMIC Certificate)
      (disregarding amounts treated as paid or received under any Deferred Interest
      Cap Agreement and disregarding amounts treated as received from the Master
      Servicer as described in Section 10.01(p)); and (ii) with respect to the
      Underlying 4A1 Interest, shall equal the excess, if any, of (1) the amount
      of
      interest distributable with respect to the Class LTII11-4A1 Interest on such
      Distribution Date over (2) the amount of interest that would have been
      distributable with respect to the Class LTII11-4A1 Interest on such Distribution
      Date by substituting “Pool 4 Net Funds Cap” for “Pool 4 Senior REMIC Cap” in its
      interest rate.

     

    
      
        
        

      

      
        -242-

        
          

        

      

      
        
        

      

    

     

    (o) The
      parties hereto intend that the Uncertificated Class X-I Interest, the
      uncertificated Class LTII2-IO Interest, the Interest Rate Cap Agreement, the
      Swap Agreement, the Supplemental Interest Trust, the right to receive payments
      in respect of Class I-I Shortfalls from the holders of the Group I Certificates,
      the Pool 1-2 Basis Risk Reserve Fund, the right to receive payments in respect
      of Class X-I Shortfalls as set forth in Section 10.01(p), the right to receive
      payments in respect of FPD Premiums and EPD Premiums with respect to Pool 1,
      Pool 1C and Pool 2 and the obligation of the holders of the Class X-I
      Certificates to pay amounts of Excess Interest to the holders of the Group
      I
      Certificates shall be treated as a “grantor trust” under the Code, and the
      provisions hereof shall be interpreted consistently with this intention. In
      furtherance of such intention, the Trustee shall (i) furnish or cause to be
      furnished to the holders of the Class X-I Certificates information regarding
      their allocable share, if any, of the income with respect to such grantor trust,
      (ii) file or cause to be filed with the Internal Revenue Service Form 1041
      (together with any necessary attachments) and such other forms as may be
      applicable and (iii) comply with such information reporting obligations with
      respect to payments from such grantor trust to the holders of Group I
      Certificates and Class X-I Certificates as may be applicable under the Code.
      The
      Trustee is hereby directed to perform its duties and obligations in accordance
      with this Section 10.01(o).

     

    The
      parties intend that all amounts paid to the Swap Counterparty under the Swap
      Agreement shall be deemed for federal income tax purposes to be paid by the
      Class X-I Certificates first,
      out of
      funds deemed received in respect of the Class LTII2-IO Interest, second,
      out of
      funds deemed received in respect of the Uncertificated Class X-I Interest and
      third,
      out of
      funds deemed received in respect of Class I-I Shortfalls described in Section
      10.01(n), and the provisions hereof shall be interpreted consistently with
      this
      intention.

     

    
      
        
        

      

      
        -243-

        
          

        

      

      
        
        

      

    

     

    The
      Supplemental Interest Trust shall be an “outside reserve fund” for federal
      income tax purposes and not an asset of any REMIC. Furthermore, the Holders
      of
      the Class X-I Certificates shall be the beneficial owners of the Supplemental
      Interest Trust for all federal income tax purposes, and shall be taxable on
      all
      income earned thereon.

     

    The
      parties hereto intend that the Uncertificated Class X-II Interest, the Pool
      3-4
      Basis Risk Reserve Fund, the right to receive payments in respect of Class
      X-II
      Shortfalls as set forth in Section 10.01(p), the right to receive payments
      in
      respect of Class I-II Shortfalls and the obligation of the holders of the Class
      X-II Certificates to pay amounts of Excess Interest to the holders of the Group
      II Certificates shall be treated as a “grantor trust” under the Code, and the
      provisions hereof shall be interpreted consistently with this intention. In
      furtherance of such intention, the Trustee shall (i) furnish or cause to be
      furnished to the holders of the Class X-II Certificates information regarding
      their allocable share, if any, of the income with respect to such grantor trust,
      (ii) file or cause to be filed with the Internal Revenue Service Form 1041
      (together with any necessary attachments) and such other forms as may be
      applicable and (iii) comply with such information reporting obligations with
      respect to payments from such grantor trust to the holders of Group II
      Certificates and holders of Class X-II Certificates as may be applicable under
      the Code. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(o).

     

    (p) The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC I-2 over the amounts payable with respect to the REMIC I-2 Regular
      Interests with respect to each Accrual Period shall, solely for purposes of
      the
      REMIC Provisions, be deemed earned by the Master Servicer as an additional
      fee,
      which amount shall be deemed paid by the Master Servicer to the holders of
      the
      Class X-I Certificates. It is intended that the rights of the holders of the
      Class X-I Certificates to receive such deemed payments (“Class X-I Shortfalls”)
      shall be treated as rights in respect of an interest rate cap contract written
      by the Master Servicer in favor of the holders of the Class X-I Certificates
      and
      shall be accounted for as property separate and apart from any REMIC regular
      interest represented by the Class X-I Certificates. This provision is intended
      to comply with the requirements of Treasury Regulations Section 1.860G-2(i)
      for
      the treatment of property rights coupled with regular interests to be separately
      respected and shall be interpreted consistently with such regulation. The
      holders of the Class X-I Certificates agree by their acceptance of such
      Certificates, that they will take tax reporting positions that allocate no
      more
      than a nominal value to the right to receive deemed payments in respect of
      Class
      X-I Shortfalls. The Master Servicer and Trustee shall agree to take tax
      reporting positions consistent with the allocations by the holders of the Class
      X-I Certificates of no more than a nominal value to the right to receive deemed
      payments in respect of Class X-I Shortfalls. For information reporting purposes,
      it will be assumed that such rights have no value. Each payment deemed made
      to
      the Class X-I Certificates in respect of Class X-I Shortfalls shall be treated
      for federal income tax purposes as having been paid to the Master Servicer
      as an
      additional servicing fee and then paid by the Master Servicer to the Holders
      of
      the Class X-I Certificates. The Trustee and Master Servicer agree and each
      holder or beneficial owner of a Class X-I Certificate agrees, by virtue of
      its
      acquisition of such Certificate or beneficial interest, to adopt tax reporting
      positions consistent with the payments deemed made to the Class X-I Certificates
      in respect of Class X-I Shortfalls as payments in respect of interest rate
      cap
      agreements written by the Master Servicer. The Trustee is hereby directed to
      perform its duties and obligations in accordance with this Section
      10.01(p).

     

    
      
        
        

      

      
        -244-

        
          

        

      

      
        
        

      

    

     

    The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC II-2 over the amounts payable with respect to the REMIC II-2
      Regular Interests with respect to each Accrual Period shall, solely for purposes
      of the REMIC Provisions, be deemed earned by the Master Servicer as an
      additional fee, which amount shall be deemed paid by the Master Servicer to
      the
      holders of the Class X-II Certificates. It is intended that the rights of the
      holders of the Class X-II Certificates to receive such deemed payments (“Class
      X-II Shortfalls”) shall be treated as rights in respect of an interest rate cap
      contract written by the Master Servicer in favor of the holders of the Class
      X-II Certificates and shall be accounted for as property separate and apart
      from
      the REMIC regular interests represented by the Class X-II Certificates. This
      provision is intended to comply with the requirements of Treasury Regulations
      Section 1.860G-2(i) for the treatment of property rights coupled with regular
      interests to be separately respected and shall be interpreted consistently
      with
      such regulation. The holders of the Class X-II Certificates agree by their
      acceptance of such Certificates, that they will take tax reporting positions
      that allocate no more than a nominal value to the right to receive deemed
      payments in respect of Class X-II Shortfalls. The Master Servicer and Trustee
      shall agree to take tax reporting positions consistent with the allocations
      by
      the holders of the Class X-II Certificates of no more than a nominal value
      to
      the right to receive deemed payments in respect of Class X-II Shortfalls. For
      information reporting purposes, it will be assumed that such rights have no
      value. Each payment deemed made to the Class X-II Certificates in respect of
      Class X-II Shortfalls shall be treated for federal income tax purposes as having
      been paid to the Master Servicer as an additional servicing fee and then paid
      by
      the Master Servicer to the Holders of the Class X-II Certificates. The Trustee
      and Master Servicer agree and each holder or beneficial owner of a Class X-II
      Certificate agrees, by virtue of its acquisition of such Certificate or
      beneficial interest, to adopt tax reporting positions consistent with the
      payments deemed made to the Class X-II Certificates in respect of Class X-II
      Shortfalls as payments in respect of interest rate cap agreements written by
      the
      Master Servicer. The Trustee is hereby directed to perform its duties and
      obligations in accordance with this Section 10.01(p).

     

    The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC II-4 over the amounts payable with respect to the REMIC II-4
      Regular Interests with respect to each Accrual Period shall, solely for purposes
      of the REMIC Provisions, be deemed earned by the Master Servicer as an
      additional fee, which amount shall be deemed paid by the Master Servicer for
      the
      benefit of the Underlying 4A1IA Interest. It is intended that the rights of
      the
      holders of the Underlying 4A1IA Interest to receive the benefit of such deemed
      payments (“Class 4-A1IA Shortfalls”) shall be treated as rights in respect of an
      interest rate cap contract written by the Master Servicer for the benefit of
      the
      Underlying 4A1IA Interest and shall be accounted for as property separate and
      apart from any REMIC regular interest represented by the Underlying 4A1IA
      Interest. This provision is intended to comply with the requirements of Treasury
      Regulations Section 1.860G-2(i) for the treatment of property rights coupled
      with regular interests to be separately respected and shall be interpreted
      consistently with such regulation. The holders of the Underlying 4A1IA Interest
      agree by their acceptance thereof, that they will take tax reporting positions
      that allocate no more than a nominal value to the right to receive the benefit
      of deemed payments in respect of Class 4-A1IA Shortfalls. The Master Servicer
      and Trustee shall agree to take tax reporting positions consistent with the
      allocations by the holders of the Underlying 4A1IA Interest of no more than
      a
      nominal value to the right to receive the benefit of deemed payments in respect
      of Class 4-A1IA Shortfalls. For information reporting purposes, it will be
      assumed that such rights have no value. Each payment deemed made for the benefit
      of the Underlying 4A1IA Interest in respect of Class 4-A1IA Shortfalls shall
      be
      treated for federal income tax purposes as having been paid to the Master
      Servicer as an additional servicing fee and then paid by the Master Servicer
      for
      the benefit of the Underlying 4A1IA Interest. The Trustee and Master Servicer
      agree and each holder or beneficial owner of a Underlying 4A1IA Interest agrees,
      by virtue of its acquisition of such Certificate or beneficial interest, to
      adopt tax reporting positions consistent with the payments deemed made for
      the
      benefit of the Underlying 4A1IA Interest in respect of Class 4-A1IA Shortfalls
      as payments in respect of interest rate cap agreements written by the Master
      Servicer. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(p).

     

    
      
        
        

      

      
        -245-

        
          

        

      

      
        
        

      

    

     

    The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC II-5 over the amounts payable with respect to the REMIC II-5
      Regular Interests with respect to each Accrual Period shall, solely for purposes
      of the REMIC Provisions, be deemed earned by the Master Servicer as an
      additional fee, which amount shall be deemed paid by the Master Servicer for
      the
      benefit of the Underlying 4A1IB Interest. It is intended that the rights of
      the
      holders of the Underlying 4A1IB Interest to receive the benefit of such deemed
      payments (“Class 4-A1IB Shortfalls”) shall be treated as rights in respect of an
      interest rate cap contract written by the Master Servicer for the benefit of
      the
      Underlying 4A1IB Interest and shall be accounted for as property separate and
      apart from any REMIC regular interest represented by the Underlying 4A1IB
      Interest. This provision is intended to comply with the requirements of Treasury
      Regulations Section 1.860G-2(i) for the treatment of property rights coupled
      with regular interests to be separately respected and shall be interpreted
      consistently with such regulation. The holders of the Underlying 4A1IB Interest
      agree by their acceptance thereof, that they will take tax reporting positions
      that allocate no more than a nominal value to the right to receive the benefit
      of deemed payments in respect of Class 4-A1IB Shortfalls. The Master Servicer
      and Trustee shall agree to take tax reporting positions consistent with the
      allocations by the holders of the Underlying 4A1IB Interest of no more than
      a
      nominal value to the right to receive the benefit of deemed payments in respect
      of Class 4-A1IB Shortfalls. For information reporting purposes, it will be
      assumed that such rights have no value. Each payment deemed made for the benefit
      of the Underlying 4A1IB Interest in respect of Class 4-A1IB Shortfalls shall
      be
      treated for federal income tax purposes as having been paid to the Master
      Servicer as an additional servicing fee and then paid by the Master Servicer
      for
      the benefit of the Underlying 4A1IB Interest. The Trustee and Master Servicer
      agree and each holder or beneficial owner of a Underlying 4A1IB Interest agrees,
      by virtue of its acquisition of such Certificate or beneficial interest, to
      adopt tax reporting positions consistent with the payments deemed made for
      the
      benefit of the Underlying 4A1IB Interest in respect of Class 4-A1IB Shortfalls
      as payments in respect of interest rate cap agreements written by the Master
      Servicer. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(p).

     

    The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC II-6 over the amounts payable with respect to the REMIC II-6
      Regular Interests with respect to each Accrual Period shall, solely for purposes
      of the REMIC Provisions, be deemed earned by the Master Servicer as an
      additional fee, which amount shall be deemed paid by the Master Servicer for
      the
      benefit of the Underlying 4A1IC Interest. It is intended that the rights of
      the
      holders of the Underlying 4A1IC Interest to receive the benefit of such deemed
      payments (“Class 4-A1IC Shortfalls”) shall be treated as rights in respect of an
      interest rate cap contract written by the Master Servicer for the benefit of
      the
      Underlying 4A1IC Interest and shall be accounted for as property separate and
      apart from any REMIC regular interest represented by the Underlying 4A1IC
      Interest. This provision is intended to comply with the requirements of Treasury
      Regulations Section 1.860G-2(i) for the treatment of property rights coupled
      with regular interests to be separately respected and shall be interpreted
      consistently with such regulation. The holders of the Underlying 4A1IC Interest
      agree by their acceptance thereof, that they will take tax reporting positions
      that allocate no more than a nominal value to the right to receive the benefit
      of deemed payments in respect of Class 4-A1IC Shortfalls. The Master Servicer
      and Trustee shall agree to take tax reporting positions consistent with the
      allocations by the holders of the Underlying 4A1IC Interest of no more than
      a
      nominal value to the right to receive the benefit of deemed payments in respect
      of Class 4-A1IC Shortfalls. For information reporting purposes, it will be
      assumed that such rights have no value. Each payment deemed made for the benefit
      of the Underlying 4A1IC Interest in respect of Class 4-A1IC Shortfalls shall
      be
      treated for federal income tax purposes as having been paid to the Master
      Servicer as an additional servicing fee and then paid by the Master Servicer
      for
      the benefit of the Underlying 4A1IC Interest. The Trustee and Master Servicer
      agree and each holder or beneficial owner of a Underlying 4A1IC Interest agrees,
      by virtue of its acquisition of such Certificate or beneficial interest, to
      adopt tax reporting positions consistent with the payments deemed made for
      the
      benefit of the Underlying 4A1IC Interest in respect of Class 4-A1IC Shortfalls
      as payments in respect of interest rate cap agreements written by the Master
      Servicer. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(p).

     

    
      
        
        

      

      
        -246-

        
          

        

      

      
        
        

      

    

     

    The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC II-7 over the amounts payable with respect to the REMIC II-7
      Regular Interests with respect to each Accrual Period shall, solely for purposes
      of the REMIC Provisions, be deemed earned by the Master Servicer as an
      additional fee, which amount shall be deemed paid by the Master Servicer for
      the
      benefit of the Underlying 4A1ID Interest. It is intended that the rights of
      the
      holders of the Underlying 4A1ID Interest to receive the benefit of such deemed
      payments (“Class 4-A1ID Shortfalls”) shall be treated as rights in respect of an
      interest rate cap contract written by the Master Servicer for the benefit of
      the
      Underlying 4A1ID Interest and shall be accounted for as property separate and
      apart from any REMIC regular interest represented by the Underlying 4A1ID
      Interest. This provision is intended to comply with the requirements of Treasury
      Regulations Section 1.860G-2(i) for the treatment of property rights coupled
      with regular interests to be separately respected and shall be interpreted
      consistently with such regulation. The holders of the Underlying 4A1ID Interest
      agree by their acceptance thereof, that they will take tax reporting positions
      that allocate no more than a nominal value to the right to receive the benefit
      of deemed payments in respect of Class 4-A1ID Shortfalls. The Master Servicer
      and Trustee shall agree to take tax reporting positions consistent with the
      allocations by the holders of the Underlying 4A1ID Interest of no more than
      a
      nominal value to the right to receive the benefit of deemed payments in respect
      of Class 4-A1ID Shortfalls. For information reporting purposes, it will be
      assumed that such rights have no value. Each payment deemed made for the benefit
      of the Underlying 4A1ID Interest in respect of Class 4-A1ID Shortfalls shall
      be
      treated for federal income tax purposes as having been paid to the Master
      Servicer as an additional servicing fee and then paid by the Master Servicer
      for
      the benefit of the Underlying 4A1ID Interest. The Trustee and Master Servicer
      agree and each holder or beneficial owner of a Underlying 4A1ID Interest agrees,
      by virtue of its acquisition of such Certificate or beneficial interest, to
      adopt tax reporting positions consistent with the payments deemed made for
      the
      benefit of the Underlying 4A1ID Interest in respect of Class 4-A1ID Shortfalls
      as payments in respect of interest rate cap agreements written by the Master
      Servicer. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(p).

     

    
      
        
        

      

      
        -247-

        
          

        

      

      
        
        

      

    

     

    The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC II-8 over the amounts payable with respect to the REMIC II-8
      Regular Interests with respect to each Accrual Period shall, solely for purposes
      of the REMIC Provisions, be deemed earned by the Master Servicer as an
      additional fee, which amount shall be deemed paid by the Master Servicer for
      the
      benefit of the Underlying 4A1IE Interest. It is intended that the rights of
      the
      holders of the Underlying 4A1IE Interest to receive the benefit of such deemed
      payments (“Class 4-A1IE Shortfalls”) shall be treated as rights in respect of an
      interest rate cap contract written by the Master Servicer for the benefit of
      the
      Underlying 4A1IE Interest and shall be accounted for as property separate and
      apart from any REMIC regular interest represented by the Underlying 4A1IE
      Interest. This provision is intended to comply with the requirements of Treasury
      Regulations Section 1.860G-2(i) for the treatment of property rights coupled
      with regular interests to be separately respected and shall be interpreted
      consistently with such regulation. The holders of the Underlying 4A1IE Interest
      agree by their acceptance thereof, that they will take tax reporting positions
      that allocate no more than a nominal value to the right to receive the benefit
      of deemed payments in respect of Class 4-A1IE Shortfalls. The Master Servicer
      and Trustee shall agree to take tax reporting positions consistent with the
      allocations by the holders of the Underlying 4A1IE Interest of no more than
      a
      nominal value to the right to receive the benefit of deemed payments in respect
      of Class 4-A1IE Shortfalls. For information reporting purposes, it will be
      assumed that such rights have no value. Each payment deemed made for the benefit
      of the Underlying 4A1IE Interest in respect of Class 4-A1IE Shortfalls shall
      be
      treated for federal income tax purposes as having been paid to the Master
      Servicer as an additional servicing fee and then paid by the Master Servicer
      for
      the benefit of the Underlying 4A1IE Interest. The Trustee and Master Servicer
      agree and each holder or beneficial owner of a Underlying 4A1IE Interest agrees,
      by virtue of its acquisition of such Certificate or beneficial interest, to
      adopt tax reporting positions consistent with the payments deemed made for
      the
      benefit of the Underlying 4A1IE Interest in respect of Class 4-A1IE Shortfalls
      as payments in respect of interest rate cap agreements written by the Master
      Servicer. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(p).

     

    The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC II-9 over the amounts payable with respect to the REMIC II-9
      Regular Interests with respect to each Accrual Period shall, solely for purposes
      of the REMIC Provisions, be deemed earned by the Master Servicer as an
      additional fee, which amount shall be deemed paid by the Master Servicer for
      the
      benefit of the Underlying 4A1IF Interest. It is intended that the rights of
      the
      holders of the Underlying 4A1IF Interest to receive the benefit of such deemed
      payments (“Class 4-A1IF Shortfalls”) shall be treated as rights in respect of an
      interest rate cap contract written by the Master Servicer for the benefit of
      the
      Underlying 4A1IF Interest and shall be accounted for as property separate and
      apart from any REMIC regular interest represented by the Underlying 4A1IF
      Interest. This provision is intended to comply with the requirements of Treasury
      Regulations Section 1.860G-2(i) for the treatment of property rights coupled
      with regular interests to be separately respected and shall be interpreted
      consistently with such regulation. The holders of the Underlying 4A1IF Interest
      agree by their acceptance thereof, that they will take tax reporting positions
      that allocate no more than a nominal value to the right to receive the benefit
      of deemed payments in respect of Class 4-A1IF Shortfalls. The Master Servicer
      and Trustee shall agree to take tax reporting positions consistent with the
      allocations by the holders of the Underlying 4A1IF Interest of no more than
      a
      nominal value to the right to receive the benefit of deemed payments in respect
      of Class 4-A1IF Shortfalls. For information reporting purposes, it will be
      assumed that such rights have no value. Each payment deemed made for the benefit
      of the Underlying 4A1IF Interest in respect of Class 4-A1IF Shortfalls shall
      be
      treated for federal income tax purposes as having been paid to the Master
      Servicer as an additional servicing fee and then paid by the Master Servicer
      for
      the benefit of the Underlying 4A1IF Interest. The Trustee and Master Servicer
      agree and each holder or beneficial owner of a Underlying 4A1IF Interest agrees,
      by virtue of its acquisition of such Certificate or beneficial interest, to
      adopt tax reporting positions consistent with the payments deemed made for
      the
      benefit of the Underlying 4A1IF Interest in respect of Class 4-A1IF Shortfalls
      as payments in respect of interest rate cap agreements written by the Master
      Servicer. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(p).

     

    
      
        
        

      

      
        -248-

        
          

        

      

      
        
        

      

    

     

    The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC II-10 over the amounts payable with respect to the REMIC II-10
      Regular Interests with respect to each Accrual Period shall, solely for purposes
      of the REMIC Provisions, be deemed earned by the Master Servicer as an
      additional fee, which amount shall be deemed paid by the Master Servicer for
      the
      benefit of the Underlying 4A1IG Interest. It is intended that the rights of
      the
      holders of the Underlying 4A1IG Interest to receive the benefit of such deemed
      payments (“Class 4-A1IG Shortfalls”) shall be treated as rights in respect of an
      interest rate cap contract written by the Master Servicer for the benefit of
      the
      Underlying 4A1IG Interest and shall be accounted for as property separate and
      apart from any REMIC regular interest represented by the Underlying 4A1IG
      Interest. This provision is intended to comply with the requirements of Treasury
      Regulations Section 1.860G-2(i) for the treatment of property rights coupled
      with regular interests to be separately respected and shall be interpreted
      consistently with such regulation. The holders of the Underlying 4A1IG Interest
      agree by their acceptance thereof, that they will take tax reporting positions
      that allocate no more than a nominal value to the right to receive the benefit
      of deemed payments in respect of Class 4-A1IG Shortfalls. The Master Servicer
      and Trustee shall agree to take tax reporting positions consistent with the
      allocations by the holders of the Underlying 4A1IG Interest of no more than
      a
      nominal value to the right to receive the benefit of deemed payments in respect
      of Class 4-A1IG Shortfalls. For information reporting purposes, it will be
      assumed that such rights have no value. Each payment deemed made for the benefit
      of the Underlying 4A1IG Interest in respect of Class 4-A1IG Shortfalls shall
      be
      treated for federal income tax purposes as having been paid to the Master
      Servicer as an additional servicing fee and then paid by the Master Servicer
      for
      the benefit of the Underlying 4A1IG Interest. The Trustee and Master Servicer
      agree and each holder or beneficial owner of a Underlying 4A1IG Interest agrees,
      by virtue of its acquisition of such Certificate or beneficial interest, to
      adopt tax reporting positions consistent with the payments deemed made for
      the
      benefit of the Underlying 4A1IG Interest in respect of Class 4-A1IG Shortfalls
      as payments in respect of interest rate cap agreements written by the Master
      Servicer. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(p).

     

    
      
        
        

      

      
        -249-

        
          

        

      

      
        
        

      

    

     

    The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC II-11 over the amounts payable with respect to the REMIC II-11
      Regular Interests with respect to each Accrual Period shall, solely for purposes
      of the REMIC Provisions, be deemed earned by the Master Servicer as an
      additional fee, which amount shall be deemed paid by the Master Servicer for
      the
      benefit of the Underlying 4A1IH Interest. It is intended that the rights of
      the
      holders of the Underlying 4A1IH Interest to receive the benefit of such deemed
      payments (“Class 4-A1IH Shortfalls”) shall be treated as rights in respect of an
      interest rate cap contract written by the Master Servicer for the benefit of
      the
      Underlying 4A1IH Interest and shall be accounted for as property separate and
      apart from any REMIC regular interest represented by the Underlying 4A1IH
      Interest. This provision is intended to comply with the requirements of Treasury
      Regulations Section 1.860G-2(i) for the treatment of property rights coupled
      with regular interests to be separately respected and shall be interpreted
      consistently with such regulation. The holders of the Underlying 4A1IH Interest
      agree by their acceptance thereof, that they will take tax reporting positions
      that allocate no more than a nominal value to the right to receive the benefit
      of deemed payments in respect of Class 4-A1IH Shortfalls. The Master Servicer
      and Trustee shall agree to take tax reporting positions consistent with the
      allocations by the holders of the Underlying 4A1IH Interest of no more than
      a
      nominal value to the right to receive the benefit of deemed payments in respect
      of Class 4-A1IH Shortfalls. For information reporting purposes, it will be
      assumed that such rights have no value. Each payment deemed made for the benefit
      of the Underlying 4A1IH Interest in respect of Class 4-A1IH Shortfalls shall
      be
      treated for federal income tax purposes as having been paid to the Master
      Servicer as an additional servicing fee and then paid by the Master Servicer
      for
      the benefit of the Underlying 4A1IH Interest. The Trustee and Master Servicer
      agree and each holder or beneficial owner of a Underlying 4A1IH Interest agrees,
      by virtue of its acquisition of such Certificate or beneficial interest, to
      adopt tax reporting positions consistent with the payments deemed made for
      the
      benefit of the Underlying 4A1IH Interest in respect of Class 4-A1IH Shortfalls
      as payments in respect of interest rate cap agreements written by the Master
      Servicer. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(p).

     

    (q) Payments
      in the nature of expenses, reimbursements and indemnifications made from the
      Trust Fund shall be allocated and limited to collections or other recoveries
      on
      the related Mortgage Pool or Mortgage Pools (if applicable) and shall be
      accounted for in such manner.

     

    (r) The
      Trustee shall treat the X-I Component Account as an outside reserve fund within
      the meaning of Treasury Regulation 1.860G-2(h) that is owned by the Holder
      of
      the Class C-I Certificates and that is not an asset of any REMIC. 

     

    The
      Trustee shall treat the Class X-II Account as an outside reserve fund within
      the
      meaning of Treasury Regulation 1.860G-2(h) that is owned by the Holder of the
      Class C-II Certificates and that is not an asset of any REMIC.

     

    (s) The
      SWAP REMIC:
      On each
      Distribution Date, the Trustee shall first pay or charge as an expense of the
      SWAP REMIC all expenses of the Trust Fund relating to Pool 1, Pool 1C and Pool
      2
      for such Distribution Date, other than any Net Swap Payment or Swap Termination
      Payment required to be made from the Trust Fund.

     

    
      
        
        

      

      
        -250-

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date the Trustee shall distribute the aggregate Interest Remittance
      Amount for Pool 1, Pool 1C and Pool 2 (net of expenses described in the
      preceding paragraph) with respect to each of the SWAP REMIC Regular Interests
      based on the interest rates for such interests set forth in the Preliminary
      Statement hereto.

     

    On
      each
      Distribution Date, the Trustee shall distribute the aggregate Principal
      Remittance Amount with respect to Pool 1, Pool 1C and Pool 2 with respect to
      the
      SWAP REMIC Regular Interests, first to the Class SW-Z Interest until its
      principal balance is reduced to zero, and then sequentially, to the other SWAP
      REMIC Regular Interests in ascending order of their numerical Class designation,
      and, with respect to each pair of Classes having the same numerical designation,
      in equal amounts to each such Class, until the principal balance of each such
      Class is reduced to zero. All losses on the Mortgage Loans in Pool 1, Pool
      1C
      and Pool 2 shall be allocated among the SWAP REMIC Regular Interests in the
      same
      manner that principal distributions are allocated. Increases in principal amount
      as a result of Subsequent Recoveries with respect to the Mortgage Loans in
      Pool
      1, Pool 1C and Pool 2 shall be allocated among the SWAP Regular Interests in
      the
      reverse fashion from the manner in which losses are allocated. Increases in
      principal amount as a result of Net Negative Amortization with respect to the
      Mortgage Loans in Pool 1, Pool 1C and Pool 2 for any Distribution Date shall
      be
      allocated among the SWAP REMIC Regular Interests, first to the Class SW-Z
      Interest up to an amount equal to the accrued interest thereon for such
      Distribution Date, and then sequentially, to the other SWAP REMIC Regular
      Interests in ascending order of their numerical Class designation, and, with
      respect to each pair of Classes having the same numerical designation, in equal
      amounts to each such Class, up to an amount equal to the accrued interest
      thereon for such Distribution Date. Any amounts remaining in the SWAP REMIC
      after the aforementioned distributions shall be distributed to the Class SW-R
      Interest.

     

    REMIC
      I-1:
      All
      payments received by REMIC I-1 with respect to the SWAP REMIC Regular Interests
      shall be paid to the REMIC I-1 Regular Interests until the principal balance
      of
      all such interests have been reduced to zero and any losses allocated to such
      interests have been reimbursed. Any excess amounts shall be distributed to
      the
      Class LTI1-R Interest.

     

    On
      each
      Distribution Date,

     

    (i) interest
      shortfalls with respect to the Mortgage Loans in Pool 1, Pool 1C and Pool 2
      (other than interest shortfalls attributable to Negative Amortization) shall
      be
      allocated to the REMIC I-1 Regular Interests (other than the Class LTI1-IO
      Interest) pro
      rata
      based on
      the interest otherwise accrued thereon;

     

    (ii) the
      principal balance of each REMIC I-1 Regular Interest shall be increased by
      the
      amount of interest accrued thereon (net of interest shortfalls allocated thereto
      pursuant to the immediately preceding clause (i));

     

    (iii) cash
      received by REMIC I-1 with respect to the SWAP REMIC Regular Interests shall
      be
      distributed first to the Class LTI1-IO Interest in reduction of their principal
      balances so that their principal balances are as close as possible to zero.
      Any
      remaining cash shall be distributed to, and losses with respect to the Pool
      1,
      Pool 1C and Pool 2 Mortgage Loans shall be allocated to:

     

    
      
        
        

      

      
        -251-

        
          

        

      

      
        
        

      

    

     

    first,
      to the
      Class LTI1-M7I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    second,
      to the
      Class LTI1-M6I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    third,
      to the
      Class LTI1-M5I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fourth,
      to the
      Class LTI1-M4I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fifth,
      to the
      Class LTI1-M3I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    sixth,
      to the
      Class LTI1-M2I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    seventh,
      to the
      Class LTI1-M1I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    eighth,
      to the
      Class LTI1-2A3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    ninth,
      to the
      Class LTI1-1CA3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    tenth,
      to the
      Class LTI1-1A3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    eleventh,
      to the
      Class LTI1-2A2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    twelfth,
      to the
      Class LTI1-1CA2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    
      
        
        

      

      
        -252-

        
          

        

      

      
        
        

      

    

     

    thirteenth,
      to the
      Class LTI1-1A2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fourteenth,
      to the
      Class LTI1-1CA1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fifteenth,
      to the
      Class LTI1-1A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    sixteenth,
      to the
      Class LTI1-2A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    seventeenth,
      to the
      Class LTI1-M8I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    eighteenth,
      to the
      Class LTI1-M9I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class; and

     

    nineteenth,
      to the
      Class LTI1-X Interest in reduction of its principal balance so that its
      principal balance is as close as possible to the sum of (x) 50% of the aggregate
      Scheduled Principal Balance of the Mortgage Loans in Pool 1, Pool 1C and Pool
      2
      and (y) 50% of the Pool 1-2 Overcollateralization Amount.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Group I Certificate as a result of the proviso in the definition of
      Certificate Principal Amount, then there shall be a corresponding increase
      in
      the principal amount of the REMIC I-1 Regular Interests (other than the Class
      LTI1-IO Interest) allocated as follows:

     

    first,
      to each
      of the REMIC I-1 Regular Interests (other than the Class LTI1-X Interest and
      other than the Class LTI1-IO Interest) so that the principal balance of each
      such interest is as close as possible to 50% of the principal balance of its
      Corresponding Class; and

     

    second,
      to the
      Class LTI1-X Interest so that the principal balance of such interest is as
      close
      as possible to the sum of (x) 50% of the aggregate Scheduled Principal Balance
      of the Mortgage Loans in Pool 1, Pool 1C and Pool 2 and (y) 50% of the Pool
      1-2
      Overcollateralization Amount.

     

    (t) REMIC
      II-AX:
      On each
      Distribution Date, the Trustee shall first pay or charge as an expense of REMIC
      II-AX all expenses of the Trust Fund related to Pool 3 and Pool 4 for such
      Distribution Date. All payments of principal and interest at the Net Mortgage
      Rate on each of the Mortgage Loans received with respect to the Mortgage Loans
      in Pool 3 and Pool 4 (net of the Certificate Insurer Premium) shall be paid
      to
      the REMIC II-AX Regular Interests until the principal balance of all such
      interests have been reduced to zero and any losses allocated to such interests
      have been reimbursed. Any excess amounts shall be distributed to the Class
      LTIIAX-R Interest.

     

    
      
        
        

      

      
        -253-

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date, (i) payments and allocations shall be made in respect of
      the
      Class LTIIAX-40%3AX Interest in the amounts necessary so that its principal
      amount equals 40% of the aggregate principal amounts of the Pool 3 Senior
      Certificates (other than the Class 3-AX Certificates) after giving effect to
      distributions and allocations on such Distribution Date, (ii) payments and
      allocations shall be made in respect of the Class LTIIAX-10%3AX Interest in
      the
      amounts necessary so that its principal amount equals 10% of the aggregate
      principal amounts of the Pool 3 Senior Certificates (other than the Class 3-AX
      Certificates) after giving effect to distributions and allocations on such
      Distribution Date, (iii) payments and allocations shall be made in respect
      of
      the Class LTIIAX-40%4AX Interest in the amounts necessary so that its principal
      amount equals 40% of the aggregate principal amounts of the Pool 4 Senior
      Certificates (other than the Class 4-AX Certificates) after giving effect to
      distributions and allocations on such Distribution Date and (iv) payments and
      allocations shall be made in respect of the Class LTIIAX-10%4AX Interest in
      the
      amounts necessary so that its principal amount equals 10% of the aggregate
      principal amounts of the Pool 4 Senior Certificates (other than the Class 4-AX
      Certificates) after giving effect to distributions and allocations on such
      Distribution Date. All remaining amounts with respect to Pool 3 shall be paid
      and allocated in respect of the Class LTIIAX-3Z Interest, and all remaining
      amounts with respect to Pool 4 shall be paid and allocated in respect of the
      Class LTIIAX-4Z Interest.

     

    REMIC
      II-1:
      All
      payments received by REMIC II-1 shall be paid to the REMIC II-1 Regular
      Interests until the principal balance of all such interests have been reduced
      to
      zero and any losses allocated to such interests have been reimbursed. Any excess
      amounts shall be distributed to the Class LTII1-R Interest. 

     

    On
      each
      Distribution Date, (i) distributions shall be made in respect of the
Class
      LTII1-3AX
      Interest in an amount equal to the amount of interest accrued thereon for such
      Distribution Date (taking into account shortfalls allocated to the Class 3-AX
      Certificates) and (ii) distributions shall be made in respect of the Class
      LTII1-4AX Interest in an amount equal to the amount of interest accrued thereon
      for such Distribution Date (taking into account shortfalls allocated to the
      Class 3-AX Certificates). Shortfalls in amounts available for distribution
      pursuant to the preceding sentence attributable to Negative Amortization shall
      be carried forward but shall not accrue interest. Then, from all remaining
      amounts related to Pool 3 and Pool 4 to be paid and allocated on each
      Distribution Date,

     

    (i) interest
      shortfalls with respect to the Pool 3 and Pool 4 Mortgage Loans (other than
      interest shortfalls attributable to Negative Amortization) shall be allocated
      to
      the REMIC II-1 Regular Interests (other than the Class LTII1-3AX Interest and
      the Class LTII1-4AX Interest) pro
      rata
      based on
      the interest otherwise accrued thereon;

     

    (ii) the
      principal balance of each REMIC II-1 Regular Interest (other than the Class
      LTII1-3AX Interest and the Class LTII1-4AX Interest) shall be increased by
      the
      amount of interest accrued thereon (net of interest shortfalls allocated thereto
      pursuant to the immediately preceding clause (i));

     

    
      
        
        

      

      
        -254-

        
          

        

      

      
        
        

      

    

     

    (iii) 50%
      of
      the remaining cash received by REMIC II-1 with respect to the Pool 3 and Pool
      4
      Mortgage Loans shall be distributed to, and 50% of losses with respect to the
      Pool 3 and Pool 4 Mortgage Loans shall be allocated to the REMIC II-1II Marker
      Classes and the Class LTII1-XII Interest in reduction of their principal amounts
      as follows:

     

    (A) first,
      to each
      of the REMIC II-1II Marker Classes ending with the designation “B”, so that its
      principal balance is as close as possible to .0005% of the aggregate Scheduled
      Principal Balance of the Mortgage Loans in the related Mortgage
      Pool;

     

    (B) second,
      to each
      of the REMIC II-1II Marker Classes ending with the designation “A”, so that its
      principal balance is as close as possible to .0005% of the excess of (x) the
      aggregate Scheduled Principal Balance of the Mortgage Loans in the related
      Mortgage Pool over (y) the aggregate principal amounts of the Classes of related
      Senior Certificates after giving effect to distributions and allocations on
      such
      Distribution Date (provided that the REMIC II-1 Subordinated Balance Ratio
      is
      maintained); and

     

    (C) third,
      to the
      Class LTII1-XII Interest, all remaining amounts;

     

    (iv) 50%
      of
      the remaining cash received by REMIC II-1 with respect to the Pool 3 and Pool
      4
      Mortgage Loans shall be distributed to, and 50% of losses with respect to the
      Pool 3 and Pool 4 Mortgage Loans shall be allocated to the REMIC II-1I Marker
      Classes and the Class LTII1-XI Interest in reduction of their principal amounts
      sequentially as follows:

     

    (A) to
      the
      Class LTII1-M9II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (B) to
      the
      Class LTII1-M8II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (C) to
      the
      Class LTII1-M7II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (D) to
      the
      Class LTII1-M6II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    
      
        
        

      

      
        -255-

        
          

        

      

      
        
        

      

    

     

    (E) to
      the
      Class LTII1-M5II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (F) to
      the
      Class LTII1-M4II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (G) to
      the
      Class LTII1-M3II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (H) to
      the
      Class LTII1-M2II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (I) to
      the
      Class LTII1-4A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (J) to
      the
      Class LTII1-M1II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (K) to
      the
      Class LTII1-4A2B Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (L) to
      the
      Class LTII1-4A2A Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (M) to
      the
      Class LTII1-4A3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (N) to
      the
      Class LTII1-3A2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (O) to
      the
      Class LTII1-3A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 25% of the principal balance of
      its
      Corresponding Class;

     

    (P) to
      the
      Class LTII1-XI Interest in reduction of its principal balance so that its
      principal balance is as close as possible to the sum of (x) 25% of the aggregate
      Scheduled Principal Balance of the Pool 3 and Pool 4 Mortgage Loans and (y)
      25%
      of the Pool 3-4 Overcollateralization Amount.

     

    
      
        
        

      

      
        -256-

        
          

        

      

      
        
        

      

    

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Group II Certificate as a result of the proviso relating to Subsequent
      Recoveries in the definition of Certificate Principal Amount, then there shall
      be a corresponding increase in the principal amount of the REMIC II-1 Regular
      Interests (other than the Class LTII1-3AX Interest and Class LTII1-4AX Interest)
      allocated as follows:

     

    (i) 50%
      of
      such increase shall be allocated among the REMIC II-1II Marker Classes and
      the
      Class LTII1-XII Interest as follows:

     

    (A) first,
      to each
      of the REMIC II-1II Marker Classes ending with the designation “B” so that its
      principal balance is as close as possible to .0005% of the aggregate Schedule
      Principal Balance of the Mortgage Loans in the related Mortgage
      Pool;

     

    (B) second,
      to each
      of the REMIC II-1II Marker Classes ending with the designation “A”, so that its
      principal balance is as close as possible to .0005% of the excess of (x) the
      aggregate Scheduled Principal Balance of the Mortgage Loans in the related
      Mortgage Pool over (y) the aggregate principal amounts of the Classes of related
      Senior Certificates after giving effect to distributions and allocations on
      such
      Distribution Date (provided that the REMIC II-1 Subordinated Balance Ratio
      is
      maintained); and 

     

    (C) third,
      to the
      Class LTII1-XII Interest all remaining amounts; and

     

    (ii) 50%
      of
      such increase shall be allocated among the REMIC II-1I Marker Classes and the
      Class LTII1-XI Interest as follows:

     

    (A) first,
      to each
      of the REMIC II-1I Marker Classes so that the principal balance of each such
      interest is as close as possible to 25% of the principal balance of its
      Corresponding Class; and

     

    (B) second,
      to the
      Class LTII1-XI Interest so that the principal balance of such interest is as
      close as possible to the sum of (x) 25% of the aggregate Scheduled Principal
      Balance of the Pool 3 and Pool 4 Mortgage Loans and (y) 25% of the Pool 3-4
      Overcollateralization Amount.

     

    REMIC
      II-2:
      All
      payments received by REMIC II-2 shall be paid to the REMIC II-2 Regular
      Interests until the principal balance of all such interests have been reduced
      to
      zero and any losses allocated to such interests have been reimbursed. Any excess
      amounts shall be distributed to the Class LTII2-R Interest.

     

    On
      each
      Distribution Date, distributions shall be made in respect of each of the Class
      LTII2-3AX Interest and the Class LTII2-4AX Interest in an amount equal to the
      amount of distributions made in respect of the regular interest ending with
      the
      same designation that is issued by the REMIC that is one tier lower. Then,
      from
      all remaining amounts related to Pool 3 and Pool 4 to be paid and allocated
      on
      each Distribution Date,

     

    
      
        
        

      

      
        -257-

        
          

        

      

      
        
        

      

    

     

    (i) interest
      shortfalls with respect to the Mortgage Loans in Pool 3 and Pool 4 (other than
      interest shortfalls attributable to Negative Amortization) shall be allocated
      to
      the REMIC II-2 Regular Interests (other than the Class LTII2-3AX Interest and
      Class LTII2-4AX Interest) pro rata based on interest otherwise accrued
      thereon;

     

    (ii) the
      principal balance of each REMIC II-2 Regular Interest (other than the Class
      LTII2-3AX Interest and Class LTII2-4AX Interest) shall be increased by the
      amount of interest accrued thereon (net of interest shortfalls allocated thereto
      pursuant to the immediately preceding clause (i));

     

    (iii) cash
      received by REMIC II-2 with respect to the REMIC II-1 Regular Interests shall
      be
      distributed to, and losses with respect to the Mortgage Loans in Pool 3 and
      Pool
      4 shall be allocated, first, to each REMIC II-2 Regular Interests (other than
      the Class LTII2-XII Interest), in reduction of its principal balance so that
      its
      principal balance is a close as possible to the principal balance of its Related
      Certificates, and second, to the Class LTII2-XII Interest in reduction of its
      principal balance so that its principal balance is as close as possible to
      the
      Pool 3-4 Overcollateralization Amount.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Group II Certificate as a result of the proviso relating to Subsequent
      Recoveries in the definition of Certificate Principal Amount, then there shall
      be a corresponding increase in the principal amount of the REMIC II-2 Regular
      Interests (other than the Class LTII2-3AX Interest and Class LTII2-4AX Interest)
      allocated as follows:

     

    first,
      to each
      of the REMIC II-2 Regular Interests (other than the Class LTII2-XII Interest
      and
      other than the Class LTII2-3AX Interest and Class LTII2-4AX Interest) so that
      the principal balance of each such interest is as close as possible to the
      principal balances of its Related Certificates; and

     

    second,
      to the
      Class LTII2-XII Interest so that the principal balance of such interest is
      as
      close as possible to the Pool 3-4 Overcollateralization Amount.

     

    REMIC
      II-3:
      All
      payments received by REMIC II-3 shall be paid to the REMIC II-3 Regular
      Interests until the principal balance of all such interests have been reduced
      to
      zero and any losses allocated to such interests have been reimbursed. Any excess
      amounts shall be distributed to the Class LTII3-R Interest.

     

    On
      each
      Distribution Date, distributions and allocations shall be made in respect of
      each Class of REMIC II-3 Regular Interests (other than the Class LTII3-4A1
      Interest and the Class LTII3-4A1X Interest) in an amount equal to the amount
      of
      distributions and allocations made in respect of the regular interest ending
      with the same designation that is issued by the REMIC that is one tier
      lower.

     

    
      
        
        

      

      
        -258-

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date, 

     

    (i) interest
      shortfalls allocated to the Class LTII2-4A1 Interest (other than interest
      shortfalls attributable to Negative Amortization) shall be allocated to the
      Class LTII3-4A1 Interest and the Class LTII3-4A1X Interest pro rata based on
      interest otherwise accrued thereon for such Distribution Date;

     

    (ii) the
      principal balance of each of the Class LTII3-4A1 Interest and the Class
      LTII3-4A1X Interest shall be increased by the amount of interest accrued thereon
      (net of interest shortfalls allocated thereto pursuant to the immediately
      preceding clause (i)); and

     

    (iii) cash
      received by REMIC II-3 with respect to the Class LTII2-4A1 Interest shall be
      distributed to, and losses allocated to the Class LTII2-4A1 Interest in
      reduction of its principal balance shall be allocated (x) first, to the Class
      LTII3-4A1 Interest in reduction of its principal balance so that its principal
      balance is as close as possible to 50% of the principal balance of the Class
      4-A1A Certificates (computed as if all of the Class 4-A1 Certificates were
      exchanged for the Combination Group that includes such Exchangeable Class and
      by
      disregarding the effect of any Deferred Interest Cap Agreement) and (y) second,
      to the Class LTII3-4A1X Interest in reduction of its principal balance so that
      its principal balance is as close as possible to the excess of (1) the principal
      balance of the Class LTII2-4A1 Interest over (2) the principal balance of the
      Class LTII3-4A1 Interest.

     

    If
      on any
      Distribution Date there is an increase in the principal amount of the Class
      4-A1
      Underlying Interest as a result of Subsequent Recoveries, then there shall
      be a
      corresponding increase in principal amounts allocated as follows:

     

    first,
      to the
      Class LTII3-4A1 Interest so that the principal balance of such interest is
      as
      close as possible to 50% of the principal balance of the Class 4-A1A
      Certificates (computed as if all of the Class 4-A1 Certificates were exchanged
      for the Combination Group that includes such Exchangeable Class and by
      disregarding the effect of any Deferred Interest Cap Agreement);
      and

     

    second,
      to the
      Class LTII3-4A1X Interest so that the principal balance of such interest is
      as
      close as possible to the excess of (1) the principal balance of the Class
      LTII2-4A1 Interest over (2) the principal balance of the Class LTII3-4A1
      Interest.

     

    REMIC
      II-4:
      All
      payments received by REMIC II-4 shall be paid to the REMIC II-4 Regular
      Interests until the principal balance of all such interests have been reduced
      to
      zero and any losses allocated to such interests have been reimbursed. Any excess
      amounts shall be distributed to the Class LTII4-R Interest.

     

    On
      each
      Distribution Date, distributions and allocations shall be made in respect of
      each Class of REMIC II-4 Regular Interests (other than the Class LTII4-4A1A
      Interest, the Class LTII4-4A1AX Interest and the Class LTII4-4A1IA Interest)
      in
      an amount equal to the amount of distributions and allocations made in respect
      of the regular interest ending with the same designation that is issued by
      the
      REMIC that is one tier lower.

     

    
      
        
        

      

      
        -259-

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date, 

     

    (i) interest
      shortfalls allocated to the Class LTII3-4A1 Interest and Class LTII3-4A1X
      Interest (other than interest shortfalls attributable to Negative Amortization)
      shall be allocated to the Class LTII4-4A1A Interest, the Class LTII4-4A1AX
      Interest and the Class LTII4-4A1IA Interest pro rata based on interest otherwise
      accrued thereon for such Distribution Date;

     

    (ii) the
      principal balance of each of the Class LTII4-4A1A Interest, the Class
      LTII4-4A1AX Interest and the Class LTII4-4A1IA Interest shall be increased
      by
      the amount of interest accrued thereon (net of interest shortfalls allocated
      thereto pursuant to the immediately preceding clause (i)); and

     

    (iii) cash
      received by REMIC II-4 with respect to the Class LTII3-4A1 Interest and Class
      LTII3-4A1X Interest shall be distributed to, and losses allocated to such REMIC
      regular interests in reduction of their principal balance shall be allocated
      (x)
      first, to the Class LTII4-4A1A Interest in reduction of its principal balance
      so
      that its principal balance is as close as possible to 50% of the principal
      balance of the Class 4-A1B Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement), (y) second, to the Class LTII4-4A1AX Interest in reduction of its
      principal balance so that its principal balance is as close as possible to
      the
      excess of (1) the aggregate principal balance of the Class LTII3-4A1 Interest
      and the Class LTII3-4A1X Interest minus the principal balance of the Class
      4-A1IA Certificates (computed as if all of the Class 4-A1 Certificates were
      exchanged for the Combination Group that includes such Exchangeable Class and
      by
      disregarding the effect of any Deferred Interest Cap Agreement) over (2) the
      principal balance of the Class LTII4-4A1A Interest and (z) third, to the Class
      LTII4-4A1IA Interest in reduction of its principal balance so that its principal
      balance is as close as possible to its principal amount immediately prior to
      such Distribution Date.

     

    If
      on any
      Distribution Date there is an increase in the principal amount of the Class
      4-A1
      Underlying Interest as a result of Subsequent Recoveries, then there shall
      be a
      corresponding increase in principal amounts allocated as follows:

     

    first,
      to the
      Class LTII4-4A1A Interest so that the principal balance of such interest is
      as
      close as possible to 50% of the principal balance of the Class 4-A1B
      Certificates (computed as if all of the Class 4-A1 Certificates were exchanged
      for the Combination Group that includes such Exchangeable Class and by
      disregarding the effect of any Deferred Interest Cap Agreement);

     

    second,
      to the
      Class LTII4-4A1AX Interest so that the principal balance of such interest is
      as
      close as possible to the excess of (1) the aggregate principal balance of the
      Class LTII3-4A1 Interest and the Class LTII3-4A1X Interest minus the principal
      balance of the Class 4-A1IA Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement) over (2) the principal balance of the Class LTII4-4A1A Interest;
      and

     

    
      
        
        

      

      
        -260-

        
          

        

      

      
        
        

      

    

     

    third,
      to the
      Class LTII4-4A1IA Interest so that its principal balance is as close as possible
      to the principal amount of the REMIC II-11 Regular Interest ending with the
      same
      designation.

     

    REMIC
      II-5:
      All
      payments received by REMIC II-5 shall be paid to the REMIC II-5 Regular
      Interests until the principal balance of all such interests have been reduced
      to
      zero and any losses allocated to such interests have been reimbursed. Any excess
      amounts shall be distributed to the Class LTII5-R Interest.

     

    On
      each
      Distribution Date, distributions and allocations shall be made in respect of
      each Class of REMIC II-5 Regular Interests (other than the Class LTII5-4A1B
      Interest, the Class LTII5-4A1BX Interest and the Class LTII5-4A1IB Interest)
      in
      an amount equal to the amount of distributions and allocations made in respect
      of the regular interest ending with the same designation that is issued by
      the
      REMIC that is one tier lower.

     

    On
      each
      Distribution Date, 

     

    (i) interest
      shortfalls allocated to the Class LTII4-4A1A Interest and Class LTII4-4A1AX
      Interest (other than interest shortfalls attributable to Negative Amortization)
      shall be allocated to the Class LTII5-4A1B Interest, the Class LTII5-4A1BX
      Interest and the Class LTII5-4A1IB Interest pro rata based on interest otherwise
      accrued thereon for such Distribution Date;

     

    (ii) the
      principal balance of each of the Class LTII5-4A1B Interest, the Class
      LTII5-4A1BX Interest and the Class LTII5-4A1IB Interest shall be increased
      by
      the amount of interest accrued thereon (net of interest shortfalls allocated
      thereto pursuant to the immediately preceding clause (i)); and

     

    (iii) cash
      received by REMIC II-5 with respect to the Class LTII4-4A1A Interest and Class
      LTII4-4A1AX Interest shall be distributed to, and losses allocated to such
      REMIC
      regular interests in reduction of their principal balance shall be allocated
      (x)
      first, to the Class LTII5-4A1B Interest in reduction of its principal balance
      so
      that its principal balance is as close as possible to 50% of the principal
      balance of the Class 4-A1C Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement), (y) second, to the Class LTII5-4A1BX Interest in reduction of its
      principal balance so that its principal balance is as close as possible to
      the
      excess of (1) the aggregate principal balance of the Class LTII4-4A1A Interest
      and the Class LTII4-4A1AX Interest minus the principal balance of the Class
      4-A1IB Certificates (computed as if all of the Class 4-A1 Certificates were
      exchanged for the Combination Group that includes such Exchangeable Class and
      by
      disregarding the effect of any Deferred Interest Cap Agreement) over (2) the
      principal balance of the Class LTII5-4A1B Interest and (z) third, to the Class
      LTII5-4A1IB Interest in reduction of its principal balance so that its principal
      balance is as close as possible to its principal amount immediately prior to
      such Distribution Date.

     

    
      
        
        

      

      
        -261-

        
          

        

      

      
        
        

      

    

     

    If
      on any
      Distribution Date there is an increase in the principal amount of the Class
      4-A1
      Underlying Interest as a result of Subsequent Recoveries, then there shall
      be a
      corresponding increase in principal amounts allocated as follows:

     

    first,
      to the
      Class LTII5-4A1B Interest so that the principal balance of such interest is
      as
      close as possible to 50% of the principal balance of the Class 4-A1C
      Certificates (computed as if all of the Class 4-A1 Certificates were exchanged
      for the Combination Group that includes such Exchangeable Class and by
      disregarding the effect of any Deferred Interest Cap Agreement);

     

    second,
      to the
      Class LTII5-4A1BX Interest so that the principal balance of such interest is
      as
      close as possible to the excess of (1) the aggregate principal balance of the
      Class LTII4-4A1A Interest and the Class LTII4-4A1AX Interest minus the principal
      balance of the Class 4-A1IB Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement) over (2) the principal balance of the Class LTII5-4A1B Interest;
      and

     

    third,
      to the
      Class LTII5-4A1IB Interest so that its principal balance is as close as possible
      to the principal amount of the REMIC II-11 Regular Interest ending with the
      same
      designation.

     

    REMIC
      II-6:
      All
      payments received by REMIC II-6 shall be paid to the REMIC II-6 Regular
      Interests until the principal balance of all such interests have been reduced
      to
      zero and any losses allocated to such interests have been reimbursed. Any excess
      amounts shall be distributed to the Class LTII6-R Interest.

     

    On
      each
      Distribution Date, distributions and allocations shall be made in respect of
      each Class of REMIC II-6 Regular Interests (other than the Class LTII6-4A1C
      Interest, the Class LTII6-4A1CX Interest and the Class LTII6-4A1IC Interest)
      in
      an amount equal to the amount of distributions and allocations made in respect
      of the regular interest ending with the same designation that is issued by
      the
      REMIC that is one tier lower.

     

    On
      each
      Distribution Date, 

     

    (i) interest
      shortfalls allocated to the Class LTII5-4A1B Interest and Class LTII5-4A1BX
      Interest (other than interest shortfalls attributable to Negative Amortization)
      shall be allocated to the Class LTII6-4A1C Interest, the Class LTII6-4A1CX
      Interest and the Class LTII6-4A1IC Interest pro rata based on interest otherwise
      accrued thereon for such Distribution Date;

     

    (ii) the
      principal balance of each of the Class LTII6-4A1C Interest, the Class
      LTII6-4A1CX Interest and the Class LTII6-4A1IC Interest shall be increased
      by
      the amount of interest accrued thereon (net of interest shortfalls allocated
      thereto pursuant to the immediately preceding clause (i)); and

     

    (iii) cash
      received by REMIC II-6 with respect to the Class LTII5-4A1B Interest and Class
      LTII5-4A1BX Interest shall be distributed to, and losses allocated to such
      REMIC
      regular interests in reduction of their principal balance shall be allocated
      (x)
      first, to the Class LTII6-4A1C Interest in reduction of its principal balance
      so
      that its principal balance is as close as possible to 50% of the principal
      balance of the Class 4-A1D Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement), (y) second, to the Class LTII6-4A1CX Interest in reduction of its
      principal balance so that its principal balance is as close as possible to
      the
      excess of (1) the aggregate principal balance of the Class LTII5-4A1B Interest
      and the Class LTII5-4A1BX Interest minus the principal balance of the Class
      4-A1IC Certificates (computed as if all of the Class 4-A1 Certificates were
      exchanged for the Combination Group that includes such Exchangeable Class and
      by
      disregarding the effect of any Deferred Interest Cap Agreement) over (2) the
      principal balance of the Class LTII6-4A1C Interest and (z) third, to the Class
      LTII6-4A1IC Interest in reduction of its principal balance so that its principal
      balance is as close as possible to its principal amount immediately prior to
      such Distribution Date.

     

    
      
        
        

      

      
        -262-

        
          

        

      

      
        
        

      

    

     

    If
      on any
      Distribution Date there is an increase in the principal amount of the Class
      4-A1
      Underlying Interest as a result of Subsequent Recoveries, then there shall
      be a
      corresponding increase in principal amounts allocated as follows:

     

    first,
      to the
      Class LTII6-4A1C Interest so that the principal balance of such interest is
      as
      close as possible to 50% of the principal balance of the Class 4-A1D
      Certificates (computed as if all of the Class 4-A1 Certificates were exchanged
      for the Combination Group that includes such Exchangeable Class and by
      disregarding the effect of any Deferred Interest Cap Agreement);

     

    second,
      to the
      Class LTII6-4A1CX Interest so that the principal balance of such interest is
      as
      close as possible to the excess of (1) the aggregate principal balance of the
      Class LTII5-4A1B Interest and the Class LTII5-4A1BX Interest minus the principal
      balance of the Class 4-A1IC Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement) over (2) the principal balance of the Class LTII6-4A1C Interest;
      and

     

    third,
      to the
      Class LTII6-4A1IC Interest so that its principal balance is as close as possible
      to the principal amount of the REMIC II-11 Regular Interest ending with the
      same
      designation.

     

    REMIC
      II-7:
      All
      payments received by REMIC II-7 shall be paid to the REMIC II-7 Regular
      Interests until the principal balance of all such interests have been reduced
      to
      zero and any losses allocated to such interests have been reimbursed. Any excess
      amounts shall be distributed to the Class LTII7-R Interest.

     

    On
      each
      Distribution Date, distributions and allocations shall be made in respect of
      each Class of REMIC II-7 Regular Interests (other than the Class LTII7-4A1D
      Interest, the Class LTII7-4A1DX Interest and the Class LTII7-4A1ID Interest)
      in
      an amount equal to the amount of distributions and allocations made in respect
      of the regular interest ending with the same designation that is issued by
      the
      REMIC that is one tier lower.

     

    
      
        
        

      

      
        -263-

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date, 

     

    (i) interest
      shortfalls allocated to the Class LTII6-4A1C Interest and Class LTII6-4A1CX
      Interest (other than interest shortfalls attributable to Negative Amortization)
      shall be allocated to the Class LTII7-4A1D Interest, the Class LTII7-4A1DX
      Interest and the Class LTII7-4A1ID Interest pro rata based on interest otherwise
      accrued thereon for such Distribution Date;

     

    (ii) the
      principal balance of each of the Class LTII7-4A1D Interest, the Class
      LTII7-4A1DX Interest and the Class LTII7-4A1ID Interest shall be increased
      by
      the amount of interest accrued thereon (net of interest shortfalls allocated
      thereto pursuant to the immediately preceding clause (i)); and

     

    (iii) cash
      received by REMIC II-7 with respect to the Class LTII6-4A1C Interest and Class
      LTII6-4A1CX Interest shall be distributed to, and losses allocated to such
      REMIC
      regular interests in reduction of their principal balance shall be allocated
      (x)
      first, to the Class LTII7-4A1D Interest in reduction of its principal balance
      so
      that its principal balance is as close as possible to 50% of the principal
      balance of the Class 4-A1E Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement), (y) second, to the Class LTII7-4A1DX Interest in reduction of its
      principal balance so that its principal balance is as close as possible to
      the
      excess of (1) the aggregate principal balance of the Class LTII6-4A1C Interest
      and the Class LTII6-4A1CX Interest minus the principal balance of the Class
      4-A1ID Certificates (computed as if all of the Class 4-A1 Certificates were
      exchanged for the Combination Group that includes such Exchangeable Class and
      by
      disregarding the effect of any Deferred Interest Cap Agreement) over (2) the
      principal balance of the Class LTII7-4A1D Interest and (z) third, to the Class
      LTII7-4A1ID Interest in reduction of its principal balance so that its principal
      balance is as close as possible to its principal amount immediately prior to
      such Distribution Date.

     

    If
      on any
      Distribution Date there is an increase in the principal amount of the Class
      4-A1
      Underlying Interest as a result of Subsequent Recoveries, then there shall
      be a
      corresponding increase in principal amounts allocated as follows:

     

    first,
      to the
      Class LTII7-4A1D Interest so that the principal balance of such interest is
      as
      close as possible to 50% of the principal balance of the Class 4-A1E
      Certificates (computed as if all of the Class 4-A1 Certificates were exchanged
      for the Combination Group that includes such Exchangeable Class and by
      disregarding the effect of any Deferred Interest Cap Agreement);

     

    second,
      to the
      Class LTII7-4A1DX Interest so that the principal balance of such interest is
      as
      close as possible to the excess of (1) the aggregate principal balance of the
      Class LTII6-4A1C Interest and the Class LTII6-4A1CX Interest minus the principal
      balance of the Class 4-A1ID Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement) over (2) the principal balance of the Class LTII7-4A1D Interest;
      and

     

    
      
        
        

      

      
        -264-

        
          

        

      

      
        
        

      

    

     

    third,
      to the
      Class LTII7-4A1ID Interest so that its principal balance is as close as possible
      to the principal amount of the REMIC II-11 Regular Interest ending with the
      same
      designation.

     

    REMIC
      II-8:
      All
      payments received by REMIC II-8 shall be paid to the REMIC II-8 Regular
      Interests until the principal balance of all such interests have been reduced
      to
      zero and any losses allocated to such interests have been reimbursed. Any excess
      amounts shall be distributed to the Class LTII8-R Interest.

     

    On
      each
      Distribution Date, distributions and allocations shall be made in respect of
      each Class of REMIC II-8 Regular Interests (other than the Class LTII8-4A1E
      Interest, the Class LTII8-4A1EX Interest and the Class LTII8-4A1IE Interest)
      in
      an amount equal to the amount of distributions and allocations made in respect
      of the regular interest ending with the same designation that is issued by
      the
      REMIC that is one tier lower.

     

    On
      each
      Distribution Date, 

     

    (i) interest
      shortfalls allocated to the Class LTII7-4A1D Interest and Class LTII7-4A1DX
      Interest (other than interest shortfalls attributable to Negative Amortization)
      shall be allocated to the Class LTII8-4A1E Interest, the Class LTII8-4A1EX
      Interest and the Class LTII8-4A1IE Interest pro rata based on interest otherwise
      accrued thereon for such Distribution Date;

     

    (ii) the
      principal balance of each of the Class LTII8-4A1E Interest, the Class
      LTII8-4A1EX Interest and the Class LTII8-4A1IE Interest shall be increased
      by
      the amount of interest accrued thereon (net of interest shortfalls allocated
      thereto pursuant to the immediately preceding clause (i)); and

     

    (iii) cash
      received by REMIC II-8 with respect to the Class LTII7-4A1D Interest and Class
      LTII7-4A1DX Interest shall be distributed to, and losses allocated to such
      REMIC
      regular interests in reduction of their principal balance shall be allocated
      (x)
      first, to the Class LTII8-4A1E Interest in reduction of its principal balance
      so
      that its principal balance is as close as possible to 50% of the principal
      balance of the Class 4-A1F Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement), (y) second, to the Class LTII8-4A1EX Interest in reduction of its
      principal balance so that its principal balance is as close as possible to
      the
      excess of (1) the aggregate principal balance of the Class LTII7-4A1D Interest
      and the Class LTII7-4A1DX Interest minus the principal balance of the Class
      4-A1IE Certificates (computed as if all of the Class 4-A1 Certificates were
      exchanged for the Combination Group that includes such Exchangeable Class and
      by
      disregarding the effect of any Deferred Interest Cap Agreement) over (2) the
      principal balance of the Class LTII8-4A1E Interest and (z) third, to the Class
      LTII8-4A1IE Interest in reduction of its principal balance so that its principal
      balance is as close as possible to its principal amount immediately prior to
      such Distribution Date.

     

    
      
        
        

      

      
        -265-

        
          

        

      

      
        
        

      

    

     

    If
      on any
      Distribution Date there is an increase in the principal amount of the Class
      4-A1
      Underlying Interest as a result of Subsequent Recoveries, then there shall
      be a
      corresponding increase in principal amounts allocated as follows:

     

    first,
      to the
      Class LTII8-4A1E Interest so that the principal balance of such interest is
      as
      close as possible to 50% of the principal balance of the Class 4-A1F
      Certificates (computed as if all of the Class 4-A1 Certificates were exchanged
      for the Combination Group that includes such Exchangeable Class and by
      disregarding the effect of any Deferred Interest Cap Agreement);

     

    second,
      to the
      Class LTII8-4A1EX Interest so that the principal balance of such interest is
      as
      close as possible to the excess of (1) the aggregate principal balance of the
      Class LTII7-4A1D Interest and the Class LTII7-4A1DX Interest minus the principal
      balance of the Class 4-A1IE Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement) over (2) the principal balance of the Class LTII8-4A1E Interest;
      and

     

    third,
      to the
      Class LTII8-4A1IE Interest so that its principal balance is as close as possible
      to the principal amount of the REMIC II-11 Regular Interest ending with the
      same
      designation.

     

    REMIC
      II-9:
      All
      payments received by REMIC II-9 shall be paid to the REMIC II-9 Regular
      Interests until the principal balance of all such interests have been reduced
      to
      zero and any losses allocated to such interests have been reimbursed. Any excess
      amounts shall be distributed to the Class LTII9-R Interest.

     

    On
      each
      Distribution Date, distributions and allocations shall be made in respect of
      each Class of REMIC II-9 Regular Interests (other than the Class LTII9-4A1F
      Interest, the Class LTII9-4A1FX Interest and the Class LTII9-4A1IF Interest)
      in
      an amount equal to the amount of distributions and allocations made in respect
      of the regular interest ending with the same designation that is issued by
      the
      REMIC that is one tier lower.

     

    On
      each
      Distribution Date, 

     

    (i) interest
      shortfalls allocated to the Class LTII8-4A1E Interest and Class LTII8-4A1EX
      Interest (other than interest shortfalls attributable to Negative Amortization)
      shall be allocated to the Class LTII9-4A1F Interest, the Class LTII9-4A1FX
      Interest and the Class LTII9-4A1IF Interest pro rata based on interest otherwise
      accrued thereon for such Distribution Date;

     

    (ii) the
      principal balance of each of the Class LTII9-4A1F Interest, the Class
      LTII9-4A1FX Interest and the Class LTII9-4A1IF Interest shall be increased
      by
      the amount of interest accrued thereon (net of interest shortfalls allocated
      thereto pursuant to the immediately preceding clause (i)); and

     

    (iii) cash
      received by REMIC II-9 with respect to the Class LTII8-4A1E Interest and Class
      LTII8-4A1EX Interest shall be distributed to, and losses allocated to such
      REMIC
      regular interests in reduction of their principal balance shall be allocated
      (x)
      first, to the Class LTII9-4A1F Interest in reduction of its principal balance
      so
      that its principal balance is as close as possible to 50% of the principal
      balance of the Class 4-A1G Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement), (y) second, to the Class LTII9-4A1FX Interest in reduction of its
      principal balance so that its principal balance is as close as possible to
      the
      excess of (1) the aggregate principal balance of the Class LTII8-4A1E Interest
      and the Class LTII8-4A1EX Interest minus the principal balance of the Class
      4-A1IF Certificates (computed as if all of the Class 4-A1 Certificates were
      exchanged for the Combination Group that includes such Exchangeable Class and
      by
      disregarding the effect of any Deferred Interest Cap Agreement) over (2) the
      principal balance of the Class LTII9-4A1F Interest and (z) third, to the Class
      LTII9-4A1IF Interest in reduction of its principal balance so that its principal
      balance is as close as possible to its principal amount immediately prior to
      such Distribution Date.

     

    
      
        
        

      

      
        -266-

        
          

        

      

      
        
        

      

    

     

    If
      on any
      Distribution Date there is an increase in the principal amount of the Class
      4-A1
      Underlying Interest as a result of Subsequent Recoveries, then there shall
      be a
      corresponding increase in principal amounts allocated as follows:

     

    first,
      to the
      Class LTII9-4A1F Interest so that the principal balance of such interest is
      as
      close as possible to 50% of the principal balance of the Class 4-A1G
      Certificates (computed as if all of the Class 4-A1 Certificates were exchanged
      for the Combination Group that includes such Exchangeable Class and by
      disregarding the effect of any Deferred Interest Cap Agreement);

     

    second,
      to the
      Class LTII9-4A1FX Interest so that the principal balance of such interest is
      as
      close as possible to the excess of (1) the aggregate principal balance of the
      Class LTII8-4A1E Interest and the Class LTII8-4A1EX Interest minus the principal
      balance of the Class 4-A1IF Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement) over (2) the principal balance of the Class LTII9-4A1F Interest;
      and

     

    third,
      to the
      Class LTII9-4A1IF Interest so that its principal balance is as close as possible
      to the principal amount of the REMIC II-11 Regular Interest ending with the
      same
      designation.

     

    REMIC
      II-10:
      All
      payments received by REMIC II-10 shall be paid to the REMIC II-10 Regular
      Interests until the principal balance of all such interests have been reduced
      to
      zero and any losses allocated to such interests have been reimbursed. Any excess
      amounts shall be distributed to the Class LTII10-R Interest.

     

    On
      each
      Distribution Date, distributions and allocations shall be made in respect of
      each Class of REMIC II-10 Regular Interests (other than the Class LTII10-4A1G
      Interest, the Class LTII10-4A1GX Interest and the Class LTII10-4A1IG Interest)
      in an amount equal to the amount of distributions and allocations made in
      respect of the regular interest ending with the same designation that is issued
      by the REMIC that is one tier lower.

     

    
      
        
        

      

      
        -267-

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date, 

     

    (i) interest
      shortfalls allocated to the Class LTII9-4A1F Interest and Class LTII9-4A1FX
      Interest (other than interest shortfalls attributable to Negative Amortization)
      shall be allocated to the Class LTII10-4A1G Interest, the Class LTII10-4A1GX
      Interest and the Class LTII10-4A1IG Interest pro rata based on interest
      otherwise accrued thereon for such Distribution Date;

     

    (ii) the
      principal balance of each of the Class LTII10-4A1G Interest, the Class
      LTII10-4A1GX Interest and the Class LTII10-4A1IG Interest shall be increased
      by
      the amount of interest accrued thereon (net of interest shortfalls allocated
      thereto pursuant to the immediately preceding clause (i)); and

     

    (iii) cash
      received by REMIC II-10 with respect to the Class LTII9-4A1F Interest and Class
      LTII9-4A1FX Interest shall be distributed to, and losses allocated to such
      REMIC
      regular interests in reduction of their principal balance shall be allocated
      (x)
      first, to the Class LTII10-4A1G Interest in reduction of its principal balance
      so that its principal balance is as close as possible to 50% of the principal
      balance of the Class 4-A1H Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement), (y) second, to the Class LTII10-4A1GX Interest in reduction of
      its
      principal balance so that its principal balance is as close as possible to
      the
      excess of (1) the aggregate principal balance of the Class LTII9-4A1F Interest
      and the Class LTII9-4A1FX Interest minus the principal balance of the Class
      4-A1IG Certificates (computed as if all of the Class 4-A1 Certificates were
      exchanged for the Combination Group that includes such Exchangeable Class and
      by
      disregarding the effect of any Deferred Interest Cap Agreement) over (2) the
      principal balance of the Class LTII10-4A1G Interest and (z) third, to the Class
      LTII10-4A1IG Interest in reduction of its principal balance so that its
      principal balance is as close as possible to its principal amount immediately
      prior to such Distribution Date.

     

    If
      on any
      Distribution Date there is an increase in the principal amount of the Class
      4-A1
      Underlying Interest as a result of Subsequent Recoveries, then there shall
      be a
      corresponding increase in principal amounts allocated as follows:

     

    first,
      to the
      Class LTII10-4A1G Interest so that the principal balance of such interest is
      as
      close as possible to 50% of the principal balance of the Class 4-A1H
      Certificates (computed as if all of the Class 4-A1 Certificates were exchanged
      for the Combination Group that includes such Exchangeable Class and by
      disregarding the effect of any Deferred Interest Cap Agreement);

     

    second,
      to the
      Class LTII10-4A1GX Interest so that the principal balance of such interest
      is as
      close as possible to the excess of (1) the aggregate principal balance of the
      Class LTII9-4A1F Interest and the Class LTII9-4A1FX Interest minus the principal
      balance of the Class 4-A1IG Certificates (computed as if all of the Class 4-A1
      Certificates were exchanged for the Combination Group that includes such
      Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap
      Agreement) over (2) the principal balance of the Class LTII10-4A1G Interest;
      and

     

    
      
        
        

      

      
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    third,
      to the
      Class LTII10-4A1IG Interest so that its principal balance is as close as
      possible to the principal amount of the REMIC II-11 Regular Interest ending
      with
      the same designation.

     

    REMIC
      II-11:
      All
      payments received by REMIC II-11 shall be paid to the REMIC II-11 Regular
      Interests until the principal balance of all such interests have been reduced
      to
      zero and any losses allocated to such interests have been reimbursed. Any excess
      amounts shall be distributed to the Residual II Interest.

     

    On
      each
      Distribution Date, distributions and allocations shall be made in respect of
      each Class of REMIC II-11 Regular Interests (other than the Class LTII11-4A1
      Interest and the Class LTII11-4A1IH Interest) in an amount equal to the amount
      of distributions and allocations made in respect of the regular interest ending
      with the same designation that is issued by the REMIC that is one tier
      lower.

     

    On
      each
      Distribution Date, 

     

    (i) interest
      shortfalls allocated to the Class LTII10-4A1G Interest and Class LTII10-4A1GX
      Interest (other than interest shortfalls attributable to Negative Amortization)
      shall be allocated to the Class LTII11-4A1 Interest and the Class LTII11-4A1IH
      Interest pro rata based on interest otherwise accrued thereon for such
      Distribution Date;

     

    (ii) the
      principal balance of each of the Class LTII11-4A1 Interest and the Class
      LTII11-4A1IH Interest shall be increased by the amount of interest accrued
      thereon (net of interest shortfalls allocated thereto pursuant to the
      immediately preceding clause (i)); and

     

    (iii) cash
      received by REMIC II-11 with respect to the Class LTII10-4A1G Interest and
      Class
      LTII10-4A1GX Interest shall be distributed to, and losses allocated to such
      REMIC regular interests in reduction of their principal balance shall be
      allocated (x) first, to the Class LTII11-4A1 Interest in reduction of its
      principal balance so that its principal balance is as close as possible to
      the
      principal balance of the Class 4-A1H Certificates (computed as if all of the
      Class 4-A1 Certificates were exchanged for the Combination Group that includes
      such Exchangeable Class and by disregarding the effect of any Deferred Interest
      Cap Agreement), and (y) second, to the Class LTII11-4A1IH Interest in reduction
      of its principal balance so that its principal balance is as close as possible
      to its principal amount immediately prior to such Distribution
      Date.

     

    If
      on any
      Distribution Date there is an increase in the principal amount of the Class
      4-A1
      Underlying Interest as a result of Subsequent Recoveries, then there shall
      be a
      corresponding increase in principal amounts allocated as follows:

     

    first,
      to the
      Class LTII11-4A1 Interest so that the principal balance of such interest is
      as
      close as possible to the principal balance of the Class 4-A1H Certificates
      (computed as if all of the Class 4-A1 Certificates were exchanged for the
      Combination Group that includes such Exchangeable Class and by disregarding
      the
      effect of any Deferred Interest Cap Agreement); and

     

    second,
      to the
      Class LTII11-4A1IH Interest so that its principal balance is as close as
      possible to the portion of the principal amount of the Class 4-A1IH Certificates
      that is attributable to the Underlying 4-A1 REMIC Certificate ending with the
      same designation (determined as the difference between the relative amounts
      distributable on two Exchange Classes or Exchangeable Classes that share the
      same Related Underlying REMIC Certificates except for such Underlying 4-A1
      REMIC
      Certificate) (disregarding amounts treated as paid or received under any
      Deferred Interest Cap Agreement and disregarding amounts treated as received
      from the Master Servicer as described in Section 10.01(p)).

     

    
      
        
        

      

      
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    (u) Notwithstanding
      the priority and sources of payments set forth in Article 5 hereof or otherwise,
      the Trustee shall account for all distributions with respect to a Class of
      Certificates in amounts that differ from those payable pursuant to the regular
      interest or regular interests in REMIC I-2 or REMIC II-11 corresponding to
      such
      Class as amounts paid or received (as appropriate) pursuant to the interest
      rate
      cap contracts or notional principal contracts provided for in this Section.
      In
      no event shall any such amounts be treated as payments with respect to a
“regular interest” in a REMIC within the meaning of Code Section
      860G(a)(1).

     

    
      
        
        

      

      
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    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 the REMIC holding such Mortgage Loan pursuant to
      Article VII of this Agreement, (iv) a substitution pursuant to Article II of
      this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II
      of
      this Agreement, nor acquire any assets for any REMIC, nor sell or dispose of
      any
      investments in the Certificate Account for gain, nor accept any contributions
      to
      any REMIC after the Closing Date, unless it has received an Opinion of Counsel
      (at the expense of the party causing such sale, disposition, or substitution),
      a
      copy of which shall be provided to any NIMS Insurer, that such disposition,
      acquisition, substitution, or acceptance will not (a) 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 NIMS Insurer, 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-I,
      Class X-II or Class R Certificateholder, 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).

     

    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 has advised,
      or has caused such 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.

     

    (b) The
      Master Servicer shall cause the applicable Servicer (to the extent provided
      in
      the related 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, 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 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 such 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 such 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 such 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.

     

    
      
        
        

      

      
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    ARTICLE
      XI.

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01. Binding
      Nature of Agreement; Assignment.

     

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

     

    Section
      11.02. Entire
      Agreement.

     

    This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

     

    Section
      11.03. Amendment.

     

    (a) This
      Agreement may be amended from time to time by the Depositor, the Master Servicer
      and the Trustee, with the consent of the NIMS Insurer, but without the consent
      of the Swap Counterparty (except to the extent that the rights or obligations
      of
      (1) the Swap Counterparty hereunder or (2) the Swap Counterparty under the
      Swap
      Agreement (or the ability of the Trustee on behalf of the Supplemental Interest
      Trust to perform fully and timely its obligations under the Swap Agreement),
      are
      affected thereby, 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 any Offering Document, or
      to
      correct or supplement any provision herein which may be inconsistent with any
      other provisions herein or with the provisions of any Servicing Agreement,
      (iii)
to
      make
      any other provisions with respect to matters or questions arising under this
      Agreement
      or (iv)
      to add, delete, or amend any provisions to the extent necessary or desirable
      to
      comply with any requirements imposed by the Code and the REMIC Provisions.
      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 (without regard to the
      Certificate Insurance Policy). Prior to entering into any amendment without
      the
      consent of Holders pursuant to this paragraph, the Trustee, the Swap
      Counterparty and the NIMS Insurer shall be provided with an Opinion of Counsel
      addressed to the Trustee, the Swap Counterparty and the NIMS Insurer (at the
      expense of the party requesting such amendment) to the effect that such
      amendment is permitted under this Section. Any such amendment shall be deemed
      not to adversely affect in any material respect any Holder, if the Trustee
      and
      the NIMS Insurer receive written confirmation from each Rating Agency that
      such
      amendment will not cause such Rating Agency to reduce the then current rating
      assigned to the Certificates (and any Opinion of Counsel requested by the
      Trustee in connection with any such amendment may rely expressly on such
      confirmation as the basis therefor)(determined in the case of the Guaranteed
      Certificates, without regard to the Certificate Insurance Policy).

     

    
      
        
        

      

      
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    (b) This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the NIMS Insurer and the Trustee, but without the consent of the
      Swap
      Counterparty (except to the extent that the rights or obligations of (1) the
      Swap Counterparty hereunder or (2) the Swap Counterparty under the Swap
      Agreement (or the ability of the Trustee on behalf of the Supplemental Interest
      Trust to perform fully and timely its obligations under the Swap Agreement
      are
      affected thereby, in which case the 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 Class Notional Amount (or Percentage
      Interest) of each Class of Certificates (other than the Grantor Trust
      Certificates) affected thereby, for the purpose of adding any provisions to
      or
      changing in any manner or eliminating any of the provisions of this Agreement
      or
      of modifying in any manner the rights of the Holders; provided, however, that
      no
      such amendment shall be made unless the Trustee receives an Opinion of Counsel
      addressed to the Trustee and the NIMS Insurer, at the expense of the party
      requesting the change, that such change will not cause an Adverse REMIC Event;
      and provided further, that no such amendment may (i) reduce in any manner the
      amount of, or delay the timing of, payments received on Mortgage Loans which
      are
      required to be distributed on any Certificate, without the consent of the Holder
      of such Certificate or (ii) reduce the aforesaid percentages of Class Principal
      Amount (or Percentage Interest) of Certificates of each Class, the Holders
      of
      which are required to consent to any such amendment without the consent of
      the
      Holders of 100% of the Class Principal Amount or Class Notional Amount (or
      Percentage Interest) of each Class of Certificates affected thereby. For
      purposes of this paragraph, references to “Holder” or “Holders” shall be deemed
      to include, in the case of any Class of Book-Entry Certificates, the related
      Certificate Owners.

     

    (c) Promptly
      after the execution of any such amendment, the Trustee shall furnish written
      notification of the substance of such amendment to each Holder, the NIMS
      Insurer, the Depositor, the Swap Counterparty and to the Rating
      Agencies.

     

    
      
        
        

      

      
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    (d) It
      shall
      not be necessary for the consent of Holders under this Section 11.03 to approve
      the particular form of any proposed amendment, but it shall be sufficient if
      such consent shall approve the substance thereof. The manner of obtaining such
      consents and of evidencing the authorization of the execution thereof by Holders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe.

     

    (e) Notwithstanding
      anything to the contrary in any Servicing Agreement, the Trustee shall not
      consent to any amendment of any Servicing Agreement unless (i) such amendment
      is
      effected pursuant to the standards provided in this Section with respect to
      amendment of this Agreement and (ii) except for a Permitted Servicing Amendment,
      any such amendment pursuant to Section 11.03(a)(iii) shall not be materially
      inconsistent with the provisions of such Servicing Agreement.

     

    (f) Notwithstanding
      anything to the contrary in this Section 11.03, this Agreement may be amended
      from time to time by the Depositor, the Master Servicer and the Trustee to
      the
      extent necessary, in the judgment of the Depositor and its counsel, to comply
      with the Rules, Regulation AB and any related rules and
      regulations.

     

    (g) Notwithstanding
      the foregoing, the Certificate Insurer’s written consent shall be required (such
      consent not to be unreasonably withheld) with respect to any amendment that
      might have a material adverse effect in any respect on the rights and interests
      of the Certificate Insurer hereunder as reasonably determined by the Depositor;
      provided, however, that in no event shall such consent be required for
      amendments made pursuant to Section 11.03(a)(iv).

     

    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
      (or Percentage Interest), Certificates owned by the Depositor, the Master
      Servicer, the Trustee, the 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.

     

    
      
        
        

      

      
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    (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), (d) or (e) 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, 13th
      Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2007-15N,
      (b)
      in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh Avenue,
      13th Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2007-15N,
      (c) in the case of the Trustee, U.S. Bank National Association, One Federal
      Street, Boston, M.A. 02110, Attention: Corporate Trust Services, (d) in the
      case
      of the NIMS Insurer, if any, as set forth in the Indenture, (e) in the case
      of
      the Swap Counterparty, at the address therefore set forth in the Swap Agreement,
      (f) in the case of the Master Servicer, Aurora Loan Services LLC, 10350 Park
      Meadows Drive, Littleton, Colorado 80124; Attention: Master Servicing, LXS
      2007-15N 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 2007-15N, Class 3-A2 and Class 4-A3 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.

     

    
      
        
        

      

      
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    Section
      11.08. Severability
      of Provisions

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    Section
      11.09. Indulgences;
      No Waivers

     

    Neither
      the failure nor any delay on the part of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any right, remedy, power or privilege
      preclude any other or further exercise of the same or of any other right,
      remedy, power or privilege, nor shall any waiver of any right, remedy, power
      or
      privilege with respect to any occurrence be construed as a waiver of such right,
      remedy, power or privilege with respect to any other occurrence. No waiver
      shall
      be effective unless it is in writing and is signed by the party asserted to
      have
      granted such waiver.

     

    Section
      11.10. Headings
      Not To Affect Interpretation

     

    The
      headings contained in this Agreement are for convenience of reference only,
      and
      they shall not be used in the interpretation hereof.

     

    Section
      11.11. Benefits
      of Agreement

     

    Nothing
      in this Agreement or in the Certificates, express or implied, shall give to
      any
      Person, other than the parties to this Agreement and their successors hereunder,
      the Swap Counterparty and its successors and assigns under the Swap Agreement,
      the Holders of the Certificates, any benefit or any legal or equitable right,
      power, remedy or claim under this Agreement, except to the extent specified
      in
      Section 5.08 and in Section 11.16.

     

    Section
      11.12. Special
      Notices to the Rating Agencies, the Certificate Insurer, the Swap Counterparty
      and NIMS Insurer

     

    (a) The
      Depositor shall give prompt notice to the Rating Agencies, the Certificate
      Insurer, the Swap Counterparty and the 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;

     

    
      
        
        

      

      
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    (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 any 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
      Fitch, to:

    

    Fitch,
      Inc.

    1
      State
      Street Plaza

    New
      York,
      New York 10041

    

    If
      to
      S&P, to:

    

    Standard
      & Poor’s 

    55
      Water
      Street

    New
      York,
      New York 10041

    

    If
      to
      Moody’s:

    

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street

    New
      York,
      New York 10007

     

    (c) The
      Trustee shall provide or make available to the Rating Agencies and the NIMS
      Insurer 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, such Servicing Agreement shall govern unless such provisions shall
      adversely affect the Trustee, the Trust Fund or the Certificate Insurer or
      the
      status of any REMIC created hereunder as a REMIC, provided that nothing in
      this
      Section 11.13 shall be construed to limit the rights or obligations of the
      Master Servicer under Section 9.05 of this Agreement.

     

    
      
        
        

      

      
        -277-

        
          

        

      

      
        
        

      

    

     

    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
      NIMS Insurer, the Certificate Insurer and the Trustee thirty days prior to
      any
      proposed transfer or assignment by the Seller of its rights under any 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 any transfer of servicing
      that
      occurs within three months following the Closing Date to an entity that is
      a
      Servicer on the Closing Date. In addition, the ability of the Seller to transfer
      or assign its rights and delegate its duties under a Servicing Agreement or
      to
      transfer the servicing thereunder, 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 Servicing Agreement
      including, without limitation, receipt of written consent of the Master Servicer
      to such transfer;

     

    (ii) Receipt
      of the written consent of any NIMS Insurer, such consent not to be unreasonably
      withheld;

     

    (iii) 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;

     

    (iv) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      applicable Servicing Agreement, exclusive of any experience in mortgage loan
      origination and must be reasonably acceptable to the Master Servicer, whose
      approval shall not be unreasonably withheld;

     

    (v) Such
      successor servicer must execute and deliver to the Trustee 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
      related Servicing Agreement or such successor servicer shall execute and deliver
      to the Trustee and the Master Servicer a servicing agreement which contains
      customary and reasonable servicing provisions and which will not cause either
      Rating Agency to qualify, withdraw or downgrade the then-current rating of
      any
      of the Certificates or, (i) 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 and (ii) in the case of a transfer of servicing to a Special Servicer
      pursuant to Section 9.32 herein, a special servicing agreement in the form
      of
      that attached to the applicable Servicing Agreement;

     

    
      
        
        

      

      
        -278-

        
          

        

      

      
        
        

      

    

     

    (vi) If
      the
      successor servicer is not a Servicer of Mortgage Loans at the time of the
      transfer, there must be delivered to the Trustee 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 (determined in the case of Guaranteed
      Certificates, without regard to the Certificate Insurance Policy);
      and

     

    (vii) 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 Deposit 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.

     

    Section
      11.16. Third
      Party Rights

     

    The
      NIMS
      Insurer shall be deemed a third-party beneficiary of this Agreement to the
      same
      extent as if it were a party hereto, and shall have the right to enforce the
      provisions of this Agreement.

     

    
      
        
        

      

      
        -279-

        
          

        

      

      
        
        

      

    

     

    Section
      11.17. 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 3-A2
      Certificateholders or to the Class 4-A3 Certificateholders shall also be sent
      by
      the Trustee to the Certificate Insurer at the following address:

     

    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 2007-15N, 

    Class
      3-A2 and Class 4-A3 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,
      the Certificate Insurer receive the benefit of Sections 4.03, 5.02, 5.13, 9.14,
      9.31, 11.03, 11.12 and this Section 11.17 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.

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

     

    
      
        
        

      

      
        -280-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Depositor, the Trustee and the Master Servicer have caused
      their names to be signed hereto by their respective officers hereunto duly
      authorized as of the day and year first above written.

     

    
      	 	 	 
	 	
              STRUCTURED
                ASSET SECURITIES CORPORATION, as Depositor

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                Michael C. Hitzmann

            
	 	
              Title:
                Senior Vice President

            

    

     

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

                not
                  in its individual capacity, but solely as
                  Trustee

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

            
	 	
              Title:

            

    

     

    
      	 	 	 
	 	
              AURORA
                LOAN SERVICES LLC,

                as
                  Master Servicer

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                Michele Olds

            
	 	
              Title:
                Vice President

            

    

     

    
      	
              Accepted
                and agreed to by:

            	 	 	 
	 	 	 	 
	
              LEHMAN
                BROTHERS HOLDINGS INC.

            	 	 	 
	 	 	 	 
	 	 	 	 	 
	By:  	
            	 	 	
            
	 	
              

              Name:
                Ellen Kiernan

            	 	 	
            
	 	
              Title:
                Authorized Signatory

            	 	 	
            

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    [Intentionally
      Omitted]

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    Date

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 13th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-15N

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
              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 U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2007-15N

            

    

     

    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

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 13th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-15N

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
              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 U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2007-15N

            

    

     

    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

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 13th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-15N

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
              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 U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2007-15N

            

    

     

    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 U.S. Bank National Association, as trustee (the “Trustee”), under a
      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
      2007-15N, 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, U.S. 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 hereby certifies that the applicable
                Purchase Price (or FPD Purchase Price in the case of a First Payment
                Default Mortgage Loan or EPD Purchase Price in the case of an Early
                Payment Default Mortgage Loan) has been credited to the Certificate
                Account pursuant to the Trust
                Agreement.)

            

    

     

    
      	 	
              5.

            	
              Other.
                (Describe)

            

    

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Trust Agreement and will
      be
      returned to you within ten (10) days of our receipt of the Mortgage File, except
      if the Mortgage Loan has been paid in full, or repurchased or substituted for
      a
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently) and except if the Mortgage Loan is being foreclosed
      (in which case the Mortgage File will be returned when no longer required by
      us
      for such purpose).

     

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    
      
        
          	 	 	 
	 	
                  
                    
                      [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 is not, and on _______________ [date of transfer] will not be, an
      employee benefit plan or other arrangement subject to Title I of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to
      Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or a
      plan subject to any provisions under any federal, state, local, non-U.S. or
      other laws or regulations that are substantively similar to the foregoing
      provisions of ERISA or the Code (collectively, a “Plan”), and is not directly or
      indirectly acquiring a Residual Certificate for, on behalf of or with any assets
      of any such Plan.

     

    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 U.S. Bank National
      Association, as Trustee, dated as of July 1, 2007, relating to Lehman XS Trust
      Mortgage Pass-Through Certificates, Series 2007-15N, 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.

     

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

     

    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, and that the Purchaser has provided financial
      statements or other financial information requested by the transferor in
      connection with the transfer of the Residual Certificate in order to permit
      the
      transferor to assess the financial capability of the Purchaser to pay such
      taxes.

     

    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.

     

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________, 20__.

     

    
      	 	 	 
	 	
              
[name
              of Purchaser]
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	
              Title:

            

    

     

    Personally
      appeared before me the above named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________, 20__.

     

    NOTARY
      PUBLIC

    

    COUNTY
      OF  _____________________

    

    STATE
      OF    ______________________

    

    My
      commission expires the _____ day of __________, 20__.

    

    
      
        
        

      

      
        D-1-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-2

     

    RESIDUAL
      CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

     

    
      	 	 	 	 
	
            	 	 	
              
Date

    

     

    Re: Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2007-15N

     

    _______________________
      (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

     

    SERVICING
      AGREEMENTS

     

    Reconstituted
      Servicing Agreement, dated as of July 1, 2007, by and between the Seller and
      American Home Mortgage Servicing, Inc. 

    

      See
        Exhibit 99.4

    

     

    Reconstituted
      Servicing Agreement, dated as of July 1, 2007, by and between the Seller and
      GreenPoint

     

    See
      Exhibit 99.2

     

    Reconstituted
      Servicing Agreement, dated as of July 1, 2007, by and between the Seller and
      IndyMac Bank, F.S.B. 

     

    [Intentionally
      Omitted]

     

    Reconstituted
      Servicing Agreement, dated as of July 1, 2007, by and between the Seller and
      Bank of America, National Association

     

    [Intentionally
      Omitted]

     

    Reconstituted
      Servicing Agreement, dated as of July 1, 2007, by and between the Seller and
      SunTrust

     

    [Intentionally
      Omitted]

     

    Reconstituted
      Servicing Agreement, dated as of July 1, 2007, by and between the Seller and
      Residential Funding Company, LLC 

     

    See
      Exhibit 99.8

     

    Securitization
      Servicing Agreement, dated as of July 1, 2007, by and between the Seller,
      Aurora and GMACM

     

    See
      Exhibit 99.10

     

    Reconstituted
      Servicing Agreement, dated as of July 1, 2007, by and between the Seller and
      Countrywide Home Loans Servicing LP

     

    See
      Exhibit 99.6

     

    Servicing
      Agreement, dated as of July 1, 2007, by and between the Seller and
      Aurora

     

    See
      Exhibit 99.11

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

    Re: Lehman
      XS
      Trust Mortgage Pass Through Certificates, Series 2007-15N

     

    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 U.S. 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 2007-15N (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
                by and among the Depositor, Aurora Loan Services LLC, as Master Servicer,
                and U.S. 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.

            

    

     

    
      	
              (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.

            

    

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

     

    
      	
              (5)

            	
              We
                have received such information as we deem necessary in order to make
                our
                investment decision.

            

    

     

    
      	
              (6)

            	
              If
                we are acquiring an ERISA-Restricted Certificate, we are not a Plan
                and we
                are not acquiring the ERISA-Restricted Certificate for, on behalf
                of or
                with any assets of a Plan, except as may be permitted pursuant to
                Section
                3.03(d) of the Trust Agreement.

            

    

     

    Terms
      used in this letter which are not otherwise defined herein have the respective
      meanings assigned thereto in the Trust Agreement.

     

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

    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-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

    

      
        	
                STATE
                  OF

              	
                )

              
	 	 
	 	
                )
                  ss

              
	 	 
	
                
                  COUNTY
                    OF NEW YORK

                

              	
                )

              

      

    

           

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    
      	
              (1)

            	
              The
                undersigned is the ______________________ of (the “Investor”), a
                [corporation duly organized] and existing under the laws of __________,
                on
                behalf of which he makes this
                affidavit.

            

    

     

    
      	
              (2)

            	
              The
                Investor in an ERISA-Restricted Certificate (A) is not, and on
                _______________ [date of transfer] will not be, an employee benefit
                plan
                or arrangement subject to Title I of the Employee Retirement Income
                Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975
                of the Internal Revenue Code of 1986, as amended (the “Code”) or a plan
                subject to any provisions under any federal, state, local, non-U.S.
                or
                other laws or regulations that are substantively similar to the foregoing
                provisions of ERISA or the Code (“Similar Law”) (collectively, a “Plan”),
                and is not directly or indirectly acquiring the Certificate for,
                on behalf
                of or with any assets of any such Plan, (B) if the Certificate has
                been
                the subject of an ERISA-Qualifying Underwriting, is an insurance
                company
                that is acquiring the Certificate with assets of an “insurance company
                general account” as defined in Section V(E) of Prohibited Transaction
                Class Exemption (“PTCE”) 95-60 and the acquisition and holding of the
                Certificate are covered and exempt under Sections I and III of PTCE
                95-60,
                or (C) solely in the case of a Definitive Certificate, shall herewith
                deliver an Opinion of Counsel satisfactory to the Certificate Registrar,
                the Trustee and the Depositor, and upon which the Trustee, the Certificate
                Registrar and the Depositor shall be entitled to rely, to the effect
                that
                the acquisition and holding of such Certificate by the Investor will
                not
                result in a nonexempt prohibited transaction under Title I of ERISA
                or
                Section 4975 of the Code, or a violation of Similar Law, and will
                not
                subject the Trustee, the Master Servicer, the Certificate Registrar,
                any
                Servicer or the Depositor to any obligation in addition to those
                undertaken by such entities in the Trust Agreement, which Opinion
                of
                Counsel shall not be an expense of the Trustee, the Master Servicer,
                the
                Certificate Registrar, any Servicer or the
                Depositor.

            

    

     

    
      	
              (3)

            	
              Either
                (i) the investor in a Grantor Trust Certificate, Group I Senior
                Certificate is not, and is not acting for, on behalf of or with any
                assets
                of, an employee benefit plan or other arrangement subject to Title
                I of
                ERISA or plan subject to Section 4975 of the Code, or (ii)(A) solely
                in
                the case of a Grantor Trust Certificate, until the termination of
                the
                applicable Deferred Interest Cap Agreement, the acquisition and holding
                of
                the Grantor Trust Certificate by the investor will not constitute
                or
                result in a non-exempt prohibited transaction under Title I of ERISA
                or
                Section 4975 of the Code, (B) solely in the case of a Group I Senior
                Certificate, until the termination of the Swap Agreement, the acquisition
                and holding of the Group I Senior Certificate by the investor will
                not
                constitute or result in a non-exempt prohibited transaction under
                Title I
                of ERISA or Section 4975 of the Code. The representations set forth
                in
                this paragraph applicable to Exchange Certificates shall also apply
                to
                Exchangeable Certificates.

            

    

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

     

    
      	
              (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 U.S.
                Bank
                National Association, as Trustee, dated as of July 1, 2007, regarding
                Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-15N,
                no
                transfer of the Grantor Trust Certificates, Group I Senior Certificates
                or
                ERISA-Restricted Certificates shall be permitted to be made to any
                person
                unless the Certificate Registrar, Depositor and Trustee have received
                a
                certificate from such transferee in the form
                hereof.

            

    

     

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20___.

     

    
      	 	 	 
	 	
              
                

              

              [Investor]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	Title:

    

     

    ATTEST:

    

    

    STATE
      OF                               
)

     

                                                      
      ) ss:

    

    COUNTY
      OF   )

     

    Personally
      appeared before me the above-named ________________, known or proved to me
      to be
      the same person who executed the foregoing instrument and to be the
      ____________________ of the Investor, and acknowledged that he executed the
      same
      as his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of _________ 20___.

     

    
      	 	 	  
	
            	 	 
              
NOTARY
              PUBLIC
	 	 	 
	 	 	 My commission expires
              the
	 	 	 
	 	 	 _____ day of __________,
              20___.

    

     

    
      
        
        

      

      
        H-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      I

     

    [RESERVED]

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    [RESERVED]

     

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      K

     

    CUSTODIAL
      AGREEMENTS

     

    Custodial
      Agreement, dated as of July 1, 2007, by and between the Trustee and Deutsche
      Bank National Trust Company

     

    Custodial
      Agreement, dated as of July 1, 2007, by and between the Trustee and LaSalle
      Bank
      National Association

     

    Custodial
      Agreement, dated as of July 1, 2007, by and between the Trustee and U.S. Bank
      National Association

     

    Custodial
      Agreement, dated as of July 1, 2007, by and between the Trustee and Wells Fargo
      Bank, N.A.

     

    [Intentionally
      Omitted]

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      L

     

    [RESERVED]

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      M

     

    FORM
      OF
      AMBAC CERTIFICATE INSURANCE POLICY

    

    See
      Exhibit 99.18

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

     

    FORM
      OF
      SWAP AGREEMENT

    

    See
      Exhibit 99.16

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

     

    FORM
      OF
      INTEREST RATE CAP AGREEMENT

    

    See
      Exhibit 99.12

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

     

    FORMS
      OF
      DEFERRED INTEREST CAP AGREEMENTS

     

    See
      Exhibit 99.13

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      Q-1

     

    ADDITIONAL
      FORM 10-D DISCLOSURE

     

    
      	
              Item
                on Form 10-D

               

            	 	
              Party
                Responsible

               

            
	
              Item
                1: Distribution and Pool Performance Information 

               

            	 	
              Master
                Servicer (as to any Servicer, to the extent provided by such
                Servicer),

               

            
	
              Any
                information required by 1121 which is NOT included on the Distribution
                Date Statement

            	 	
              Trustee
                (if Paying Agent), Paying Agent and Depositor (to the extent of any
                additional information that has not already been provided by the
                Master
                Servicer)

            
	 	 	 
	
              Item
                2: Legal Proceedings

               

              per
                Item 1117 of Reg AB

            	 	
              (i)
                All parties to the Trust Agreement (as to themselves), (ii) the Trustee
                as
                to the issuing entity, (iii) the Depositor as to the sponsor, any
                1110(b)
                originator, any 1100(d)(1) party and (iv) the Master Servicer, as
                to any
                Servicer, to the extent provided by such Servicer

            
	 	 	 
	
              Item
                3: Sale of Securities and Use of Proceeds

            	 	
              Depositor

            
	 	 	 
	
              Item
                4: Defaults Upon Senior Securities

            	 	
              Trustee

            
	 	 	 
	
              Item
                5: Submission of Matters to a Vote of Security Holders

            	 	
              Trustee

            
	 	 	 
	
              Item
                6: Significant Obligors of Pool Assets

            	 	
              Depositor

            
	 	 	 
	
              Item
                7: Significant Enhancement Provider Information

            	 	
              Depositor

            
	 	 	 
	
              Item
                8: Other Information

            	 	
              Any
                party responsible for disclosure items on Form 8-K

            
	 	 	 
	
              Item
                9: Exhibits

            	 	
              Depositor
                and Master Servicer (on behalf of any Servicer or on its own behalf
                if
                acting as a Servicer)

            

    

    

    
      
        
        

      

      
        Q-1-1

        
          

        

      

      
        
        

      

    

    

      EXHIBIT
        Q-2

       

      ADDITIONAL
        FORM 10-K DISCLOSURE

       

      
        	
                Item
                  on Form 10-K

              	 	
                Party
                  Responsible

              
	
                Item
                  1B: Unresolved Staff Comments

              	 	
                Depositor

              
	 	 	 
	
                Item
                  9B: Other Information

              	 	
                Any
                  party responsible for disclosure items on Form 8-K

              
	 	 	 
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	 	
                Depositor,
                  Servicer, Master Servicer, Subservicer

              
	 	 	 
	
                Additional
                  Item:

                 

                Disclosure
                  per Item 1117 of Reg AB

                 

              	 	
                (i)
                  All parties to the Trust Agreement (as to themselves), (ii) the
                  Trustee
                  and the Depositor as to the issuing entity, (iii) the Depositor
                  as to the
                  sponsor, any 1110(b) originator, any 1100(d)(1) party and (iv)
                  the Master
                  Servicer, as to any Servicer, to the extent provided by such
                  Servicer

              
	 	 	 
	
                Additional
                  Item:

                 

                Disclosure
                  per Item 1119 of Reg AB

              	 	
                (i)
                  All parties to the Trust Agreement as to themselves, (ii) the Depositor
                  as
                  to the sponsor, originator, significant obligor, enhancement or
                  support
                  provider and (iii) the Master Servicer, as to any Servicer, to
                  the extent
                  provided by such Servicer

              
	 	 	 
	
                Additional
                  Item:

                 

                Disclosure
                  per Item 1112(b) of Reg AB

              	 	
                Depositor

                 

              
	 	 	 
	
                Additional
                  Item:

                 

                Disclosure
                  per Items 1114(b) and 1115(b) of Reg AB

              	 	
                Depositor

                 

              

      

      

      
        
          
          

        

        
          Q-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q-3

       

      ADDITIONAL
        FORM 8-K DISCLOSURE

       

      
        	
                Item
                  on Form 8-K

              	 	
                Party
                  Responsible

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

              	 	
                Any
                  party to the Trust Agreement which is a party to such
                  agreement

              
	 	 	 
	
                Item
                  1.02- Termination of a Material Definitive Agreement

              	 	
                Any
                  party to the Trust Agreement which is a party to such
                  agreement

              
	 	 	 
	
                Item
                  1.03- Bankruptcy or Receivership

              	 	
                Depositor

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

              	 	
                Depositor

              
	 	 	 
	
                Item
                  3.03- Material Modification to Rights of Security Holders

              	 	
                Trustee
                  and Depositor

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

              	 	
                Depositor

              
	 	 	 
	
                Item
                  6.01- ABS Informational and Computational Material

              	 	
                Depositor

              
	 	 	 
	
                Item
                  6.02- Change of Servicer or Trustee

              	 	
                Master
                  Servicer (as to itself and as to any Servicer, to the extent provided
                  by
                  such Servicer), Trustee (as to itself), Seller

              
	 	 	 
	
                Item
                  6.03- Change in Credit Enhancement or External Support

              	 	
                Depositor

              
	 	 	 
	
                Item
                  6.04- Failure to Make a Required Distribution

              	 	
                Trustee

              
	 	 	 
	
                Item
                  6.05- Securities Act Updating Disclosure

              	 	
                Depositor

              
	 	 	 
	
                Item
                  7.01- Reg FD Disclosure

              	 	
                Depositor

              
	 	 	 
	
                Item
                  8.01

              	 	
                Depositor

              
	 	 	 
	
                Item
                  9.01

              	 	
                Depositor

              

      

      

      
        
          
          

        

        
          Q-3-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q-4

       

      ADDITIONAL
        DISCLOSURE NOTIFICATION

       

      U.S.
        Bank
        National Association,

      as
        Trustee to Lehman XS Trust Mortgage

      Pass-Through
        Certificates, Series 2007-15N

      One
        Federal Street

      3rd
        Floor

      Boston,
        Massachusetts 02110

       

      RE:
        **Additional Form [10-D][10-K][8-K] Disclosure** Required

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [  ] of the Trust Agreement, dated as of July 1,
        2007, by and among Structured Asset Securities Corporation, as Depositor,
        Aurora
        Loan Services LLC, as Master Servicer, and U.S. Bank National Association,
        as
        Trustee, the undersigned, as [  ], hereby notifies you that certain events
        have come to our attention that [will] [may] need to be disclosed on Form
        [10-D][10-K][8-K].

       

      Description
        of Additional Form [10-D][10-K][8-K] Disclosure:

       

      List
        of any Attachments hereto to be included in the Additional Form
        [10-D][10-K][8-K] Disclosure:

       

      Any
        inquiries related to this notification should be directed to [  ], phone
        number: [  ]; email address: [  ].

       

      
        	 	 	 
	 	[NAME
                OF
                PARTY],
	 	
                as
                  [role]

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

                Name:

              
	 	Title:

      

       

      
        
          
          

        

        
          Q-4-1

          
            

          

        

        
          
          

EXHIBIT
          R

      

       

      SERVICING
        CRITERIA TO BE ADDRESSED

       

      IN
        ASSESSMENT OF COMPLIANCE

       

      Key:
        X
        -
        obligation

       

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements. Capitalized terms used herein but not defined herein shall have
        the
        meanings assigned to them in the Trust Agreement dated as of July 1, 2007
        (the
“Trust Agreement”), by and among U.S. Bank National Association, (the
“Trustee”), Aurora Loan Services LLC, as master servicer (the “Master
        Servicer”), and Structured Asset Securities Corporation, as depositor (the
“Depositor”).

       

      
        	
                Reg
                  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.

              	 	
                If
                  applicable for the transaction participant

                 

              	 	
                If
                  applicable for the transaction participant

                 

              	 	
                If
                  applicable for the transaction participant

                 

              
	 	 	 	 	 	 	 	 	 
	
                1122(d)(1)(iii)

                 

              	 	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                1122(d)(1)(iv)

                 

              	 	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 	 	 	 	 	
                X

                 

              
	 	 	 	 	 	 	 	 	 
	 	 	
                Cash
                  Collection and Administration

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                1122(d)(2)(i)

                 

              	 	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	 	
                X

                 

              	 	 	 	
                X

                 

              

      

       

      
        
          
          

        

        
          R-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB
Reference

              	 	

                Servicing
                  Criteria

              	
                 

              	
                Paying
                  Agent (including the Trustee if acting as 

                Paying
                  Agent)

              	
                 

              	

                Trustee

              	
                 

              	

                Master
                  Servicer

              
	 	 	 	 	 	 	 	 	 
	
                1122(d)(2)(ii)

                 

              	 	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 	
                X

                 

              	 	 	 	
                X

                 

              
	 	 	 	 	 	 	 	 	 
	
                1122(d)(2)(iii)

                 

              	 	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 	 	 	 	 	
                X

                 

              
	 	 	 	 	 	 	 	 	 
	
                1122(d)(2)(iv)

                 

              	 	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 	
                X

                 

              	 	
                X

                 

              	 	
                X

                 

              
	 	 	 	 	 	 	 	 	 
	
                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

                 

              

      

       

      
        
          
          

        

        
          R-2

          
            

          

        

        
          
          

        

      

       

      
        	Reg
                AB
Reference	 	

                Servicing
                  Criteria

              	
                 

              	
                Paying
                  Agent (including the Trustee if acting as 

                Paying
                  Agent)

              	
                 

              	

                Trustee

              	
                 

              	

                Master
                  Servicer

              
	 	 	 	 	 	 	 	 	 
	
                
                   

                

              	 	
                Investor
                  Remittances and Reporting

              	
              	
              	
              	
              	
              	
              
	 	 	 	 	 	 	 	 	 
	
                1122(d)(3)(i)

                 

              	 	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the
                  Servicer.

              	 	 	 	
                X

                 

              	 	
                X

                 

              
	 	 	 	 	 	 	 	 	 
	
                1122(d)(3)(ii)

                 

              	 	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 	 	 	
                X

                 

              	 	
                X

                 

              
	 	 	 	 	 	 	 	 	 
	
                1122(d)(3)(iii)

                 

              	 	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	 	
                X

                 

              	 	 	 	
                X

                 

              
	 	 	 	 	 	 	 	 	 
	
                1122(d)(3)(iv)

                 

              	 	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	 	
                X

                 

              	 	 	 	
                X

                 

              
	 	 	 	 	 	 	 	 	 
	 	 	
                Pool
                  Asset Administration

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                1122(d)(4)(i)

                 

              	 	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                1122(d)(4)(ii)

                 

              	 	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements

              	 	 	 	 	 	 

      

       

      
        
          
          

        

        
          R-3

          
            

          

        

        
          
          

        

      

       

      
        	
                

                  Reg
                    AB
Reference

                

              	 	

                Servicing
                  Criteria

              	
                 

              	
                Paying
                  Agent (including the Trustee if acting as 

                Paying
                  Agent)

              	
                 

              	

                Trustee

              	
                 

              	

                Master
                  Servicer

              
	 	 	 	 	 	 	 	 	 
	
                1122(d)(4)(iii)

                 

              	 	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	 	 	 	
                X

                 

              	 	 
	 	 	 	 	 	 	 	 	 
	
                1122(d)(4)(iv)

                 

              	 	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                1122(d)(4)(v)

                 

              	 	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                1122(d)(4)(vi)

                 

              	 	
                Changes
                  with respect to the terms or status of an obligor’s pool assets (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	 	 	 	 	 	
                X

                 

              
	 	 	 	 	 	 	 	 	 
	
                1122(d)(4)(vii)

                 

              	 	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                1122(d)(4)(viii)

                 

              	 	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 	 	 	 	 	 

      

       

      
        
          
          

        

        
          R-4

          
            

          

        

        
          
          

        

      

       

      
        	
                

                  Reg
                    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 pool assets with variable
                  rates
                  are computed based on the related pool asset documents.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                1122(d)(4)(x)

                 

              	 	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                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

                 

              

      

       

      
        
          
          

        

        
          R-5

          
            

          

        

        
          
          

        

      

       

      
        	

                Reg
                  AB
Reference

              	 	

                Servicing
                  Criteria

              	
                 

              	
                Paying
                  Agent (including the Trustee if acting as 

                Paying
                  Agent)

              	
                 

              	

                Trustee

              	
                 

              	

                Master
                  Servicer

              
	 	 	 	 	 	 	 	 	 
	
                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

                 

              	 	 

      

      

      
        
          
          

        

        
          R-6

          
            

          

        

        
          
          

        

      

      EXHIBIT
        S

       

      TRANSACTION
        PARTIES

       

      SPONSOR
        AND SELLER: LEHMAN BROTHERS HOLDINGS INC.

       

      DEPOSITOR:
        STRUCTURED ASSET SECURITIES CORPORATION

       

      TRUSTEE:
        U.S. BANK NATIONAL ASSOCIATION

       

      MASTER
        SERVICER: AURORA LOAN SERVICES LLC

       

      SERVICERS:
        AMERICAN HOME MORTGAGE SERVICING, INC., AURORA LOAN SERVICES LLC, BANK OF
        AMERICA, NATIONAL ASSOCIATION, COUNTRYWIDE HOME LOANS SERVICING LP, INDYMAC
        BANK, F.S.B., GREENPOINT, GMACM, SUNTRUST AND RESIDENTIAL FUNDING COMPANY,
        LLC

       

      ORIGINATORS:
        AMERICAN HOME MORTGAGE CORP., GREENPOINT, INDYMAC BANK, F.S.B., BANK OF AMERICA,
        NATIONAL ASSOCIATION, RESIDENTIAL FUNDING COMPANY, LLC, COUNTRYWIDE HOME
        LOANS,
        INC., LEHMAN BROTHERS BANK, FSB, QUICKEN LOANS, INC. AND SUNTRUST

       

      CUSTODIANS:
        DEUTSCHE BANK NATIONAL TRUST COMPANY, U.S. BANK NATIONAL ASSOCIATION, LASALLE
        BANK NATIONAL ASSOCIATION AND WELLS FARGO BANK, N.A.

       

      SWAP
        COUNTERPARTY AND INTEREST RATE CAP PROVIDER: HSBC BANK USA, NATIONAL
        ASSOCIATION

       

      DEFERRED
        INTEREST CAP PROVIDER: LEHMAN BROTHERS SPECIAL FINANCING INC.

       

      CERTIFICATE
        INSURER: AMBAC ASSURANCE CORPORATION

       

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        T

       

      FORM
        OF
        BACK-UP SARBANES-OXLEY CERTIFICATION

       

      [
         ]

       

      [
         ]

       

      [
         ]

       

      Re:
        Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-15N

       

      [_______],
        the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
        the Master Servicer and the Trustee, and each of their officers, directors
        and
        affiliates that:

       

      
        	
                (1)

              	
                I
                  have reviewed [the servicer compliance statement of the Company
                  provided
                  in accordance with Item 1123 of Regulation AB (the “Compliance
                  Statement”),] the report on assessment of the Company’s compliance with
                  the Servicing Criteria set forth in Item 1122(d) of Regulation
                  AB (the
                  “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18
                  under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
                  and Item 1122 of Regulation AB (the “Servicing Assessment”), the
                  registered public accounting firm’s attestation report provided in
                  accordance with Rules 13a-18 and 15d-18 under the Exchange Act
                  and Section
                  1122(b) of Regulation AB (the “Attestation Report”), and all servicing
                  reports, officer’s certificates and other information relating to the
                  servicing of the Mortgage Loans by the Company during 200[ ] that
                  were
                  delivered by the Company to any of the Depositor, the Master Servicer
                  and
                  the Trustee pursuant to the Agreement (collectively, the “Company
                  Servicing Information”);

              

      

       

      
        	
                (2)

              	
                Based
                  on my knowledge, the Company Servicing Information, taken as a
                  whole, does
                  not contain any untrue statement of a material fact or omit to
                  state a
                  material fact necessary to make the statements made, in the light
                  of the
                  circumstances under which such statements were made, not misleading
                  with
                  respect to the period of time covered by the Company Servicing
                  Information;

              

      

       

      
        	
                (3)

              	
                Based
                  on my knowledge, all of the Company Servicing Information required
                  to be
                  provided by the Company under the Agreement has been provided to
                  the
                  Depositor, the Master Servicer and the
                  Trustee;

              

      

       

      
        	
                (4)

              	
                I
                  am responsible for reviewing the activities performed by [_______]
                  as
                  [_______] under the [_______] (the “Agreement”), and based on my knowledge
                  [and the compliance review conducted in preparing the Compliance
                  Statement] and except as disclosed in [the Compliance Statement,]
                  the
                  Servicing Assessment or the Attestation Report, the Company has
                  fulfilled
                  its obligations under the Agreement in all material respects;
                  and

              

      

       

      
        	
                (5)

              	
                [The
                  Compliance Statement required to be delivered by the Company pursuant
                  to
                  the Agreement, and] [The] [the] Servicing Assessment and Attestation
                  Report required to be provided by the Company and [by any Subservicer
                  or
                  Subcontractor] pursuant to the Agreement, have been provided to
                  the
                  Depositor, the Master Servicer and the Trustee. Any material instances
                  of
                  noncompliance described in such reports have been disclosed to
                  the
                  Depositor, the Master Servicer and the Trustee. Any material instance
                  of
                  noncompliance with the Servicing Criteria has been disclosed in
                  such
                  reports.

              

      

       

      
        
          
          

        

        
          T-1

          
            

          

        

        
          
          

        

      

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in 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 U.S. Bank National Association, as Trustee. Capitalized
        terms used but not defined herein shall have the meanings given to them in
        the
        Trust Agreement.

       

      
        	 	 	 
	 	
                [_______]

              
	 	 
	 	as [_______]
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                
Name:
	 	
                Title:

              
	 	Date:

      

       

      
        
          
          

        

        
          T-2

          
            

          

        

        
          
          

        

         

      

      EXHIBIT
        U

       

      FORM
        OF
        BACK-UP SARBANES-OXLEY CERTIFICATION

       

      TO
        BE
        PROVIDED BY THE TRUSTEE

       

      
        	 	
                Re:

              	
                Lehman
                  XS Trust, Series 2007-15N (the “Trust”), Mortgage Pass-Through
                  Certificates, Series 2007-15N, issued pursuant to the Trust Agreement,
                  dated as of July 1, 2007, among Structured Asset Securities Corporation,
                  as Depositor, Aurora Loan Services, LLC, as Master Servicer, and
                  U.S. Bank
                  National Association, as Trustee

              

      

       

      The
        Trustee hereby certifies to the Depositor and the Master Servicer, and their
        respective officers, directors and affiliates, and with the knowledge and
        intent
        that they will rely upon this certification, that:

       

      (1) I
        have
        reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
        Report”), and all reports on Form 10-D required to be filed in respect of period
        covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

       

      (2) To
        my
        knowledge, (a) the Reports, taken as a whole, do not contain any untrue
        statement of a material fact or omit to state a material fact necessary to
        make
        the statements made, in light of the circumstances under which such statements
        were made, not misleading with respect to the period covered by the Annual
        Report, and (b) the Trustee’s assessment of compliance and related attestation
        report referred to below, taken as a whole, do not contain any untrue statement
        of a material fact or omit to state a material fact necessary to make the
        statements made, in light of the circumstances under which such statements
        were
        made, not misleading with respect to the period covered by such assessment
        of
        compliance and attestation report;

       

      (3) To
        my
        knowledge, the distribution information required to be provided by the Trustee
        under the Trust Agreement for inclusion in the Reports is included in the
        Reports;

       

      (4) I
        am
        responsible for reviewing the activities performed by the Trustee under the
        Trust Agreement, and based on my knowledge and the compliance review conducted
        in preparing the assessment of compliance of the Trustee required by the
        Trust
        Agreement, and except as disclosed in the Reports, the Trustee has fulfilled
        its
        obligations under the Trust Agreement in all material respects; and

       

      (5) The
        report on assessment of compliance with servicing criteria applicable to
        the
        Trustee for asset-backed securities of the Trustee and each Subcontractor
        utilized by the Trustee and related attestation report on assessment of
        compliance with servicing criteria applicable to it required to be included
        in
        the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
        Act
        Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
        Any material instances of non-compliance are described in such report and
        have
        been disclosed in the Annual Report.

       

      
        
          
          

        

        
          U-1

          
            

          

        

        
          
          

        

      

       

      In
        giving
        the certifications above, the Trustee has reasonably relied on information
        provided to it by the following unaffiliated parties: [names of servicer(s),
        master servicer, subservicer(s), depositor, trustee, custodian(s)]

       

      
        	 	 	 
	Date: _______________________________________	
              
	 
 	 
 	 
 
	
                U.S.
                  Bank National Association, as Trustee

              	
              	
              
	 	
              
	
                

                [Signature]

              	
              
	
                [Title]

              	 

      

       

      
        
          
          

        

        
          U-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        V-1

       

      FORM
        OF
        TRANSFER CERTIFICATE

      FOR
        TRANSFER FROM RESTRICTED GLOBAL SECURITY

      TO
        REGULATION S GLOBAL SECURITY

      (Transfers
        pursuant to § 3.03(h)(iii)

                             of
        the
        Agreement)                            

       

      Re: Lehman
        XS
        Trust, Series 2007-15N 

      

      Reference
        is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
        Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
        Master
        Servicer, and U.S. Bank National Association, as Trustee, dated as of July
        1, 2007.  Capitalized terms used but not defined herein shall have the
        meanings given to them in the Agreement.

       

      This
        letter relates to U.S. $                            
         aggregate
        principal amount of securities which are held in the form of a Restricted
        Global
        Security with DTC in the name of [name of transferor]                                                        (the
        “Transferor”) to effect the transfer of the Securities in exchange for an
        equivalent beneficial interest in a Regulation S Global Security.

       

      In
        connection with such request, the Transferor does hereby certify that such
        transfer has been effected in accordance with the transfer restrictions set
        forth in the Agreement and the securities and in accordance with Rule 904
        of
        Regulation S, and that:

       

      a. the
        offer
        of the securities was not made to a person in the United States; 

      

      b. at
        the
        time the buy order was originated, the transferee was outside the United
        States
        or the Transferor and any person acting on its behalf reasonably believed
        that
        the transferee was outside the United States;

      

      c. no
        directed selling efforts have been made in contravention of the requirements
        of
        Rule 903 or 904 of Regulation S, as applicable;

      

      d. the
        transaction is not part of a plan or scheme to evade the registration
        requirements of the United States Securities Act of 1933, as amended;
        and

      

      e. the
        transferee is not a U.S. person (as defined in Regulation S).

      

      
        
          
          

        

        
          V-1-1

          
            

          

        

        
          
          

        

      

       

      You
        are
        entitled to rely upon this letter and are irrevocably authorized to produce
        this
        letter or a copy hereof to any interested party in any administrative or
        legal
        proceedings or official inquiry with respect to the matters covered hereby.
         Terms used in this certificate have the meanings set forth in Regulation
        S.

       

      
        	 	 	 
	 	
                

                [Name of Transferor]
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                
Name:
	 	Title:

      

       

      Date:             
                             ,
                   

      

      
        
          
          

        

        
          V-1-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        V-2

       

      FORM
        OF
        TRANSFER CERTIFICATE FOR TRANSFER 

      FROM
        REGULATION S GLOBAL SECURITY

      TO
        RESTRICTED GLOBAL SECURITY

      (Transfers
        pursuant to § 3.03(h)(C)

                                of
        the
        Agreement)                          

       

      Re: Lehman
        XS
        Trust, Series 2007-15N 

      

      Reference
        is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
        Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
        Master
        Servicer, and U.S. Bank National Association, as Trustee, dated as of July
        1, 2007.  Capitalized terms used but not defined herein shall have the
        meanings given to them in the Agreement.

       

      This
        letter relates to U.S. $                             aggregate
        principal amount of securities which are held in the form of a Regulations
        S
        Global Security in the name of [name of transferor]                                                         (the
        “Transferor”) to effect the transfer of the securities in exchange for an
        equivalent beneficial interest in a Restricted Global Security.

       

      In
        connection with such request, and in respect of such securities, the Transferor
        does hereby certify that such Securities are being transferred in accordance
        with (i) the transfer restrictions set forth in the Agreement and the Securities
        and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
        to a transferee that the Transferor reasonably believes is purchasing the
        Securities for its own account or an account with respect to which the
        transferee exercises sole investment discretion, the transferee and any such
        account is a qualified institutional buyer within the meaning of Rule 144A,
        in a
        transaction meeting the requirements of Rule 144A and in accordance with
        any
        applicable securities laws of any state of the United States or any other
        jurisdiction.

       

      
        	 	 	 
	 	
                

                [Name
                  of Transferor]

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                
Name:
	 	Title:

      

       

      Date:
                     
                             ,
              

      

      
        
          
          

        

        
          U-1

          
            

          

        

        
          
          

        

         

      

      SCHEDULE
        A

       

      MORTGAGE
        LOAN SCHEDULE

       

      [Intentionally
        Omitted]

       

      
        
          
          

        

        
          Schedule
            A-1

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        B

       

      SWAP
        AGREEMENT SCHEDULED NOTIONAL AMOUNT 

       

      AND
        RATES
        OF PAYMENT

       

      
        	
                Distribution
                  Date

              	 	
                Scheduled
                  Notional 

                Amount
                  ($)

              	 	
                Rate
                  of Payment (%)

              
	
                August
                  25, 2007

              	 	
                0.00

              	 	
                0.00

              
	
                September
                  25, 2007

              	 	
                1,025,602,266.00

              	
                 

              	
                5.43

              
	
                October
                  25, 2007

              	 	
                992,061,009.00

              	 	
                5.45

              
	
                November
                  25, 2007

              	 	
                959,625,599.00

              	 	
                5.40

              
	
                December
                  25, 2007

              	 	
                928,259,295.00

              	 	
                5.38

              
	
                January
                  25, 2008

              	 	
                897,926,587.00

              	 	
                5.38

              
	
                February
                  25, 2008

              	 	
                868,593,151.00

              	 	
                5.35

              
	
                March
                  25, 2008

              	 	
                840,225,811.00

              	 	
                5.32

              
	
                April
                  25, 2008

              	 	
                812,792,502.00

              	 	
                5.28

              
	
                May
                  25, 2008

              	 	
                786,262,230.00

              	 	
                5.25

              
	
                June
                  25, 2008

              	 	
                760,605,037.00

              	 	
                5.22

              
	
                July
                  25, 2008

              	 	
                735,791,967.00

              	 	
                5.19

              
	
                August
                  25, 2008

              	 	
                711,795,030.00

              	 	
                5.17

              
	
                September
                  25, 2008

              	 	
                684,009,424.00

              	 	
                5.15

              
	
                October
                  25, 2008

              	 	
                657,314,616.00

              	 	
                5.15

              
	
                November
                  25, 2008

              	 	
                631,667,549.00

              	 	
                5.15

              
	
                December
                  25, 2008

              	 	
                607,026,874.00

              	 	
                5.15

              
	
                January
                  25, 2009

              	 	
                583,352,884.00

              	 	
                5.16

              
	
                February
                  25, 2009

              	 	
                560,607,444.00

              	 	
                5.17

              
	
                March
                  25, 2009

              	 	
                538,753,934.00

              	 	
                5.18

              
	
                April
                  25, 2009

              	 	
                517,757,184.00

              	 	
                5.20

              
	
                May
                  25, 2009

              	 	
                497,583,421.00

              	 	
                5.21

              
	
                June
                  25, 2009

              	 	
                478,200,206.00

              	 	
                5.23

              
	
                July
                  25, 2009

              	 	
                459,576,389.00

              	 	
                5.26

              
	
                August
                  25, 2009

              	 	
                441,682,053.00

              	 	
                5.28

              
	
                September
                  25, 2009

              	 	
                421,421,077.00

              	 	
                5.30

              
	
                October
                  25, 2009

              	 	
                402,091,684.00

              	 	
                5.34

              
	
                November
                  25, 2009

              	 	
                383,650,455.00

              	 	
                5.35

              
	
                December
                  25, 2009

              	 	
                366,055,264.00

              	 	
                5.37

              
	
                January
                  25, 2010

              	 	
                349,269,961.00

              	 	
                5.38

              
	
                February
                  25, 2010

              	 	
                333,257,482.00

              	 	
                5.39

              
	
                March
                  25, 2010

              	 	
                317,979,764.00

              	 	
                5.40

              
	
                April
                  25, 2010

              	 	
                303,400,678.00

              	 	
                5.41

              
	
                May
                  25, 2010

              	 	
                289,341,055.00

              	 	
                5.43

              
	
                June
                  25, 2010

              	 	
                276,070,370.00

              	 	
                5.44

              
	
                July
                  25, 2010

              	 	
                262,579,335.00

              	 	
                5.45

              
	
                August
                  25, 2010

              	 	
                205,861,732.00

              	 	
                5.46

              
	
                September
                  25, 2010

              	 	
                196,442,106.00

              	 	
                5.48

              
	
                October
                  25, 2010

              	 	
                187,450,214.00

              	 	
                5.49

              
	
                November
                  25, 2010

              	 	
                178,866,702.00

              	 	
                5.50

              
	
                December
                  25, 2010

              	 	
                170,669,550.00

              	 	
                5.52

              
	
                January
                  25, 2011

              	 	
                162,846,438.00

              	 	
                5.53

              

      

       

      
        
          
          

        

        
          Schedule
            B-1

          
            

          

        

        
          
          

        

      

       

      
        	

                Distribution
                  Date

              	 	
                Scheduled
                  Notional 

                Amount
                  ($)

              	
                 

              	

                Rate
                  of Payment (%)

              
	
                February
                  25, 2011

              	 	
                155,382,659.00

              	 	
                5.54

              
	
                March
                  25, 2011

              	 	
                148,260,520.00

              	 	
                5.55

              
	
                April
                  25, 2011

              	 	
                141,463,711.00

              	 	
                5.56

              
	
                May
                  25, 2011

              	 	
                134,978,451.00

              	 	
                5.57

              
	
                June
                  25, 2011

              	 	
                128,790,523.00

              	 	
                5.58

              
	
                July
                  25, 2011

              	 	
                122,885,284.00

              	 	
                5.58

              
	
                August
                  25, 2011

              	 	
                117,250,036.00

              	 	
                5.59

              
	
                September
                  25, 2011

              	 	
                111,850,460.00

              	 	
                5.60

              
	
                October
                  25, 2011

              	 	
                106,662,345.00

              	 	
                5.62

              
	
                November
                  25, 2011

              	 	
                101,533,004.00

              	 	
                5.63

              
	
                December
                  25, 2011

              	 	
                96,611,375.00

              	 	
                5.64

              
	
                January
                  25, 2012

              	 	
                25,913,140.00

              	 	
                5.64

              
	
                February
                  25, 2012

              	 	
                24,696,856.00

              	 	
                5.65

              
	
                March
                  25, 2012

              	 	
                23,449,479.00

              	 	
                5.66

              
	
                April
                  25, 2012

              	 	
                22,161,698.00

              	 	
                5.67

              
	
                May
                  25, 2012

              	 	
                20,711,135.00

              	 	
                5.67

              
	
                June
                  25, 2012

              	 	
                19,099,280.00

              	 	
                5.68

              
	
                July
                  25, 2012

              	 	
                2,690,702.00

              	 	
                5.68

              
	
                August
                  25, 2012 and thereafter

              	 	
                0.00

              	 	
                0.00

              

      

      

      
        
          
          

        

        
          Schedule
            B-2

          
            

          

        

        
          
          

        

      

      SCHEDULE
        C

      

      Early
        Payment Default Mortgage Loans

      

      [Intentionally
        Omitted]

       

      
        
          
          

        

        
          Schedule
            B-3

          
            

          

        

        
          
          

        

      

      SCHEDULE
        D

      

      First
        Payment Default Mortgage Loans

      

      [Intentionally
        Omitted]

      

      
        
          
          

        

        
          Schedule
            B-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]